Back Matter

Back Matter

International Monetary Fund. Statistics Dept.
Published Date:
February 2018
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    Appendix I. Membership of the IMF Committee on Balance of Payments Statistics and Representatives of International Organizations (As of December 31, 2017)
    Louis Marc Ducharme

    IMF, Statistics Department
    Grace Akrofi1

    Bank of Ghana
    François Mouriaux

    Banque de France
    Malik Bani Hani

    Central Bank of Jordan
    Naglaa Nozahie

    Central Bank of Egypt
    Pim Claassen

    De Nederlandsche Bank
    Robert Pupynin

    Central Bank of the Russian Federation
    Kenneth Egesa

    Bank of Uganda
    Gabriel Quirós

    IMF, Statistics Department
    Paul Farello

    Bureau of Economic Analysis

    United States
    Fernando Rocha

    Banco Central do Brasil
    Keiji Fukuzawa

    Bank of Japan
    Yangchen Tshogyel

    Royal Monetary Authority of Bhutan
    Rosabel B. Guerrer

    Bangko Sentral ng Pilipinas
    Carlos Sánchez-Muñoz

    IMF, Statistics Department
    Jian Han

    State Administration of Foreign Exchange

    People’s Republic of China
    Ursula Schipper

    Deutsche Bundesbank

    Miyuki Izumiyama

    Ministry of Finance, Japan
    Consuelo Soto

    Central Reserve Bank of Peru

    Did not attend the October 2017 Committee meeting.

    Did not attend the October 2017 Committee meeting.

    Representatives of International OrganizationsSecretariat (IMF, Statistics Department)
    Bank for International Settlements

    Philip Wooldridge
    Alicia Hierro

    Tamara Razin
    European Central Bank

    Caroline Willeke
    European Commission-Eurostat

    Ales Capek
    Organization for Economic Co-operation and Development

    Fabienne Fortainer
    United Nations Conference on Trade and Development

    Astrit Sulstarova
    United Nations Statistics Division

    Ivo Havinga

    The Committee’s Terms of Reference are available at

    Includes 177 IMF members, 12 economies—non-IMF members, and three currency unions.

    While, at the global level, the balance of payments current account balances for all economies and international organizations (IOs) combined should be zero, in practice, they are not. Global current account imbalances are of interest to the Committee, as they are a symptom, among others, of estimation errors, incomplete coverage, and asymmetric valuation that, when large, could lead to analytical mistakes.

    As in the case of the current account global balance, global financial flows should also cancel out and sum up to zero since any positive financial account balance of any country vis-à-vis the rest of the world (except for holdings of monetary gold bullion) should be offset by a negative financial account balance of its counterparts altogether.

    Gold bullion included in monetary gold is recorded as an asset in the IIP accounts, and there is no corresponding liability. Based on data published in the World Tables in International Financial Statistics, holdings of monetary gold were US$ 1.2 trillion at end-2016.

    The latter topics will be tackled when launching the process of revisiting the Balance of Payments Manual. Among others, IMF departments have identified topics such as developing stock-flow reconciliation tables, revisiting the definition of income, and assessing additional data needs on the currency composition of cross-border flows and stocks.

    STA will start disseminating currency composition data when they are reported by a critical mass of countries.

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