Abstract

63. An international transactions reporting system (that is, a system for reporting international transactions) measures: (1) individual BOP cash transactions that pass through domestic banks and through enterprise accounts with banks abroad, (2) noncash transactions, and (3) stock positions. Statistics are compiled from forms submitted to domestic banks and from forms submitted by enterprises. An international transactions reporting system (ITRS) can provide comprehensive and timely BOP statistics. Most international transactions reporting systems, which were formerly known as foreign exchange record systems, evolved as by-products of foreign exchange control systems. However, as foreign exchange restrictions were eased or lifted, many systems began to measure more than foreign exchange transactions; hence, a broader designation is necessary to describe them.