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IMF Stastical Acounting Seminar, Santiago, Chile 1999
Macroeconomic Statistical Treatment of Securities
Repurchase Agreements, Securities Lending,
Gold Swaps and Gold Loans
October 27- 29, 1999
From page 36 on the Gold Swap Example:
"...[As a result of the gold swap between countries [G and H]...
What has happened here is that global gross international reserve assets have been increased (in this case, by 3000) 39.
However, global net international reserves remain unchanged, that is, taking the loan payable by G into account.;
[39] This effect, of increasing global reserve assets through a gold swap when treated as a collateralized loan compares
with the recommended treatment for a repo as a collateralized loan. In the latter case, the repoed asset, while retained on
the balance sheet, is removed from reserve assets and is reclassified to portfolio investment and has no net impact on global
reserves.
This is not the case with gold swaps.
At [41] RE: The Gold Loan Example
[Regarding the gold loan example between {country} K and {country} J]
The net result is that no transaction is recorded by the monetary authority.
There are unsatisfactory aspects to this situation. Firstly, the gold
would be recorded in two places at the same time, in different classifications."
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