Section 8: Foreign exchange accounts as at March 31

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Foreign exchange accounts

Foreign exchange accounts represent financial claims and obligations of the government as a result of Canada's foreign exchange operations. Financial claims and obligations denominated in foreign currencies are reported at Canadian dollar equivalents 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 foreign exchange net revenues on the Consolidated Statement of Operations and Accumulated Deficit.

Table 8.1 presents the continuity of each foreign exchange account, by showing the opening and closing balances, as well as payments and other charges and receipts and other credits. It should be noted, however, that this table excludes unmatured debt payable in foreign currencies, amounting to $15,941 million as at March 31, 2020 ($16,011 million as at March 31, 2019); 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
(in dollars)
  April 1, 2019 Payments and other charges Receipts and other credits March 31, 2020
International reserves held in the Exchange Fund Account, Table 8.2 107,199,618,096 36,998,430,570 32,181,520,503 112,016,528,163
International Monetary Fund—Subscriptions 20,449,334,500 728,679,800 – 21,178,014,300
International Monetary Fund—Loans 545,741,000 11,780,841 189,054,861 368,466,980
Subtotal 128,194,693,596 37,738,891,211 32,370,575,364 133,563,009,443
Less:
International Monetary Fund—Notes payable 17,398,419,500 823,380,998 581,563,442 17,156,601,944
Special drawing rights allocations 11,107,889,140 – 395,812,100 11,503,701,240
Subtotal 28,506,308,640 823,380,998 977,375,542 28,660,303,184
Total 99,688,384,956 38,562,272,209 33,347,950,906 104,902,706,259

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