Official International Reserves - September 5, 2024

Official International Reserves - September 5, 2024 [PDF - 315 KB]

- All 2024 Official International Reserves -

The Department of Finance Canada announced today that Canada's official international reserves increased by an amount equivalent to US$1,577 million in August to US$125,782 million. This was driven by a net gain on investments (US$1,802 million)^{Footnote 1} which was slightly offset by negative reserves management funding operations (US$225 million)^{Footnote 2}.

Details on the level and composition of Canada's reserves as of August 30, 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	84,240
Deposits (more details in Table 2)	12,913
Total securities and deposits (liquid reserves):	97,153
Gold	0
Special drawing rights (SDRs)	23,073
Reserve position in the International Monetary Fund (IMF)	3,840
Other reserve assets^{Footnote 3}	1,716
Total:
August 30, 2024	125,782
July 31, 2024	124,205
Net change (more details in Table 3):	1,577

Table 2
**Details on deposits**
Millions of US dollars
	Amount
Other central banks/Bank for International Settlements	12,913
Banks headquartered in Canada	0
Of which: located abroad	0
Banks headquartered abroad	0
Of which: located in Canada	0
Total:	12,913

Table 3
**Details of net change**
Millions of US dollars
	Amount
Reserves management operations	-225
Gains and losses on gold sales	0
Net investment gains and losses of which:	1,802
Return on investments^{Footnote 4}	1,188
Foreign currency debt charges	-360
Revaluation effects^{Footnote 5}	974
Net government operations^{Footnote 6}	0
Official intervention	0
Other transactions	0
Net change:	1,577

Table 4
**Currency composition of deposits and securities**
Millions of US dollars
	Amount
US dollar	68,490
Euro	13,543
Pound sterling	9,623
Yen	5,497
Total:	97,153

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	-1,136	-2,471	-9,950	-13,557
Interest	-215	-525	-1,687	-2,427
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:	-1,351	-2,996	-11,637	-15,984
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}	11,812
Financial derivatives assets (net, marked to market):
Forwards	-44
Swaps	2

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 August 2024, Canada bills increased by US$554 million to a level of outstanding bills of US$2,172 million. An equivalent of US$223 million in cross-currency swaps was raised while US$1,002 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$478 million of interest earned on investments and a US$710 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 August 2024, the revaluation effect was mainly due to the appreciation of the Japanese yen, the pound sterling and the euro.

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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
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
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

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 October 3, 2024 (covering the period of September 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

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Date modified:: 2024-09-05

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Official International Reserves - September 5, 2024

Future release dates

Contacts

For further information, media may contact:

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