United Kingdom: Staff Report for the 2017 Article IV Consultation—Informational Annex

2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom

Abstract

2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom

Fund Relations

(Data as of December 31, 2017)

Membership Status: Joined December 27, 1945; accepted Article VIII.

General Resources Account:

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SDR Department:

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Outstanding Purchases and Loans: None

Financial Arrangements: None

Projected Payments to Fund (SDR million; based on present holdings of SDRs):

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Exchange Rate Arrangement:

The UK authorities maintain a free floating regime.

The UK accepted the obligations of Article VIII, Sections 2, 3, and 4 on February 15, 1961. It maintains an exchange system free of multiple currency practices and restrictions on payments and transfer for current international transactions, except for exchange restrictions imposed solely for the preservation of national or international security. The UK notifies the Fund of the maintenance of measures imposed solely for the preservation of national and international security under Executive Board Decision No. 144–(52/51). The last of these notifications was made on January 9, 2012 (EBD/12/2).

Article IV Consultation:

The last Article IV consultation was concluded on June 15, 2016. The UK is on the standard 12-month consultation cycle.

FSAP:

The FSAP update was completed at the time of the 2011 Article IV consultation. A mandatory FSAP has also been conducted in time for the 2016 Article IV consultation, in line with the five-year cycle for members or members’ territories with financial sectors that are determined to be systemically important pursuant to Decision No. 15495-(13/111), adopted December 6, 2013.

Technical Assistance: None

Resident Representatives: None

Statistical Issues

(As of January 2018)

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United Kingdom: Table of Common Indicators Required for Surveillance

(As of January 9, 2018)

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Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

United Kingdom: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom
Author: International Monetary Fund. European Dept.