Assessments of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies

Code of Good Practices on Transparency in Monetary and Financial Policies

Code of Good Practices on Transparency in Monetary and Financial Policies: Declaration of Principles

Supporting Document to the Code of Good Practices on Transparency in Monetary and Financial Policies

Transparency in Monetary and Financial Policies -- A Factsheet

Standards and Codes

Assessments of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies—Review of Experience

Prepared by the Monetary and Financial Systems Department

Approved by Stefan Ingves

December 23, 2003

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Contents

Executive Summary
I.	Introduction
II.	Improvements in the Assessment Methodology for the MFP Transparency Code
III.	Recent Findings of MFP Transparency Assessments
	A.	Central Banks and Monetary Policy
	B.	Observance of the MFP Transparency Code by Countries at Different Income Levels
IV.	Feedback from National Authorities
V.	Feedback from Area Departments
VI.	Fund Initiatives with Linkages to the MFP Transparency Code
VII.	The Way Forward—Continuing the Transparency Initiative
	A.	Factors Determining the Selection of Countries for MFP Code Assessments
	B.	Coordination with International Standard-Setting Agencies
	C.	Improvements to the MFP Transparency Code
	D.	Update of the Supporting Document to the MFP Transparency Code
VIII.	Concluding Observations

Tables
1.	MFP Transparency Code Assessments of Monetary Policy
2.	MFP Transparency Code Assessments of Financial Policies
3.	MFP Transparency Code Assessments of Financial Policies—Current Review
4.	MFP Transparency Code Assessments According to Annual Per Capita GNP

Boxes
1.	Main Weaknesses in the Transparency Practices in Monetary Policy
2.	Main Weaknesses in the Transparency Practices in Financial Policies
3.	Examples of Initiatives Taken by Countries to Improve Transparency
4.	Transparency in International Standards and Codes

Appendices
I.	Questionnaire for the Authorities
II.	Questionnaire for Desk Economists

Appendix Tables
1.	MFP Transparency Code Assessment Survey
2.	Summary Findings for Countries in the Current Review