International reserves held in the Exchange Fund Account

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This account records the moneys advanced from the government to the Exchange Fund Account (EFA), in Canadian and other currencies, for the purchase of foreign currencies and securities, and special drawing rights (SDR) holdings.

The EFA is operated under the provisions of the Currency Act. The unaudited financial statements as at and for the year ended March 31, 2023 are found at the end of this section.

In 2023, payments and other charges consisted of advances to the EFA in the amount of $47,562 million, a net valuation adjustment of $8,158 million and an adjustment of $836 million to recognize the net income of the EFA for the period April 1, 2022, to March 31, 2023. Receipts and other credits consisted of repayments of advances of $34,789 million.

 

Table 8.3
International reserves held in the Exchange Fund Account
(in millions of dollars)
  March 31, 2023 March 31, 2022
US dollar deposits 8,306 4,596
US dollar accounts receivable 134 –
US dollar marketable securities 73,074 63,690
Euro deposits 630 387
Euro marketable securities 15,780 14,079
British pound sterling deposits 161 353
British pound sterling marketable securities 10,034 8,122
Japanese yen deposits 96 19
Japanese yen marketable securities 8,883 5,861
Special drawing rights holdings 31,768 29,992
Total 148,866 127,099
Advances by the Consolidated Revenue Fund were denominated as follows:
US dollar 90,650 75,708
Euro 16,815 14,490
British pound sterling 9,852 8,020
Japanese yen 8,907 5,854
Special drawing rights (2023, SDR 14,001 million; 2022, SDR 14,001 million) 25,456 24,197
Canadian dollar (negative 3,650) (negative 1,879)
Total advances from the Consolidated Revenue Fund 148,030 126,390
Total net income from April 1 to March 31 836 709
Total 148,866 127,099

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