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Mr. Douglas A. Scott and Mr. Christopher Browne

). Legislation to establish the country’s first central bank was approved by parliament in late 1988. At present, monetary authority functions are shared between the Ministry of Finance; the Board of Currency Commissioners and the Board of Coinage Commissioners, which are responsible for the issuance of notes and coins respectively; and the Bank of Tonga. Offshore banking legislation was enacted in 1984, but the amount of business is small. There is no national pension fund scheme, although a contribution plan for public employees is under consideration. The Bank of Tonga

Mr. Douglas A. Scott and Mr. Christopher Browne

decided that the present arrangement, whereby monetary authority functions were shared between the Ministry of Finance and a commercial bank, was adequate at this stage of economic development. In most countries, there have been a relatively small number of commercial banks, usually branches of Australian, New Zealand, and other foreign-owned banking groups. The government has often been a minority shareholder in one or more of these banks. Given the banks’ international connections and conservative attitude toward domestic private sector lending, the financial

International Monetary Fund

accordance with budget legislation, not residency. The budget execution data compiled and disseminated do not follow the presentation of the statements and tables of the GFSM 2001 . Monetary statistics have a strong methodological foundation. Classification can be further enhanced by (i) separately identifying contra-entries to data on government’s monetary authoritiesfunctions; (ii) collecting and including data on financial derivatives at end-period market price/fair value; and (iii) reclassifying the CBR’s valuation adjustment and current year result (profit

Robert Di Calogero, K. Wilhelm Nahr, Richard T. Stillson, and John B. McLenaghan

banking industry. However, in certain countries some of these monetary authoritiesfunctions are performed by institutions other than the central bank. In these cases, the Fund’s methodology consolidates the parts of the balance sheets of those institutions relating to monetary authoritiesfunctions with the balance sheet of the central bank to form a monetary authorities’ account. In practice, the most frequent instance of this consolidation occurs when the Treasury is responsible for coin issue, while the central bank issues banknotes. In this case coin issue is

Mr. Jonathan Levin

considered to represent government performance of the monetary authoritiesfunction and are shown as liabilities of the monetary authorities. The Draft Manual draws a distinction, therefore, between repayable transactions involving debt and equities and those involving currency and deposits. Classification of transactions If these six criteria are arranged in a matrix they produce 16 cells into which government transactions may be classified (see Chart 1 ) . Of these, 15 cells represent recognizable categories in the analytical framework with which many

International Monetary Fund
The report covers national accounts, prices (consumer and producer prices), government finance, monetary, financial and international accounts (balance-of-payments and international investment position) statistics. Assessment of macroeconomic datasets was conducted using data quality assessment framework (DQAF). With the assistance of the Central Bank of Russian Federation (CBR), users’ survey was conducted. Users are satisfied with the methodological soundness, coverage, timeliness, and accessibility of official statistics, especially monetary and financial and balance of payments statistics. Based on the review, the mission has developed a set of recommendations.
Ms. Anne Y. Kester

authorities) does not remove the requirement for reporting of data on the central government in the template. 11 Depending on institutional arrangements in a country, the definition of “monetary authorities” in the template could include other public-sector entities, such as government-owned commercial banks actively employed to offset foreign currency drains. In the template, the term “other central government” is used to clarify that the monetary authority functions undertaken by the central government are included in monetary authorities. 12 Of course

International Monetary Fund

The report covers national accounts, prices (consumer and producer prices), government finance, monetary, financial and international accounts (balance-of-payments and international investment position) statistics. Assessment of macroeconomic datasets was conducted using data quality assessment framework (DQAF). With the assistance of the Central Bank of Russian Federation (CBR), users’ survey was conducted. Users are satisfied with the methodological soundness, coverage, timeliness, and accessibility of official statistics, especially monetary and financial and balance of payments statistics. Based on the review, the mission has developed a set of recommendations.

Mr. K. Wilhelm Nahr, Mr. Robert G DiCalogero, and Mr. Richard T. Stillson
This paper addresses the major issues concerning the compilation of money and banking statistics for the fifteen republics of the former Soviet Union (FSU), including (1) the treatment of ruble currency circulation and (2) the classification of claims on FSU financial institutions. The paper proposes the use of a monetary authorities’ account to encompass both the domestic and foreign aspects of ruble currency circulation and a classification scheme for monetary accounts that permits the construction of analytically meaningful monetary aggregates. These issues are addressed within an analytical framework that transforms the Gosbank Accounting System into monetary statistics broadly consistent with the Fund’s methodology.
Mr. Jose M Cartas and Artak Harutyunyan

exchange stabilization funds, or having financial relationships with the IMF. When the agencies undertaking such monetary authorities functions are institutional units separate from the central government (except those exclusively engaged in supervision and regulation of the financial system), they should be included in the central bank subsector. 3.118 However, if these units remain financially integrated with and under the direct control and supervision of the government, they cannot be treated as separate institutional units, and any monetary authority functions