What is IMF BPM6?
100.0. IIP is compiled as per the ‘Balance of Payments and International Investment Position Manual (Sixth edition)’ (BPM6) of the IMF.
What is BPM5 and BPM6?
The BPM5 item Repairs on goods has been renamed to “Maintenance and repair services not included elsewhere”. “Insurance and Pension Services” are compiled in a more sophisticated way, under BPM6, entailing a more refined compilation of financial assets and liabilities.
What is BPM6?
A transaction is defined in the IMF Balance of Payments and International Investment Position Manual (BPM6) as an economic flow that reflects the creation, transformation, exchange, transfer, or extinction of economic value and involves changes in ownership of goods and/or financial assets, the provision of services.
When was BPM6 introduced?
IMF came out with two editions of the BoP Manual, viz., the Fifth Edition of the Balance of Payments Manual (BPM5, 1993) and the Sixth Edition of the Balance of Payments Manual (BPM6, 2009), issuing guidelines to capture developments in cross-border transactions appropriately in the BoP statistics.
What are the role and functions of the IMF?
The International Monetary Fund, or IMF, promotes international financial stability and monetary cooperation. It also facilitates international trade, promotes employment and sustainable economic growth, and helps to reduce global poverty. The IMF is governed by and accountable to its 190 member countries.
What is country current account?
The current account balance of payments is a record of a country’s international transactions with the rest of the world. The current account includes all the transactions (other than those in financial items) that involve economic values and occur between resident and non-resident entities.
Are remittances primary or secondary income?
The item is reported as secondary income and has to be considered in the concept of total remittances.
What is meant by current account explain its various components?
The current account on the balance of payments measures the inflow and outflow of goods, services, investment incomes and transfer payments. The main components of the current account are: Investment incomes, e.g. dividends, interest and migrants remittances from abroad. Net transfers – e.g. International aid.
What does a negative NIIP mean?
The NIIP position is an important barometer of a nation’s financial condition and creditworthiness. A negative NIIP figure indicates that foreign nations own more of the domestic nation’s assets than the domestic nation does of foreign assets, thus making it a debtor nation.
What is secondary income in balance of payments?
Secondary income consists of all transfers, which are not capital (see below). Current transfers are broken down according to the sector of the compiling economy into two subcomponents: general government and other sectors.
What is included as part of the current account of the balance of payments?
The current account of the balance of payments includes a country’s key activity, such as capital markets and services. The four major components of a current account are goods, services, income, and current transfers.
What is bpm6?
The release of the sixth edition of the Balance of Payments and International Invest- ment Position Manual(BPM6) is the culmination of several years of work by the IMF Statistics Department and the IMF Committee on Balance of Payments Statistics (the Committee) in collaboration with compilers and other interested parties worldwide.
Where can I find the IMF’s bpm6?
BPM6 is available in hardcopy in English, Arabic, Chinese, French, Russian, and Spanish. The BPM6 can be ordered on the IMF online bookstore. The downloadable version in PDF format will continue to be available free of charge on the IMF’s website (see above links).
What is an annotated outline of bpm6?
An Annotated Outline (AO) of BPM6 was produced by IMF staff and reviewed by the Committee and other groups. The AO proposed the structure, and a description of the proposed content for the new manual, identified the issues to be resolved, and indicated possible solutions in some cases.
What is the IMF’s bpm6 conversion matrix?
The IMF’s Statistics Department has prepared a conversion matrix to facilitate converting balance of payments and IIP data from a BPM5 basis to a BPM6 basis. The conversion matrix also provides concise descriptions of the changes from BPM5.