国际货币基金组织工作人员报告中中央银行外汇流动性额度记录指南（英）

IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations. The following document(s)have been released and are included in this package: •TheStaff Reportprepared by IMF staff and completed on September 8, 2025. The IMF’s transparency policy allows for the deletion of market-sensitive informationand premature disclosure of the authorities’ policy intentions in published staff reportsand other documents. Electronic copies of IMF Policy Papersare available to the public fromhttp://www.imf.org/external/pp/ppindex.aspx International Monetary FundWashington, D.C. GUIDANCE FOR STAFF ON THE RECORDING OF CENTRALBANK FX LIQUIDITY LINES IN IMF STAFF REPORTS September 8, 2025 EXECUTIVE SUMMARY Since the Global Financial Crisis (GFC), the global network of central bank foreignexchange (FX) liquidity lines (LLs), including bilateral swap lines (BSLs) and repurchaseagreements (repos), has expanded significantly. However their proper recording inmacroeconomic frameworks remains incomplete due to high confidentiality andfragmented guidance in existing guidance notes, which address the recording of FX LLsfor certain variables, such as debt, while omitting others, such as FX reserves. This canlead to inadequate disclosure of risks and vulnerabilities in Staff Reports, andpotentially lack of uniform treatment across different sectors and countries. Inaccuraterecording of the activation and terms and conditions of FX LLs can significantly impactthe analysis of buffers and risks. The issue is particularly relevant when FX LLs, especiallyBSL, are used to provide "lender-of-last-resort" support during crises often inconjunction with IMF programs. This note consolidates comprehensive and consistentguidance to help staff systematically record and assess FX LLs, ensuring an accurate andtransparent representation of buffers and risks, consistency within the macro-framework, and evenhandedness across member countries, while also allowing forappropriate country-specific adjustments. GUIDANCE FOR STAFF ON THE RECORDING OF CENTRAL BANK FX LIQUIDITY LINES IN IMF STAFF REPORTS Prepared by an STA-SPR team including: Daniela Marchettini and Kue-Peng Chuah (STA), Anita Tuladhar, Manrique Saenz, Parisa Kamali,Gonzalo Huertas, and Francisco Roldan (SPR). The note has benefittedfrom the review and suggestions of Rimtautus Bartkus, JocelynBoussard, Mahmoud Harb, Bada Han, Tobias Krahnke, Giulio Lisi,Svitlana Maslova, Hyunmin Park, Eric Pondi, Faezeh Raei, AndreOliveira Santos (all SPR), Emma Angulo, David Bailey, JeysenChangeya, Borys Cotto, Barend De La Beer, Christine Dieterich, ArtakHarutyunyan, Joji Ishikawa, Noriaki Kinoshita, Topias Leino, Jose CarlosMoreno-Ramirez, Carlos Sánchez-Muñoz, Erin Nephew, Wilson Phiri,Mariana Sabates Cuadrado, Steffi Schuster (all STA). Administrativeassistance was provided by Jacques Treilly. Approved ByMark Flanagan andCheng Hoon Lim CONTENTS BACKGROUND ON CENTRAL BANK FX LIQUIDITY LINES _____________________________________3 PRINCIPLES FOR THE TREATMENT OF FX LLS IN THE MACRO-FRAMEWORK _______________6 RECORDING OF FX LIQUIDITY LINES IN SPECIFIC POLICY VARIABLES IN THE MACRO-FRAMEWORK___________________________________________________________________________________11 IMPLEMENTATION TIMELINE AND TRANSITION ISSUES ____________________________________15 BOX 1. FX LL-Related Information that May Be Relevant to Disclose in Staff Reports _________________10 FIGURE 1. Simulated Recording of Bilateral Central Bank Swap Lines in Central Banks’ Balance Sheet ___24 APPENDICES I. Terminology ___________________________________________________________________________________19II. Distinctive Features of Bilateral Swap Lines Supporting Trade and BoP Needs ________________20III. Recording of Bilateral Swap Lines in the Central Bank Balance Sheet _________________________22 References_______________________________________________________________________________________17 BACKGROUND ON CENTRAL BANK FX LIQUIDITYLINES (See Appendix I for terminology relevant for this note) 1.Among the different types of central bank FX LLs, the global network of central bankBSLs expanded significantly over the past decade.The expansion started during the GlobalFinancial Crisis (GFC), as the U.S. Federal Reserve (Fed) extended BSLs with five major central banks(CBs) in advanced economies (AEs) (i.e., European Central Bank (ECB), Bank of England (BoE), Bank ofJapan (BoJ), Swiss National Bank (SNB), and Bank of Canada (BoC)), as well as with central banks ofother AEs and selected emerging market economies (EMs), to ease pressure in US dollar fundingmarkets. Similarly, to mitigate tensions in euro funding markets, the ECB has increased the use ofBSLs through agreements with other central banks including BoE, BoJ, SNB, and People’s Bank ofChina (PBoC). For repos, the Fed established the Foreign and International Monetary Authorities(FIMA)