MINUTES ISWGNA TELECONFERENCE 3 APRIL, 2008
Eurostat: G. Gueye (Chair), C. Ravets, L. Frankford, J. Verrinder
IMF: K. Zieschang
OECD: C. Aspden
World Bank: B. Hexeberg
UNSD: I. Havinga, G. Singh, H. Smith, A. Becker (Minutes)
1993 SNA Update project: P. McCarthy (Project Manager), A. Harrison (Editor)
"...3.3. Monetary gold
The Editor reminded the ISWGNA of the agreement to ensure the SNA and BPM were consistent in the treatment of monetary gold. As a result, the following text should be added to the document explaining clarifications and consistencies arising since the FSCR was posted.
The definition of monetary gold, and gold bullion, has changed in the 1993 SNA Rev1 in order to stay in line with BPM6. The change stems from the recognition of allocated and unallocated gold accounts. An allocated gold account provides a record of title to specified gold. The difference between physical gold and an allocated gold account is simply one of where the gold is held. An unallocated gold account represents a claim against the account operator to deliver gold. In practice, such an account functions like an account denominated in gold. In the System, these are treated as deposits in foreign currency. Monetary gold is gold to which the monetary authorities (or others subject to the effective control of the monetary authorities) have title and is held as a reserve asset. The gold in questions consists of gold bullion (including gold held in allocated gold accounts) and unallocated gold accounts with non-residents. Monetary authorities may hold gold not held as a reserve asset. If it is gold bullion or an allocated gold account it is classed as a valuable as it is for such gold held by commercial banks, for instance. Unallocated gold accounts of the monetary authorities, even when held by non-residents, if not part of reserves are treated as foreign currency deposits.
The ISWGNA agreed that text should be added to the document on ISWGNA decisions on issues that flow from FSCR to be posted on the web....
[Mrt: SNA = The 2008 System of national accounts: here]