Guidance for Staff on the Recording of Central Bank FX Liquidity Lines in IMF Staff Reports

International Monetary Fund

No 2025/030, IMF Policy Papers from International Monetary Fund

Abstract: This note provides guidance to IMF staff on the consistent recording and assessment of central bank foreign exchange liquidity lines—including bilateral swap lines and repos—in staff reports. With the global network of these arrangements expanding significantly, they now carry important implications for countries’ external buffers and potential vulnerabilities. Careful analysis of FX liquidity lines is therefore essential in IMF surveillance and programs. Building on existing IMF guidance notes and statistical manuals, this note seeks to strengthen consistency and accuracy in how these arrangements are treated in IMF staff reports, promote transparency while safeguarding confidentiality, and ensure evenhanded treatment across the membership.

Keywords: Central Bank FX Liquidity Lines; Bilateral Swap Lines (BSLs); Repurchase Agreements (Repos); IMF Staff Reports; Macroeconomic Framework; Gross International Reserves (GIR); Net International Reserves (NIR); External Debt; Government Debt; Debt Sustainability Analysis (DSA); Reserve Adequacy; Contingent Assets/Liabilities; Activation and Recording; Confidentiality and Transparency; Surveillance and Program Cases; Reporting Standards; FX ll; FX liquidity lines; central bank foreign exchange; transparency policy; liquidity line; Reserve assets; International reserves; Global (search for similar items in EconPapers)
Pages: 25
Date: 2025-09-26
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