Archived - Official International Reserves - January 6, 2021
- All 2021 Official International Reserves -
The Department of Finance Canada announced today that Canada's official international reserves decreased by an amount equivalent to US$1,314 million during December to US$90,428 million. This was driven by reserves management funding operations (-US$1,810 million)[1], a net gain in investments (US$626 million)[2] and net government operations (-US$130 million).[5]
Details on the level and composition of Canada's reserves as of December 31, 2020, 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.
| Millions of US dollars | |
|---|---|
| Securities | 75,172 |
| Deposits | 1,648 |
| Total securities and deposits (liquid reserves): | 76,820 |
| Gold | 0 |
| Special drawing rights (SDRs) | 8,886 |
| Reserve position in the International Monetary Fund (IMF) | 4,722 |
| Total: | |
| December 31, 2020 | 90,428 |
| November 30, 2020 | 91,742 |
| Net change: | -1,314 |
| Millions of US dollars | |
|---|---|
| Other central banks/Bank for International Settlements | 1,648 |
| Banks headquartered in Canada | 0 |
| Of which: located abroad | 0 |
| Banks headquartered abroad | 0 |
| Of which: located in Canada | 0 |
| Total: | 1,648 |
| Millions of US dollars | |
|---|---|
| Reserves management operations[1] | -1,810 |
| Gains and losses on gold sales | 0 |
| Net investment gains and losses: | |
| Return on investments[3] | -2 |
| Foreign currency debt charges | -56 |
| Revaluation effects[4] | 684 |
| Net government operations[5] | -130 |
| Official intervention | 0 |
| Other transactions | 0 |
| Net change: | -1,314 |
| Millions of US dollars | |
|---|---|
| US dollar | 49,236 |
| Euro | 16,059 |
| Pound sterling | 6,829 |
| Yen | 4,696 |
| Total: | 76,820 |
| 0 to 1 month | 1 to 3 months | 3 to 12 months | Total | |
|---|---|---|---|---|
| Foreign currency securities:[6] | ||||
| Principal | -3,823 | -3 520 | -5,064 | -12,407 |
| Interest | -96 | -113 | -537 | -746 |
| 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: | -3,919 | -3,633 | -5,601 | -13,152 |
| Millions of US dollars | |
|---|---|
| Undrawn, unconditional credit lines with banks headquartered outside Canada | 0 |
| Securities lent under repurchase agreements[7] | 0 |
| Securities held under repurchase agreements[8] | 946 |
| Financial derivatives assets (net, marked to market): | |
| Forwards | -76 |
| Swaps | -2,254 |
Notes:
[1] 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. During December, Canada bills decreased by US$1,485 million to a level of outstanding bills of US$4,210 million. An equivalent of US$325 million in cross-currency swaps matured during the month.
[2] Net investment gains and losses include return on investments, foreign currency debt charges and revaluation effects.
[3] "Return on investments" comprises US$63 million of interest earned on investments and a US$65 million decrease in the market value of securities.
[4] "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In December, the revaluation effect was mainly due to the appreciation of the euro and the pound sterling.
[5] "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.
[6] "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.
[7] "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
[8] Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities lending transactions is not included in total reserves.
| Date | US dollars | Other currencies | Gold | SDRs | IMF position | Total |
|---|---|---|---|---|---|---|
| December 31, 2020 | 49,236 | 27,584 | 0 | 8,886 | 4,722 | 90,428 |
| November 30, 2020 | 51,179 | 27,301 | 0 | 8,859 | 4,403 | 91,742 |
| October 30, 2020 | 51,276 | 26,506 | 0 | 8,744 | 4,346 | 90,872 |
| September 30, 2020 | 51,347 | 25,969 | 0 | 8,719 | 4,122 | 90,157 |
| August 31, 2020 | 51,001 | 25,908 | 0 | 8,803 | 4,183 | 89,895 |
| July 31, 2020 | 52,027 | 25,442 | 0 | 8,766 | 4,165 | 90,400 |
| June 30, 2020 | 51,047 | 23,649 | 0 | 8,534 | 4,047 | 87,277 |
| May 29, 2020 | 52,199 | 23,016 | 0 | 8,424 | 3,733 | 87,372 |
| April 30, 2020 | 52,701 | 22,850 | 0 | 8,387 | 3,384 | 87,322 |
| March 31, 2020 | 51,886 | 22,724 | 0 | 8,410 | 3,080 | 86,100 |
| February 28, 2020 | 52,755 | 23,240 | 0 | 8,463 | 3,110 | 87,568 |
| January 31, 2020 | 51,908 | 22,929 | 0 | 8,491 | 3,144 | 86,472 |
| December 31, 2019 | 48,646 | 24,967 | 0 | 8,527 | 3,157 | 85,297 |
| December 31, 2020 | 49,236 | 27,584 | 0 | 8,886 | 4,722 | 90,428 |
| December 31, 2019 | 48,646 | 24,967 | 0 | 8,527 | 3,157 | 85,297 |
| December 31, 2018 | 49,090 | 24,189 | 0 | 7,941 | 2,706 | 83,926 |
| December 29, 2017 | 51,343 | 25,308 | 0 | 7,975 | 1,999 | 86,625 |
| December 30, 2016 | 52,496 | 20,453 | 0 | 7,578 | 2,191 | 82,718 |
| December 31, 2015 | 48,229 | 20,848 | 58 | 7,899 | 2,719 | 79,753 |
| December 31, 2014 | 43,756 | 19,000 | 116 | 8,164 | 3,664 | 74,700 |
| December 31, 2013 | 39,514 | 18,916 | 115 | 8,675 | 4,717 | 71,937 |
| December 31, 2012 | 35,622 | 19,621 | 181 | 8,754 | 4,368 | 68,546 |
| December 30, 2011 | 32,826 | 19,985 | 167 | 8,966 | 3,875 | 65,819 |
| December 31, 2010 | 26,677 | 18,211 | 153 | 9,054 | 3,056 | 57,151 |
Future release dates
The next release is February 3, 2021 (covering the period of January 2021).
For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2019 – March 31, 2020.
Contacts
For further information, media may contact:
Media Relations
Department of Finance Canada
fin.media-media.fin@canada.ca
613-369-4000
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