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Reserve Assets Technical Expert Group Summary Paper
I. INTRODUCTION
- The IMF Committee on Balance of Payments Statistics (the Committee) established
the Reserve Assets Technical Expert Group (RESTEG) in June 2005 to advise the
Committee on reserve assets in the process of revising the fifth edition of
the Balance of Payments Manual (BPM5). This paper reports to the Committee
on the work to date, including the outcome of RESTEG’s May 2006 meeting,
and outlines the way ahead. Comments from Committee members are welcome on
the issues below seeking the Committee’s advice.
II. OVERVIEW OF THE WORK
TO DATE
2. Drawing on the issues set out in the paper presented to the Committee in
June 2005 (BOPCOM 05/70), in December 2005 the IMF circulated 11 issues papers
for comment by RESTEG members. Arising from the comments received, a discussion
meeting was held during May 11–12, 2006 at IMF headquarters in Washington,
D.C. RESTEG comprises 25 members representing monetary authorities involved
in the compilation of balance of payments statistics and international reserves,
as well as participants from other international agencies, and other departments
of the IMF involved in the analysis of international reserves. Eleven
RESTEG members from IMF member countries attended the meeting in Washington.
(see Appendix I for the list of participants and list of issues).
3. For the meeting in May, a paper setting out the issues for discussion was
prepared and discussed. After the meeting, outcome papers were drafted, based
on a summary of discussions that was circulated ad-referendum to RESTEG
members. The Issues Papers, the paper setting out the issues for discussion,
and the Outcome Papers are posted on RESTEG’s home page on the IMF’s
website: http://www.imf.org/external/np/sta/bop/resteg.htm.
The research undertaken by Blanchard and Company to explain the gold swap and
lending market began in mid-2005 as IMF committee papers and reports began being
published, highlighting what issues were being considered for change in the upcoming
manual. At the Reserve Asset Technical Expert Group (RESTEG) meeting held
in Frankfurt, Germany in October of 2006, the following conclusions were reached
regarding the treatment of gold swaps and loans. « Previous | Contents | Next »
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