Review of the OECD Code of Liberalisation of Capital Movements


An open and transparent international system of orderly capital flows can underpin global growth and stability. In light of the increasingly interconnected global financial and economic system, faced with heightened capital flow volatility, significant value is attached to credible commitment mechanisms that signal to economic partners that investment channels will remain open. This, in turn, can help countries to continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development.


For over 50 years, the OECD Code of Liberalisation of Capital Movements (the Code) has provided a balanced framework for countries to progressively remove unnecessary barriers to the movement of capital, while providing flexibility to cope with situations of economic and financial instability. It is binding for the 35 OECD countries, including twelve G20 members. Since 2012, the Code is also open to non-OECD countries. It is a living instrument adaptable to countries at different levels of development, through built-in flexibility clauses that allow temporary suspension of commitments in times of economic distress and financial disturbance. Over time, adhering countries have developed a body of well-established jurisprudence on the implementation of the Code’s rights and obligations and the conformity of individual country measures.


In March 2016, adhering countries adopted terms of reference for a review of the Code with a view to strengthening it and ensuring its continued relevance. The review will facilitate collective action by boosting transparency and shared understandings ongood practices relating to managing and liberalising capital flows. A particular area of interest is the treatment of capital flow measures that are used as macro-prudential measures.


The review is being conducted by the Advisory Task Force on the OECD Codes (ATFC). The ATFC is composed of governmental experts from OECD countries, non-OECD G20 and FSB Members, other non-OECD countries, as well as experts from relevant international organisations such as the IMF and the BIS.





Measurement and Identification of Capital Inflow Surges - Technical Note, 2019

Reserve Requirements: Current Use, Motivations and Practical Considerations - Technical Note, 2019 

Open and Orderly Capital Movements: Interventions from the 2016 OECD High-Level Seminar, 2017

High-Level Seminar on open and orderly capital movements, 25 October 2016

Terms of reference for the 2016 review

More about the OECD Code of Liberalisation of Capital Movements

Text of the Code English - Français

Overview of the Code - 汉语

The benefits of joining the Code

Governance arrangements to allow non-OECD countries to join the Code 




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