## RELEASE OF NEW STANDARDS FOR MACROECONOMIC STATISTICS (BPM7)

## Source details

**Canonical URL:** [RELEASE OF NEW STANDARDS FOR MACROECONOMIC STATISTICS (BPM7)](https://www.imf.org/-/media/files/publications/pp/2025/english/ppea2025023.pdf)

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### Executive summary and key dates
- BPM7 (seventh edition of the Integrated Balance of Payments and International Investment Position Manual) was released on March 20, 2025.
- The staff report was completed on April 10, 2025.
- The 2025 SNA was adopted by the United Nations Statistical Commission on March 5, 2025.
- Countries are encouraged to implement BPM7 and the 2025 SNA within a target implementation window of 2029–2030.
- The white cover (pre-edited) version of BPM7 is available electronically in English; translations into Arabic, Chinese, French, Russian, and Spanish are expected following the final version.

### Main changes (substantive findings and methodological updates)
- Three major thematic priorities addressed in BPM7:
  - External sector sustainability:
    - Emphasizes understanding changes in financial positions via a fully integrated stock/flow reconciliation (integrated IIP).
    - Introduces inclusion of other changes in financial assets and liabilities in standard components, broken down into other changes in volume, exchange rate changes, and other price changes.
    - Adds supplementary breakdowns of trade by currency to show how trade flows respond to exchange rate movements.
    - Introduces a standardized statistical definition of net international reserves.
  - Globalization:
    - Reinforces reliance on principles of residence and economic presence (not physical presence) for allocation (for example, intellectual property products).
    - Introduces new data series including separate identification of goods traded within a global manufacturing arrangement (e.g., factoryless goods production) and a breakdown by domestically and foreign-controlled corporations.
    - Includes a harmonized definition of special purpose entities and encourages separate identification where significant.
  - Financial innovation and digitalization:
    - Clarifies treatment of crypto assets: crypto assets without a corresponding liability designed to act as a medium of exchange (e.g., Bitcoin) do not meet the definition of financial assets and therefore cannot be considered part of a country’s reserve assets.
    - Classifies such crypto assets as nonproduced nonfinancial assets in a separate category within the capital account (consistent with BPM7 and the 2025 SNA).
    - Provides guidance on cross-border transactions with crypto assets while not endorsing specific assets as means of payment.
    - Introduces supplementary “of which” categories for fintech companies and fintech-related financial instruments and services when relevant.
    - Provides guidance on digital intermediation platforms, cloud computing, nonfungible tokens, and other digitalization-related issues.
    - Adds a new annex proposing ways to organize external sector statistics to include ESG and green financial instruments to support environmental policies and risk analysis.

### Implementation strategy (guidance, costs, and IMF support)
- Overall aim: countries implement both BPM7 and the 2025 SNA within 2029–2030.
- Implementation expectations:
  - Implementation should be built into strategic plans of responsible institutions (typically the central bank and/or the national statistical office).
  - The IMF will notify heads of responsible institutions of the release and the target implementation window via a letter.
  - Country strategies should include concrete objectives, timing, and mechanisms to secure funding for personnel and IT updates to compilation systems.
  - Countries that do not implement within the targeted window risk data comparability issues with other countries, policy inefficiencies, credibility concerns, and missed opportunities for IMF technical assistance and training.
- IMF multipronged support approach:
  - Communication and outreach to advocate adoption and raise awareness.
  - Training programs to equip national statisticians.
  - Technical assistance and cooperation through workshops and missions.
  - Preparation of comprehensive guidance materials.
  - Ongoing research to refine methodologies and address new issues.
- Outreach and workshops:
  - From May 2023 to April 2024, eight regional BPM7/2025 SNA workshops were conducted with support from key regional stakeholders to raise awareness and engage compilers.
  - A second series of regional workshops focusing on country implementation plans and IMF support is planned for fiscal years 2026–2027.

### Research agenda and future updates
- BPM7 is positioned to be adapted over time as the economy and policy/analytical needs evolve.
- A joint BPM7/2025 SNA research agenda identifies items needing additional clarification or monitoring.
- Example under active monitoring: crypto assets without a corresponding liability designed to act as a medium of exchange (e.g., Bitcoin). The current recommendation to classify them as nonproduced nonfinancial assets will be reviewed if significant market, regulatory, and/or accounting changes justify updated guidance.

### Additional procedural notes and participation
- The Manual update process involved extensive collaboration with IMF member countries and users; respondents from more than 160 IMF member countries participated in at least one consultation.
- BPM7 was developed in consultation with the IMF Committee on Balance of Payments Statistics (BOPCOM).
- The Government Finance Statistics Manual 2014 and Monetary and Financial Statistics Manual and Compilation Guide 2016 will be revised in the near term to maintain harmonization with BPM7 and the 2025 SNA.

*Prepared by Carlos Sánchez-Muñoz, Kristy Howell, Venkat Josyula, and Jannick Damgaard; Approved By Bert Kroese (STA).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2025/english/ppea2025023.pdf_