Central Bank Transparency Code (CBT)

Source details

Canonical URL

Central Bank Transparency Code (CBT)

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Purpose and scope

• The CBT is an international code that allows central banks and their stakeholders to map transparency practices of the central bank to international best practices.
• The purpose of the CBT is to enhance transparency and accountability of the central bank and contribute to policy effectiveness.
• The CBT is not intended as a governance code.
• The CBT is relevant to all IMF member countries’ central banks and takes their diverse backgrounds into account, including with respect to the legal framework, governance arrangements, and levels of economic and financial development.

Structure and components

• The Code is built on a 5-pillar framework consisting of transparency principles on central bank:
  • (1) governance,
  • (2) policies,
  • (3) operations,
  • (4) outcome of those policies and operations,
  • (5) official relations with government and other agencies.
• The Principles offer high-level guidance.
• The Practices provide three levels of detailed transparency practices: core, expanded, and comprehensive.
• The Annex contains selected transparency practices from other relevant international financial standards.

Tools and materials for assessment

• The CBT includes:
  • the main Principles,
  • the detailed Practices,
  • the Annex with selected transparency practices from other relevant international financial standards.
• A template to facilitate a CBT self-review is available.
• A Guidance Note for conducting a CBT review is available.
• Key concepts in the CBT are underlined with hover definitions.
• A free text search option is offered for locating content within the CBT.

Use cases and intended outcomes

• Enables central banks and stakeholders to determine if central bank transparency in practice is balanced, given country-specific circumstances.
• Aims to contribute to policy effectiveness through enhanced transparency and accountability.
• Supports self-review processes through templates and guidance.

Contact and further information

• For more information, consult the IMF Policy Paper on the CBT or contact the IMF at CBT@imf.org.
• A FAQ is available for common questions about the CBT Portal.

Content in this bundle

• IMF Central Bank Transparency Code
  • IMF Central Bank Transparency Code (Markdown version)
  • IMF Central Bank Transparency Code (DOCX)
• Guidance Note for Reviewing the Implementation of the Central Bank Transparency Code
  • Guidance Note for Reviewing the Implementation of the Central Bank Transparency Code (Markdown version)
  • Guidance Note for Reviewing the Implementation of the Central Bank Transparency Code (DOCX)
• Central Bank Transparency Code—Self-Review
  • Central Bank Transparency Code—Self-Review (Markdown version)
  • Central Bank Transparency Code—Self-Review (DOCX)
• Imf Policy Paper: The Central Bank Transparency Code; June 4, 2020
  • Imf Policy Paper: The Central Bank Transparency Code; June 4, 2020 (Markdown version)
  • Imf Policy Paper: The Central Bank Transparency Code; June 4, 2020 (PDF)