Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

May 13, 2019

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

This paper presents a staff proposal to update the 1999 Monetary and Financial Policies Transparency Code (MFPT). The proposal narrows the perimeter of the code to central banks only but broadens the areas on which transparency would be assessed. Concretely, staff proposes the development of a new Central Bank Transparency code (CBT) comprising five “Transparency Pillars” covering governance, policies, operations, outcomes, and official relations. The proposed modular approach of the CBT will also facilitate a risk-based and proportional application that takes into account country-specific circumstances.

Series:

Policy Paper No.