Back Matter

Back Matter

Carlos Sanchez-Munoz, Paul Austin, Alicia Hierro, and Tamara Razin
Published Date:
February 2020
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Appendix I. Membership of the IMF Committee on Balance of Payments Statistics and Representatives of IOS

(As of November 30, 2019)

Louis Marc Ducharme
IMF, Statistics Department
Grace Akrofi

Bank of Ghana
Robert Pupynin

Central Bank of the Russian Federation
Mher Barseghyan

Central Bank of Armenia
Gabriel Quirós

IMF, Statistics Department
Kenneth Egesa

Bank of Uganda
Norhayati Razi

Bank Negara, Malaysia
Paul Farello

Bureau of Economic Analysis

United States
Mounir Rhandi

Office des Changes

Fabienne Fortanier

De Nederlandsche Bank
Fernando Rocha

Banco Central do Brasil
Perry Francis1

Bank of England
Yangchen Tshogyel

Royal Monetary Authority of Bhutan
Hu Hong

State Administration of Foreign Exchange

People’s Republic of China
Carlos Sánchez-Muñoz

IMF, Statistics Department
Yutaka Matsushita

Ministry of Finance, Japan
Ursula Schipper

Deutsche Bundesbank

Shinya Nakamura

Bank of Japan
Consuelo Soto

Central Reserve Bank of Peru
Representatives of IOsSecretariat (IMF, Statistics Department)
Bank for International Settlements

Patrick McGuire
Alicia Hierro

Tamara Razin
European Central Bank

Olga Monteiro
European Commission-Eurostat

Lena Frej Ohlsson
Organization for Economic Co-operation and Development

David Brackfield
United Nations Conference on Trade and Development2
United Nations Statistics Division

Herman Smith

The Committee’s Terms of Reference are available at


Includes 179 IMF members, 14 economies—non-IMF members, and three currency unions.


Includes 157 IMF members, 12 economies—non-IMF members, and three currency unions.


While, at the global level, the balance of payments current account balances for all economies and international organizations (IOs) combined should be zero, in practice, they are not. Global current account imbalances are of interest to the Committee, as they are a symptom, among others, of estimation errors, incomplete coverage (e.g., missing data for a number of economies that do not report to the IMF, including some offshore centers), and asymmetric valuation that, when large, could lead to analytical mistakes.


As in the case of the current account global balance, global financial flows should also cancel out and sum up to zero since any positive financial account balance of any country vis-à-vis the rest of the world (except for holdings of monetary gold bullion) should be offset by a negative financial account balance of its counterparts altogether.


The balances of IIP assets and liabilities for all economies and international organizations (IOs) combined should be a net positive figure at the world level, corresponding to the value of holdings of gold bullion included in monetary gold (i.e., an asset with no corresponding liability). 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 around US$1.4 trillion at end-2018 (i.e., significantly above the difference between global external assets and liabilities).


A DGI-2 Workshop on IIP Currency Compilation is planned for March 2020 to share national experiences in compiling the dataset, with a view to improving source data and estimation techniques particularly for those economies with compilation challenges.


Data reporting for EBA/ESR was initiated in 2017.


Did not attend the October 2019 Committee meeting.


Did not attend the October 2019 Committee meeting.

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