SNA2008 TREATMENT OF MONETARY GOLD
AND SDRS IN THE U.S. FINANCIAL
ACCOUNTS
PREPARED BY SUSAN HUME MCINTOSH
AND ELIZABETH HOLMQUIST
WORKING PARTY ON FINANCIAL STATISTICS
OCTOBER 25, 2011
OECD, PARIS
*The analysis and conclusions set forth are those of the authors and do not indicate concurrence
by other members of the research staff or the Board of Governors.
Outline of Presentation
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U.S. official reserve assets and SDR allocations in the financial
accounts
 Table for transactions
 Table for outstandings
Monetary gold
 SNA1993 standards
 SNA2008 changes
 Table showing current format
SDR allocations and holdings
 SNA1993 standards
 SNA2008 changes
 Table showing current format
Reserve Assets
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External assets readily available to and controlled by a
country’s authorities for direct financing and regulation
of international payments imbalances
Include monetary gold, SDR holdings, reserve position in
the IMF, and foreign currency holdings
Only central bank and central government can hold
reserves
Reserves must be claims on non-resident
U.S. Financial Account Transaction Table
(1) Includes federal government
liability to IMF for special
drawing rights (SDRs)
allocations and accrued
interest.
(2) By international standards,
transactions in monetary gold
are recorded in the financial
account of the domestic sectors
as increases (decreases) in
assets, and the counterparts are
recorded as decreases
(increases) in assets of the rest
of the world.
* Source: Flow of Funds Accounts,
September 16, 2011
U.S. Financial Account Outstandings Table
(1) Includes federal government
liability to IMF for special
drawing rights (SDRs)
allocations and accrued
interest.
(2) By international standards,
monetary gold is a financial
asset for which there is no
corresponding liability.
* Source: Flow of Funds Accounts,
September 16, 2011
SNA1993 Treatment for Monetary Gold
(11.63-11.66)
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Includes only gold held as a financial asset and as a
component of official reserves
Financial asset only for central bank or central
government
Takes the form of coins, ingots, or bars with a purity
of at least 995/1000
Purchases (sales) recorded as increases (decreases)
in assets of monetary authority and as decreases
(increases) of assets of the rest of the world
Asset for which there is no outstanding financial
liability
Changes in SNA2008 for Monetary Gold
(11.45-11.46)
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Recording in the financial accounts remains the same
Discusses allocated and unallocated gold accounts
The allocated gold account provides title to the physical
gold; treated as valuables unless held by monetary
authority as reserves
The unallocated gold account is a deposit denominated
in gold; treated as a deposit unless held with nonresidents, then monetary gold
Defined as gold to which the monetary authorities have
title and is held as a reserve asset and comprises gold
bullion (including gold held in allocated gold account)
and unallocated gold accounts with non-residents
Still has no corresponding liability
Monetary Gold
(in billions of U.S. dollars)
1960
1970
1980
2010
1. Net change in assets
0
0
0
0
2.
Federal government
0
-1.2
0
0
3.
Rest of world
1.7
0.8
0
0
4.
Monetary authority
-1.7
0.4
0
0
17.8
11.0
11.2
11.0
Transactions:
1
Outstandings: 2
Total assets:
5.
Federal government
0
0.3
0
0
6.
Monetary authority
17.8
10.7
11.2
11.0
(1) Transactions in monetary gold are recorded in the financial account of the domestic sectors as increase
(decrease) in assets and the counterparts are recorded as decreases (increases) in assets of the rest of the world.
(2) Monetary gold is a financial asset for which there is no corresponding liability.
SNA1993 Treatment of SDRs
(11.67-11.68)
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SDRs are international reserve assets created by
the IMF and allocated to members.
Allocations and cancellations of SDRs are recorded
in the “other changes in volume” account.
Transactions are recorded in the financial accounts
of the official holder and the rest of world.
SDRs are classified as assets without corresponding
liabilities (not liability of IMF).
Value of SDR determined daily on the basis of a
weighted basket of currencies.
Changes in SNA2008 for SDRs
(11.47-11.49)
Allocations of SDRs should be recorded as
transactions rather than “other changes in
volume”.
 Allocations are a liability of the official
holder and an asset of the rest of the world.
 SDR holdings are an asset of the official
holder and a liability of the rest of the world.
 Monetary gold and SDR holdings should be
shown as separate transaction subcategories.

SDRs Allocations and Holdings
(in billions of U.S. dollars)
2007
2008
2009
2010
0
0
47.6
0
0.2
0.1
48.2
0
0.2
0.1
48.2
0
0
0
47.6
0
5. Federal government: SDR allocations
7.7
7.5
55.4
54.4
6. Rest of world: SDR holdings
9.5
9.3
57.8
56.8
7. Federal government: SDR holdings
9.5
9.3
57.8
56.8
8. Rest of world: SDR allocations
7.7
7.5
55.4
54.4
Transactions:
Net change in liabilities
1. Federal government: SDR allocations
2. Rest of world: SDR holdings
Net change in assets
3. Federal government: SDR holdings
4. Rest of world: SDR allocations
Outstandings:
Total liabilities
Total assets