Monetary gold and special drawing rights statistics in the UK flow of funds accounts matrices

Introduction

This note explains the sources and methods used in the compilation of the experimental from-whom-to-whom monetary gold and special drawing rights (SDR) statistics. Table 1 shows the estimates for balance sheet assets by sector, together with the counterpart sector that holds the liability, for 2018. These data are consistent with the UK Economic Accounts 2019 Q2 (UKEA), on a Blue Book 2019 basis, except where explicitly highlighted. The second part of this note describes the data sources for these estimates, as well as highlighting areas for review.

The Office for National Statistics (ONS) will continue the programme of development and quality assurance of these newly released experimental from-whom-to-whom statistics. Any improvements identified in the wider datasets will be integrated within the national accounts at the earliest opportunity.

We welcome feedback on the data sources and methods outlined in these notes. Any feedback on the statistics and accompanying explanatory notes can be sent to flowoffundsdevelopment@ons.gov.uk.

Data sources by institutional sector

These estimates relate to the asset and liability positions on monetary gold and special drawing rights (SDRs). Monetary gold is gold to which monetary authorities have title and which is held in monetary reserves. Monetary authorities include the central bank and central government institutions which carry out operations usually attributed to the central bank. It includes gold bullion and unallocated gold accounts with non-residents that give title to claim the delivery of gold.

SDRs are international reserve assets created by the International Monetary Fund (IMF) and which are allocated to its members to supplement existing reserve assets. Allocations of SDRs are recorded as an asset of the monetary authority of the individual participant, and a liability of the rest of the world (RoW). As such, in the UK all assets and liabilities in AF.1 will be counterpart to either the central government (CG) or rest of the world (RoW) sector.

These estimates are sourced from the Bank of England.