Sunday, September 4, 2011


Twentieth Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C., October 29–November 1, 2007


"C.   Monetary Gold

9.      On monetary gold, the issue of the treatment of unallocated gold accounts was not fully resolved at the Committee meeting in Frankfurt. To expedite consensus, in early 2007 there was a meeting between Fund staff and members of RESTEG in Europe that commented on the RESTEG paper on the subject. The outcome, following further consultation with the Committee and RESTEG, was to include in the draft BPM6 two items within monetary gold for both BOP/IIP data: gold bullion (including allocated gold accounts) and nonresident unallocated gold accounts. A specific question was included in paragraph 6.73 to gauge the world-wide response.
10.      This outcome also affected the national accounts, and hence the revision of the System of National Accounts 1993 (SNA). The proposal for the SNA to include a total for monetary gold (F1.1), with two subcategories (F1.1.1 (gold bullion) and F.1.1.2,  (nonresident unallocated gold accounts) was accepted by the Advisory Expert Group on National Accounts at its meeting in New York during March 2007..."


[Mrt: Note "APPENDIX I: Reserve Assets Technical Expert Group—List of Members"]


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