Transcript Overview of the Mission in Kiribati - Homepage

International Transactions Reporting System
Workshop
Amman – Jordan
April 7-9, 2014
Bedri Zymeri
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
Legal base

Balance of payments & IIP Register

Main data sources – by type

The data used as a sources – by components
 Are the data collected on a voluntary or statutory basis?
 This will affect response rates
 Statutory surveys will have higher response rates
 Are procedures in place to prevent disclosure of individual
reporters’ data?
 Access to individual data is restricted;
 Aggregation rules are used
 Amount of detail published
 The office undertaking the survey may have to request
approval from the companies to publish detailed productlevel information, for example where there are only one or
two major exporters for certain goods/services;
 Data sharing and coordination among data-producing
agencies are adequate
Balance of payments & IIP Register

Business Register - is a statistical register
consisting of a list of enterprises (and /
or other statistical units), with some basic
information about each unit.
 Reference: “Business Registers Recommendation
◦
Manual”. , Eurostat,
Luxembourg 2010.

Maintaining and developing a balance of
payments and IIP enterprise register
•
•
The enterprise register form is used to record
information about members (enterprises) of
the population.
The information is subsequently used to
conduct balance of payments and IIP surveys.
Balance of payments & IIP Register
… continues

Appendix 8. Model Survey Forms
◦ Form 1—Exploratory Survey
- undertaken to identify ….enterprises receiving (or making) payments from (or to)
abroad.
◦ Form 2—Balance of Payments and IIP Enterprise Register Form
◦
- undertaken to identify … information about members (enterprises) of
the population, which – in turn – are used to compile balance of payments
and IIP statistics.
◦ In part A - general information
◦ In part B - information on the enterprise group is entered (for example,
Type of Unit, Sector, Publicly owned enterprise, Type of Enterprise - i.e. DIE
or DI, Industry
◦ In part C - The size, The activities (goods, services, type of serv. etc.)
◦ In part D - data are recorded on the source used to identify this unit
◦ In part E - details of subsidiary companies and any DIE abroad
◦ In part F - major shareholders are identified.
T = CS – OS – OCVA.
CS = OS + T + VC + OCVA
I. International transaction reporting System (ITRS)
DATA
SOURCES FOR
COMPILING
BALANCE OF
PAYMENTS
AND IIP
STATISTICS
II. International Merchandise Trade Statistics (IMTS)
III. Business Surveys or Enterprise Surveys (ES)
IV. Monetary and Financial Statistics (MFS)
V. Administrative Data Sources - Official Sources
VI. Other Sources Not Included Elsewhere & Estimates

An ITRS is a data collection framework for ESS which involves
reporting to the Central Bank, by:
 - banks, as a rule, and
 - enterprises, in many cases.

ITRS varies from country to country in terms of coverage and
complexity

When developing ITRS reporting forms, it is important to:
 Design reporting forms which are easy to complete
 Prepare Reporting Instructions and publish online
 Provide trainings for reporters and cooperate closely with them
I. Main data sources – by type: ITRS
… continues
Main ITRS reporting Forms:
Form
Form
Form
Form
Form
Form
Form
3-1. ITRS – Payments and Receipts;
3-2. ITRS – Imports and Exports
3-3. ITRS – Enterprises;
3-4. ITRS – Banks;
3-5. ITRS – Banks‘ Records of Transactions;
4— ITRS—Enterprises
5—ITRS—Banks
ITRS Form 5A—Banks
ITRS Form 5B—Bank's Record of Transactions
More about ITRS will be covered in other lectures
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II. Main data sources – type: Survey

Prerequisites for the Conduct of Enterprise Surveys in
International Accounts:

Statistical legislation

Statistical Frame: Sources for BOP Register.

Clearly Defined Objectives

Collection Strategy: Census or Sample

Questionnaire Design (simple as possible)
II. Main data sources – type: Survey

Population benchmarks and weights used in the estimation
process are reviewed and updated periodically.

Survey questionnaires are constructed according to sound design
principles.

Survey instruments are designed for efficient data
capturing/processing.

Benchmark collections are conducted with sufficient frequency,
to ensure that the survey methodology is effective.
II. Main data sources – type: Survey
… continues
Main Survey Reporting Forms presented on draft of
the BPM6 Compilation Guide:
 Form 4— Trade in Goods and Trade Finance,
and Import of Repairs Services
 Form 5— Goods for Merchanting
 Form 6— International Trade in Services (not
covered by forms 7-12)
 Form 7— Manufacturing Services
 Form 8— Resident Transport Operators
II. Main data sources – type: Survey
… continues
 Form 9— Transactions with Nonresident
Transport Operators
 Form 10— International Travel
 Form 11— Construction
 Form 12— International Insurance Services
 Form 13— International Pension Services
 Form 14— Foreign Embassies and
International
Institutions
II. Main data sources – type: Survey
… continues
 Form 15— Private Aid and Charitable
Organizations
 Form 17— Financial Claims on and Liabilities
to
Nonresidents
 Form 18— Foreign Direct Investment
 Form 19— International Securities
 Form 20— Holdings of and Transactions in
Financial Derivatives Contracts with
Nonresidents
II. Main data sources – type: Survey
… continues
 Form 21—Travel: Returning Residents
 Form 22—Travel: Departing Nonresidents
 Form 23—International Transactions and
Positions of Households
For more info, visit:
https://www.imf.org/external/pubs/ft/bop/2007/bop6comp.htm
III. Main data sources –type: Monetary data
Source Data
Sectoral Charts of Accounts (central
bank, other banks, finance comp., …)
+
Reporting Requirements
Sectoral Balance Sheet
Assets and Liabilities as in SNA
+ Details by creditor/debtor
sector and currency
Sectoral Survey
Analytical presentation with key
aggregates:
broad money, net foreign assets, net
claims on central government,…
III. Main data sources –type: Monetary data
… continues

Summary Lines from SRF for Other Depository
Corporations:
IV. Main data sources – type:
Administrative data

Source data available from administrative records to compile
BOP and IIP need to be adequate;

Periodic meetings needs to be held with government and
financial institutions, as well as with the business community to
identify new needs;

International standards, guidelines, and best practices need to be
monitored for changes that need to be taken into account in the
balance of payments and IIP compilation system.
V. Main data sources – type: Other
Sources Not Included Elsewhere

Data that supplement other sources:

Financial statements published by reporters

Partner countries

Embassies, consulates, military installations, aid
missions, information agencies, and other
government institutions located abroad

Estimates
Standard components of balance of
payments and IIP statements :





goods;
services;
primary income; and
secondary income.
capital account





direct investment;
portfolio investment;
financial derivatives;
other investment; and
reserve assets.
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

The goods component of the balance of payments current account
covers (with a few exceptions) moveable goods for which changes
of ownership (between residents and nonresidents) occur.
Goods standard components as presented in Appendix 9 of BPM6:
A. Balance of Payments
Items
Credits
Goods (BPM6 Page 301)
Balance on trade in goods (+ surplus; – deficit)
General merchandise on a BOP basis
Of which: Re-exports
Net exports of goods under merchanting
Goods acquired under merchanting (negative credits)
Goods sold under merchanting
Nonmonetary gold
Debits
n.a.
n.a.
n.a.
n.a.
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In practice, the data used as source for General
merchandise are:
 Customs (primary data source)
 ITRS
 Administrative records (including data from TAX
System)
 Survey of traders (businesses)
 Combinations
Adjustments may be needed to some data for:
 Coverage, timing, valuation and classification
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Goods component: The data used as a sources
… continues
 Form 6 — Trade in Goods and Trade Finance,
and
Import of Repairs Services
Part A & B: collect data on exports and imports
Part C & D: collect details of processing of goods
Part E & F: covers repairs to goods
Part G
: is concerned with merchanting
transactions
 Part H & I: measure significant differences between
date of sale and date of shipment.
 Part J & K : are concerned with the financing of trade.




Services – main components
based on BPM6
 For services component the Balance of Payments
Unit usually organizes a mixture of data sources.
An ITRS can be used for the compilation of trade in
services statistics and is likely to have a good
coverage across the full range of services
Surveys The system is made up of two main
subsystems:
a full survey of the major enterprises;
 a set of specific surveys for the other
enterprises.

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A. Balance of Payments
Items
Services (P72/P82)
Balance on trade in services (+ surplus; – deficit)
1 Manufacturing services on physical inputs owned by others
2 Maintenance and repair services n.i.e.
3 Transport
4 Travel
Goods acquired under merchanting (negative credits)
5 Construction
Goods sold under merchanting
6 Insurance and pension services
7 Financial services
8 Charges for the use of intellectual property n.i.e.
9 Telecommunications, computer, and information services
10 Other business services
11 Personal, cultural, and recreational services
12 Government goods and services n.i.e.1
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Forms Number
and Title
Scope and Purpose
Other Comments
6. International
Trade in Services
The form collects data on
services not covered by
forms 7-12 for compilation
of various services items.
Separate forms could be
created to collect information
on specific aspects of services
(for example, provision of
financial services).
7. Manufacturing
Services
This form contains a sample
questionnaire on
manufacturing services on
physical inputs owned by
others.
8. Resident
Transport
Operators
The form collects data on
resident transport operator
earnings and expenses for
compilation of transportation
and certain goods items.
The form could be tailored for
different modes of transport.
Several more specialized forms
could be created from the
model form.
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Services – Template Forms from Compilation
Guide
Forms Number
and Title
Scope and Purpose
Other Comments
8. Resident
Transport
Operators
The form collects data on
resident transport operator
earnings and expenses for
compilation of transportation
and certain goods items.
The form could be tailored for
different modes of transport.
Several more specialized
forms could be created from
the model form.
9. Transactions
with NonResident
Transport
Operators
The form collects, from
residents, data on nonresident transport operators‘
earnings and expenses for
compilation of transportation
and certain goods items.
The form could be tailored for
different modes of transport.
Several more specialized
forms could be created from
the model form.
10.
International
Travel
The form collects data on the
means used to pay for travel
and related services for
compilation of the travel item.
Several specialized forms
could be created from this
form.
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Services – Template Forms from Compilation
Guide
Forms Number
and Title
Scope and Purpose
Other Comments
11. Construction
This form collects information on
construction abroad, construction in the
compiling economy, as well as data on
both short-term and long-term
construction projects.
12. International
Insurance
Services
The form collects information on the
insurance and re-insurance activities of
resident enterprises. The data are used in
the compilation of services, current and
capital transfers and the IIP.
The form illustrates
methods for collecting
various data specifically
associated with the
insurance industry.
13. International
Pension Services
The form collects information on the
pension activities of resident pension
funds. The data are used in the
compilation of services, current transfers,
and the IIP.
The form illustrates
methods for collecting
various data specifically
associated with the
operations of pension
funds.
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Primary Income – Template Forms from Compilation
Guide
Forms Number and
Title
Scope and Purpose
Other Comments
14. Foreign
Embassies and
International
Institutions
The form collects data on wages and salaries
paid to local workers, other embassy
expenditures, foreign aid, and official
finance. These data are used to compile
compensation of employee, government
services, current transfer, financial account,
IIP, and investment income items.
While the reporters to this
form, who will be nonresidents, cannot be
compelled to complete it,
a number of countries
have successfully collected
information by using
forms similar to the model
form.
15. Private Aid and
Charitable
Organizations
The form collects data on the income,
compensation of employees and current and
capital transfers of private aid and other
charitable organizations.
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Secondary Income – Template Forms from
Compilation Guide
Forms Number
and Title
Scope and Purpose
15. Private Aid
and Charitable
Organizations
The form collects data on the
income, compensation of employees
and current and capital transfers of
private aid and other charitable
organizations.
16. Current
Transfers
Grants and
Technical
Assistance
This form collects information on
current transfers, grants and
technical assistance. Part A of the
form seeks information on transfers
in cash and in kind received by the
government and the private sector,
including nongovernment
organizations (NGO). Part B of the
form pertains to technical assistance
of project work/staffed missions
received by the economy.
Other Comments
The information can
be used for the
compilation of current
transfers in the
secondary income
account and capital
transfers in the capital
account.
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Financial Account – Template Forms from Compilation
Guide
Forms Number
and Title
Scope and Purpose
Other Comments
17. Financial
Claims and
Liabilities to
Nonresidents
The form collects data on financial flows,
stock positions, reconciliation items,
income, certain financial services, and
withholding taxes. The data are used to
compile financial account, IIP, investment
income, financial services and current
transfer items.
In practice, several forms
may be created from this
form, or more simplified
versions of the form
could be developed.
18. Foreign Direct
Investment
The form collects data specifically on
foreign direct investment items of form 16.
This form is a narrower
version of form 17,
collecting data
specifically on foreign
International
Securities
This form collects data on financial
transactions, stock positions, income,
financial services, and withholding taxes
associated with international securities
from financial intermediaries.
The form can be used in
either an enterprise
survey or an ITRS.
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





Central Bank
General government
Banks
Financial sector other than Banks
Non-financial sector
NSO
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 Availability
◦ Goods data: usually available on a monthly basis
◦ Surveys: usually in annual or quarterly basis
◦ Monetary and financial data: usually are available in
monthly bases
 Timelines
◦ Monthly reports 15 working days after the month
◦ Quarterly reports one month after the quarter
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
Systematic development of financial
statistics
◦ Available data varies among countries
◦ Limited data sources
◦ Flows only or Stocks only

Estimation techniques of missing data

Editing, residual calculations, and
discrepancies

Net errors and omissions (statistical
discrepancy)
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QUESTIONS!
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