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 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, 2016 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, 2016.

In 2015–2016, payments and other charges consisted of advances to the Exchange Fund Account in the amount of $34,127 million, an adjustment of $2,187 million to recognize the net income of the Exchange Fund Account for the period April 1, 2015 to March 31, 2016, and a net valuation adjustment of $2,641 million. Receipts and other credits consisted of repayments of advances of $29,536 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 following row presents the total net revenue for the year. A final row presents the total for this table.

Table 8.2
International reserves held in the Exchange Fund Account

(in millions of dollars)

  March 31, 2016 March 31, 2015
US dollar cash and cash equivalents 5,303 441
US dollar marketable securities 56,638 60,558
Euro cash and cash equivalents 304 189
Euro marketable securities 20,162 17,685
British pound sterling cash and cash equivalents 114 48
British pound sterling marketable securities 7,534 2,405
Japanese yen cash and cash equivalents 181 17
Japanese yen marketable securities 712 794
Short-term deposits
Special drawing rights 10,431 9,818
Gold 6
Total 101,379 91,961
Advances by the Consolidated Revenue Fund were denominated as follows:
US dollar 64,406 63,301
Euro 19,415 16,822
British pound sterling 7,653 2,440
Japanese yen 871 797
Special drawing rights (2016, SDR 3,435 million; 2015, SDR 4,599 million) 6,285 8,035
Canadian dollar 562 (negative 274)
Total advances from the Consolidated Revenue Fund 99,192 91,121
Total net revenue for the year 2,187 840
Total 101,379 91,961

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