Official International Reserves - July 4, 2025

Official International Reserves - July 4, 2025 [PDF - 246 KB]

- All 2025 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$2,827 million in June to US$127,864 million. This was driven by a net gain on investments (US$1,711)^{Footnote 1} which was bolstered by positive reserves management funding operations (US$1,116 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of June 30, 2025, 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	85,840
Deposits (more details in Table 2)	12,689
Total securities and deposits (liquid reserves):	98,529
Gold	0
Special drawing rights (SDRs)	23,271
Reserve position in the International Monetary Fund (IMF)	3,967
Other reserve assets^{Footnote 3}	2,097
Total:
June 30, 2025	127,864
May 30, 2025	125,037
Net change (more details in Table 3):	2,827

Table 2
**Details on deposits**
Millions of US dollars
	Amount
Other central banks/Bank for International Settlements	12,689
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	12,689

Table 3
**Details of net change**
Millions of US dollars
	Amount
Reserves management operations	1,116
Gains and losses on gold sales	0
Net investment gains and losses of which:	1,711
Return on investments^{Footnote 4}	716
Foreign currency debt charges	-109
Revaluation effects^{Footnote 5}	1,104
Net government operations^{Footnote 6}	0
Official intervention	0
Other transactions	0
Net change:	2,827

Table 4
**Currency composition of deposits and securities**
Millions of US dollars
	Amount
US dollar	67,175
Euro	15,278
Pound sterling	10,873
Yen	5,203
Total:	98,529

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	-927	-4,910	-6,994	-12,831
Interest	-149	-415	-1,918	-2,482
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:	-1,076	-5,325	-8,911	-15,312
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 assets^{Footnote 8}	0
Securities lent under repurchase agreements^{Footnote 9}	0
Securities held under repurchase agreements^{Footnote 10}	7,924
Financial derivatives assets (net, marked to market):
Forwards	-85
Swaps	-1,284

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 June 2025, Canada bills increased by US$867 million to a level of outstanding bills of US$2,530 million. An equivalent of US$1,167 million in cross-currency swaps was raised while US$919 million in cross-currency swaps matured during the month.

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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.

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Footnote 4

"Return on investments" comprises US$244 million of interest earned on investments and a US$472 million increase in the market value of securities.

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Footnote 5

"Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In June 2025, the revaluation effect was mainly due to the appreciation of the euro and the pound sterling.

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Footnote 6

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

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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.

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Footnote 8

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

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Footnote 9

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

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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
June 30, 2025	67,175	31,354	0	23,271	3,967	2,097	127,864
May 30, 2025	65,534	30,555	0	23,094	3,937	1,917	125,037
April 30, 2025	65,534	30,280	0	23,031	3,968	1,916	124,729
March 31, 2025	69,814	27,966	0	22,669	3,666	1,877	125,992
February 28, 2025	64,811	26,990	0	22,333	3,612	1,849	119,595
January 31, 2025	63,392	26,817	0	22,189	3,656	1,842	117,896
December 31, 2024	67,700	26,179	0	22,224	3,676	1,843	121,622
November 29, 2024	67,155	27,350	0	22,828	3,603	1,674	122,610
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

December 31, 2024	67,700	26,179	0	22,224	3,676	1,843	121,622
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 August 6, 2025 (covering the period of July 2025).

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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2025-07-04

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Official International Reserves - July 4, 2025

Future release dates

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