International Reserves Held in the Exchange Fund Account

Public Accounts of Canada 2015 Volume I - Top of the page Navigation

This account records the moneys advanced from the Government to the Exchange Fund Account, in Canadian and other currencies, for the purchase of gold, 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, 2015 are found at the end of this section.

Table 8.2 shows international reserves held in and advances to the Exchange Fund Account as at March 31, 2015. Gold held by the Account is valued at SDR 35 per fine ounce ($61.15 Cdn as at March 31, 2015 and $59.80 Cdn as at March 31, 2014).

In 2014–2015, payments and other charges consisted of advances to the Exchange Fund Account in the amount of $27,917 million, an adjustment of $840 million to recognize the net income of the Exchange Fund Account for the period April 1, 2014 to March 31, 2015, and a net valuation adjustment of $5,397 million. Receipts and other credits consisted of repayments of advances of $19,558 million.

Table Summary

The table presents, in millions of dollars, a two-year comparative of the International reserves held in the Exchange Fund Account. It consists of three columns: a detailed listing of components; March 31 of the current year; March 31 of the previous year. The first series of rows presents the international reserves in different denominations followed by a total. The second series of rows presents the advances by the Consolidated Revenue Fund in different denominations followed by a total. The next row presents the total net revenue for the year. The final row represents the total.

(in millions of dollars)

Table 8.2
International Reserves held in the Exchange Fund Account

  March 31, 2015 March 31, 2014
US dollar cash and cash equivalents 441 391
US dollar marketable securities 60,558 46,636
Euro cash and cash equivalents 189 51
Euro marketable securities 17,685 19,903
British pound sterling cash and cash equivalents 48 2
British pound sterling marketable securities 2,405 199
Japanese yen cash and cash equivalents 17 10
Japanese yen marketable securities 794 316
Short‑term deposits   223
Special drawing rights 9,818 9,628
Gold 6 6
Total 91,961 77,365
Advances by the Consolidated Revenue Fund were denominated as follows:    
US dollar 63,301 50,846
Euro 16,822 18,725
British pound sterling 2,440 201
Japanese yen 797 317
Special drawing rights (2015, SDR 4,599 million; 2014, SDR 4,599 million) 8,035 7,858
Canadian dollar (negative 274) (negative 2,087)
Total advances from the Consolidated Revenue Fund 91,121 75,860
Total net revenue for the year 840 1,505
Total 91,961 77,365

Public Accounts of Canada 2015 Volume I - Bottom of the page Navigation