- International Monetary Fund. Statistics Dept.
- Published Date:
- June 2015
1. The Committee will advise the IMF on methodological and compilation issues in the context of balance of payments and international investment position statistics, and foster greater coordination of data collection among countries.
2. The Committee will advise on the implementation of the Balance of Payments and International Investment Position Manual.
3. The Committee will bring to the attention of the IMF new developments that impact on the compilation of statistics of cross-border transactions or related stocks of financial assets and liabilities, and work with the IMF in determining how these activities should be treated in accordance with the Balance of Payments and International Investment Position Manual.
4. The Committee will advise the IMF on the identification and closing of data gaps in the external sector accounts, especially those arising from the need to support surveillance and analysis of cross-border financial interconnectedness.
5. The Committee will investigate ways in which data collection can be better coordinated among countries, with a view, inter alia, to facilitating the exchange of statistics (e.g., bilateral transactions or stock data). It will also identify related areas for study and determine how work in those areas should be carried forward.
6. Members are invited to join the Committee on a personal basis reflecting an appropriate level of seniority and expertise in the field of external statistics. As part of their membership obligations, Committee members commit to attending the full meetings of the Committee and to actively participate, unless there are exceptional circumstances that prevent such attendance and participation.
7. In carrying forward its work, the Committee will collaborate with other national compilers and with appropriate international organizations.
8. In consultation with the IMF’s Statistics Department, the Committee will determine its work program and will meet under IMF auspices at least once a year.
9. The Committee’s work will be summarized in an annual report to the Managing Director of the IMF.
(As of December 31, 2014)
Louis Marc Ducharme
IMF, Statistics Department
De Nederlandsche Bank
Australia Bureau of Statistics
Bank of Uganda
Rosabel B. Guerrero
Bangko Sentral ng Pilipinas
State Administration of Foreign Exchange
People’s Republic of China
State Bank of Pakistan
Ministry of Finance, Japan
IMF, Statistics Department
Banque de France
Central Bank of the Russian Federation
Banco Central do Brasil
Central Bank of Turkey
Bureau of Economic Analysis
Bank of Japan
Reserve Bank of South Africa
Representatives of International Organizations
Bank for International Settlements
European Central Bank
Gulf Cooperation Council Statistics Centre
Sabir Said Al-Harbi1
Organization for Economic Cooperation and Development
United Nations Conference on Trade and Development
United Nations Statistics Division
Secretariat (IMF, Statistics Department)
|Balance of Payments and International Investment Position Manual (BPM6)||Implementation of the BPM6||IMF, Committee member(s), and/or other participants report on progress in implementing the BPM6 standards. IMF reports on progress in conducting training in the BPM6 CG. IMF to report on progress in data conversion areas, including the public availability of BPM6-basis estimates for pre-2005.|
|International Investment Position (IIP)||Further development of annual and quarterly IIP statistics||IMF reports on developments and enhancements in IIP statistics, with reference to recommendations in the IMF/FSB Secretariat reports to G-20 Finance Ministers and Central Bank Governors. IMF to report on development of a training course on enhancements to IIP and related positions statistics. IMF to report on efforts to promote the dissemination of BPM6 Table A9-I on currency composition.|
|Interconnectedness||Report on the IMF’s work to improve understanding of cross-border financial interconnectedness, including identification of data gaps||Report by IMF, including on the G20 Data Gaps Initiative. IMF to report back to the Committee on the consultation with users on foreign currency exposures data.|
|Coordinated Portfolio Investment Survey (CPIS)||Enhance the quality and availability of CPIS data.||IMF reports on progress in implementing enhancements to CPIS data.|
|IMF to publish results of the CPIS though December 2014.|
|Reserve Assets||IMF provides advice to countries regarding statistical treatment of reserve assets.||IMF reports on implementation of the updated Guidelines and on other initiatives in the reserve assets area.|
|IMF advances work on broadening the availability of data on reserves.||IMF to report on results of efforts to broaden the sharing of confidential statistical data (SEFER and INFER) with the consent of the data provider. IMF to report on efforts to disseminate a quarterly table showing the foreign exchange reserves held by SDDS subscribers in non-SDR basket currencies.|
|IMF conducts inquiries into feasibility of collecting and disseminating additional data on foreign exchange intervention activities of monetary authorities.||IMF to continue its work on a statistical definition of foreign exchange intervention activities and report on a possible draft definition for consideration by the Committee.|
|Coordinated Direct Investment Survey (CDIS)||Results of the CDIS||IMF reports on preliminary results from the 2013 CDIS and updated results for earlier years. IMF to update the CDIS Guide.|
|International Trade in Services||Manual on Statistics of International Trade in Services (MSITS)||Report by OECD on activities of the Task Force on Statistics of International Trade in Services, including progress on the Compilers’ Guide.|
|Research topics||Report on long-term research program in consultation with Inter-Secretariat Working Group on National Accounts||Report by UNSD and/or IMF|
|G20 trade aggregate||Feasibility study into developing a G20 trade aggregate||IMF to report on progress in developing a G20 trade aggregate, for posting on the Principal Global Indicators website.|
|Global discrepancies||Developments in discrepancies in global balance of payments statistics||Report by IMF|
|External Debt||Improve reporting of external debt data||IMF reports on work on converting the QEDS database to a BPM6 basis.|
|International financial statistics||Developments in banking and related statistics||Report by BIS|
|Balance of Payments and International Investment Position Manual (BPM7)||Research agenda for BPM7||IMF to initiate work on developing a research agenda for BPM7|
|2007||2008||2009||2010||2011||2012||2013||Average Imbalance 2007-2013|
|Current account balance||304.5||206.4||260.4||360.0||422.6||431.4||467.8||350.4|
|Primary Income balance||−54.6||−102.7||−44.5||−35.2||−51.0||−38.8||−117.6||−63.5|
|Secondary Income balance||3.2||6.6||−35.8||−32.5||−47.5||−61.6||−78.7||−35.2|
|Current account balance as percentage of gross current account transactions||0.7||0.4||0.7||0.8||0.8||0.8||0.8||0.7|
|Goods balance as percentage of gross goods transactions||0.9||0.8||1.2||1.3||1.3||1.3||1.6||1.2|
|Services balance as percentage of gross services transactions||1.5||0.7||0.8||0.6||0.9||0.7||0.7||0.8|
|Primary Income balance as percentage of gross primary income transactions||0.7||1.3||0.7||0.5||0.7||0.5||1.6||0.9|
|Secondary Income balance as percentage of gross secondary income transactions||0.2||0.3||1.8||1.6||2.0||2.6||3.1||1.7|
|Capital account balance as a percentage of gross capital account transactions||11.6||0.9||7.6||12.9||3.7||0.9||5.3||6.1|
|2007||2008||2009||2010||2011||2012||2013||Average Imbalance 2007-2013|
|Capital account balance||−24.5||−1.6||−16.1||31.5||9.5||−2.4||14.1||1.5|
|Financial account balance||315.7||58.1||161.3||122.7||167.6||247.0||379.4||207.4|
|Liabilities minus LCFAR1||2,714.1||240.4||1,623.6||1,455.4||405.5||1,358.5||1,884.4|
|Liabilities including LCFAR||3,637.8||1,120.3||2,348.8||2,366.5||1,108.7||1,957.1||2,033.6|
|LCFAR (in Portfolio investment)||923.6||879.9||725.3||911.1||703.3||598.6||149.2|
|Financial Derivatives (other than reserves) and Employee Stock Options||116.9||331.5||−91.4||−106.6||6.3||−61.8||42.9||34.0|
|Liabilities minus LCFAR1||5,777.4||−812.7||−1,897.1||1,977.8||1,840.3||45.0||−44.1|
|Liabilities including LCFAR||5,960.6||−1,002.1||−1,882.9||2,033.5||2,137.2||125.4||−19.8|
|LCFAR (in Other Investment)||183.2||−189.4||14.2||55.7||296.9||80.4||24.3|
|Reserves minus LCFAR||168.2||137.1||296.2||214.4||103.2||55.5||540.0||216.4|
|Net errors and omissions||35.7||−146.6||−83.0||−268.7||−264.6||−182.0||−102.4|
Liabilities constituting foreign authorities’ reserves. The data in liabilities constituting foreign authorities’ reserves were derived from information collected by the IMF from a sample of large reserve-holding currencies. These data were used to adjust portfolio and other investment liabilities to align the data better with corresponding asset series.
|Emerging and Developing Economies||11,519||12,000||13,859||15,907||17,098||18,457||20,289|
|Emerging and Developing Asia||3,537||4,065||4,749||5,659||6,410||7,064||7,901|
|Emerging and Developing Europe||794||838||883||895||899||981||1,010|
|Commonwealth of Independent States||1,348||1,327||1,413||1,557||1,697||1,884||2,008|
|Middle East, North Africa, and Pakistan||2,522||2,534||2,672||2,864||3,086||3,456||4,188|
|Emerging and Developing Economies||11,719||11,031||13,804||16,283||17,113||18,730||19,940|
|Emerging and Developing Asia||2,714||2,874||3,650||4,602||5,404||6,069||6,826|
|Emerging and Developing Europe||1,716||1,699||1,893||1,996||1,913||2,167||2,205|
|Commonwealth of Independent States||1,576||1,152||1,396||1,609||1,617||1,809||1,961|
|Middle East, North Africa, and Pakistan||1,298||1,434||1,536||1,653||1,691||1,791||1,983|
|Net IIP 1||(427)||(1,188)||(409)||(206)||(1,053)||(837)||(8)|
The balances in IIP assets and liabilities for all economies and international organizations combined should be a net positive figure at the world level, by the value of holdings of gold bullion included in monetary gold.
The Committee’s Terms of Reference is presented in Appendix I.
In principle, at the global level, the balance of payments account balances for all economies and international organizations combined should be zero, whereas, in practice, the data do not equal zero. The balances are of interest to the Committee, as they are a symptom of estimation errors that, when large, could lead to policy mistakes. It is noteworthy that a prime reason for the creation of the Committee was concern about the size of statistical estimation errors. A number of factors contribute to the global balances (equal to net errors and omissions with the sign reversed). In particular, net errors and omissions arise from incomplete coverage, misclassifications, different timing, and asymmetric valuations.
Gold bullion included in monetary gold is recorded as an asset in the IIP accounts, and there is no corresponding liability. Based on data published in the World Tables in International Financial Statistics, holdings of monetary gold were US$ 1.2 trillion at end-2013.
At the time of preparation of this Annual Report, these aggregates had been released.
Fifty-six economies reported end-June 2013 data, and 74 economies reported end-December 2013 data.
Participation in the CDIS continues to grow; 101 economies participated in the preliminary end-2012 survey round.
The TFGP was created by the Bureau of the Conference of European Statisticians in November 2011 and mandated to prepare a Guide to Measuring Global Production, which aims to assist national accounts and balance of payments compilers in recording global production related activities in their accounts. The draft Guide is due for endorsement in June 2015. STA is a member of this Task Force.
See “Currency Composition of Official Reserves as Reported by Special Data Dissemination Standard (SDDS) Subscribers and Other Reporters” at http://data.imf.org/?sk=8855e687–3d42–4d47-b47a-3b87fd7dd3bb&ss=SL_1390030109571.
At the time of the preparation of this Annual Report, an unedited version was available at http://unstats.un.org/unsd/tradeserv/msits/CGmsits2010.htm. It will be officially edited in early 2015.
Available at http://www.tffs.org/edsguide.htm.
Did not attend the meeting of the Committee held in October 2014.