Update of the Monetary and Financial Statistics Manual (MFSM)
The IMF Statistics Department, in 2025, launched the update of the Monetary and Financial Statistics Manual (MFSM). The update is scheduled for completion by the end of 2028.
The 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG) provides the methodological and conceptual framework for compiling consistent, internationally comparable monetary and financial statistics (MFS)—critical for effective monetary policy, financial surveillance, and macroeconomic analysis.
Since 2016, the global financial landscape has undergone substantial changes. The update of the MFSM therefore aims at:
i) addressing financial sector-specific issues, beyond those covered in the other statistical standards. These include:
- The impact of digitalization on the financial sector requires accurate measures of money and related indicators. The update will revisit the definition of money and other relevant aggregates considering Central Bank Digital Currencies, stablecoins, and other digital financial assets, and will provide guidance on emerging financial activities like FinTech, DeFi, Insurtech, and tokenization. This includes assessing their impact on traditional credit and liquidity aggregates and developing new, relevant metrics.
- The increasing interconnectedness of financial institutions and markets necessitates deeper understanding of global financial networks and systemic risks, as financial shocks can rapidly spread across sectors and borders. Comprehensive macro-level data are crucial for effective policy and regulatory responses in this context.
- Emerging and Specific Issues, such as the impact of implementation of IFRS 17 (Insurance Contracts) on definitions and methodologies in MFS compilation; growing impact of nature on economic and financial risk, etc.
ii) aligning with the updated international statistical standards (the System of National Accounts 2025 (2025 SNA), the Integrated Balance of Payments and International Investment Positions Manual, seventh edition (BPM7), the current update of the 2014 Government Finance Statistics Manual (GFSM), and System of Environmental Economic Accounting - Central Framework (SEEA-CF), ensuring consistency and coherence among the different macroeconomic datasets
The Monetary and Financial Statistics Advisory Committee (MFSAC) will oversee the update of the MFSM. The MFSM update process will be carried out in two Phases. Phase I, running between 2025Q2 and 2026Q3, will focus on advancing the research agenda. During this phase, the MFSAC is expected to contribute to analytical work, engage in discussions, reach conclusions, and review proposals for potential endorsement. Phase II will take place from 2026Q4 through 2028Q4 and will center on drafting the updated MFSM. The MFSAC will be consulted on an as-needed basis throughout the MFSM update process.
Research and Global Consultation
Research and Global Consultation
We invite your feedback on the proposals for advancing the update of the Monetary and Financial Statistics Manual (MFSM).
This consultation focuses on the Proposed Research Agenda for Updating the MFSM.
You are encouraged to submit your responses electronically via this link. Alternatively, you may complete this Word template and email your responses to STAMFSAC@imf.org.
We strongly encourage you to read the accompanying Background Paper before responding.
Please submit your feedback by January 30. If you have any questions or encounter any difficulties, feel free to contact us at STAMFSAC@imf.org.
Thank you for your valuable contribution to this important initiative.
MFS Specific Topics
- Money in the Digital Age
- Tokenization
- Non-Bank Financial Intermediaries
- Liquidity, Credit - Fintech and Crypto
- Implication of IFRS 17 on MFS
- Electronic money (E-money)
- Recording of IMF accounts
- Presentation of MFS metadata
- Inter-relation of financial sector/markets and nature
MFS-GFS-SEEA Issues
- Boundary between government units and public nonfinancial corporations
- Boundary between government units and public financial corporations
- Treatment of government/public non-life insurance schemes
- Debt valuation
- Topics emerging from the System of Environmental-Economic Accounting (SEEA)
Monetary and Financial Statistics Advisory Committee
The Monetary and Financial Statistics Advisory Committee (MFSAC) consists of a diverse group of technical experts on Monetary and Financial Statistics. The MFSAC provides the IMF’s Statistics Department with advice and technical input in the update of the MFSM. Additionally, the MFSAC is expected to advocate for the implementation of the MFSM across IMF member countries.
Composition: The MFSAC is comprised of individual members from the IMF member countries, relevant regional and international organizations, and IMF staff from the Statistics Department and other IMF departments. The composition ensures both depth of expertise required to address the issues identified as well as geographical balance to reflect varying statistical capacity and development across countries.
Tenure: The tenure of MFSAC is four years, commencing September 2025. During the first three years, the Committee will focus on the MFSM update process, while the final year will focus on providing guidance and support for the implementation of the updated MFSM across IMF member countries.
The MFSAC is chaired by the Director of the IMF Statistics Department. The Financial Institutions Division of the IMF Statistics Department provides the Secretariat for the MFSAC. The Secretariat keeps an inventory of emerging issues that warrant MFSAC discussion and advice, and, among other tasks, coordinates preparation of papers and the agenda for the MFSAC meetings.
Process and deliverables: The update work is conducted primarily through thematic task teams, with each team focusing on specific research topics related to the MFSM update. The task teams will examine and discuss assigned topics and produce research notes, which will be of two types:
- Discussion Notes: These notes will address specific MFS issues not covered in the current MFSM.
- Clarification Notes: These concise notes will address MFS-specific issues already covered in the MFSM but require further clarification.
Once consensus is reached, the summarized recommendations will be presented to the MFSAC for discussion and endorsement. The final decision on the acceptance of the recommendations rests with the Director of the IMF Statistics Department.
Following the discussion at the MFSAC, the documents will be made publicly available for wider consultation.