Implementing the new Balance of Payments Manual (BPM6)
The updated balance of payments statistical standards
Since 1948 the International Monetary Fund (IMF) has developed guidelines for the compilation of balance of payments statistics (Balance of Payments Manuals, BPMs). The IMF released the sixth edition of the Balance of Payments Manual in 2009. It updates the fifth edition (BPM5), which was released in 1993.
This new edition of the IMF’s manual takes into account important developments that have occurred in the global economy since the fifth edition was released.
Three major themes influenced the revision:
- globalisation (increased use of cross-border production processes, complex international company structures and international labour mobility),
- increasing focus on balance sheet issues (depicted in the international investment position),
- financial innovation (more and complex financial instruments).
The manual was revised in parallel with the introduction of the System of National Accounts 2008 (2008 SNA) and the European System of Accounts 2010 (ESA 2010), in order to ensure consistency between external and domestic macroeconomic statistics. Information on the major methodological changes is available in Appendix 8 of the BPM6, as well as in a set of frequently asked questions compiled by the ECB.
The implementation of the BPM6 and ESA2010 in the EU countries in 2014 is being coordinated by the ECB and Eurostat.
Data availability and accessibility
The CNB on 14 October 2014 disseminated the balance of payments and international investment position of the Czech Republic based on the sixth edition of the balance of payments manual (BPM6). The BPM6 data, including back data since 1993, are available in the ARAD database http://www.cnb.cz/docs/ARADY/HTML/index_en.htm. The foreign exchange reserves of the Czech National Bank are presented on a gross basis (including repo operations) since January 2013. The presentation of the balance of payments statistics in the BPM6 methodology will be harmonised with the national accounts statistics in ESA 2010.