Policy Papers

This note provides guidance to IMF staff on the consistent recording and assessment of central bank foreign exchange liquidity lines—including bilateral swap lines and repos—in staff reports. With the global network of these arrangements expanding significantly, they now carry important implications for countries’ external buffers and potential vulnerabilities. Careful analysis of FX liquidity lines is therefore essential in IMF surveillance and programs. Building on existing IMF guidance notes and statistical manuals, this note seeks to strengthen consistency and accuracy in how these arrangements are treated in IMF staff reports, promote transparency while safeguarding confidentiality, and ensure evenhanded treatment across the membership.