Official International Reserves - January 4, 2024

- All 2024 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$2,836 million during December to US$118,276 million. This was driven by a net gain on investments (US$2,370 million)^{Footnote 1} and positive reserves management funding operations (US$466 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of December 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	81,712
Deposits (more details in Table 2)	8,202
Total securities and deposits (liquid reserves):	89,914
Gold	0
Special drawing rights (SDRs)	23,422
Reserve position in the International Monetary Fund (IMF)	4,215
Other reserve assets^{Footnote 3}	725
Total:
December 29, 2023	118,276
November 30, 2023	115,440
Net change (more details in Table 3):	2,836

Table 2
**Details on deposits**
	Amount Millions of US dollars
Other central banks/Bank for International Settlements	8,202
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	8,202

Table 3
**Details of net change**
	Amount Millions of US dollars
Reserves management operations	466
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments^{Footnote 4}	1,861
Foreign currency debt charges	-159
Revaluation effects^{Footnote 5}	668
Net government operations^{Footnote 6}	0
Official intervention	0
Other transactions	0
Net change:	2,836

Table 4
**Currency composition of deposits and securities**
	Amount Millions of US dollars
US dollar	63,640
Euro	11,983
Pound sterling	9,081
Yen	5,210
Total:	89,914

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	-2,530	-1,738	-4,941	-9,209
Interest	-143	-309	-1,665	-2,117
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:	-2,674	-2,046	-6,606	-11,326
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 assets^{Footnote 8}	0
Securities lent under repurchase agreements^{Footnote 9}	0
Securities held under repurchase agreements^{Footnote 10}	5,827
Financial derivatives assets (net, marked to market):
Forwards	-81
Swaps	691

Footnotes

Footnote 1

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

Return to footnote 1 referrer

Footnote 2

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 December 2023, Canada bills increased by US$626 million to a level of outstanding bills of US$3,452 million. An equivalent of US$127 million in cross-currency swaps was raised while US$287 million in cross-currency swaps matured during the month.

Return to footnote 2 referrer

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.

Return to footnote 3 referrer

Footnote 4

"Return on investments" comprises US$209 million of interest earned on investments and a US$1,652 million increase in the market value of securities.

Return to footnote 4 referrer

Footnote 5

"Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In December 2023, the revaluation effect was mainly due to the appreciation of the euro and the Japanese yen.

Return to footnote 5 referrer

Footnote 6

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

Return to footnote 6 referrer

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.

Return to footnote 7 referrer

Footnote 8

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

Return to footnote 8 referrer

Footnote 9

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

Return to footnote 9 referrer

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
December 29, 2023	63,640	26,274	0	23,422	4,215	725	118,276
November 30, 2023	62,351	25,174	0	23,325	4,076	514	115,440
October 31, 2023	60,383	24,687	0	22,923	4,037	507	112,537
September 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

December 29, 2023	63,640	26,274	0	23,422	4,215	725	118,276
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

Future release dates

The next release is February 5, 2024 (covering the period of January 2024).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2022 - March 31, 2023.

Contacts

For further information, media may contact:

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

Page details

Date modified:: 2024-01-04

Language selection

Search

Official International Reserves - January 4, 2024

Future release dates

Contacts

For further information, media may contact:

Page details