The monetary authorities (MA) consists of the central bank plus any government units carrying out some of the functions of the central bank, issuance of currency, holding of international reserves, as well as conducting of IMF account transactions. Monetary authorities’ data measures the creation of reserve money, comprising currency in circulation, deposits of deposit money banks, and deposits of other residents (apart form central government) with the monetary authorities.
Data are categorized by type of financial instrument and by economic sector.
Analytical balance sheet of the monetary authorities
Foreign assets consists of Gold, holdings of SDRs, reserve position in the Fund, foreign exchange (convertible / inconvertible), regional monetary cooperation funds, and other foreign assets. This measure reflects the function of the monetary authorities as the holder of international reserves and other foreign claims. The holding of foreign assets (international reserves) will fluctuate in response to actual or potential balance of payments dis-equilibriums.
Domestic assets are classified as Claims on central government, Claims on deposit monetary banks, and Claims on others (including claims on state and local government, claims on non-financial public enterprises, on private sector, and other financial institutions). Domestic assets consist of bills, bonds and securities, loans and advances, monetary authorities' (MA) deposits with deposit money banks (DMBs), as well as other claims.
Reserve money consists of the monetary authorities' (MA) liabilities in the form of (i) currency outside banks, (ii) banks' reserves - deposit money banks' domestic cash in vaults plus their required and free deposits with the central bank, and (iii) demand deposits of the rest of the economy (excluding banks and central government).
Foreign liabilities comprises all monetary obligations to nonresidents, including deposits due to foreign monetary authorities, use of IMF credit, etc. - Increases/decreases in foreign liabilities often arises from the same sorts of transactions that produce increases/decreases in foreign assets.
Central government deposits represents the monetary authorities obligations to central government - and is excluded form the monetary authorities measure of reserve money. These deposits usually comprise the working balance of the treasury/ministry of finance plus other deposits by units of central government. Some countries prefer to net this category against any claims on central government.
Other items, net comprises other unclassified balance sheet items. Included is also any statistical discrepancy.
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