THE COMPILATION OF FLOW OF FUNDS STATISTICS
IN INDONESIA
Contributed to the Discussion of Working Party on Financial Statistics (WPFS) Meeting
and Workshop on the Implementation of the SNA 2008
Hendy Sulistiowaty
Eko Ariantoro
Paris, October 24-27th 2011
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OUTLINE
 Basic Concept of FOF Construction
CONCEPT
 Data Coverage of Indonesia FOF
 Data Coverage: Australia, US, MFSM
 Data Sources Availabilty
FOF COMPILATION
 The Process of FOF Compilation
 Quarterly & Annualy FOF Statistics
 The Needs of Further Improvement
A WAY FORWARD
 Conclusion & Remarks
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BASIC CONCEPT OF FOF CONSTRUCTION
ROW
PRODUCTION SECTORS
X
P
Export
FINANCIAL
USES
Production
M
NET LENDING /
BORROWING
FU
FS
Fin-Sources
FINANCIAL
SOURCES
FOF
Import
Fin-Uses
FINANCIAL SECTORS
I
C
Income
Distribution
Consumption
NON-FINANCIAL
INVESTMENT / GFCF
GROSS
SAVING
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THE INDONESIAN FOF STATISTICS
 FLOW OF FUNDS is a data system which is designed to describe net lending and
net borrowing among institutional sectors, and financial transaction activities using
various financial instruments.
 Indonesian FOF is constructed in the form of matrix system.

The column side represents institutional sectors, which divided into 2 columns:
Financial Uses (assets) and Financial Sources (liabilities).

The row side is divided into 2 rows, ie. above the line and below the line, which
are separated by a row of the net lending/borrowing transaction.
 Above the line of FOF’s row constitutes Saving and Non-Financial
Investment (Gross Fixed Capital Formation).
 Below the line of FOF’s row comprises various instruments of financial
investment.
 Indonesian FOF statistics has been compiled by Statistics Indonesia (BPS)
coordinating with Bank Indonesia and Ministry of Finance.
 FOF data have been available annualy (8 sectors) since 1984, and quarterly (5
sectors) since 2000.
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BASIC FRAMEWORK OF INDONESIAN FOF
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COVERAGE OF INSTITUTIONAL SECTORS
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COVERAGE OF FINANCIAL INSTRUMENTS
… (1)
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COVERAGE OF FINANCIAL INSTRUMENTS
… (2)
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COVERAGE OF FINANCIAL INSTRUMENTS
… (3)
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FINANCIAL DATA COVERAGE: Australia FOF Accounts
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FINANCIAL DATA COVERAGE: US FOF Accounts
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FOF DATA COVERAGE: MFSM Based Financial Instruments
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DATA SOURCES AVAILABILITY
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COMPILATION PROCESS OF INDONESIAN FOF
DATA COLLECTION
TABULATION
CENTRAL BANK
ACCOUNTS
B/S of Commercial
and Rural Banks
Source:
BANK
INDONESIA
B/S of Central Bank
B/S of Finance
Companies
PROCESSED
BY
MAIN FRAME
Source:
STATISTICS
INDONESIA
Household Saving &
Investment Survey
SPECIFICATION
OF
INDONESIAN FOF
OTHERS
Government Income
& Expenditure
Capital Market
FIN.ACCT OF
GOVERNMENT
REST OF THE
WORLD ACCOUNTS
RECONCILIATION
Private Enterprises
Survey
Source:
Ministry of
Finance
BANKS ACCOUNTS
FIN.ACCT OF
OTHER DOMESTICS
Int’l Invest. Position
Gross Fixed Capital
Formation
CONSOLIDATION
PROCESSED
MANUALLY
B/S OF
HOUSEHOLDS
B/S OF PRIVATE
INSTITUTIONS
NON-FIN. ACCT OF
GOVERNMENT
INDONESIAN
FLOW OF
FUNDS
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QUARTERLY INDONESIAN FOF, Q1 2011*)
*) Preliminary Figure
Trillion Rp
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PAGE 1
ANNUALY INDONESIAN FOF, 2009
Trillion Rp
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PAGE 2
ANNUALY INDONESIAN FOF, 2009
Trillion Rp
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INDONESIAN FOF ANALYSIS, Q1 2011*)
Decrease inDeposit Facility Rp23,8 T
Increase in SBI/SBIS of Banks Rp5,8 T
Increase in Term Deposit Rp28,3 T
Increase in Rupiah DD Rp15,5 T
Increase in Forex DD Rp16,1 T
Decrease in Currencies in Banks Rp9,5 T
CENTRAL BANK
Gross Saving -Rp5,8 T
Non Fin. Inv -Rp38,3 M
Net Borrowing Rp5,8 T
Decrease in Curr.
of Business & HH
Rp15,8 T
Increase in SBI of
Business & HH
Rp2,2 T
BANKS
Gross Saving Rp21,5 T
Non Fin. Inv Rp1,2 T
Net Lending Rp20,3 T
Increase in SBN of Banks Rp13,1 T
Increase in DD owned
by Reg-Govt Rp37,1 T
Increase in Rupiah Loans Rp41,3 T
Increase in Forex Loans Rp13,8 T
Third Party Fund Withdrawal Rp42,5 T
BUSINESS &
HOUSEHOLDS
Goss Saving Rp449,2 T
Non Fin. Inv Rp548,2 T
Net Borrowing Rp99,0 T
Increase in SBN
of Business & HH
Rp15,0 T
GOVERNMENT
Gross Saving Rp75,1 T
Non Fin. Inv Rp9,0 T
Net Lending Rp66,1 T
Foreign loan to Business & HH Rp16,0 T
Foreign Inv in Business & HH Rp23,2 T
Selling stocks by Foreign Rp24,0 T
Increase in SBI owned
by Foreign Rp22,5 T
Increase in Foreign Reserves
$9,5 M (Position: $105,7 M )
*) Preliminary Figure
REST OF THE WORLD
Net lending Rp18,3 T
Increase in SBN of
Foregn Rp15,8 T
Foreign loan repayment Rp4,9T
Increase Central Govt DD (Rupiah: Rp20,0 T; Forex Rp34,2 T)
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THE NEEDS OF FURTHER IMPROVEMENT
COVERAGE
EXISTING INDONESIAN
FOF STATISTICS
FURTHER
IMPROVEMENT
1.
Institutional Sectors
Based on SNA 1968 and
Manual of Money and
Banking 1986
2.
Financial Instruments
Based on Money and
Banking 1986
Based on MFSM 2000
(CG-MFS 2008)
3.
Flows Concept
Changes of position
Flows of transaction,
valuation, and OCVA
Based on international best
practices
Need for alignment with
international commitment,
such as G20 Data Gaps
initiatives (Sectoral
Acccounts)
4.
Compilation
Framework
Based on SNA 2008 and
MFSM 2000 (CG-MFS
2008)
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THE ORGANIZATION OF DATA MANAGEMENT
Central
Bank
 Monetary Statistics
(Base & Broad Money)
 Financial Soundness Indicators (R2)
 Balance of Payments
 International Inv. Position (R12)
 Consol’d Portfolio Int’l Survey (R11)
 Indonesia Banking Statistics (R10)
 Int’l Transaction Report
 Payment System Statistics
 Capital Stocks (Non
Financial Assets Position)
 Business Tendency
Survey
Statistical
Ofiice






Ministry of
State Own
Enterprises
 Public Sector
Debt (G18)
 Debt Securities
 Institutional Sector Account (R15)
(Flow of Funds Statistics *)
 Securities Data (R7)
 Real Estate Prices (R19)
 Principal Global Indicators (R20)
 Financial Soundness Indicators (R2)
National Accounts (GDP)
Inflation (CPI)
Input-Output Table
Social Accounting Matrix
Export-Import Statistics
Social & Demografic Statistics
 Government Finance
(Budget) Statistics,
National & Regional
(R17)
 Government (Public)
Debt Statistics
 Non Financial Institution
Statistics
Ministry of
Finance
Remarks:
*) The Indonesian FOF is part of country
initiatives to accomplish G20
Recommendation of Data Gaps
Stastitical Coordionation Line
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A WAY FORWARD
Some Efforts in Compiling Indonesian Sectoral Accounts
1. The compilation of Indonesian Sectoral Accounts will be initiated from the related data
availability: Flow of Funds and Capital Stocks.
2. BI will have coordination with Statistics Indonesia (BPS) to define sectors of the
economy in Indonesia and classification of financial instruments & non-financial assets.
3. BI and BPS jointly formulate an appropriate approach to fill the data gaps between
requested Sectoral Accounts and the available data in Indonesia.
4. The availability of technical assistance from international institute (IMF, BIS, WB or
OECD) is necessary to speed up the progress of implementation.
5. The implementation of Indonesian Sectoral Accounts will be aligned with country’s
timeframe in implementing SNA 2008.
MAIN CHALLENGES
Among others;
The difficulty in integrating financial and non financial accounts
The problems in adequately covering the activities of household and nonfinancial
corporations
Limitation balance sheet and sectoral data at present
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A Way Forward
Possibilities to Compile Sectoral Account – Financial Assets
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A Way Forward
Possibilities to Compile Sectoral Account – Non Financial Assets
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CONCLUSION & REMARKS







Indonesia has been experienced in compiling FOF Statistics and has provided FOF
data annualy (8 sectors) since 1984, and quarterly (5 sectors) since 1993.
The compilation of FOF needs to be further improved to harmonize with current
statistic manual (ie. SNA 2008, MFSM and CG-MFS 2008), and to be aligned with
other international commitment, such as G20 Data Gaps Initiatives.
Regarding the complexity of FOF compilation, the improvement of FOF in Indonesia
requires good coordination among authorized institutions, ie. Bank Indonesia,
Statistics Indonesia, Ministry of Finance, and Capital Market & Financial Institution
Supervisory Agency.
In the area of “data coverage”, the efforts would be mostly on collecting data from
non-bank financial corporations, non financial corporations, and Households.
In the area of “conceptual framework”, Indonesia will initially observe the possibilities
to compile FOF based on “true flows” of transaction, valuation, and OCVA.
The improvement of FOF statistics will be synchronized with the efforts in the
implemention of SNA 2008, especially on constructing full sequence balance sheet.
Related to the G-20 Data Gap Initiatives, Indonesia is in considerable progress to
provide G-20 data recommendation and will have a study on the compilation of
Indonesia sectoral accounts.
Thank you