## Research Program for the Update of the Monetary and Financial Statistics Manual (MFSM): Background Paper

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---

### Introduction
- The 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG) is the international statistical standard for monetary and financial statistics (MFS) and is essential for informed economic policymaking and research, according to the IMF Statistics Department.
- The Background Paper presents the rationale and framework for updating the 2016 MFSMCG, outlining the research agenda, governance structure, stakeholder engagement strategy, and organizational arrangements for the update.

### Motivation and objectives of the MFSM update
- Objectives and rationale:
  - Ensure the MFS methodology remains analytically robust and policy relevant in light of significant transformations in the financial sector since 2016.
  - Reflect evolving structure of financial systems, emergence of new financial instruments and institutions, and the growing importance of digital and environmental developments.
- Key developments motivating the update:
  - Digital transformation of finance, including central bank digital currencies (CBDCs), stablecoins, tokenized deposits, and other digital assets — necessitating revision of the definition of money and related aggregates.
  - Growth and increased systemic relevance of nonbank financial institutions (NBFIs) and attendant data gaps for monitoring interconnected exposures and cross-border risk transmission.
  - Increasing prominence of climate-related financial risks and the need to integrate climate-related information and definitions of sustainable financial instruments into MFS.
  - Requirement for coherence with other international statistical standards: 2025 System of National Accounts (2025 SNA), Integrated Balance of Payments and International Investment Position Manual, 7th Edition (BPM7), Government Finance Statistics Manual 2014 (GFSM 2014) update, and System of Environmental-Economic Accounting (SEEA).

### Update process and timeline
- Implementation phases (targeted completion by end-2028) as set out by the IMF Statistics Department:
  - Phase I: Q3 2025 – Q2 2026
    - Development and scoping of the research program.
    - Identify priority topics, consult on scope, establish the Monetary and Financial Statistics Advisory Committee (MFSAC), initiate drafting of Discussion and Clarification Notes.
    - Coordinate with 2025 SNA, BPM7, and GFSM 2014.
  - Phase II: Q3 2026 – Q4 2028
    - Drafting and finalizing the updated MFSM.
    - Prepare annotated outlines, draft chapters and annexes, hold global consultations and outreach.
    - Final draft expected for dissemination by end-2028.
- Process features:
  - Research and drafting phases may proceed in parallel to allow iterative refinement and early progress on well-defined topics.
  - A near-final draft will be prepared by late 2028 and submitted for approval by the Director of the IMF Statistics Department.

### Governance
- Principal advisory body:
  - The Monetary and Financial Statistics Advisory Committee (MFSAC) is the principal advisory body supporting the update, providing strategic guidance and technical expertise.
  - MFSAC members are appointed based on technical expertise and provide independent, technically grounded perspectives.
- Operational structure and oversight:
  - MFSAC operates primarily through virtual consultations, with two in-person meetings planned over its four-year tenure.
  - First three years focus on research and drafting; final year focuses on implementation and outreach.
  - The committee is supported by thematic Task Teams and a dedicated Secretariat within the IMF’s Statistics Department.
  - Final decisions rest with the Chief Statistician and Data Officer, and Director of the IMF Statistics Department, who also serves as Chair of the MFSAC.
- Decision and endorsement process:
  - Recommendations are to be endorsed by MFSAC based on majority consensus; dissenting views are to be formally recorded.
  - If MFSAC cannot endorse a recommendation after multiple consultations, the Chair determines the course of action (e.g., further research, referral, or retention of existing 2016 guidance).

### Research program: identification, organization, and prioritization
- Selection criteria for research projects:
  - Relevance to emerging financial developments and user needs (e.g., money in the digital age, tokenization, FinTech, DeFi).
  - Harmonization and coherence with international statistical standards (2025 SNA, BPM7).
  - Support for monetary and financial policy analysis (refine liquidity and credit aggregates, sectoral delineation, treatment of financial instruments).
  - Materiality and broad applicability across countries and statistical systems (e.g., sectoring of e-money institutions, recording of IMF accounts, metadata frameworks).
- Organization into three research categories:
  - MFS-Specific Research Projects
    - Topics unique to MFS not fully covered elsewhere: definition and scope of money in the digital age, tokenization, fintech and crypto impacts on liquidity and credit aggregates.
    - Clarification of existing 2016 MFSMCG guidance such as treatment of e-money institutions, recording of IMF accounts, and presentation of metadata.
  - Joint research coordinated with GFSM and SEEA updates and with SNA and BPM communities as needed
    - Overlapping issues with fiscal or environmental accounts: sector delineation, debt valuation, sustainable finance.
  - Integration of recommendations from SNA/BPM updates
    - Harmonization projects reflecting guidance developed under SNA and BPM updates that require minimal additional research (e.g., debt valuation, classification of crypto assets, environmental classifications).

### Types of outputs
- Three distinct output types to support guidance development and dissemination:
  - Discussion Notes
    - In-depth papers addressing MFS-specific issues not fully covered in other standards.
    - Include statement of issue, conceptual and practical implications, and proposed recommendations for updating the MFSM.
  - Clarification Notes
    - Concise documents refining or elaborating existing 2016 MFSMCG guidance for borderline or ambiguous issues (e.g., classification of e-money institutions, presentation of MFS metadata).
  - Proposed Recommendations
    - Two-page summaries prepared by the MFSAC Secretariat that synthesize cross-domain guidance from SNA, BPM, GFSM, or SEEA updates and explain application to MFS.
- Use of cross-domain outputs:
  - Joint projects will leverage Discussion Notes prepared under GFSAC or SEEA as primary inputs, supplemented with MFS-specific perspectives where necessary.

### Task Teams: composition, roles, and initial themes
- Role and selection:
  - Task Teams are technical bodies responsible for developing Discussion Notes and Clarification Notes under MFSAC guidance.
  - Members selected from IMF member countries, international organizations, IMF staff, and other experts; appointed in personal capacity.
  - Selection criteria include demonstrated technical expertise, proactive contribution ability, and commitment to geographical and institutional diversity.
- Initial Task Teams and thematic areas:
  - Three initial Task Teams will be formed to address:
    - Financial Digitalization and Innovation: digital money, tokenization, implications of FinTech and crypto assets for liquidity and credit aggregates.
    - MFS Framework: non-bank financial institutions (NBFIs), global flow of funds, structure of monetary aggregates, liquidity measures, treatment of IMF accounts.
    - MFS Emerging and Specific Issues: integration of sustainable finance, IFRS-related developments into MFS, and metadata.
- Operations and outputs:
  - Task Teams develop technically robust Discussion Notes and Clarification Notes, engage in written consultations and virtual meetings, and submit finalized notes to MFSAC for endorsement with dissenting views documented.
  - Task Team chairs oversee drafting, delegate to subgroups, and ensure clarity and technical rigor.
  - Number and composition of Task Teams may be revised as the research agenda evolves.

### Research outcomes and integration into the updated MFSM
- Review, endorsement, and publication:
  - Draft outputs undergo structured review via written consultations and virtual meetings.
  - Proposed Recommendations Notes follow the same review process.
  - Notice of Decisions will be issued by the Chief Statistician and Data Officer, and Director of the IMF Statistics Department to notify the community of decisions and incorporation into the updated MFSM.
  - All notes, Proposed Recommendations, and Decision Notices will be published on a dedicated MFSM update webpage.
- Drafting and modular production:
  - Annotated outlines for chapters and annexes will be prepared and endorsed by MFSAC.
  - Editorial team from IMF Statistics Department will draft chapters in collaboration with Task Teams and experts; chapters may be drafted in parallel for iterative feedback.
  - A near-final draft will be prepared by late 2028, reflecting final research outcomes and submitted for approval by the Director of the IMF Statistics Department.
  - Following approval, the updated MFSM will be published and supported by implementation guidance and training resources for member countries.

### Consultation on the research agenda
- A global consultation is being conducted to gather stakeholder feedback on the research program underpinning the update of the 2016 MFSMCG.
- Timeline and participation:
  - Closing Date for the IMF Financial Institutions Division Global Consultation: January 30, 2026.

### Consultation purpose and supporting documents
- The consultation aims to ensure that the revised manual reflects emerging financial developments and evolving international statistical standards.
- Two key documents support the consultation process and guide stakeholder input:
  - Preliminary List of Research Projects: outlines the full set of proposed research topics, including the potential outcomes of the research program.
  - Global Consultation Questionnaire: invites stakeholders to (i) assess the relevance and priority of the preliminary list of research topics, (ii) suggest additional topics for consideration, and (iii) provide feedback on the categorization and expected outputs (Discussion vs. Clarification Notes).

### Monetary and Financial Statistics Advisory Group (MFSAC) — membership (DECEMBER 2025)
- MFSAC membership list (NO. 1 through NO. 35) including:
  - NO. 1. Bert Kroese – Chair; Chief Statistician and Data Officer, and Director, Statistics Department (STA), International Monetary Fund (IMF)
  - NO. 2. Jim Tebrake; Deputy Director, STA, IMF
  - NO. 3. Emile Allade; Deputy Director, Monetary Policy Directorate, Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO)
  - NO. 4. Simplice Duclair Lonkeng; Deputy Director in charge of external financial relations, Banque des Etats de l'Afrique Centrale (BEAC)
  - NO. 5. Monica Yoshini Une; Head of Division of Monetary and Banking Statistics, Central bank of Brazil
  - NO. 6. Trevor Sabean; Senior Director, Data and Statistics Office, Bank of Canada
  - NO. 7. Beatriz Velasquez; Head of Monetary and Financial Statistics Department of the Central bank of Chile
  - NO. 8. Xiayan LI; Deputy Director of the Statistics System Division, People’s Bank of China
  - NO. 9. Michael Lyon; Senior Adviser, Data and Statistics Division, Bank of England
  - NO. 10. Jaanus Kroon; Head of Statistics Department, Bank of Estonia
  - NO. 11. Guy Lévy-Rueff; Head of Monetary and Financial Statistics Directorate, Banque de France
  - NO. 12. Vakhtangi Pkhakadze; Head of the Monetary Statistics Division, National Bank of Georgia
  - NO. 13. Madhuresh Kumar; Assistant General Manager, Department of Economic and Policy Research, Reserve Bank of India
  - NO. 14. Yoshiko Sato; Deputy Director, Financial Statistics Group, Research and Statistics Department, Bank of Japan
  - NO. 15. Mahmoud Waheed Qasem; Head of Monetary and Financial Statistics Division, Central Bank of Jordan
  - NO. 16. Leonard Kipyegon; Manager, Monetary Policy Analysis Division, Research Department, Central Bank of Kenya
  - NO. 17. Mauricio Carabarín; Manager of Macroeconomic Analysis Division, Banco de México
  - NO. 18. Yakubu Bello; Deputy Director of Statistics Department, Central Bank of Nigeria
  - NO. 19. Ahmad Y. Alzaid; Data & Statistics General Director, Saudi Central Bank (SAMA)
  - NO. 20. Dineo Mosime; Head of Money and Banking Division, Economic Statistics Department, Reserve Bank of South Africa
  - NO. 21. Nahed Melki; Director of Statistics Department, Central Bank of Tunisia
  - NO. 22. Ahmet Tayyar Fırat; Deputy Executive Director, Data Governance and Statistics Department, Central Bank of Turkey
  - NO. 23. Elizabeth Holmquist; Lead Financial Analyst, Research and Statistics Division, United States Reserve Board
  - NO. 24. Branimir Gruić; Principal Financial Market Analyst, Monetary and Economic Department, Bank for International Settlements
  - NO. 25. Olga Monteiro; Head of Monetary and Economic Statistics Division, Directorate General Statistics, European Central Bank
  - NO. 26. Kazi Md. Masum; Member of the Secretariat, Prudential and Structural Islamic Financial Indicators (PSIFIs) and Statistics, Islamic Financial Services Board
  - NO. 27. Jorrit Zwijnenburg; Head of Sectoral and National Accounts, Statistics and Data Directorate, The Organization for Economic Co-operation and Development (OECD)
  - NO. 28. Benson Sim; Statistician, Economics Statistics Branch, United Nations Statistics Division
  - NO. 29. Jose Pablo Valdes Martinez; Senior Economist, Development Data Group, Development Economics, DEC, WB
  - NO. 30. Peter Goodrich (Observer); Secretariat, Financial Stability Board
  - NO. 31. Artak Harutyunyan; Chief, Financial Institutions Division, STA, IMF
  - NO. 32. Padma Hurree-Gobin; Deputy Chief, Financial Institutions Division, STA, IMF
  - NO. 33. Nicolas Arregui; Deputy Chief, Development Policies Division, Strategy, Policy, and Review Department, IMF
  - NO. 34. Marcello Miccoli; Deputy Chief, Payments, Currencies, and Infrastructure Division, Monetary and Capital Markets Department (MCM), IMF
  - NO. 35. Caio Fonseca Ferreira; Deputy Chief, Global Markets Analysis Division, MCM, IMF
- MFSAC Secretariat (NO. 36 and NO. 37):
  - NO. 36. Bidisha Das; Economist, Financial Institutions Division, STA, IMF
  - NO. 37. Darja Milic; Economist, Financial Institutions Division, STA, IMF

*Prepared by the IMF Statistics Department, INTERNATIONAL MONETARY FUND.*

### Section 1

### Research Program for the Update of the Monetary and Financial Statistics Manual (MFSM): Background Paper

### Introduction
- The 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG) is the international statistical standard for monetary and financial statistics (MFS) and is essential for informed economic policymaking and research, according to the IMF Statistics Department.
- The Background Paper presents the rationale and framework for updating the 2016 MFSMCG, outlining the research agenda, governance structure, stakeholder engagement strategy, and organizational arrangements for the update.

### Motivation and objectives of the MFSM update
- Objectives and rationale:
  - Ensure the MFS methodology remains analytically robust and policy relevant in light of significant transformations in the financial sector since 2016.
  - Reflect evolving structure of financial systems, emergence of new financial instruments and institutions, and the growing importance of digital and environmental developments.
- Key developments motivating the update:
  - Digital transformation of finance, including central bank digital currencies (CBDCs), stablecoins, tokenized deposits, and other digital assets — necessitating revision of the definition of money and related aggregates.
  - Growth and increased systemic relevance of nonbank financial institutions (NBFIs) and attendant data gaps for monitoring interconnected exposures and cross-border risk transmission.
  - Increasing prominence of climate-related financial risks and the need to integrate climate-related information and definitions of sustainable financial instruments into MFS.
  - Requirement for coherence with other international statistical standards: 2025 System of National Accounts (2025 SNA), Integrated Balance of Payments and International Investment Position Manual, 7th Edition (BPM7), Government Finance Statistics Manual 2014 (GFSM 2014) update, and System of Environmental-Economic Accounting (SEEA).

### Update process and timeline
- Implementation phases (targeted completion by end-2028) as set out by the IMF Statistics Department:
  - Phase I: Q3 2025 – Q2 2026
    - Development and scoping of the research program.
    - Identify priority topics, consult on scope, establish the Monetary and Financial Statistics Advisory Committee (MFSAC), initiate drafting of Discussion and Clarification Notes.
    - Coordinate with 2025 SNA, BPM7, and GFSM 2014.
  - Phase II: Q3 2026 – Q4 2028
    - Drafting and finalizing the updated MFSM.
    - Prepare annotated outlines, draft chapters and annexes, hold global consultations and outreach.
    - Final draft expected for dissemination by end-2028.
- Process features:
  - Research and drafting phases may proceed in parallel to allow iterative refinement and early progress on well-defined topics.
  - A near-final draft will be prepared by late 2028 and submitted for approval by the Director of the IMF Statistics Department.

### Governance
- Principal advisory body:
  - The Monetary and Financial Statistics Advisory Committee (MFSAC) is the principal advisory body supporting the update, providing strategic guidance and technical expertise.
  - MFSAC members are appointed based on technical expertise and provide independent, technically grounded perspectives.
- Operational structure and oversight:
  - MFSAC operates primarily through virtual consultations, with two in-person meetings planned over its four-year tenure.
  - First three years focus on research and drafting; final year focuses on implementation and outreach.
  - The committee is supported by thematic Task Teams and a dedicated Secretariat within the IMF’s Statistics Department.
  - Final decisions rest with the Chief Statistician and Data Officer, and Director of the IMF Statistics Department, who also serves as Chair of the MFSAC.
- Decision and endorsement process:
  - Recommendations are to be endorsed by MFSAC based on majority consensus; dissenting views are to be formally recorded.
  - If MFSAC cannot endorse a recommendation after multiple consultations, the Chair determines the course of action (e.g., further research, referral, or retention of existing 2016 guidance).

### Research program: identification, organization, and prioritization
- Selection criteria for research projects:
  - Relevance to emerging financial developments and user needs (e.g., money in the digital age, tokenization, FinTech, DeFi).
  - Harmonization and coherence with international statistical standards (2025 SNA, BPM7).
  - Support for monetary and financial policy analysis (refine liquidity and credit aggregates, sectoral delineation, treatment of financial instruments).
  - Materiality and broad applicability across countries and statistical systems (e.g., sectoring of e-money institutions, recording of IMF accounts, metadata frameworks).
- Organization into three research categories:
  - MFS-Specific Research Projects
    - Topics unique to MFS not fully covered elsewhere: definition and scope of money in the digital age, tokenization, fintech and crypto impacts on liquidity and credit aggregates.
    - Clarification of existing 2016 MFSMCG guidance such as treatment of e-money institutions, recording of IMF accounts, and presentation of metadata.
  - Joint research coordinated with GFSM and SEEA updates and with SNA and BPM communities as needed
    - Overlapping issues with fiscal or environmental accounts: sector delineation, debt valuation, sustainable finance.
  - Integration of recommendations from SNA/BPM updates
    - Harmonization projects reflecting guidance developed under SNA and BPM updates that require minimal additional research (e.g., debt valuation, classification of crypto assets, environmental classifications).

### Types of outputs
- Three distinct output types to support guidance development and dissemination:
  - Discussion Notes
    - In-depth papers addressing MFS-specific issues not fully covered in other standards.
    - Include statement of issue, conceptual and practical implications, and proposed recommendations for updating the MFSM.
  - Clarification Notes
    - Concise documents refining or elaborating existing 2016 MFSMCG guidance for borderline or ambiguous issues (e.g., classification of e-money institutions, presentation of MFS metadata).
  - Proposed Recommendations
    - Two-page summaries prepared by the MFSAC Secretariat that synthesize cross-domain guidance from SNA, BPM, GFSM, or SEEA updates and explain application to MFS.
- Use of cross-domain outputs:
  - Joint projects will leverage Discussion Notes prepared under GFSAC or SEEA as primary inputs, supplemented with MFS-specific perspectives where necessary.

### Task Teams: composition, roles, and initial themes
- Role and selection:
  - Task Teams are technical bodies responsible for developing Discussion Notes and Clarification Notes under MFSAC guidance.
  - Members selected from IMF member countries, international organizations, IMF staff, and other experts; appointed in personal capacity.
  - Selection criteria include demonstrated technical expertise, proactive contribution ability, and commitment to geographical and institutional diversity.
- Initial Task Teams and thematic areas:
  - Three initial Task Teams will be formed to address:
    - Financial Digitalization and Innovation: digital money, tokenization, implications of FinTech and crypto assets for liquidity and credit aggregates.
    - MFS Framework: non-bank financial institutions (NBFIs), global flow of funds, structure of monetary aggregates, liquidity measures, treatment of IMF accounts.
    - MFS Emerging and Specific Issues: integration of sustainable finance, IFRS-related developments into MFS, and metadata.
- Operations and outputs:
  - Task Teams develop technically robust Discussion Notes and Clarification Notes, engage in written consultations and virtual meetings, and submit finalized notes to MFSAC for endorsement with dissenting views documented.
  - Task Team chairs oversee drafting, delegate to subgroups, and ensure clarity and technical rigor.
  - Number and composition of Task Teams may be revised as the research agenda evolves.

### Research outcomes and integration into the updated MFSM
- Review, endorsement, and publication:
  - Draft outputs undergo structured review via written consultations and virtual meetings.
  - Proposed Recommendations Notes follow the same review process.
  - Notice of Decisions will be issued by the Chief Statistician and Data Officer, and Director of the IMF Statistics Department to notify the community of decisions and incorporation into the updated MFSM.
  - All notes, Proposed Recommendations, and Decision Notices will be published on a dedicated MFSM update webpage.
- Drafting and modular production:
  - Annotated outlines for chapters and annexes will be prepared and endorsed by MFSAC.
  - Editorial team from IMF Statistics Department will draft chapters in collaboration with Task Teams and experts; chapters may be drafted in parallel for iterative feedback.
  - A near-final draft will be prepared by late 2028, reflecting final research outcomes and submitted for approval by the Director of the IMF Statistics Department.
  - Following approval, the updated MFSM will be published and supported by implementation guidance and training resources for member countries.

### Consultation on the research agenda
- A global consultation is being conducted to gather stakeholder feedback on the research program underpinning the update of the 2016 MFSMCG.
- Timeline and participation:
  - Closing Date for the IMF Financial Institutions Division Global Consultation: January 30, 2026.

*Prepared by the IMF Statistics Department, INTERNATIONAL MONETARY FUND.*

### Section 2

### Research program for the update of the Monetary and Financial Statistics Manual (MFSM) — Section 2

### Consultation purpose and supporting documents
- The consultation aims to ensure that the revised manual reflects emerging financial developments and evolving international statistical standards.
- Two key documents support the consultation process and guide stakeholder input:
  - Preliminary List of Research Projects: This document outlines the full set of proposed research topics, including the potential outcomes of the research program.
  - Global Consultation Questionnaire: This questionnaire invites stakeholders to (i) assess the relevance and priority of the preliminary list of research topics, (ii) suggest additional topics for consideration, and (iii) provide feedback on the categorization and expected outputs (Discussion vs. Clarification Notes).

### Monetary and Financial Statistics Advisory Group (MFSAC) — membership (DECEMBER 2025)
- NO. 1. Bert Kroese – Chair; Chief Statistician and Data Officer, and Director, Statistics Department (STA), International Monetary Fund (IMF)
- NO. 2. Jim Tebrake; Deputy Director, STA, IMF
- NO. 3. Emile Allade; Deputy Director, Monetary Policy Directorate, Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO)
- NO. 4. Simplice Duclair Lonkeng; Deputy Director in charge of external financial relations, Banque des Etats de l'Afrique Centrale (BEAC)
- NO. 5. Monica Yoshini Une; Head of Division of Monetary and Banking Statistics, Central bank of Brazil
- NO. 6. Trevor Sabean; Senior Director, Data and Statistics Office, Bank of Canada
- NO. 7. Beatriz Velasquez; Head of Monetary and Financial Statistics Department of the Central bank of Chile
- NO. 8. Xiayan LI; Deputy Director of the Statistics System Division, People’s Bank of China
- NO. 9. Michael Lyon; Senior Adviser, Data and Statistics Division, Bank of England
- NO. 10. Jaanus Kroon; Head of Statistics Department, Bank of Estonia
- NO. 11. Guy Lévy-Rueff; Head of Monetary and Financial Statistics Directorate, Banque de France
- NO. 12. Vakhtangi Pkhakadze; Head of the Monetary Statistics Division, National Bank of Georgia
- NO. 13. Madhuresh Kumar; Assistant General Manager, Department of Economic and Policy Research, Reserve Bank of India
- NO. 14. Yoshiko Sato; Deputy Director, Financial Statistics Group, Research and Statistics Department, Bank of Japan
- NO. 15. Mahmoud Waheed Qasem; Head of Monetary and Financial Statistics Division, Central Bank of Jordan
- NO. 16. Leonard Kipyegon; Manager, Monetary Policy Analysis Division, Research Department, Central Bank of Kenya
- NO. 17. Mauricio Carabarín; Manager of Macroeconomic Analysis Division, Banco de México
- NO. 18. Yakubu Bello; Deputy Director of Statistics Department, Central Bank of Nigeria
- NO. 19. Ahmad Y. Alzaid; Data & Statistics General Director, Saudi Central Bank (SAMA)
- NO. 20. Dineo Mosime; Head of Money and Banking Division, Economic Statistics Department, Reserve Bank of South Africa
- NO. 21. Nahed Melki; Director of Statistics Department, Central Bank of Tunisia
- NO. 22. Ahmet Tayyar Fırat; Deputy Executive Director, Data Governance and Statistics Department, Central Bank of Turkey
- NO. 23. Elizabeth Holmquist; Lead Financial Analyst, Research and Statistics Division, United States Reserve Board
- NO. 24. Branimir Gruić; Principal Financial Market Analyst, Monetary and Economic Department, Bank for International Settlements
- NO. 25. Olga Monteiro; Head of Monetary and Economic Statistics Division, Directorate General Statistics, European Central Bank
- NO. 26. Kazi Md. Masum; Member of the Secretariat, Prudential and Structural Islamic Financial Indicators (PSIFIs) and Statistics, Islamic Financial Services Board
- NO. 27. Jorrit Zwijnenburg; Head of Sectoral and National Accounts, Statistics and Data Directorate, The Organization for Economic Co-operation and Development (OECD)
- NO. 28. Benson Sim; Statistician, Economics Statistics Branch, United Nations Statistics Division
- NO. 29. Jose Pablo Valdes Martinez; Senior Economist, Development Data Group, Development Economics, DEC, WB
- NO. 30. Peter Goodrich (Observer); Secretariat, Financial Stability Board
- NO. 31. Artak Harutyunyan; Chief, Financial Institutions Division, STA, IMF
- NO. 32. Padma Hurree-Gobin; Deputy Chief, Financial Institutions Division, STA, IMF
- NO. 33. Nicolas Arregui; Deputy Chief, Development Policies Division, Strategy, Policy, and Review Department, IMF
- NO. 34. Marcello Miccoli; Deputy Chief, Payments, Currencies, and Infrastructure Division, Monetary and Capital Markets Department (MCM), IMF
- NO. 35. Caio Fonseca Ferreira; Deputy Chief, Global Markets Analysis Division, MCM, IMF

MFSAC SECRETARIAT
- NO. 36. Bidisha Das; Economist, Financial Institutions Division, STA, IMF
- NO. 37. Darja Milic; Economist, Financial Institutions Division, STA, IMF

---


_Source: https://www.imf.org/-/media/files/data/statistics/mfsac/research-program-for-the-update-of-the-monetary-and-financial-statistics-manual-mfsm-background-pape.pdf_