The IIF’s BoP Nowcast is our innovative approach to forecasting the current account balances of systemic emerging markets (Brazil, China, India, Mexico, Nigeria, Russia, Saudi Arabia, South Africa, and Turkey). What differentiates it from other methodologies is the use of spot prices for major commodities. We combine such prices with assumptions about commodity export and import volumes, as well as our country economists’ forecast regarding non-commodity trade, services, income, and transfers. As a result, the Nowcast responds instantaneously to commodity price fluctuations, which have proven to be a major factor impacting emerging markets’ external balances. Over the course of a given year, the combination of this model with official balance of payments data enables us to refine our forecast values as the year progresses. For questions, please send an email to bhilgenstock@iif.com.