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, 2017, 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, 2017.

In 2016–2017, payments and other charges consisted of advances to the Exchange Fund Account in the amount of $31,750 million, an adjustment of $1,997 million to recognize the net income of the Exchange Fund Account for the period April 1, 2016 to March 31, 2017. Receipts and other credits consisted of repayments of advances of $28,411 million and a net valuation adjustment of $48 million.

Table 8.2
International reserves held in the Exchange Fund Account

(in millions of dollars)

  March 31, 2017 March 31, 2016
US dollar cash and cash equivalents 11,819 5,303
US dollar short-term deposits 67
US dollar marketable securities 53,723 56,638
Euro cash and cash equivalents 2,188 304
Euro marketable securities 17,937 20,162
British pound sterling cash and cash equivalents 131 114
British pound sterling marketable securities 9,294 7,534
Japanese yen cash and cash equivalents 8 181
Japanese yen marketable securities 1,323 712
Special drawing rights 10,178 10,431
Total 106,668 101,379
Advances by the Consolidated Revenue Fund were denominated as follows:
US dollar 67,839 64,406
Euro 18,750 19,415
British pound sterling 9,385 7,653
Japanese yen 1,305 871
Special drawing rights (2017, SDR 3,435 million; 2016, SDR 3,435 million) 6,198 6,285
Canadian dollar 1,194 562
Total advances from the Consolidated Revenue Fund 104,671 99,192
Total net revenue for the year 1,997 2,187
Total 106,668 101,379

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