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
•
Institutional Units & Economic Sectors
•
Data Collection, Compilation & Dissemination Practices by SBP
•
Changes in Compilation Methodology
•
Review of IMF and Successful Completion
Monetary and
Financial
Statistics
Monetary
and Financial
Statistics
Introduction
•
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
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Monetary and Financial Statistics
Introduction (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”
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Monetary and Financial Statistics
Introduction (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.
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Monetary and Financial Statistics
Economic 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)
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Monetary and Financial Statistics
Economic Sectors
Classifying Resident Units
Resident Units
Households
Corporations
Financial Corp.
General Govt.
NPISHs
Nonfinancial Corp.
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Monetary and Financial Statistics
Economic Sectors
Financial Corporations Subsectors
Financial Corporations Sector
Central Bank
Other Depository Corp.
• Deposit liabilities or close
substitutes
•National Definition of Money
Other Financial Corp.
• Other Financial
intermediaries
•Insurance & Pension Funds
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Monetary and Financial Statistics
Financial 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
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Monetary and Financial Statistics
Data 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, ISTDDWH and Statistics & DWH
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Monetary and Financial Statistics
Data 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
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Monetary and Financial Statistics
Data 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
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Monetary and Financial Statistics
Data 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
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Monetary and Financial Statistics
Data 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 ISTDDWH
• 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
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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)
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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
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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
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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
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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
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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:
Per MFSM
Post MFSM
1. Central Bank
2. Scheduled Banks
1. Central Bank
2. Scheduled Banks
3. Deposit Accepting Non
Bank Financial Companies
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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.
Pre MFSM
Post MFSM
Liability
Monetary base
Currency
Notes
Coins in Circulation
Deposits of Banks
Private Sector Deposits with SBP
Liability
Monetary Base
Currency Notes
------Deposits of Banks
Private Sector Deposits with SBP
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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
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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
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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
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Monetary and Financial Statistics
Thanks
Questions and Answers??
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