Official International Reserves - October 5, 2023

All 2023 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves decreased by an amount equivalent to US$2,241 million during September to US$112,446 million. This was driven by a net loss on investments (-US$2,007 million)Footnote 1 and negative reserves management funding operations (-US$234 million)Footnote 2.

Details on the level and composition of Canada's reserves as of September 29, 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 79,790
Deposits (more details in Table 2) 4,836
Total securities and deposits (liquid reserves): 84,626
Gold 0
Special drawing rights (SDRs) 23,103
Reserve position in the International Monetary Fund (IMF) 4,210
Other reserve assetsFootnote 3 507
Total:
September 29, 2023
112,446
August 31, 2023
114,687
Net change (more details in Table 3): -2,241
Table 2
Details on deposits
  Amount
Millions of US dollars
Other central banks/Bank for International Settlements 4,836
Banks headquartered in Canada 0
Of which: located abroad
0
Banks headquartered abroad 0
Of which: located in Canada
0
Total: 4,836
Table 3
Details of net change
  Amount
Millions of US dollars
Reserves management operations -234
Gains and losses on gold sales 0
Net investment gains and losses:
Return on investmentsFootnote 4
-813
Foreign currency debt charges
-141
Revaluation effectsFootnote 5
-1,053
Net government operationsFootnote 6 0
Official intervention 0
Other transactions 0
Net change: -2,241
Table 4
Currency composition of deposits and securities
  Amount Millions of US dollars
US dollar 59,781
Euro 10,931
Pound sterling 8,046
Yen 5,868
Total: 84,626
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
-1,548 -1,571 -4,411 -7,530
Interest
-265 -293 -1,533 -2,091
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: -1,813 -1,864 -5,943 -9,620

Note: Numbers may not add due to rounding.

Table 6
Additional information (nominal value)
  Amount
Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada 0
Pledged assetsFootnote 8 51
Securities lent under repurchase agreementsFootnote 9 0
Securities held under repurchase agreementsFootnote 10 2,977
Financial derivatives assets (net, marked to market):
Forwards
120
Swaps
-1,720
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
Sedptember 29, 2023 59,781 24,845 0 23,103 4,210 507 112,446
August 31, 2023 60,851 25,699 0 23,366 4,258 513 114,687
July 31, 2023 61,309 25,179 0 23,128 4,378 518 114,512
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
 
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 November 3, 2023 (covering the period of October 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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