## Central Bank Transparency Code—Self-Review (Central Bank of [ --- ])

## Source details

**Canonical URL:** [Central Bank Transparency Code—Self-Review (Central Bank of [ --- ])](https://www.imf.org/-/media/files/data/cbt/landing-page/imf-central-bank-transparency-code-self-review.docx)

## Other formats

- [Markdown version](/-/media/files/data/cbt/landing-page/imf-central-bank-transparency-code-self-review.docx.md)
- [Structured JSON version](/-/media/files/data/cbt/landing-page/imf-central-bank-transparency-code-self-review.docx.json)

---

### Pillar I—Central Bank Governance
- Principle 1.1. Legal Structure: disclose legal framework to the public in a manner that is clear and easily accessible.
- Principle 1.2. Mandate: disclose mandate—including objectives, functions, and legally defined powers—in a manner that is clear and easily accessible to the public.
- Principle 1.3. Autonomy: disclose autonomy as defined in relevant legislation or regulations, revealing extent, forms, and conditions of autonomy.
  - Principle 1.3.1. Institutional/Operational Autonomy: clarify prohibition on seeking or taking instructions from any private or public body; disclose how autonomy varies across mandate elements; clarify goal or instrument autonomy where appropriate.
  - Principle 1.3.2. Functional Autonomy: clarify whether the central bank can perform duties without prior government approval.
  - Principle 1.3.3. Personal Autonomy: disclose security of tenure and related eligibility, disqualification, appointment, dismissal, remuneration, and tenure duration for decision-making body members.
  - Principle 1.3.4. Financial Autonomy: disclose financial resources, capital, recapitalization rules, budget, reserves, provisions, profit distribution mechanism, monetary financing, and applicable accounting standards.
- Principle 1.4. Decision-Making Arrangement: disclose organizational structure and allocation of responsibilities across policy making, day-to-day management, and internal oversight.
- Principle 1.5. Risk Management: disclose principal risks (financial, operational, legal) and framework to manage them, including risk governance and risk strategy.
  - Principle 1.5.1. Risk Exposure: disclose principal risks needed to meet objectives.
  - Principle 1.5.2. Risk Framework: disclose process for identifying financial and nonfinancial risks, overall risk strategy, and risk governance structure.
- Principle 1.6. Accountability Framework: disclose accountability framework and reporting mechanisms to internal bodies, political institutions, and the public.
  - Principle 1.6.1. Arrangements: identify internal and external audit arrangements and compliance; reporting to an audit committee or Board; external publication of audited financial statements and annual reports.
  - Principle 1.6.2. Tools: disclose auditing and accounting standards and compliance; internal audit function framework and scope; existence and publication scope of an internal oversight body reporting to the Board.
  - Principle 1.6.3. Anti-corruption Measures and Internal Code of Conduct: clarify applicability of domestic anti-corruption legislation and publish internal Code of Conduct with central-bank-specific requirements.
  - Principle 1.6.4. Human Capital Management: disclose policies and practices on governance and management of human capital.
- Principle 1.7. Communication: disclose means, methods, organizational structure, responsibilities, processes, objectives, target audiences, channels, and tools for communication.
  - Principle 1.7.1. Arrangement: disclose organizational structure, responsibilities, and processes relevant for communication.
  - Principle 1.7.2. Strategy/Tools: disclose communication objectives, target audiences, channels, and tools.
- Principle 1.8. Confidentiality: disclose policy on confidentiality or secrecy of central bank information and rationale for disclosure/non-disclosure choices.

### Pillar II—Central Bank Policies
- Principle 2.1. Monetary Policy: publicly disclose objectives, policy framework, and instruments.
  - Principle 2.1.1. Objectives and Framework: disclose monetary policy framework and strategy.
  - Principle 2.1.2. Policy Decisions: disclose monetary policy decisions timely and explain how they foster achievement of objectives; disclose decision process, meeting calendar, and voting procedures.
  - Principle 2.1.3. Supporting Analysis: disclose relevant economic information and supporting analysis informing decisions.
- Principle 2.2. Cross-Border Financial Flows and Foreign Exchange Administration: disclose role, objectives, legal and institutional frameworks, policy decisions, and decision process.
  - Principle 2.2.1. Objectives and Framework: disclose objectives, legal and institutional frameworks, and strategy; clarify delegation modalities where appropriate.
  - Principle 2.2.2. Policy Decisions: publicly announce, explain, and timely disclose policy decisions and decision process.
  - Principle 2.2.3. Supporting Analysis: timely disclose supporting analysis and intended outcomes informing decisions.
- Principle 2.3. Foreign Exchange Management: disclose foreign exchange policy objectives, hierarchy of objectives, operational framework, and intervention instruments.
  - Principle 2.3.1. Objectives and Framework: disclose policy objectives and legal, operational, and institutional frameworks consistent with regime.
  - Principle 2.3.2. Policy Decisions: disclose decision-making process, rationale, means and methods, and potential impacts in a timely manner.
  - Principle 2.3.3. Supporting Analysis: disclose assumptions, transmission channels, supporting analysis, and ex-post evaluation of economic impact.
- Principle 2.4. Foreign Exchange Reserve Management: disclose policy objectives, key considerations, oversight allocation, and potential policy impacts.
  - Principle 2.4.1. Objectives and Framework: disclose broad investment objectives, operative models, oversight allocation, and institutional framework.
  - Principle 2.4.2. Policy Decisions: disclose key elements of policy formulation, related risk exposures, instruments, decision-making hierarchy, and oversight allocation.
  - Principle 2.4.3. Supporting Analysis: disclose key assumptions and review process related to policy decisions.
- Principle 2.5. Macroprudential Policy: clearly communicate objectives, decision-making process, instruments, indicators, and supporting analysis.
  - Principle 2.5.1. Objectives and Framework: disclose macroprudential framework, objectives, instruments, and strategy.
  - Principle 2.5.2. Policy Decisions: publicly announce macroprudential decisions timely and disclose decision-making process.
  - Principle 2.5.3. Supporting Analysis: disclose indicators and analyses used to assess need for measures and explain rationale and transmission channels.
- Principle 2.6. Microprudential Supervision: reference selected principles from BCP, ICP, and IOSCO as per Section II.A. of the Guidance Note.
- Principle 2.7. Emergency Liquidity Assistance: disclose scope and objectives of ELA while maintaining necessary confidentiality.
  - Principle 2.7.1. Market-wide Liquidity Support: disclose scope and objectives while maintaining confidentiality as needed.
  - Principle 2.7.2. Bilateral Liquidity Support: disclose scope and objectives while maintaining confidentiality as needed.
- Principle 2.8. Resolution: reference selected principles from KA as per Section II.A. of the Guidance Note.
- Principle 2.9. Financial Market Infrastructures: reference selected principles from PFMI as per Section II.A. of the Guidance Note.
- Principle 2.10. Financial Integrity: disclose AML/CFT policies and powers and internal control framework descriptions for activities/services that may give rise to ML/TF risk.
  - Principle 2.10.1. AML/CFT Supervision: disclose information on policies and powers supporting AML/CFT supervisory activities.
  - Principle 2.10.2. Internal AML/CFT Controls: disclose description of internal AML/CFT control framework relating to activities/services that give rise to ML/TF risk.
- Principle 2.11. Consumer Protection: disclose policies relating to consumer protection, conducted solely or jointly with other agencies.

### Pillar III—Central Bank Operations
- Principle 3.1. Monetary Policy Operations: disclose operational framework with operational target, objectives, instruments, collateral, and access criteria.
  - Principle 3.1.1. Instruments: disclose monetary policy instruments.
  - Principle 3.1.2. Coverage: disclose types of instruments, characteristics, and collateral framework.
  - Principle 3.1.3. Access: disclose monetary policy counterparties’ framework.
- Principle 3.2. Cross-Border Financial Flows and FX Administration Implementation: disclose instruments and scope of operations and actions.
  - Principle 3.2.1. Instruments: define and disclose instruments and circumstances for use.
  - Principle 3.2.2. Coverage: disclose regulated persons, transactions, licensing, approval, monitoring, sanction powers, and FX transactions performed.
- Principle 3.3. Foreign Exchange Management Implementation: disclose instruments, markets, size, and mode of access.
  - Principle 3.3.1. Instruments: disclose instruments for FX policy, considerations for selection, eligibility criteria, and mode of access.
  - Principle 3.3.2. Coverage: disclose targeted markets and agents.
- Principle 3.4. Foreign Exchange Reserve Management Operations: disclose general principles governing operations, and relationships with counterparties and service providers.
  - Principle 3.4.1. Instruments: disclose selection criteria for eligible asset classes, composition, investment horizon, and constraints.
  - Principle 3.4.2. Coverage: disclose criteria to select eligible counterparties, service providers, and markets.
  - Principle 3.4.3. Review: disclose criteria to assess adequacy and liquidity parameters and disclose such analysis regularly at predetermined times.
- Principle 3.5. Financial Stability Reviews and Stress Testing: periodically disclose reviews of domestic financial stability and methods, including stress testing framework.
  - Principle 3.5.1. Financial Stability Reviews: periodically provide public review of risks to financial stability, including new and emerging vulnerabilities.
  - Principle 3.5.2. Macroprudential Stress Testing Methods: disclose methods and key assumptions.
  - Principle 3.5.3. Stress Testing Coverage: disclose coverage of stress testing exercise.
  - Principle 3.5.4. Central Bank Use of Stress Test Results: clarify ways stress test results are used.
- Principle 3.6. Macroprudential Policy Implementation: disclose design of instruments and enforcement arrangements.
  - Principle 3.6.1. Instruments: disclose precise design, objectives, and scope of entities and financial instruments subject to constraints.
  - Principle 3.6.2. Enforcement: disclose enforcement mechanisms and responsibilities.
- Principle 3.7. Microprudential Supervision: reference selected principles from BCP, ICP, and IOSCO as per Section II.A. of the Guidance Note.
- Principle 3.8. Emergency Liquidity Assistance Disclosure Post-Confidentiality: may disclose ongoing provision and conditions once confidentiality is no longer required.
  - Principle 3.8.1. Market-wide Liquidity Support: may disclose provision and parameters once confidentiality has ceased.
  - Principle 3.8.2. Bilateral Liquidity Support: may disclose provision and parameters once confidentiality has ceased.
- Principle 3.9. Resolution: reference selected principles from KA as per Section II.A. of the Guidance Note.
- Principle 3.10. Financial Market Infrastructures: reference selected principles from PFMI as per Section IIAF. of the Guidance Note.
- Principle 3.11. Financial Integrity Operations: disclose AML/CFT supervisory processes and resources allocated to internal AML/CFT controls.
  - Principle 3.11.1. AML/CFT Supervision: disclose AML/CFT supervisory processes.
  - Principle 3.11.2. Internal AML/CFT Controls: disclose resources allocated to internal AML/CFT controls.
- Principle 3.12. Consumer Protection Operations: disclose operations relating to consumer protection conducted solely or jointly with other agencies.

### Pillar IV—Central Bank Outcome
- Principle 4.1. Monetary Policy Outcome: be transparent about outcomes of monetary policy conduct.
  - Principle 4.1.1. Governance Actions: clarify to whom accountability on monetary policy is owed and how it is discharged.
  - Principle 4.1.2. Policies: disclose progress toward achieving monetary policy objectives and prospects.
  - Principle 4.1.3. Operations: disclose volumes and interest rates of operations and level of operational target achieved.
- Principle 4.2. Cross-Border Financial Flows and FX Administration Outcome: disclose outcomes of policy implementation.
  - Principle 4.2.1. Governance Actions: disclose to whom accountability on the policy is owed and how it is discharged.
  - Principle 4.2.2. Policies: disclose regularly results in achieving policy objectives.
  - Principle 4.2.3. Implementation: disclose regularly results of policy implementation.
- Principle 4.3. Foreign Exchange Management Outcome: disclose accountability and reporting on foreign exchange interventions.
  - Principle 4.3.1. Governance Actions: disclose decision-making structure and accountability for Foreign Exchange Management.
  - Principle 4.3.2. Policies: disclose role of Foreign Exchange Management toward objectives and interaction with broader monetary policy.
  - Principle 4.3.3. Operations: disclose results of market operations, volume of activity, and direction of interventions on website at a predefined time lag.
- Principle 4.4. Foreign Exchange Reserve Management Outcome: disclose changes to governance principles and clarity on policy decision outcomes.
  - Principle 4.4.1. Governance Actions: publicly disclose general principles of internal governance to ensure integrity.
  - Principle 4.4.2. Reporting on Implementation: disclose data on level and composition of reserve assets, short-term liabilities, and drains at a predefined frequency.
  - Principle 4.4.3. Financial Results: ensure audited financial statements clarify amount, composition, profit/loss, and risks from reserves.
- Principle 4.5. Macroprudential Policy Outcome: disclose outcomes, evaluations, and accountability for macroprudential actions.
  - Principle 4.5.1. Governance Actions: clarify to whom accountability on macroprudential policies is owed and how it is discharged.
  - Principle 4.5.2. Policies: disclose ex-post evaluations of macroprudential policies.
- Principle 4.6. Microprudential Supervision: reference selected principles from BCP, ICP, and IOSCO as per Section II.A. of the Guidance Note.
- Principle 4.7. Emergency Liquidity Assistance Outcome: ELA framework allows for appropriate disclosure of provision, terms, conditions, and amounts while maintaining confidentiality as long as required.
  - Principle 4.7.1. Market-wide Liquidity Support: ELA framework allows disclosure while maintaining confidentiality as long as required.
  - Principle 4.7.2. Bilateral Liquidity Support: ELA framework allows disclosure while maintaining confidentiality as long as required.
- Principle 4.8. Resolution: reference selected principles from KA as per Section II.A. of the Guidance Note.
- Principle 4.9. Financial Market Infrastructures: reference selected principles from PFMI as per Section II.A. of the Guidance Note.
- Principle 4.10. Financial Integrity Outcome: disclose outcomes of AML/CFT supervisory actions and oversight details of internal AML/CFT controls.
  - Principle 4.10.1. AML/CFT Supervision: disclose outcome of AML/CFT supervisory actions.
  - Principle 4.10.2. Internal AML/CFT Controls: disclose details about oversight of internal AML/CFT controls.
- Principle 4.11. Consumer Protection Outcome: clarify results and implications of consumer protection policies and operations conducted solely or jointly with other agencies.

### Pillar V—Central Bank Official Relations
- Principle 5.1. Government Relations: disclose relationship with government, including exchange of information, policy coordination, and financial aspects such as profit distribution, distinguishing roles and modalities.
  - Principle 5.1.1. Institutional relationship with government/agencies: clearly defined and publicly disclosed.
  - Principle 5.1.2. Financial transactions with government: disclose policies and terms governing fiscal agent role, current account management, deposit taking, advances, guarantees, loans, credit arrangements, and agency services.
  - Principle 5.1.3. Interaction instruments: define and disclose instruments used in interactions and financial transactions with government/agencies.
  - Principle 5.1.4. Outcome disclosure: disclose regularly the outcome of interaction and operations with government/agencies.
- Principle 5.2. Domestic Financial Agencies: disclose relationships with domestic financial agencies relevant to mandate execution.
  - Principle 5.2.1. Relationship definition: disclose cooperation, (co-)decision-making modalities, and formal/informal information-sharing arrangements.
  - Principle 5.2.2. Policies, instruments, and outcomes: make interaction and outcomes transparent.
  - Principle 5.2.3. Macroprudential role: disclose role, responsibilities, actions, and any advice received in macroprudential policy.
  - Principle 5.2.4. Financial stability arrangements: disclose arrangements to restore or maintain stability, including data sharing, liquidity support, and responsibility allocation by stage.
- Principle 5.3. Foreign Agencies: disclose dealings with international organizations, foreign governments, other central banks, and relevant foreign agencies, including nature of interactions and obligations/commitments.
  - Principle 5.3.1. Exchange of information and coordination: clearly defined and publicly disclosed.
  - Principle 5.3.2. Policies, terms, and conditions: publicly disclose governing interaction.
  - Principle 5.3.3. Interaction instruments: clearly define and disclose instruments used in interactions and financial transactions.
  - Principle 5.3.4. Outcome disclosure: disclose publicly on a regular basis the outcome of relationships and interactions.
- Principle 5.4. Other Relations: disclose involvement with private or semi-public institutions.
  - Principle 5.4.1. Investments and ownership: disclose investments in and ownership of subsidiaries and joint ventures with private, semi-public, or public entities.

---


_Source: https://www.imf.org/-/media/files/data/cbt/landing-page/imf-central-bank-transparency-code-self-review.docx_