Central banks need a consistent approach to accounting for monetary gold
Kenneth Sullivan highlights the challenges for central banks in consistently accounting for monetary gold
Central banks have long struggled with the lack of a common appropriate standard governing the accounting of monetary gold, leading to inconsistency in reporting and reduced transparency. That could now change.
In January 2018, the World Gold Council published its Guidance on central banks’ accounting for monetary gold.1 As explained in its introduction, the guidance arose from ongoing central bank requests to the council for assistance in accounting for this asset that central banks hold as
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