Guidance Note For The Fund S Policy On Multiple Currency Practices
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Guidance Note For The Fund S Policy On Multiple Currency Practices
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-20
Guidance Note For The Fund S Policy On Multiple Currency Practices written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-20 with Business & Economics categories.
This note provides operational guidance to staff on the implementation of the new Fund’s policy on multiple currency practices (MCPs), effective February 1, 2024. The MCP policy is a key element of the Fund’s jurisdiction on exchange rates. The Fund’s Articles of Agreement prohibit member countries from engaging or permitting their fiscal agencies (as defined in the Articles) to engage in MCPs unless authorized under the Articles or approved by the Fund. The comprehensive review of the policy in 2022 aimed to reflect developments in FX policy and FX markets since the last policy review in the 1980s and to align it with other relevant Fund’s policies. Key changes to the policy include the following: (i) an MCP will arise due to an official action that segments foreign exchange (FX) markets or increases or subsidizes the cost of certain FX transactions (e.g., exchange taxes) and the resulting exchange rate spreads exceed the permissible margins, (ii) MCPs will be identified on the basis of a new country-specific market-based rule, and (iii) the new policy ensures better alignment of the MCP policy with other relevant IMF’s policies. The note provides guidance to staff on all stages of the process: from identification of an MCP to its approval or removal and clarifies the treatment of MCPs in surveillance and Fund-supported programs. It also guides staff’s engagement with the authorities on MCP issues and their coverage in country documents.
Review Of The Fund S Policy On Multiple Currency Practices Extension Of The Effective Date
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-31
Review Of The Fund S Policy On Multiple Currency Practices Extension Of The Effective Date written by International Monetary Fund. Legal Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-31 with Business & Economics categories.
In July 2022, the Executive Board concluded the review of the Fund’s policy on multiple currency practices. It was planned that the revised policy would come into effect on April 1, 2023. The Board supported staff’s proposal to extend the transitional period and to delay the effectiveness date to November 1, 2023, to allow more time to country authorities to make the necessary changes to adjust to the new policy, especially given the challenging external environment. The longer transition will also leave more time to finalize the guidance note and to conduct an outreach with stakeholders. Elements of the revised policy which became effective immediately on July 1, 2022 will continue to apply as envisaged during the transitional period.
Review Of The Fund S Policy On Multiple Currency Practices
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-10
Review Of The Fund S Policy On Multiple Currency Practices written by International Monetary Fund. Legal Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-10 with Business & Economics categories.
This paper reviews the Fund’s policy on multiple currency practices (MCPs). There remain strong economic and legal reasons to retain a policy on MCPs. The over-arching aim of the review is to make the policy and its application more effective. Based on this review, the paper proposes initial considerations for reforming features of the policy that have created challenges. • Clarifying the concept of “official action” to focus on measures that segment FX markets. • Eliminating potentiality. • Updating the threshold for permissible FX spreads. • Adjusting approval policies. • Reviewing links with capital transactions. • Considering merits of a remedial framework.
Guidance Note For Developing Government Local Currency Bond Markets
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-12
Guidance Note For Developing Government Local Currency Bond Markets written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-12 with Business & Economics categories.
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
Review Of The Fund S Policy On Multiple Currency Practices Proposals For Reform
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2022-07-15
Review Of The Fund S Policy On Multiple Currency Practices Proposals For Reform written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-15 with Business & Economics categories.
In February 2019, the Executive Board considered staff’s preliminary proposals for reforming the IMF’s policy on multiple currency practices (MCPs) and supported the majority of the proposals. The Board expressed strong support for re-focusing the policy on official action that segments foreign exchange markets, eliminating the concept of potentiality, and replacing the current fixed two-percent rule for identifying MCPs for spot transactions with a country-specific market-based norm and tolerance margin that would apply uniformly across the membership for both spot and non-spot transactions. The Board also supported staff’s proposals regarding the other elements of the new methodology to identify MCPs, the treatment of illegal parallel markets, excluding broken cross-rates from the scope of the policy, and the linkages with the Institutional View on the Liberalization and Management of Capital Flows. The paper outlines operational considerations to address noncompliance and to ensure a smooth transition. It is proposed to enhance the current cooperative approach to addressing noncompliance by increasing transparency and accountability.
Guidance Note For Article Iv Consultations
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-10-10
Guidance Note For Article Iv Consultations written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-10 with Business & Economics categories.
This note provides guidance to staff on the conduct of surveillance in the context of Article IV consultations, a core activity of the Fund. Surveillance involves the continuous monitoring of members‘ economic and financial policies and their impact on their own and global stability. During Article IV consultations, staff holds pointed discussions with country authorities on the economic situation, the authorities‘ policies and how these affect the country‘s stability, the role of potential or actual spillovers where relevant, and desirable policy adjustments. These discussions are then reported to the Fund‘s Executive Board for its consideration. The goal, through thorough analysis, candid discussions, and a peer-review mechanism, is to promote the stability of members‘ economies, as well as the effective operation of the international monetary system, including through maintaining global stability.
Review Of The Fund S Policy On Multiple Currency Practices Extension Of The Effective Date
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-11-06
Review Of The Fund S Policy On Multiple Currency Practices Extension Of The Effective Date written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-06 with Business & Economics categories.
In July 2022, the Executive Board concluded the review of the Fund’s policy on multiple currency practices (MCPs). The effectiveness date for the new policy was originally envisaged for April 1, 2023 and then delayed to November 1, 2023. Staff proposed and the Board supported an additional extension of the transitional period and a delay of the effectiveness date to February 1, 2024. The extension will allow more time for the authorities to adjust to the new policy and for staff to conduct outreach with stakeholders to raise awareness. Elements of the revised policy which became effective immediately on July 1, 2022 will continue to apply as envisaged during the transitional period.
Staff Guidance Note On Macroprudential Policy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-11
Staff Guidance Note On Macroprudential Policy written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-11 with Business & Economics categories.
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
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language : en
Publisher: International Monetary Fund
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International Reserves And Foreign Currency Liquidity
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Author : International Monetary Fund. Statistics Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-07
International Reserves And Foreign Currency Liquidity written by International Monetary Fund. Statistics Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-07 with Business & Economics categories.
This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.