Official International Reserves - February 5, 2024

All 2024 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves decreased by an amount equivalent to US$1,980 million during January to US$116,296 million. This was driven by negative reserves management funding operations (‑US$1,136 million)Footnote 1and a net loss on investments (-US$844 million)Footnote 2.

Details on the level and composition of Canada's reserves as of January 31, 2024, 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 80,639
Deposits (more details in Table 2) 7,666
Total securities and deposits (liquid reserves): 88,305
Gold 0
Special drawing rights (SDRs) 23,182
Reserve position in the International Monetary Fund (IMF) 4,091
Other reserve assetsFootnote 3 718
Total:
January 31, 2024
116,296
December 29, 2023
118,276
Net change (more details in Table 3): -1,980
Table 2
Details on deposits
  Amount
Millions of US dollars
Other central banks/Bank for International Settlements 7,666
Banks headquartered in Canada 0
Of which: located abroad
0
Banks headquartered abroad 0
Of which: located in Canada
0
Total: 7,666
Table 3
Details of net change
  Amount
Millions of US dollars
Reserves management operations -1,136
Gains and losses on gold sales 0
Net investment gains and losses:
Return on investmentsFootnote 4
63
Foreign currency debt charges
-148
Revaluation effectsFootnote 5
-759
Net government operationsFootnote 6 0
Official intervention 0
Other transactions 0
Net change: -1,980
Table 4
Currency composition of deposits and securities
  Amount Millions of US dollars
US dollar 62,728
Euro 11,799
Pound sterling 8,967
Yen 4,811
Total: 88,305
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
-1,330 -948 -8,221 -10,499
Interest
-121 -460 -1,558 -2,140
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: -1,452 -1,408 -9,779 -12,639

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 0
Securities lent under repurchase agreementsFootnote 9 0
Securities held under repurchase agreementsFootnote 10 6,174
Financial derivatives assets (net, marked to market):
Forwards
0
Swaps
-823
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
January 31, 2024 62,728 25,577 0 23,182 4,091 718 116,296
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 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 March 5, 2024 (covering the period of February 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

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