Official International Reserves - November 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$4,990 million in October to US$123,084 million. This was driven by a net loss on investments (US$3,143 million)Footnote 1 and negative reserves management funding operations (US$1,847 million)Footnote 2.

Details on the level and composition of Canada's reserves as of October 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
Millions of US dollars
  Amount
Securities 82,913
Deposits (more details in Table 2) 11,750
Total securities and deposits (liquid reserves): 94,663
Gold 0
Special drawing rights (SDRs) 23,072
Reserve position in the International Monetary Fund (IMF) 3,652
Other reserve assetsFootnote 3 1,697
Total:
October 31, 2024
123,084
September 27, 2024
128,074
Net change (more details in Table 3): -4,990
Table 2
Details on deposits
Millions of US dollars
  Amount
Other central banks/Bank for International Settlements 11,750
Banks headquartered in Canada 0
Of which: located abroad
0
Banks headquartered abroad 0
Of which: located in Canada
0
Total: 11,750
Table 3
Details of net change
Millions of US dollars
  Amount
Reserves management operations -1,847
Gains and losses on gold sales 0
Net investment gains and losses of which: -3,143
Return on investmentsFootnote 4
-1,254
Foreign currency debt charges
-366
Revaluation effectsFootnote 5
-1,523
Net government operationsFootnote 6 0
Official intervention 0
Other transactions 0
Net change: -4,990
Table 4
Currency composition of deposits and securities
Millions of US dollars
  Amount
US dollar 67,309
Euro 13,007
Pound sterling 9,193
Yen 5,154
Total: 94,663
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
-1,131 -5,646 -9,003 -15,779
Interest
-165 -319 -1,850 -2,334
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: -1,296 -5,965 -10,853 -18,113

Note: Numbers may not add due to rounding.

Table 6
Additional information (nominal value)
Millions of US dollars
  Amount
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 8,859
Financial derivatives assets (net, marked to market):  
Forwards
-9
Swaps
-1,323
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
October 31, 2024 67,309 27,354 0 23,072 3,652 1,697 123,084
September 27, 2024 70,156 28,932 0 23,476 3,783 1,727 128,074
August 30, 2024 68,490 28,663 0 23,073 3,840 1,716 125,782
July 31, 2024 67,960 27,969 0 22,695 3,888 1,693 124,205
June 28, 2024 67,664 27,299 0 22,457 3,849 1,631 122,900
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
 
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 December 4, 2024 (covering the period of November 2024).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2023 – March 31, 2024.

Contacts

For further information, media may contact:

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

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