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, in Canadian and other currencies, for the purchase of foreign currencies and securities, and special drawing rights (SDRs).

The Exchange Fund Account is operated under the provisions of the Currency Act. The financial statements at March 31, 2020, are found at the end of this section.

In 2020, payments and other charges consisted of advances to the Exchange Fund Account in the amount of $29,477 million, a net valuation adjustment of $5,238 million and an adjustment of $2,283 million to recognize the net income of the Exchange Fund Account for the period April 1, 2019, to March 31, 2020. Receipts and other credits consisted of repayments of advances of $32,182 million.

Table 8.2
International reserves held in the Exchange Fund Account
(in millions of dollars)
  2020 2019
US dollar cash and cash equivalents 6,014 4,904
US dollar short-term deposits – 268
US dollar marketable securities 62,636 59,234
Euro cash and cash equivalents 488 250
Euro marketable securities 17,538 17,646
British pound sterling cash and cash equivalents 168 450
British pound sterling marketable securities 8,045 9,775
Japanese yen cash and cash equivalents 14 6
Japanese yen marketable securities 5,266 3,678
Special drawing rights 11,848 10,989
Total 112,017 107,200
Advances by the Consolidated Revenue Fund were denominated as follows:
US dollar 74,116 68,165
Euro 17,666 17,288
British pound sterling 7,840 10,062
Japanese yen 5,266 3,640
Special drawing rights (2020, SDR 3,435 million; 2019, SDR 3,435 million) 6,599 6,372
Canadian dollar (negative 1,753) 191
Total advances from the Consolidated Revenue Fund 109,734 105,718
Total net revenue for the year 2,283 1,482
Total 112,017 107,200

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