Update The Monetary And Financial Policies Transparency Code

Policy Papers, May 13, 2019

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Responds to a request made by the Executive Board at the time of the 2017 Review of the Standards and Codes Initiative (RSCI) for a revision and update of the 1999 Monetary and Financial Policies Transparency Code (MFPT).
Directors asked staff that the new code:
- remove the overlap on financial policies covered by other standards,
- expand the transparency standards to broader set of activities undertaken by many central banks since the Global Financial Crisis,
- reorient the transparency standards to facilitate risk-based assessments to support policy effectiveness and address macroeconomic risks.

Core objective: update the MFPT to reflect post-Global Financial Crisis central bank activities and to improve the code’s suitability for risk-based assessments.
Emphasis on aligning transparency standards with other standards to avoid policy overlap.

Subject: Banking, Central bank accountability, Central bank governance, Central bank mandate, Central bank transparency, Central banks, Financial crises, Global financial crisis of 2008-2009
Keywords: CBT assessment, CBT code, central bank, Central bank accountability, Central bank governance, Central bank mandate, Central bank transparency, Global, Global financial crisis of 2008-2009, IMF Executive Board reviews proposal, IMF program context, monetary policy, PP, support IMF surveillance

Available format noted: Download PDF
Citation example provided in Chicago format: International Monetary Fund. Monetary and Capital Markets Department "Update The Monetary And Financial Policies Transparency Code", Policy Papers 2019, 011 (2019), accessed 9/19/2026, https://doi.org/10.5089/9781498314503.007

International Monetary Fund. Policy Paper No. 2019/011, "Update The Monetary And Financial Policies Transparency Code", May 13, 2019.