Transcript Overview of the Mission in Kiribati

International Transactions Reporting
System Workshop
Amman – Jordan
April 7-9, 2014
Bedri Zymeri

Legal aspects

ITRS as a data collection framework

Data Items Collected

Comprehensiveness of ITRS

ITRS Reporters

ITRS Model Collection Forms
Legal framework to collect ITRS data is sufficient?

a sound legal framework (mandatory obligations, penalties for
noncompliance)

clearly defined reporting rules, preferably in a published manual (to
avoid any misunderstanding and to facilitate reporting)

well designed collection forms linked to reporters’ business procedures
to minimize reporting burden and to speed-up reporting

issue of punishment in case of non-reporting well defined

Confidentiality of reported information (individual data are available only
to compilers). ITRS data are sensitive.

Data sharing and coordination among data-producing agencies are
adequate.
 Many countries use ITRS as data collection
framework
 It differs from country to country,
depending on:
 countries’ legal framework;
 accounting systems; and
 foreign exchange regulations
 However, all such systems have certain
features in common
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
ITRS: main features
 Meet BOP concepts requirements
 Cover well BOP cash transactions
 The ITRS report forms are designed in a way
that makes them easy to complete.

Adequate resources and well trained staff to
assist reporters
ITRS as a data collection framework
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 ITRS is a data collection system that obtains data from
banks and enterprises at the level of individual
transactions.
 Based on Compilation Guide of BPM6, the most
comprehensive “traditional” ITRS measures:
1.
2.
3.
4.
5.
cash transactions with nonresidents that pass through
domestic banks;
cash transactions that pass through enterprise accounts with
banks abroad;
transactions on intercompany accounts with nonresident
enterprises,
stocks or positions, and
non-cash transactions.
 Statistics are compiled from forms submitted to/by
domestic banks and from forms submitted by enterprises.
ITRS Reporters
 An ITRS typically collects data from
reporters in:
 the banking sector
 the central bank, and
 selected enterprises, called direct reporters
that report directly to the balance of
payments unit.
 The banking sector is central to the ITRS
Data Items Collected
The bank client report form includes:
 the reference:
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the reference number of the transaction,
the reference period,
the identity of the transactor,
the identity of the bank accepting the form,
the currency used in the transaction,
the value of the transaction (either in terms of the currency used, the unit
of account, or both),
the classification and description of the purpose of the transaction (i.e.,
payment/receipts for import/export of goods), and
other party codes
the country of the nonresident party
Banks record also their own transactions and details.
Comprehensiveness of ITRS
As mentioned in previous presentation, the ITRS
can be:
 A closed ITRS – which accounts for all transactions and
reconciles all transactions going through targeted
accounts with corresponding changes in stock
positions.
 A semi-closed (a partial) ITRS – certain balance of
payments transactions are not recorded or the system
allows for reconciliation of flows and stocks only for
some accounts (i.e. exclude goods).
 An open ITRS - does not allow such complete
accounting and reconciliation..
ITRS Model Forms presented in
Appendix 8. of Compilation Guide
ITRS Model Forms:
Form 3-1. ITRS – Payments and Receipts;
Form 3-2. ITRS – Imports and Exports
Form 3-3. ITRS – Enterprises;
Form 3-4. ITRS – Banks;
Form 3-5. ITRS – Banks‘ Records of Transactions;
Form 4— ITRS—Enterprises
Form 5—ITRS—Banks
 ITRS Form 5A—Banks
 ITRS Form 5B—Bank's Record of Transactions
Appendix8: available under:
www.imf.org/external/pubs/ft/bop/2011/pdf/Appendix%208.pdf
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ITRS－ Payments and Receipts- Form 3-2:
ITRS－ Imports and Exports- Form
3-3:
ITRS－ Enterprises - Form 4:
ITRS－ Enterprises - Form 4:
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ITRS－Enterprises - Form 4:
ITRS－Banks - Form 5A:
ITRS－Banks - Form 5A:
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ITRS－Banks - Form 5A:
ITRS－Banks - Form 5A:
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ITRS－Banks - Form 5A:
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ITRS－Bank's Record of Transactions -Form 5B:
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This form
collects details of
banks‘ flows.
ITRS－Bank's Record of Transactions -Form 5B:
https://www.imf.org/external/pubs/ft/bop/2007/bop6
comp.htm
THANK YOU!
QUESTIONS!
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