Archived - Official International Reserves - July 6, 2023

- All 2023 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$444 million during June to US$114,284 million. This was largely driven by positive reserves management funding operations (US$1,047 million)^{Footnote 1} which was partially offset by a net loss on investments (‑US$564 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of June 30, 2023, as well as the major factors underlying the change in reserves, are provided below. All figures are in millions of US dollars unless otherwise noted.

Table 1
**Foreign currency reserves**
	Amount Millions of US dollars
Securities	80,074
Deposits (more details in Table 2)	6,400
Total securities and deposits (liquid reserves):	86,474
Gold	0
Special drawing rights (SDRs)	23,190
Reserve position in the International Monetary Fund (IMF)	4,293
Other reserve assets^{Footnote 3}	327
Total:
June 30, 2023	114,284
May 31, 2023	113,840
Net change (more details in Table 3):	444

Table 2
**Details on deposits**
	Amount Millions of US dollars
Other central banks/Bank for International Settlements	6,400
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	6,400

Table 3
**Details of net change**
	Amount Millions of US dollars
Reserves management operations	1,047
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments^{Footnote 4}	-679
Foreign currency debt charges	-101
Revaluation effects^{Footnote 5}	216
Net government operations^{Footnote 6}	-39
Official intervention	0
Other transactions	0
Net change:	444

Table 4
**Currency composition of deposits and securities**
	Amount Millions of US dollars
US dollar	61,736
Euro	10,822
Pound sterling	7,726
Yen	6,190
Total:	86,474

Table 5
**Predetermined short-term drains on foreign currency reserves (nominal value)**
Millions of US dollars
	0 to 1 month	1 to 3 months	3 to 12 months	Total
Foreign currency securities:^{Footnote 7}
Principal	-1,815	-2,799	-3,968	-8,581
Interest	-92	-289	-1,529	-1,910
Aggregate short forward positions in foreign currencies vis-à-vis Canadian dollar	0	0	0	0
Aggregate long forward positions in foreign currencies vis-à-vis Canadian dollar	0	0	0	0
Total net drains:	-1,907	-3,088	-5,497	-10,492

Table 6
**Additional information (nominal value)**
	Amount Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada	0
Pledged assets^{Footnote 8}	0
Securities lent under repurchase agreements^{Footnote 9}	0
Securities held under repurchase agreements^{Footnote 10}	5,624
Financial derivatives assets (net, marked to market):
Forwards	47
Swaps	120

Footnotes

Footnote 1

Net change in securities and deposits resulting from foreign currency funding activities of the government. Foreign reserves are managed under an asset-liability matching framework. Therefore, when a foreign currency liability matures, assets are used to repay the principal, leading to a decrease in reserves. In June 2023, Canada bills increased by US$332 million to a level of outstanding bills of US$3,080 million. An equivalent of US$1,024 million in cross-currency swaps was raised while US$309 million in cross-currency swaps matured during the month.

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Footnote 2

Net investment gains and losses include return on investments, foreign currency debt charges and revaluation effects.

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Footnote 3

"Other reserve assets" include the distribution of SDRs allocated to Canada by the IMF as part of the IMF Resilience and Sustainability Trust borrowing agreement.

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Footnote 4

"Return on investments" comprises US$176 million of interest earned on investments and a US$855 million decrease in the market value of securities.

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Footnote 5

"Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In June 2023, the revaluation effect was mainly due to the appreciation of the euro and the pound sterling which was partially offset by the depreciation of the Japanese yen.

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Footnote 6

"Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.

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Footnote 7

"Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.

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Footnote 8

"Pledged assets" are securities posted as collateral to cover unsettled transactions and are included in total reserves.

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Footnote 9

"Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.

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Footnote 10

Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.

Return to footnote 10 referrer

Table 7
**Official international reserves (10-year synopsis)**
Millions of US dollars
Date	US dollars	Other currencies	Gold	SDRs	IMF position	Other reserve assets	Total
June 30, 2023	61,736	24,738	0	23,190	4,293	327	114,284
May 31, 2023	61,218	24,788	0	23,144	4,364	326	113,840
April 28, 2023	61,400	24,899	0	23,286	4,444	306	114,335
March 31, 2023	57,309	24,526	0	23,376	4,443	306	109,960
February 28, 2023	57,372	23,612	0	23,091	4,389	302	108,766
January 31, 2023	57,706	24,353	0	23,178	4,365	307	109,909
December 30, 2022	56,652	23,077	0	22,875	4,348	303	107,255
November 30, 2022	56,410	22,872	0	22,574	4,307	299	106,462
October 31, 2022	56,388	20,965	0	22,008	4,123	292	103,776
September 29, 2022	56,081	20,330	0	22,171	4,107	0	102,689
August 31, 2022	59,520	21,444	0	22,613	4,189	0	107,766
July 29, 2022	56,625	22,833	0	22,919	4,261	0	106,638
June 30, 2022	56,690	22,327	0	22,991	4,274	0	106,282

December 30, 2022	56,652	23,077	0	22,875	4,348	303	107,255
December 31, 2021	55,378	22,771	0	23,997	4,469	0	106,615
December 31, 2020	49,236	27,584	0	8,886	4,722	0	90,428
December 31, 2019	48,646	24,967	0	8,527	3,157	0	85,297
December 31, 2018	49,090	24,189	0	7,941	2,706	0	83,926
December 29, 2017	51,343	25,308	0	7,975	1,999	0	86,625
December 30, 2016	52,496	20,453	0	7,578	2,191	0	82,718
December 31, 2015	48,229	20,848	58	7,899	2,719	0	79,753
December 31, 2014	43,756	19,000	116	8,164	3,664	0	74,700
December 31, 2013	39,514	18,916	115	8,675	4,717	0	71,937
December 31, 2012	35,622	19,621	181	8,754	4,368	0	68,546

Future release dates

The next release is August 3, 2023 (covering the period of July 2023).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2021 - March 31, 2022.

Contacts

For further information, media may contact:

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

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Date modified:: 2023-08-25

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Archived - Official International Reserves - July 6, 2023

Future release dates

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