Section 8: Foreign exchange accounts as at March 31

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Foreign exchange accounts

Foreign exchange accounts represent financial assets and liabilities related to Canada's official international reserves, held primarily in the Exchange Fund Account, and its membership in the International Monetary Fund. Monetary assets and liabilities denominated in foreign currencies are reported at Canadian dollar equivalents as at March 31. Investment income from the foreign exchange accounts and net gains and losses resulting from the translation of the net assets denominated in foreign currencies, to Canadian dollar equivalents as at March 31, are recorded in net foreign exchange revenues on the Consolidated Statement of Operations and Accumulated Operating Deficit.

Table 8.1 presents the continuity of foreign exchange accounts assets, by showing the opening and closing balances, as well as payments and other charges and receipts and other credits. Table 8.2 presents the foreign exchange accounts liabilities in the same format. It should be noted, that this table excludes unmatured debt payable in foreign currencies, amounting to $16,034 million as at March 31, 2023 ($14,451 million as at March 31, 2022); details relating to these obligations are presented in Table 6.1 of Section 6 of this volume. A narrative description is provided for accounts reported in some tables. Such descriptions follow the same presentation order as their respective tables.

Table 8.1
Foreign exchange accounts assets
(in dollars)
  April 1, 2022 Payments and other charges Receipts and other credits March 31, 2023
International reserves held in the Exchange Fund Account, Table 8.3 127,099,135,946 56,556,206,541 34,789,266,863 148,866,075,624
International Monetary Fund—Subscriptions 19,051,525,300 991,538,248 – 20,043,063,548
International Monetary Fund—Loans 131,689,334 4,094,107 68,330,212 67,453,229
International Monetary Fund—Resilience and Sustainability Trust – 413,596,295 – 413,596,295
Total foreign exchange accounts assets 146,282,350,580 57,965,435,191 34,857,597,075 169,390,188,696

Table 8.2
Foreign exchange accounts liabilities
(in dollars)
  April 1, 2022 Payments and other charges Receipts and other credits March 31, 2023
International Monetary Fund—Notes payable 13,642,590,149 693,753,492 1,104,404,219 14,053,240,876
Special drawing rights allocations 28,608,746,633 – 1,488,834,873 30,097,581,506
Total foreign exchange accounts liabilities 42,251,336,782 693,753,492 2,593,239,092 44,150,822,382

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