Official International Reserves - June 5, 2024

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$1,726 million in May to US$122,758 million. This was driven by a net gain on investments (US$1,104 million)Footnote 1 and positive reserves management funding operations (US$622 million)Footnote 2.

Details on the level and composition of Canada's reserves as of May 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 83,312
Deposits (more details in Table 2) 11,859
Total securities and deposits (liquid reserves): 95,171
Gold 0
Special drawing rights (SDRs) 22,352
Reserve position in the International Monetary Fund (IMF) 3,594
Other reserve assetsFootnote 3 1,641
Total:
May 31, 2024
122,758
April 30, 2024
121,032
Net change (more details in Table 3): 1,726
Table 2
Details on deposits
  Amount
Millions of US dollars
Other central banks/Bank for International Settlements 11,859
Banks headquartered in Canada 0
Of which: located abroad
0
Banks headquartered abroad 0
Of which: located in Canada
0
Total: 11,859
Table 3
Details of net change
  Amount
Millions of US dollars
Reserves management operations 622
Gains and losses on gold sales 0
Net investment gains and losses
of which:
1,104
Return on investmentsFootnote 4
922
Foreign currency debt charges
-320
Revaluation effectsFootnote 5
502
Net government operationsFootnote 6 0
Official intervention 0
Other transactions 0
Net change: 1,726
Table 4
Currency composition of deposits and securities
  Amount Millions of US dollars
US dollar 67,857
Euro 13,060
Pound sterling 9,169
Yen 5,085
Total: 95,171
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
-1,160 -2,445 -10,678 -14,283
Interest
-101 -352 -2,042 -2,496
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: -1,261 -2,798 -12,720 -16,779

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 10,535
Financial derivatives assets (net, marked to market):
Forwards
-1
Swaps
-840
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
May 31, 2024 67,857 27,314 0 22,352 3,594 1,641 122,758
April 30, 2024 67,139 26,488 0 22,192 3,579 1,634 121,032
March 28, 2024 63,160 26,715 0 23,468 3,892 715 117,950
February 29, 2024 62,532 25,756 0 23,209 4,037 717 116,251
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
 
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 July 4, 2024 (covering the period of June 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: