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Monetary and Financial Statistics

Monetary and Financial Statistics. Seminar on Achievement of Official Statistics Monetary & Financial Statistics State Bank of Pakistan Karachi March 12, 2011. BY Rizwan Ahmad STATISTICS & DWH DEPARTMENT. Monetary and Financial Statistics. Road Map Introduction, Scope & Coverage

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Monetary and Financial Statistics

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  1. Monetary and Financial Statistics Seminar on Achievement of Official Statistics Monetary & Financial Statistics State Bank of Pakistan KarachiMarch 12, 2011 BYRizwan Ahmad STATISTICS & DWH DEPARTMENT

  2. Monetary and Financial Statistics • Road Map • Introduction, Scope & Coverage • Institutional Units & Economic Sectors • Data Collection, Compilation & Dissemination Practices by SBP • Changes in Compilation Methodology • Review of IMF and Successful Completion

  3. Monetary and Financial Statistics Introduction Monetary and Financial Statistics • Monetary & Financial Statistics Manual (MFSM – 2000) • The purpose of the Manual is to offer guidelines for the presentation of monetary and financial statistics in a systematic manner • MFSM provides a set of tools for identifying, classifying , and recording stocks and flows of financial assets and liabilities • The IMF has designed the Manual primarily to be useful to compilers, who are developing or updating their national statistics • Scope: The Statistics Described in this manual cover all financial assets and liabilities of all institutional units within an economy, with a particular focus on the financial Corporations

  4. Monetary and Financial StatisticsIntroduction (Cont.) • Monetary & Financial Statistics • Comprehensive Stocks & Flow Data (Flows may arise due to Transactions, Valuation and Other Changes) • Monetary Statistics Covers “Financial & Nonfinancial assets and liabilities of financial corporations” • Financial Statistics Covers “Financial assets & liabilities of the entire economy”

  5. Monetary and Financial StatisticsIntroduction (Cont.) • The Framework for Monetary Statistics • The framework for the monetary statistics embodies two levels of data compilation and presentation • At the first level, stock and flow data reported by individual institutional units are aggregated into specifically designed Sectoral Balance sheet • At the second level, the data in Sectoral Balance sheets are consolidated into Surveys.

  6. Monetary and Financial StatisticsEconomic Sectors • Economic Sectors • Residents & Nonresidents Units • Residency is the key consideration monetary statistics • Residency is not based on Nationality & Currency of financial transactions e.g., In Iran every transaction carried out in FCY is treated as Transaction with Nonresidents • To identify the Institutional Units or Individuals as residents or non residents is the centre point of compilation monetary statistics • Residency is based on Economic Territory & Centre of economic interest (Same as described in BPM 5)

  7. Monetary and Financial StatisticsEconomic Sectors Classifying Resident Units Resident Units Households Corporations General Govt. NPISHs Financial Corp. Nonfinancial Corp.

  8. Monetary and Financial StatisticsEconomic Sectors Financial Corporations Subsectors Financial Corporations Sector Central Bank Other Depository Corp. Other Financial Corp. • Deposit liabilities or close substitutes • National Definition of Money • Other Financial intermediaries • Insurance & Pension Funds

  9. Monetary and Financial StatisticsFinancial Instruments Financial Assets/Liabilities • The MFSM and 1993 SNA use the same classifications • Monetary Gold & SDRs (No corresponding liabilities) • Currency & deposits • Securities other than shares • Loans • Shares & other equity • Insurance technical reserves • Financial derivatives • Other accounts receivable/payable

  10. Monetary and Financial StatisticsData Collection & Compilation Sectoral Balance sheet of Central Bank • Brief History • Old format based on hard copy /softcopy returns • Statement of affairs • Other schedules • Designing of Sectoral Balance sheet format according to MFSM in 2004-2005 • Formulation of team consisting persons from Finance, ISTD-DWH and Statistics & DWH

  11. Monetary and Financial StatisticsData Collection & Compilation • Sources of data • The available data sources such as statement of affairs, and other schedules were not enough to fulfill the requirements of sectoral balance sheet format. Therefore it was decided to use the basic accounting data of SBP to achieve this goal. • The SBP maintains and handle all data through two sources • Globus • ERP

  12. Monetary and Financial StatisticsData Collection & Compilation • Compilation • Mapping of ERP-GL data (SBP Chart of accounts) to Sectoral Balance sheet of SBP. • Data from Globus has been pulled where core banking data is required as customer code, category code to identify each and every institutional unit and its proper classification • Automated reports generating cubes have been prepared at ISTD-DWH level to facilitate the users

  13. Monetary and Financial StatisticsData Collection & Compilation Sectoral Balance sheet of Other Depository Corporations • Brief History • Old format of data collection based on Money & Banking statistics guide of 1993 • Data from banks (only) collected and compiled to prepare monetary survey • Had little space for classification and sectorization of financial instruments • Currency wise bifurcation • Securities & Shares merged • Residency criteria violations

  14. Monetary and Financial StatisticsData Collection & Compilation • Implementation of SBS • Designing of SBS as per requirements of MFSM in 2004-2005 for ODCs (banks and other deposits accepting NBFCs) • Formulation of team consisting officers of Statistics and ISTD-DWH • Training to Banks, DFIs, & NBFCs • Data acquisition gateway portal has been designed to collect and compile data from Banks & DFIs. • Data in Excel files is collected from NBFCs

  15. Monetary and Financial Statistics Analytical Presentation of Monetary & Financial Statistics • Central Bank Survey • Other Depository Corporations Survey • Depository Corporations Survey • Other Financial Corporations Survey(Future Plan) • Financial Corporations Survey (Future Plan)

  16. Monetary and Financial Statistics • Standard Components of the Surveys • Central Bank Survey • Net Foreign Assets • Claims on Other Depository Corporations • Net Claims on General Government • Monetary Base • Others

  17. Monetary and Financial Statistics • Standard Components of the Surveys • Other Depository Corporations Survey • Net Foreign Assets • Claims on Central Bank • Net Claims on General Government • Claims on Other Sectors • Liabilities to Central Bank • Deposits & Securities Included in Broad Money • Others

  18. Monetary and Financial Statistics • Standard Components of the Surveys • Depository Corporations Survey • Net Foreign Assets • Net Claims on General Government • Claims on Other Sectors • Broad Money Liabilities (M2) • Financial Derivatives • Others

  19. Monetary and Financial Statistics Dissemination Practices • Periodicity & Timeliness • Data is Compiled and Disseminated with Monthly Frequency • Analytical Accounts of Central Bank are disseminated by 15th of the following month • Analytical Accounts of Other Depository Corporations are disseminated by 30th of the following month • Analytical Accounts of Depository Corporations are disseminated by 30th of the following month • Analytical Accounts of Other Financial Corporations and Financial Corporations will soon be published • The data is available at: http://www.sbp.org.pk/ecodata

  20. Monetary and Financial Statistics Changes in Compilation Methodology • Coverage • As per guidelines of MFSM, the coverage of the monetary statistics has been enhanced to include data of Deposits Accepting Non Banks Financial Companies as shown in table below:

  21. Monetary and Financial Statistics Changes in Compilation Methodology • Coins in Circulation • Coins in Circulation have been excluded from the Scope of Central Bank Survey and Monetary Base as these are not issued by Central Bank. However, they are published through SBP website in monetary aggregates table.

  22. Monetary and Financial Statistics Changes in Compilation Methodology • Treatment of Repo/Reverse Repo Transaction • Repo/Reverse Repo transactions were treated as outright sale/purchase of security before adoption of MFSM. The same transactions are now recorded as Collateralized loans where the ownership of the securities does not change and a new asset/liability is generated in the form of Loans/Borrowing. • Treatment of Accrued Mark up • The MFSM recommends adding Accrued Mark up on deposits, loans, and securities other than shares into the outstanding amount of the financial asset or liability, rather than being treated as part of other accounts receivable/payable

  23. Monetary and Financial Statistics Changes in Compilation Methodology • Local Currency Deposits of Non Residents • The clear delineation of deposits of foreign diplomatic missions, students, military personals in local currency was not available before implementation of MFSM. Now these deposits are properly classified as Non Resident Liabilities • Financial Derivatives • No data was available on the transactions of Financial Derivatives before implementation of MFSM. This data is now separately shown in the Depository Corporations Survey

  24. Monetary and Financial Statistics IMF Review and Inclusion of Monetary Statistics of Pakistan in IFS • The IMF remained involved in the compilation of Monetary Statistics on MFSM basis right from the start (2004) • The IMF TA mission (August 2008) reviewed the data collection and compilation procedures in details • The recommendations of the IMF mission were successfully implemented • Finally IMF decided to include the Pakistan’s Monetary Statistics in International Financial Statistics from June 2008

  25. Monetary and Financial Statistics Thanks Questions and Answers??

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