Archived - Official International Reserves - October 5, 2022

- All 2022 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves decreased by an amount equivalent to US$5,077 million during September to US$102,689 million. This was driven almost entirely by reserves management funding operations (-US$1,754 million)^{Footnote 1} and a net loss on investments (-US$3,305 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of September 29, 2022, 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	69,861
Deposits	6,550
Total securities and deposits (liquid reserves):	76,411
Gold	0
Special drawing rights (SDRs)	22,171
Reserve position in the International Monetary Fund (IMF)	4,107
Total:
September 29, 2022	102,689
August 31, 2022	107,766
Net change:	-5,077

Table 2
**Details on deposits**
	Amount Millions of US dollars
Other central banks/Bank for International Settlements	6,550
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	6,550

Table 3
**Details of net change**
	Amount Millions of US dollars
Reserves management operations^{Footnote 1}	-1,754
Gains and losses on gold sales	0
Net investment gains and losses:
Return on investments^{Footnote 3}	-1,973
Foreign currency debt charges	-76
Revaluation effects^{Footnote 4}	-1,256
Net government operations^{Footnote 5}	-18
Official intervention	0
Other transactions	0
Net change:	-5,077

Table 4
**Currency composition of deposits and securities**
	Amount Millions of US dollars
US dollar	56,081
Euro	8,769
Pound sterling	5,768
Yen	5,793
Total:	76,411

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 6}
Principal	-1,528	-3,599	-5,624	-10,750
Interest	-155	-180	-917	-1,252
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:	-1,682	-3,779	-6,541	-12,002

Table 6
**Additional information (nominal value)**
	Amount Millions of US dollars
Undrawn, unconditional credit lines with banks headquartered outside Canada	0
Securities lent under repurchase agreements^{Footnote 7}	0
Securities held under repurchase agreements^{Footnote 8}	6,100
Financial derivatives assets (net, marked to market):
Forwards	138
Swaps	-582

Footnotes

Footnote 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 September 2022, Canada bills decreased by US$1,878 million to a level of outstanding bills of US$1,924 million. An equivalent of US$969 million in cross-currency swaps was raised while US$845 million in cross-currency swaps matured during the month.

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Footnote 2

Net investment gains and losses include return on investments, foreign currency debt charges and revaluation effects.

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Footnote 3

"Return on investments" comprises US$110 million of interest earned on investments and a US$2,083 million decline in the market value of securities. Effective April 1, 2022, the government adopted accounting standard PSAB – Section PS 3450; the interest amount reported is now calculated in accordance to this standard.

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Footnote 4

"Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In September 2022, the revaluation effect was due to the depreciation of the pound sterling, yen, and euro.

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Footnote 5

"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 6

"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 7

"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 8

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 8 referrer

Table 7
**Official international reserves (10-year synopsis)**
Millions of US dollars
Date	US dollars	Other currencies	Gold	SDRs	IMF position	Total
September 29, 2022	56,081	20,330	0	22,171	4,107	102,689
August 31, 2022	59,520	21,444	0	22,613	4,189	107,766
July 29, 2022	56,625	22,833	0	22,919	4,261	106,638
June 30, 2022	56,690	22,327	0	22,991	4,274	106,282
May 31, 2022	58,218	22,000	0	23,418	4,257	107,893
April 29, 2022	57,074	20,982	0	23,322	4,240	105,618
March 31, 2022	53,114	22,273	0	23,983	4,394	103,764
February 28, 2022	51,290	23,229	0	23,916	4,454	102,889
January 31, 2022	52,841	23,254	0	23,863	4,444	104,402
December 31, 2021	55,378	22,771	0	23,997	4,469	106,615
November 30, 2021	52,102	23,034	0	24,018	4,473	103,627
October 29, 2021	51,726	23,746	0	24,267	4,430	104,169
September 29, 2021	53,264	24,671	0	23,910	4,425	106,270

December 31, 2021	55,378	22,771	0	23,997	4,469	106,615
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

Future release dates

The next release is November 3, 2022 (covering the period of October 2022).

For further information on the Exchange Fund Account, please consult the Report on the Management of Canada's Official International Reserves—April 1, 2020 – March 31, 2021.

Contacts

For further information, media may contact:

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

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Date modified:: 2023-08-25

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Archived - Official International Reserves - October 5, 2022

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Archived - Official International Reserves - October 5, 2022

Future release dates

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