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Transition to BPM6: Case of Ukraine

Learn about the legal framework and data collection system of the National Bank of Ukraine for balance of payments compilation, analysis, and forecasting.

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Transition to BPM6: Case of Ukraine

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  1. National Bank of Ukraine Transition to BPM6: Case of Ukraine National Bank of Ukraine

  2. Legal framework The Law of Ukraine on the National Bank of Ukraine (1999) Sets the NBU responsibility for the compilation, analysis, and forecasting of the BoP (Article 7) Allows the NBU to define forms and procedures of data reporting for the compilation of balance of payments statistics that are mandatory for all business entities (Article 67) Joint resolution of the NBU and the Cabinet of Ministers on Balance of payments compilation, No.517 (2000) Coordinates activities of ministries and other institutions on the compilation of external sector statistics

  3. Data Collection System • National Bank of Ukraine • International Transactions Reporting System (ITRS) • Banks’ balance sheets • Surveys of banks and enterprises on external loans (monthly loan–by–loan data on stocks, transactions, schedules of repayments) • State Statistics Service of Ukraine (SSSU) • Foreign trade statistics, • Surveys of enterprises on • export and import of services, • FDI, • accounts receivables and payables • Other data • Travelers Survey • Migrants Survey

  4. Data Collection System • Other data sources • Ministry of Finance • Ministry of Economy • State Boarder Administration of Ukraine • State Commission on Securities and Stock Market • State Commission for Regulation of Financial Services Markets of Ukraine • “Naftogaz” • BIS statistics on other sectors deposits in foreign banks • Estimates

  5. Transition to BPM6 - History

  6. Changes in Current Account • GOODS • Repairs on goods” were reclassified and moved from Goods to Services • “Goods for processing” were reclassified from Goods to Services (based on customs data) • “Goods procured in ports by carriers” were included in “General merchandise”. • SERVICES • Manufacturing services on physical inputs owned by others • Credit is recorded as a difference between values of finished goods made under processing and values of goods imported for processing including services of assembling, packing, labeling, or processing by an entity that does not own the related goods (customs data) • Debit records are based on ITRS data. • Several changes have been made in classification of “Services” item: • “Postal and courier services” were included into “Transportation” (previously were recorded under “Communication services”). • “Telecommunications” were included into “Telecommunications, computer, and information services” (previously were recorded under “Communication services”). • “Manufacturing services on physical inputs owned by others but not returned to the owner” were excluded from “Miscellaneous business, professional, and technical services”.

  7. Methodology Changes Effect on External Trade Data • Significant reduction of exports and imports of goods in 2014 • Exports – by 8.5% ($ 4.7 bln) • Imports – by 5.1% ($3.1 bln)

  8. Methodology Changes Effect on External Trade Data Exports of services increased by 11.8% Worsening of merchandise trade balance was compensated by improvement in balance of services ($1.4 bln)

  9. Effect on Current Account • Current account remains almost unchanged (difference in 2014 – $59 mln).

  10. Main Changes in Financial Account - Foreign Direct Investment The loans obtained by a resident direct investor from the nonresident direct investment enterprises Direct Investment, Net Liabilities, Debt Instruments, Direct Investment Enterprises in Direct Investor (reverse investment) Direct Investment Abroad, Other Capital, Liabilities to Affiliated Enterprises Claims on nonresident direct investors (trade credit) Direct investment in Ukraine, Other capital, Claims on direct investors • PORTFOLIO AND OTHER INVESTMENT • The arrears were reclassified to the basic financial instrument under which they appeared. • Inter-bank loans and arrears under these loans were reclassified from the “Loans” item to the “Currency and Deposits” item.

  11. Inter-bank loans Inter-bank loans Currency and Deposits Loans

  12. New Treatments of Arrears • The arrears were reclassified to the basic financial instrument under which they appeared. • Due to significant accumulation of arrears by Ukrainian enterprises starting from 2009 main changes were in item “Loans, liabilities, other sectors, long-term”

  13. Data Revision - External Statistics According to BPM6 2008 2010 2005 2005 2010 Q Q Q Q M • Balance of Payments • Quarterly data for 2001-2004 will be revised till the end of 2015 • Remittances • International Investment Position • External Debt Data

  14. Dissemination • Standard presentation • Analytical presentation • Standard presentation • Analytical presentation • By sectors • NBU website (www.bank.gov.ua) • quarterly publication of the National Bank of Ukraine “Balance of payments and external debt of Ukraine” ( in Ukrainian and English). • Data are disseminated in two formats BPM5 and BPM6 • Quarterly data • monthly data in BPM6 format

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