||Central Bank Of Barbados
In 2009, the International Monetary Fund (IMF) released the Balance of Payments and International Investment Position Manual Sixth Edition (BPM6) in response to developments in the structure of multinational corporations, cross-border production processes and international finance. The compilation of Barbados’ balance of payments (BOP) statistics under BPM6 guidelines started with data from the year 2011. Prior to BPM6, BOP statistics were compiled following the standards of the Balance of Payments Manual Fifth Edition (BPM5). In order to have a consistent time series of BOP statistics, the External Sector Unit at the Central Bank of Barbados embarked on an exercise to bring the historical data for the period, 1967 – 2010 in line with BPM6 standards. This paper explains the conversion exercise as well as the core concepts and conventions of BPM6. In addition, recommendations are made to the IMF on the treatment of virtual currencies, vouchers and loyalty rewards in external sectors statistics.