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Compilation of BOP Services Lebanon’s Experience

Compilation of BOP Services Lebanon’s Experience. OUTLINE OF PRESENTATION: new implementations and major limitations in compiling international trade in services. Introduction Legal Framework Regulatory Framework Balance of Payments Compilation Trade in Services Major Classifications

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Compilation of BOP Services Lebanon’s Experience

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  1. Compilation of BOP Services Lebanon’s Experience

  2. OUTLINE OF PRESENTATION:new implementations and major limitations in compiling international trade in services • Introduction • Legal Framework • Regulatory Framework • Balance of Payments Compilation • Trade in Services • Major Classifications • Data Sources • Organizational & Data Processing • Coverage • Limitations of Data Sources • Recent Developments • Data Availability and dissemination

  3. Lebanon: Legal Framework • The Code of Money and Credit (Article# 146) published in 1963 gives the Banque du Liban (BDL) the authority to collect data from the banking and financial sector. • Insurance sector statistics are collected and compiled through the Ministry of Economy and Trade (MOET). • The Central Administration of Statistics (CAS) is the public entity responsible for surveys among the non-financial private sector.

  4. The balance of payments (BOP) is a shared project between BDL and CAS. • The BOP is compiled and disseminated by the External Sector Section (ESS) _ Statistics and Economic Research Department _ at the BDL. • Methodology consistent with the methodology of the International Monetary Fund’s (IMF) fifth edition: • BPM5 presentation since 2002 • BPM6 presentation plan: 2016

  5. Lebanon: Regulatory framework BDL circulars relevant to trade in services: • Residence circular:Basic Circular No. 24 (Decision No. 6170) issued on 17 May 1996, amended by virtue of Decision No. 7919 of 7 September 2001. • International Transactions Reporting System (ITRS) circular:Basic Circular No. 90 issued on 4 February 2002. • Payment cardsCircularNo. 1564 issued on 3 October 1997, amended by Intermediary Circular No. 24 of 26 August 2002, on payments through credit and debit cards and withdrawals through automated teller machines (ATM).

  6. BOP Compilation The BDL is the sole agency designated to generate the balance of payments (BOP) statistics.

  7. Services Account: Major classifications • Transportation • Travel • Communication • Insurance • Construction • Financial • Computer and information • Royalties and license fees • Other business services • Personal, cultural, and recreational services • Government services

  8. DATA SOURCES Available data sources for services: no single data source can ensure that all transactionsare captured Ministry of Finance / Customs Ministry of Economy and Trade / Insurance Control Commission General Security Ministry of Labor Banking and financial sector through ITRS reports BDL departments

  9. Organization & Data Processing General Security Ministry of labor Travel Insurance Payment Cards Insurance Control Commission Transportation Communication, Construction, Financial, Computer and information, Royalties and license fees, Personal, cultural and recreational services, Government services, Other business services Customs ITRS MTCs

  10. Coverage: BOP and the four modes of supply of services • Mode 1[cross-border supply] • Mode 2[consumption abroad] • Mode 4[presence of natural persons] • captured through Trade operations • captured through the ITRS • captured through the BDL departments • captured through Payments Cards circular • captured through a model for Travel • Mode 3[commercial presence] :not yet captured FATS a long-term project

  11. Bank reports capture only the transactions passing through the banking system thus, cash transactions are missing (estimation for some items) Bank transactions data are at risk of misclassificationExistence of a $10,000 threshold in the ITRS reportInsufficient data sources: unavailable cross-checking (no enterprise or household surveys), partner countries statistics (Lebanon is a small economy not identified by itself /others). Administrative databases do not always provide the required necessary details Limitations of Data Sources

  12. Recent developments Amendments to the ITRS circular (September 2009) • A more detailed list of codes • Breakdown by sector expanded: public sector, private sector companies, banking sector, financial sector, embassies & international organizations, households • Geographical breakdown by group of countries according to Arab Monetary Fund classification.

  13. New ITRS Codes for Services • Transportation services: • Sea transportation: Passenger, Freight, Other • Air transportation: Passenger, Freight, Other • Other transportation: Passenger, Freight, Other • Travel services: Business, Personal • Communication services: Postal and courier services, Telecommunication services • Construction services: Abroad, in Lebanon • Insurance services: Life insurance and pension funding, Freight insurance, Other direct insurance, Reinsurance, Auxiliary insurance services • Financial services • Computer & Information services: Computer services, Information services • Royalties & License fees

  14. New ITRS Codes for Services(continued) • Merchanting & other trade-related services • Miscellaneous Business, Professional & Technical services: • Legal services • Accounting, auditing, bookkeeping and tax consultation services • Business and management consultancy, public relations services • Advertising, market research, and public opinion polling services • Research and development • Architectural, engineering and other technical services • Agricultural, mining, and on-site processing services • Other business services • Personal, Cultural & Recreational services • Audiovisual & related services • Other personal, cultural & recreational services • Government Services: Embassies and consulates, Military units

  15. Recent developments (continued) Amendments to the MTCs circular • Circular addressed to Money Transfer Companies on inflows and outflows of cash by number of transactions, value and BOP code • New classification: exports, imports, travel/tourism, medical services, education services, workers' remittances, other --------------------------------------------- Future Project on travel account Movement of individuals database with the General Security (long-term)

  16. Data Availability • Prior to 2003: • public sector data • Model to estimate private sector data - travel. • Credit cards: Payments and Disbursements at Points Of Sales, ATM & Cashier are provided since 1998 • From 2003 and onwards: • data derived from the ITRS were also added.

  17. Publication Monthly:Monthly Bulletin, BDL (French, English and Arabic): trade balance data Quarterly: Quarterly Bulletin, BDL (English and Arabic) Annual: External Sector Annual Report, BDL (Arabic, English and French) Electronic Internet: http://www.bdl.gov.lb/ Other Online: ICS- IMF BOP is sent upon request to all public and private administrations after BDL authorities approval. BOP report is disseminated yearly to the IMF and the Arab Monetary Fund Dissemination

  18. Thank you

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