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 and return on investments 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 $21,246 million as at March 31, 2024 ($16,034 million as at March 31, 2023); 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 assetsLinks to footnote * in table 1
(in dollars)
  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
International reserves held in the Exchange Fund Account, Table 8.3 148,866,075,624 44,465,239,818 33,915,926,130 159,415,389,312
International Monetary Fund—Subscriptions 20,043,063,548 – 286,144,548 19,756,919,000
International Monetary Fund—Loans 67,453,229 – 67,453,229 –
International Monetary Fund Trusts—Poverty Reduction and Growth Trust – 493,981,000 – 493,981,000
International Monetary Fund Trust—Resilience and Sustainability Trust 413,596,295 66,413,356 6,053,651 473,956,000
Total foreign exchange accounts assets 169,390,188,696 45,025,634,174 34,275,577,558 180,140,245,312

Table 8.2
Foreign exchange accounts liabilitiesLinks to footnote * in table 2
(in dollars)
  April 1, 2023 Payments and other charges Receipts and other credits March 31, 2024
International Monetary Fund—Notes payable 14,053,240,876 1,312,253,943 1,697,013,762 14,438,000,695
Special drawing rights allocations 30,097,581,506 429,687,506 – 29,667,894,000
Total foreign exchange accounts liabilities 44,150,822,382 1,741,941,449 1,697,013,762 44,105,894,695

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