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Middle East and Central Asia > Saudi Arabia

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Cover Policy Papers
Annual Update on SDR Trading Operations
International Monetary Fund. Finance Dept.
This paper provides an update on the status of the SDR trading market and operations. In over three decades, SDRs have been exchanged for freely usable currencies in transactions by agreement primarily through the Voluntary Trading Arrangements (VTAs). The VTAs are bilateral arrangements between the Fund and SDR participants or prescribed holders, in which the VTA members agree to buy and sell SDRs within certain limits. A fraction of transactions by agreement—sales or acquisitions of SDRs—were arranged directly between parties.
Keywords:
SDR Trading; SDR sales; SDR acquisitions; Voluntary Trading Arrangements (VTAs); Transactions by Agreement; Allocation of SDRs; SDR Trading Capacity; Transparency; SDR exchanges; Use of SDRs; SDR trading transaction; VTA market; transparency policy; VTA capacity; SDR sale; Trading arrangements; Currencies; Freely usable currencies; Middle East and Central Asia; VTA member
Cover IMF Working Papers
Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB
Miss Yinqiu Lu
and
Yilin Wang
The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches—liquidity tranche and investment tranche—especially for those with adequate reserves. Incorporating reserve tranching, we have developed in this paper a central bank’s reserve portfolio choice model to analyze the determinants of the currency composition of reserves. In particular, we adopt the classical mean-variance framework for the investment tranche and the asset-liability framework for the liquidity tranche. Building on these frameworks, the roles of currency compositions in imports invoicing and short-term external debt, and risk and returns of reserve currencies can be quantified by our structural model—a key contribution of our paper given the absence of structural models in the literature. Finally, we estimate the potential paths of the share of RMB in reserves under different scenarios to shed light on its status as an international currency.
Keywords:
WP; government bond; exchange rate; currency composition; FX reserves; portfolio theory; RMB; liquidity tranche; FX reserve; investment tranche; allocation decision; Currencies; Reserve currencies; Liquidity; Global
Cover International Monetary Fund Annual Report 2017 Financial Statements
International Monetary Fund Annual Report 2017 Financial Statements
International Monetary Fund

Abstract

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2017 and 2016 include the related consolidated statements of comprehensive income, of changes in reserves, resources, and retained earnings, and of cash flows for the years then ended. The IMF’s financial statements were audited by external auditing firm PricewaterhouseCoopers, LLC, which certified that they were prepared and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The standards include the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Keywords:
AR; AREA; financial statement; SDR; SDR Department; financial year; interest rate; audit evidence; IMF's unit of account; reserve account; credit risk; exchange rate risk; Financial statements; Currencies; Credit; Income; Loans; Africa; Global; Middle East and Central Asia; Asia and Pacific; Western Hemisphere; Europe
Cover International Monetary Fund Annual Report 2016 Financial Statements
International Monetary Fund Annual Report 2016 Financial Statements
International Monetary Fund

Abstract

This paper outlines that the IMF is exposed to various types of operational and financial risks, including credit, market, liquidity, and income risks. The Executive Board of the IMF has overall responsibility for the establishment and oversight of the IMF’s risk management framework. The risk management framework encompasses primarily strategic, financial, and operational risks. As part of this framework, the Advisory Committee on Risk Management (ACRM) has been established to analyze, synthesize, and report on risks. Credit risk on credit outstanding refers to potential losses owing to the failure of member countries to make repurchases. Credit risk is inherent in the IMF's unique role in the international monetary system since the IMF has limited ability to diversify its loan portfolio and generally provides financing when other sources are not available to a member. Measures to help mitigate the IMF's credit risk include policies on access limits, program design, monitoring, and economic policies that members agree to follow as a condition for IMF financing; early repurchase policies; and preventative, precautionary, remedial measures and precautionary balances to cope with the financial consequences of protracted arrears.

Keywords:
AR; AREA; financial statement; consolidated financial statement; PRG trust; net interest; audit evidence; net cash; accompanying note; Financial statements; Currencies; Personal income; Loans; Credit; Africa; Asia and Pacific; Global; Middle East and Central Asia; Western Hemisphere
Cover IMF Working Papers
A Network Model of Multilaterally Equilibrium Exchange Rates
Mr. Alexei P Kireyev
and
Andrei Leonidov
This paper proposes a network model of multilaterally equilibrium exchange rates. The model introduces a topological component into the exchange rate analysis, consistently taking into account simultaneous higher-order interactions among all currencies. The paper defines the currency demand indicator. On its base, it derives a multilateral exchange rate network, finds its dynamically stationary position, and identifies the multilaterally equilibrium levels of bilateral exchanges rates. Potentially, the model can be developed further to calculate the deviations of the observed bilateral exchange rates from their multilaterally equilibrium levels, which can be interpreted as their over- or undervaluation. For illustration, the model is applied to daily 1995-2016 exchange rates among 130 currencies sourced from the Thomson Reuters Datastream.
Keywords:
WP; base currency; currency pair; world currency market; equilibrium exchange rates; exchange rate; networks; equilibrium; trade; network; exchange rate network; network consist; network stationarity; Exchange rates; Currencies; Currency markets; Exchange rate modelling; Reserve currencies; Global
Cover Policy Papers
2016 External Sector Report
International Monetary Fund
After narrowing in the aftermath of the global financial crisis and remaining broadly unchanged in recent years, global imbalances increased moderately in 2015, amid a reconfiguration of current accounts and exchange rates. Shifts in 2015 were driven primarily by the uneven strength of the recovery in advanced economies, the redistributive effects of the sharp fall in commodity prices, and tighter external financing conditions for emerging markets (EMs). A relatively stronger U.S. outlook led to a further appreciation of the USD and a depreciation of the yen and the euro. The sharp decline in commodity prices, reflecting both supply shocks and concerns about rebalancing and growth in China, brought about a significant redistribution of income from commodity exporters to importers, and a weakening of commodity exporters’ currencies. Meanwhile, heightened global risk aversion, contributed to softer capital inflows and depreciation pressures in many EMs. This moderate widening of current account imbalances was largely driven by systemic economies. Surpluses in Japan, the euro area and China grew, supported by improved terms of trade and currency depreciation, while the current account deficit in the U.S. widened amid the steep appreciation of the USD. These widening imbalances were only partially offset by narrowing surpluses in large oil exporters and smaller deficits in vulnerable EMs and some euro area debtor countries. Similarly, excess imbalances expanded in 2015. External positions in the U.S. and Japan moved from being broadly in line with fundamentals to being “moderately weaker” and “moderately stronger”, respectively. This was partly offset by a further narrowing of excess deficits in vulnerable EMs and euro area debtor countries. Meanwhile, excess surpluses persisted among the larger surplus countries, some of which remain “substantially stronger” than fundamentals (Germany, Korea). Currency movements since end-2015 helped to partially reverse the trends observed last year, although market volatility following the result of the U.K. referendum to leave the European Union have led to a strengthening of the USD and yen along with a weakening of the sterling, euro, and EM currencies. The implications for external assessments going forward, especially for the U.K. and the euro area, remains uncertain and will likely depend on how the transition is managed and on what new arrangements are adopted. With output below potential in most countries, and limited policy space in many, balancing internal and external objectives will require careful policy calibration. In general, a more balanced policy mix that avoids excessive reliance on policies with significant demanddiverting effects is necessary, with greater emphasis on demand-supportive measures and structural reforms. Surplus countries with fiscal space have a greater role to play in supporting global demand while reducing external imbalances. Global collective policy action, especially if downside risks materialize, would also help address global demand weakness while mitigating its effects on external imbalances.
Keywords:
PP; monetary policy; commodity exporter; current account gap; fiscal policy; CA regression; foreign exchange; TOT index; regression policy gap contribution; commodity terms of trade; foreign currency; EBA CA; current account balance; reserve currency; output gap; Current account; Exchange rates; Current account imbalances; Currencies; Global; Africa
Cover International Monetary Fund Annual Report 2015
International Monetary Fund Annual Report 2015
Financial Statements
International Monetary Fund. Secretary's Department

Abstract

This paper presents different audited financial statements by the IMF. The accompanying consolidated financial statements of the General Department of the IMF (“the Department”), which comprise the consolidated statement of financial position as of April 30,2015, and the related consolidated statement of comprehensive income, of changes in reserves, resources, and retained earnings, and of cash flows for the year then ended have been audited. The responsibility is to express an opinion on the consolidated financial statements based on the audits. The audits have been conducted in accordance with International Standards on Auditing and auditing standards generally accepted in the United States of America. The consolidated financial statements referred to in the paper present fairly, in all material respects, the financial position of the General Department of the IMF on April 30, 2015, and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Keywords:
AR; AREA; financial statement; SDR Department; audit evidence; debt relief trust; umbrella account; net cash; net interest; Financial statements; Currencies; Personal income; Credit; Debt relief; Africa; Global; Asia and Pacific; Middle East and Central Asia; Western Hemisphere; Income; Middle East
Cover International Monetary Fund Annual Report 2014: Financial Statements
International Monetary Fund Annual Report 2014: Financial Statements
International Monetary Fund. Secretary's Department

Abstract

This companion volume to the International Monetary Fund’s Annual Report 2014—From Stabilization to Sustainable Growth contains the audited financial statements that form Appendix VI to the report. The financial statements can also be found, together with Appendixes I through V and other materials, on the Annual Report 2014 web page (www.imf.org/external/pubs/ft/ar/2014/eng).

Keywords:
AR; AREA; net; net interest; umbrella account; audit evidence; net cash; net investment income; Financial statements; Currencies; Personal income; Credit; Loans; Africa; Asia and Pacific; Global; Middle East and Central Asia; Western Hemisphere; Income; Middle East
Cover IMF Working Papers
The International Monetary System: Where Are We and Where Do We Need to Go?
Rakesh Mohan
,
Michael Debabrata Patra
, and
Muneesh Kapur
The North Atlantic financial crisis of 2008-2009 has spurred renewed interest in reforming the international monetary system, which has been malfunctioning in many aspects. Large and volatile capital flows have promoted greater volatility in financial markets, leading to recurrent financial crises. The renewed focus on the broader role of the central banks, away from narrow price stability monetary policy frameworks, is necessary to ensure domestic macroeconomic and financial stability. Since international monetary cooperation might be difficult, though desirable, central banks in major advanced economies, going forward, need to internalize the implications of their monetary policies for the rest of the global economy to reduce the incidence of financial crises.
Keywords:
WP; capital flow; global economy; reserve currency; net capital; foreign exchange; Capital flows; central banks; currency internationalization; international monetary system; financial stability; pound sterling; IMS performance; post-Bretton Woods IMS; gold standard; financial asset; risk diversification; developing economy; IMS feed; short-term debt; multipolar IMS; Mexican peso; Currencies; Financial sector stability; Global; Asia and Pacific; East Asia; Middle East; North Africa
Cover International Monetary Fund Annual Report 2013: Financial Statements
International Monetary Fund Annual Report 2013: Financial Statements
International Monetary Fund. Secretary's Department

Abstract

The IMF's 2013 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2013, which covers the period from May 1, 2012, through April 30, 2013. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2013

Keywords:
AR; AREA; consolidated financial statement; audit evidence; PRG trust; net cash; net interest; investment account retained earnings; Financial statements; Currencies; Personal income; Loans; Credit; Africa; Asia and Pacific; Global; Middle East and Central Asia; Western Hemisphere; umbrella account; Income; Middle East