1. International financial crises in the late 1990s underscored the importance of disseminating comprehensive information on countries’ international reserves and foreign currency liquidity1 on a timely basis. Deficiencies in such information have made it difficult to anticipate and respond to crises by obscuring financial weaknesses and imbalances. (See Box 1.1) Moreover, both the complexity and the importance of such information have increased as a result of the ongoing globalization of financial markets and financial innovations. The international financial activities2 that countries’ central banks and government entities undertake now occur in myriad forms, involve multiple domestic and foreign entities, and span locations around the globe. To assess countries’ foreign currency liquidity requires supplementing traditional data on international reserves that cover largely cross-border and balance-sheet activities with those on foreign currency positions and off-balance-sheet activities.
2. Timely disclosure of such information serves a number of purposes. It can strengthen the accountability of the authorities by better apprising the public of the authorities’ policy actions and risk exposure in foreign currency. It can spur a more timely correction of unsustainable policies and possibly limit the adverse effects of contagion in times of financial turbulence. It can allow market participants to form a more accurate view of the condition of individual countries, of the vulnerability of regions, and of possible international consequences, thereby limiting uncertainty and the associated volatility in financial markets. Enhanced data transparency also can assist multilateral organizations to better anticipate emerging needs of countries.
An Innovative Data Framework to Help Strengthen the International Financial Architecture
3. Information on international reserves and foreign currency liquidity will best inform public and private decisionmaking if countries disclose it in a coherent, common framework. As part of the effort to strengthen the architecture of the international financial system, the IMF and a working group of the Committee on the Global Financial System (CGFS) of the Group of Ten central banks in 1999 developed such a framework in the form of a data disclosure template for countries’ use.3
4. The template, which is shown at the end of this chapter, was devised in consultation with country authorities, statistical compilers, international organizations, market participants, and users. It reflects the efforts of all concerned to balance the anticipated benefits of increased data transparency and potential costs of adding to the authorities’ reporting burden.
5. The template is intended to be comprehensive and innovative; it integrates the concepts of international reserves and foreign currency liquidity in a single framework. In addition to covering the traditional balance-sheet information on international reserves and other selected external assets and liabilities of the authorities, the template takes account of their off-balance-sheet activities4 (such as in forwards, futures and other financial derivatives, undrawn credit lines, and loan guarantees). It also notes future and potential inflows and outflows of foreign exchange associated with balance-sheet and off-balance-sheet positions. Moreover, it includes data intended to illustrate how liquid a country’s international reserves are (such as the identification of assets pledged and otherwise encumbered) and to reveal a country’s risk exposure to exchange rate fluctuations (including that relating to options contracts).
Data Deficiencies as Revealed by Financial Crises in the 1990s
Financial crises in the 1990s revealed a number of data deficiencies, including:
Incomplete information on reserve assets
Pledged assets (for example, assets used as collateral for third party’s loans) frequently were not identified, and assets of a similar nature, such as securities lent and repurchase agreements,1 often were included in reserve assets without separate identification, distorting information on the liquidity positions of the authorities.
Deposits held in financially weak domestic banks and their foreign affiliates, which were not available for use in a crisis, often were included in reserve assets, leading to overestimation of reserves.
Valuation practices could depart significantly from market values, complicating assessments of the realizable value of reserve assets.
Coverage of international reserve assets varied among countries, impeding cross-country comparisons.
Lack of publicly available information on official short-term foreign currency obligations
Public information was lacking in many countries on the off-balance-sheet activities of the authorities that could affect foreign currency resources. An absence of data on forward commitments of foreign exchange under financial derivative contracts,2 for example, could result in understatement of encumbered reserve assets.
Lack of information on the authorities’ financial derivative activities (for example, in foreign currency futures and forwards) could also obscure the risk exposure of government entities, which could lead to sudden sharp drains on foreign currency resources. Significant drains could occur, for example, in the event of changes in exchange rates. Similarly, unavailability of information on options written and bought by the authorities could hinder assessment of potential inflows and outflows of foreign currency when the options were exercised.
Inadequate information on actual and potential foreign currency liabilities of the monetary authorities and central government could hamper monitoring of drains on foreign currency resources. Such inadequacies included incomplete information on principal and interest payments on loans and bonds falling due in the short term, on the authorities’ foreign exchange guarantees, and on contractual provisions in debt instruments that allow creditors to demand early payment in the face of changing economic conditions.
Publicly available information on reserves generally did not take account of unused unconditional lines of credit, which could represent either a complementary source of foreign exchange in times of need or a potential drain on such resources.
6. The template is forward looking. It covers not only the authorities’ foreign currency resources on a reference date but also inflows and outflows of foreign exchange over a future one-year period. The one-year horizon is consistent with the convention of defining “short term” to cover a 12-month period.
7. The rest of this chapter elaborates on the underlying framework of the template and delineates its key characteristics and structure. Chapters 2 through 5 provide guidelines on how the data called for in the various sections of the template should be reported.
Concepts of International Reserves and Foreign Currency Liquidity
8. The underlying framework of the template is built on two related concepts, international reserves and foreign currency liquidity, which are integral to the structure and coverage of the template. The two concepts and their linkages are explained below.
International Reserves (Reserve Assets)
9. The fifth edition of the IMF Balance of Payments Manual5 (BPM5) sets forth the underlying concept of international reserves. A country’s international reserves refer to “those external assets that are readily available to and controlled by monetary authorities for direct financing of payments imbalances, for indirectly regulating the magnitudes of such imbalances through intervention in exchange markets to affect the currency exchange rate, and/or for other purposes.”(BPM5, para. 424.) As defined, the concept of international reserves is based on the balance-sheet framework, with “reserve assets” being a gross concept. It does not include external liabilities of the monetary authorities.6
10. Underlying the concept of international reserves is the distinction between residents and nonresidents,7 with reserve assets representing the monetary authorities’ claims on nonresidents.
11. Also integral to the concept of international reserves are the provisos “readily available to” and “controlled by” the monetary authorities. That is, only assets that meet these criteria can be considered reserve assets.
12. Types of reserve assets cover foreign exchange assets (consisting of foreign currencies and foreign currency deposits and securities), gold, special drawing rights (SDRs), reserve position in the IMF, and other claims.
13. Chapter 2 explains in detail the concept and coverage of reserve assets as set forth in the BPM5. It also discusses how the terms “readily available” and “controlled by” can be invoked in practice to identify reserve assets.
14. In the template, reserve assets are referred to as “official reserve assets.”
Foreign Currency Liquidity
15. Foreign currency liquidity is a broader concept than that of international reserves. In the data template, foreign currency liquidity has two dimensions. It refers to (1) the foreign currency resources (including both official reserve assets and other foreign currency assets) at the disposal of the authorities that readily can be mobilized to meet demand for foreign exchange and (2) both predetermined (known, or scheduled) and contingent (potential) demands (referred to hereafter as “net drains”)8 on foreign currency resources resulting from the short-term9 foreign currency liabilities and off-balance-sheet activities of the authorities. That is, the authorities’ foreign currency liquidity position refers to the amount of foreign exchange resources that is readily available, taking into account both predetermined and potential net drains on such resources. Underlying the liquidity concept is the notion that prudent management of this position requires managing foreign currency assets along with foreign currency obligations to minimize the vulnerability to external shocks.
16. The concept of foreign currency liquidity is broader than that of international reserves in at least three respects: (1) while reserve assets refer to external assets of the monetary authorities, foreign currency liquidity concerns foreign currency resources and drains on such resources of the monetary authorities and the central government, referred to hereafter in combination as “the authorities,” as opposed to “monetary authorities” (see next section on “institutions covered”); (2) while reserve assets represent the monetary authorities’ claims on nonresidents, foreign currency liquidity relates to the authorities’ foreign currency claims on and obligations to residents and nonresidents; and (3) while the concept of reserve assets is based on the balance-sheet framework, the concept of liquidity encompasses inflows and outflows of foreign currency that result from both on-and off-balance-sheet activities of the authorities.
17. The concept of foreign currency liquidity is also broader than the notion of net international reserves. Net international reserves refer to reserve assets net of outstanding reserves-related liabilities at a point in time, with such assets and liabilities representing the monetary authorities’ readily available claims on and short-term liabilities to nonresidents. Foreign currency liquidity takes account of foreign currency drains on existing foreign currency resources arising from the authorities’ financial activities vis-à-vis residents and nonresidents in the coming 12-month period. Information on whether a country’s short-term foreign currency drains exceed its foreign currency resources could be used, among other data, to analyze the country’s external vulnerability.
18. To enhance the transparency of data on countries’ international reserves and their foreign currency liquidity, the template calls for comprehensive disclosure of the authorities’ (1) official reserve assets, (2) other foreign currency assets, (3) predetermined short-term net drains on foreign currency assets, (4) contingent short-term net drains on foreign currency assets, and (5) other related information. As discussed later in this chapter, these data components form the structure of the template.
19. A schematic presentation of the framework of the template, showing the linkages between the concepts of international reserves and foreign currency liquidity, is provided in Figure 1.1.
Linkages Between Concepts of International Reserves and Foreign Currency Liquidity (A Schematic Presentation)
Linkages Between Concepts of International Reserves and Foreign Currency Liquidity (A Schematic Presentation)
Linkages Between Concepts of International Reserves and Foreign Currency Liquidity (A Schematic Presentation)
Key Features of the Data Template
The data template sets forth the institutions that are to be covered and their financial activities over a certain time horizon in order to facilitate analysis of the authorities’ foreign liquidity and risk exposure.
Institutions Covered
20. The template is intended to apply to all public-sector entities responsible for, or involved in, responding to currency crises. In practice, this coverage includes the monetary authorities, which manage or hold the international reserves, and the central government (excluding social security funds),10 which, together with the monetary authorities, accounts for most of the official foreign currency obligations. Demands on the authorities’ foreign currency resources also could arise from elsewhere in the public sector. These other public entities generally are not covered in the template because of the difficulties of obtaining the data from these entities on a timely basis. Nonetheless, these other public-sector entities may be included if their foreign currency activities are of material significance; where data on such other public-sector entities are included, they should be clearly indicated in country notes accompanying the data.
21. Consistent with the BPM5 (para. 514), the template defines “monetary authorities” as “a functional concept” encompassing the central bank (and other institutional units such as the currency board, monetary agency, etc.) and certain operations usually attributed to the central bank but sometimes carried out by other government institutions or commercial banks. Such operations include the issuance of currency; maintenance and management of international reserves, including those resulting from transactions with the IMF; and the operation of exchange stabilization funds.11
22. In conformity with existing international guidelines, the template defines the central government to include “all government departments, offices, establishments, and other bodies that are agencies or instruments of the central authority of a country”(A Manual on Government Finance Statistics, p. 12). The central government excludes state governments, local governments, and social security funds operating at all levels of government (1993 System of National Accounts, para. 4.114): the requirement to disclose relevant information on a timely basis precludes the inclusion of these elements in the data to be reported. Social security funds are “social insurance schemes covering the community as a whole or large sections of the community that are imposed and controlled by government units”(1993 SNA, para. 4.130).
23. A single template is to be produced for each country covering foreign currency activities of both the monetary authorities and the central government (excluding social security funds). (See also Chapter 2.) Countries in a currency union should report reserve assets in accordance with the reserve assets allocated to them by their central bank or in proportion to their contributions to the central bank’s reserve assets.
Financial Activities Covered
24. For the purpose of liquidity analysis, the template specifies that only instruments settled (i.e., redeemable) in foreign currency are to be included in resources and drains (as covered in Sections I through III of the template). The rationale is that, as concerns future inflows and outflows of foreign currency arising from the authorities’ contractual obligations, only instruments settled in foreign currency can directly add to or subtract from liquid foreign currency resources. Other instruments, including those denominated in foreign currency or with a value linked to foreign currency (such as foreign currency options) but settled in domestic currency, will not directly affect liquid resources in foreign exchange.12
25. Instruments denominated in foreign currency or indexed to foreign currency but settled in domestic currency (and other means) are to be reported as memorandum (memo) items (as covered in Section IV of the template). These instruments can exert substantial indirect pressure on reserves during a crisis, particularly when expectations of a sharp depreciation of the domestic currency lead holders to exchange the indexed liabilities for foreign currency. Among such instruments are domestic currency debt indexed to foreign currency and nondeliverable forwards settled in domestic currency.
Treatment of Financial Derivatives Activities13
26. The template covers various aspects of financial derivative activities, including (1) predetermined foreign currency flows pertaining to the authorities’ forwards, futures, and swap contracts; (2) potential flows arising from their options positions; and (3) the net, marked-to-market value of outstanding financial derivative contracts. The extensive coverage of financial derivatives activities in the template is based on the fact that measures of risk associated with such activities are relevant only when constructed on an overall portfolio basis, taking into account notional (and nominal) values and cash market positions, and offsets between them.
27. The focus of the template is on financial derivatives settled in foreign currencies. (Nondeliverable forwards and options settled in domestic currency are to be disclosed as memo items.) Such information is especially important in times of crisis when there is strong pressure to devalue and when considerable official obligations in foreign currencies are already outstanding.
28. Because inflows and outflows of foreign currency related to the authorities’ financial derivative activities may involve different counterparties, risks, and maturities, the template calls for reporting separate information on short and long positions. Long positions correspond to inflows that augment the foreign currency resources of the authorities; short positions represent outflows that diminish such resources.
29. The net, marked-to-market values of financial derivatives to be reported in the template are those of outstanding contracts settled in foreign currency.
30. The template incorporates the results of “stress testing” to assess the authorities’ risk exposure to fluctuations in exchange rates. Stress testing involves examining the effect of large movements in key financial variables on a portfolio. It is different from historical simulation in that it may cover situations absent from the historical data. Rigorous stress testing can signal the authorities the risk exposure they face. In the template, stress testing is applied to the authorities’ options positions.
31. The template’s “stress testing” calls for the notional value of “in-the-money” options under several exchange rate scenarios. “In-the-money” options refer to option contracts that would be exercised on the basis of the assumptions specified in the scenarios—i.e., options which, when exercised, could entail foreign currency flows.14
Valuation Principles
32. In the template, the values of foreign currency resources are to reflect what could be obtained for them in the market if they were liquidated; that is, at market prices on the reference date. In cases where determining market values on a frequent basis is impractical, approximate market values can be substituted during the intervening periods. (See Chapter 2 for details.)
33. Drains on foreign exchange resources, including predetermined and contingent drains, are to be valued in nominal terms; that is, the cash-flow value when the currency flows are due to take place. Generally, this means the principal repayments reflect the “face value” of the instrument and the interest payments reflect contractual amounts due to be paid.15
34. Inflows and outflows of foreign currency related to forwards, futures, and swaps are to be reported in nominal terms. For options, the template requires disclosure of the notional value. The notional value of an option contract is the amount of foreign exchange that can be purchased or sold by the exercise of the option. Market values of outstanding financial derivative contracts are to be disclosed on a net, marked-to-market basis. (See also Chapter 5.)
Time Horizon
35. Consistent with the focus on liquidity, the horizon covered in the template is short term. For practical purposes, “short-term” is defined as “up to one year.”16 Finer breakdowns of time horizon of “up to one month,” “more than one month and up to three months,” and “more than three months and up to one year” are included to enable policymakers and market participants to assess the authorities’ liquidity positions within the one-year time frame.
36. The term “residual maturity” is used in the template to indicate the types of “short-term” foreign currency flows to be reported for the various subperiods of the one-year time horizon. Residual (remaining) maturity is commonly referred to as the time remaining until the final repayment of the outstanding obligations. Accordingly, applying the “residual maturity” concept, one should include (1) flows emanating from short-term instruments with original maturities of one year or less and (2) flows arising from instruments with longer original maturities whose residual (remaining) maturity is one year or less. In addition, in the template, this concept also includes principal and interest payments falling due within one year on instruments with original maturities of more than one year that are not already covered in (2).
Other Reporting and Dissemination Considerations
37. The template does not specify the currencies (national, U.S. dollar, euro, or others) in which the data are to be reported. It is recommended, however, that compilers report data in the template in the same currency they normally use to disseminate data on official reserve assets. This will enhance the analytical usefulness of data disclosed in the template and promote reconciliations among different data sets. To facilitate data comparability over time and among countries, it is preferable that the reporting currency be a reserve currency or, at a minimum, a stable one.
38. The reference date in the template is the end date of the reporting period (e.g., the reference date for September refers to the last business day of September). For position data, data to be reported refer to outstanding stocks of assets (and liabilities, as applicable) on that date. For flow data, data to be reported refer to the anticipated amount on the reference date of future outflows and inflows of foreign currency, associated with known predetermined or contingent positions outstanding on the reference date. Where appropriate, the convention of applying a plus (+) sign to denote assets and inflows of foreign currency and a minus sign (-) for liabilities and outflows of foreign currency should be used
39. In determining outstanding foreign currency resources and flows, it is recommended that transaction dates (not settlement dates) be used. Transaction dates are the preferred basis of recording because the time lags for countries’ settlement practices differ. Where settlement dates are used, they should be applied consistently from period to period.
40. The template is designed for use in diverse economies. Although not all items in the template are applicable to all countries, it is important that items not applicable (i.e., in which there are no stock positions or transactions) be left blank in the template. Where the value of an item is zero, an entry denoting zero should be shown.
41. In view of the varied information called for in the template, data in the different sections of the template are not to be added to or subtracted from one another to derive a single number for the whole template. Various analyses, however, can be made by examining data reported by countries in the various sections of the template.
42. To enhance the analytical usefulness of the data and to minimize the prospect that users will misinterpret information reported in the template, it is recommended that country-specific exchange rate arrangements (such as the operation of a currency board or the implementation of dollarization), special features of reserves management policy (including the matching of maturities of foreign currency assets and liabilities and the use of hedging techniques), and accounting practices and statistical treatments of certain financial transactions (as discussed later throughout this document) be disclosed in country notes accompanying the data, where appropriate. It would also be useful to disclose the major sources of funds for reserve assets and other foreign currency assets, which may include foreign currency earnings from exports, issuance of foreign currency bonds, and foreign currency deposits from domestic banks. (See also item 8 of Appendix V.)
43. The template data can be disseminated to the public on the Internet or through other media.
44. Given the comprehensive coverage of the template, various data sources need to be tapped to collect the requisite information. Close collaboration between the monetary authorities and other relevant government agencies is a prerequisite for timely and accurate reporting of the template data.
Structure of the Data Template
45. The data template has four sections. Section I covers information on the authorities’ foreign currency resources, including official reserve assets and other foreign currency assets. Sections II and III consider data required to reveal the net drains on such foreign currency resources in the short term. Section IV specifies the memo items on which supplementary information is needed.
46. The types of data to be reported differ in the four sections. Section I concerns stock (position) data; Sections II and III cover foreign currency inflows and outflows associated with various on-balance-sheet and off-balance-sheet positions. Section IV provides supplementary information on positions and flows.
47. Specifically, Section I of the template deals with the composition and magnitude of a country’s foreign currency resources, including the authorities’ holdings of various types of financial instruments. Reserve assets are distinguished from other foreign currency assets, facilitating reconciliation between existing data countries disseminate on international reserves and those in the template.
48. Sections II and III, respectively, address predetermined and contingent drains (demands) on foreign currency resources in the short term in view of their different nature. Examples of predetermined drains on foreign currency resources include those relating to amortized debt service payments and known commitments in forwards, futures, and swaps contracts. Examples of contingent drains are those associated with government guarantees, options, and other contingent liabilities. The separate reporting of predetermined and contingent drains on foreign currency resources is intended to avoid a mingling of the authorities’ actual and potential short-term liabilities.
49. Section IV provides information on (1) positions and flows not disclosed in Sections I through III but deemed relevant for assessing the authorities’ reserves and foreign currency liquidity positions and risk exposure in foreign exchange (for example, the domestic currency debt indexed to foreign currency); and (2)additional details on positions and flows disclosed in Sections I through III (for example, the currency composition of reserves and pledged assets included in reserves).
50. Financial derivatives are explicitly covered in four different sections of the template: the disclosure of inflows and outflows of foreign currency associated with forwards and futures in nominal values is addressed in Section II; notional values of options positions are covered in Section III; and net, marked-to-market values of various types of financial derivatives are to be disclosed in Sections I and IV.
Structure of this Book
51. Chapter 2 of these operational guidelines elaborates on steps that can be taken to provide comprehensive coverage of the authorities’ foreign currency resources, comprising coverage of official reserve assets and of other foreign currency assets.
52. Chapter 3 notes ways to report on predetermined short-term net drains on the authorities’ foreign currency resources, including those associated with loans and securities, forward commitments, and other foreign currency inflows and outflows.
53. Chapter 4 discusses how contingent demands on such foreign currency resources are to be disclosed, including those related to government guarantees, securities with embedded options, and undrawn, unconditional credit lines. It also sets forth the steps to be taken to report on the notional values of options positions and explains how stress testing can be undertaken.
54. Chapter 5 presents ways to provide supplementary information such as on short-term domestic debt indexed in foreign currency, pledged assets, market value of financial derivatives, other relevant activities in foreign currency (in particular, securities lent and collateralized under repurchase agreements), and currency composition of reserve assets.
55. Item-by-item guidelines are provided for each section of the template in the respective chapters. Table 1.1 presents a reference index showing where the item-by-item guidelines can be found in this document.
Reference Index for Item-by-ltem Guidelines
Refers to paragraph numbers in this document.
Reference Index for Item-by-ltem Guidelines
| Paragraph Number1 | ||||
| I.A. | Official reserve assets | |||
| (1) Foreign currency reserves | 77 | |||
| (a) securities | 79 | |||
| (b) deposits | 91 | |||
| (2) IMF reserve position | 96 | |||
| (3) SDRs | 97 | |||
| (4) Gold (including gold on loan) | 98 | |||
| (5) Other reserve assets | 102 | |||
| I.B. | Other foreign currency assets | 118 | ||
| II. | Predetermined short-term net drains | |||
| (1) Foreign currency loans and securities | 159 | |||
| (2) Aggregate short and long positions in forwards, futures, and swaps | 167 | |||
| (3) Other | 178 | |||
| III. | Contingent short-term net drains | |||
| (1) Contingent liabilities | 191 | |||
| (2) Securities with embedded options | 199 | |||
| (3) Undrawn, unconditional credit lines | 206 | |||
| (4) Aggregate short and long positions of options | 222 | |||
| IV. | Memo items | |||
| (1) (a) Short-term domestic currency debt indexed to the exchange rate | 242 | |||
| (b) Financial instruments denominated in foreign currency and settled by other means | 247 | |||
| (c) Pledged assets | 243 | |||
| (d) Securities lent and on repo | 255 | |||
| (e) Financial derivatives (net, marked to market) | 262 | |||
| (f) Derivatives that have a residual maturity greater than one year, subject to margin calls | 244 | |||
| (2) (a) Currency composition of reserves | 246 | |||
Refers to paragraph numbers in this document.
Reference Index for Item-by-ltem Guidelines
| Paragraph Number1 | ||||
| I.A. | Official reserve assets | |||
| (1) Foreign currency reserves | 77 | |||
| (a) securities | 79 | |||
| (b) deposits | 91 | |||
| (2) IMF reserve position | 96 | |||
| (3) SDRs | 97 | |||
| (4) Gold (including gold on loan) | 98 | |||
| (5) Other reserve assets | 102 | |||
| I.B. | Other foreign currency assets | 118 | ||
| II. | Predetermined short-term net drains | |||
| (1) Foreign currency loans and securities | 159 | |||
| (2) Aggregate short and long positions in forwards, futures, and swaps | 167 | |||
| (3) Other | 178 | |||
| III. | Contingent short-term net drains | |||
| (1) Contingent liabilities | 191 | |||
| (2) Securities with embedded options | 199 | |||
| (3) Undrawn, unconditional credit lines | 206 | |||
| (4) Aggregate short and long positions of options | 222 | |||
| IV. | Memo items | |||
| (1) (a) Short-term domestic currency debt indexed to the exchange rate | 242 | |||
| (b) Financial instruments denominated in foreign currency and settled by other means | 247 | |||
| (c) Pledged assets | 243 | |||
| (d) Securities lent and on repo | 255 | |||
| (e) Financial derivatives (net, marked to market) | 262 | |||
| (f) Derivatives that have a residual maturity greater than one year, subject to margin calls | 244 | |||
| (2) (a) Currency composition of reserves | 246 | |||
Refers to paragraph numbers in this document.
56. To facilitate the dissemination of the template data by countries, Appendix II presents a sample form for presenting all items of the template and, at the same time, incorporating details called for in the footnotes of the template and guidelines provided in this document. For ease of exposition, line items identified in the guidelines presented in Chapters 2 through 5 refer to those shown in the sample form contained in Appendix II.
57. A summary of recommended guidelines for reporting specific types of transactions in the template is presented in Appendix III. An illustration of stress-testing of “in-the-money” options is shown in Appendix IV. Appendix V describes the IMF’s redissemination of countries’ template data on the IMF’s website to facilitate users’ access to the information. It also provides guidelines for countries to report the data to the IMF for such purpose.
Data Template on International Reserves/Foreign Currency Liquidity
(Information to be disclosed by the monetary authorities and other central government, excluding social security)1,2,3
I. Official reserve assets and other foreign currency assets (approximate market value)4
A. Official reserve assets
(1) Foreign currency reserves (in convertible foreign currencies)
(a) Securities of which: issuer headquartered in reporting country
(b) total deposits with:
(i) other central banks and BIS
(ii) banks headquartered in the reporting country of which: located abroad
(iii) banks headquartered outside the reporting country of which: located in the reporting country
(2) IMF reserve position
(3) SDRs
(4) Gold (including gold on loan)5
(5) Other reserve assets (specify)
B. Other foreign currency assets (specify)
II. Predetermined short-term net drains on foreign currency assets (nominal value)
| Maturity breakdown (residual maturity) | ||||
| Total | Up to 1 month | More than 1 month and up to 3 months | More than 3 months and up to 1 year | |
| 1. Foreign currency loans and securities6 | ||||
2. Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)7
| ||||
| 3. Other (specify) | ||||
| Maturity breakdown (residual maturity) | ||||
| Total | Up to 1 month | More than 1 month and up to 3 months | More than 3 months and up to 1 year | |
| 1. Foreign currency loans and securities6 | ||||
2. Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)7
| ||||
| 3. Other (specify) | ||||
III. Contingent short-term net drains on foreign currency assets (nominal value)
| Maturity breakdown (residual maturity, where applicable) | ||||
| Total | Up to 1 month | More than 1 month and up to 3 months | More than 3 months and up to 1 year | |
1. Contingent liabilities in foreign currency
| ||||
| 2. Foreign currency securities issued with embedded options (puttable bonds)8 | ||||
3. Undrawn, unconditional credit lines9
| ||||
4. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency10
| ||||
| PRO MEMORIA: In-the-money options11 | ||||
(1) At current exchange rates
| ||||
(2) +5 % (depreciation of 5%)
| ||||
(3) - 5 % (appreciation of 5%)
| ||||
(4) +10 % (depreciation of 10 %)
| ||||
(5) - 10 % (appreciation of 10 %)
| ||||
| (6) Other (specify) | ||||
| Maturity breakdown (residual maturity, where applicable) | ||||
| Total | Up to 1 month | More than 1 month and up to 3 months | More than 3 months and up to 1 year | |
1. Contingent liabilities in foreign currency
| ||||
| 2. Foreign currency securities issued with embedded options (puttable bonds)8 | ||||
3. Undrawn, unconditional credit lines9
| ||||
4. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency10
| ||||
| PRO MEMORIA: In-the-money options11 | ||||
(1) At current exchange rates
| ||||
(2) +5 % (depreciation of 5%)
| ||||
(3) - 5 % (appreciation of 5%)
| ||||
(4) +10 % (depreciation of 10 %)
| ||||
(5) - 10 % (appreciation of 10 %)
| ||||
| (6) Other (specify) | ||||
IV. Memo items
(1) To be reported with standard periodicity and timeliness:12
(a) short-term domestic currency debt indexed to the exchange rate
(b) financial instruments denominated in foreign currency and settled by other means (e.g., in domestic currency)13
(c) pledged assets14
(d) securities lent and on repo15
(e) financial derivative assets (net, marked to market)16
(f) derivatives (forward, futures, or options contracts) that have a residual maturity greater than one year, which are subject to margin calls.
(2) To be disclosed less frequently (e.g., once a year):
(a) currency composition of reserves (by groups of currencies)
