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Cyprus: Staff Report for the 2011 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund
Published Date:
November 2011
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ANNEX I: CYPRUS—FUND RELATIONS

(As of September 30, 2011)

Membership Status: Joined December 21,

1961;Article VIII

General Resources Account:

SDR MillionPercent Quota
Quota158.20100.0
Fund holdings
of currency99.7263.03
Reserve Tranche
Position58.5236.99

SDR Department:

Percent
SDR MillionAllocation
Net cumulative
allocation132.80100.00
Holdings139.46105.01

Outstanding Purchases and Loans: None

Financial Arrangements: None

Projected Obligations to Fund (SDR million; based on existing use of resources and present holdings of SDRs):

Forthcoming
20102011201220132014
Principal
Charges0.000.000.000.000.00
/Intrest
Total0.000.000.000.000.00

Exchange Rate Arrangement: Cyprus adopted the euro on January 1, 2008. The currency floats freely and independently against other currencies. Cyprus has accepted the obligations of Article VIII, Sections 2, 3, and 4 and maintains an exchange system free of restrictions on the making of payments and transfers for current transactions.

Article IV Consultation: Cyprus is on a 12-month cycle. The previous Article IV Consultation mission took place during June 24–July 5, 2010, and the staff report (CR/10/291) was discussed by the Executive Board on August 27, 2010.

FSAP Participation and ROSCs: An FSAP mission took place during September 23 - October 6, 2008. The FSAP Technical Notes were published in May 2009 (CR/09/167 and CR/09/171); the Financial System Stability Assessment (FSSA) was published in October 2009 (CR/09/308).

Technical Assistance:

Dept.PurposeDate
MAEGovernment debt managementFebruary-March 1989
FADVAT training programJune-October 1992
MAEFinancial sector liberalizationNovember-December 1993
MAEReform of government securitiesApril-May 1994
STASpecial Data Dissemination StandardAugust 1997
STABalance of PaymentsMarch 1999
STABalance of PaymentsMay-July 2001
STABalance of PaymentsNovember 2001-March 2002
STABalance of PaymentsApril-June 2002
FADPublic Investment and PPPsMarch-April 2006
FADMedium-term Budget FrameworkMay 2006
FADMedium-term Budget FrameworkOctober 2007
STASpecial Data Dissemination StandardMay 2007
STASpecial Data Dissemination StandardMarch 2009
STABalance of PaymentsJuly 2011

Resident Representative: None.

ANNEX II: CYPRUS—STATISTICAL INFORMATION

(As of October 31, 2011)

A. Assessment of Data Adequacy for Surveillance

General: Data provision is adequate for surveillance.

National Accounts: The transition to the new European System of Accounts 1995 (ESA 1995) has complicated the analysis of national accounts and fiscal data. The new national accounts do not provide information on the disposable income of households, thus hindering the calculation of the household saving ratio.

Financial sector data: The currency-linked and indexed bonds held by nonresidents are classified as domestic instead of foreign liabilities.

External debt: The authorities have decided to include non-resident deposits in resident banks in gross external debt.

Other: The Central Bank has started to compile data on property prices and household sector assets in 2009.

B. Data Standards and Quality

Cyprus subscribed to the IMF’s Special Data Dissemination Standard (SDDS) on December 1, 2009 and has posted the metadata on the Dissemination Standards Bulletin Board (DSBB). Cyprus’ economic database is comprehensive and of generally good quality. Data are provided to the Fund in a comprehensive manner (see attached table). The authorities regularly publish a wide range of economic and financial data, as well as a calendar of dates for the main statistical releases. Cyprus is also subject to the statistical requirements and timeliness and reporting standards of Eurostat and the European Central Bank (ECB), and has adopted the European System of Accounts 1995 (ESA95). No data ROSC is available.

Cyprus: Table of Common Indicators Required for Surveillance(As of October 28, 2011)
Date of latest observationDate receivedFrequency of Data7Frequency of Reporting7Frequency of Publication7
Exchange RatesCurrentCurrentDDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1Sept. 2011Oct. 2011MMM
Reserve/Base MoneySept. 2011Oct. 2011MMM
Broad MoneySept. 2011Oct. 2011MMM
Central Bank Balance SheetSept. 2011Oct. 2011MMM
Consolidated Balance Sheet of the Banking SystemSept. 2011Oct. 2011MMM
Interest Rates2Sept. 2011Oct. 2011MMM
Consumer Price IndexSept. 2011Oct. 2011MMM
Revenue, Expenditure, Balance and Composition of Financing3—General Government4Q2 2011Oct. 2011QQQ
Revenue, Expenditure, Balance and Composition of Financing3—Central GovernmentAug. 2011Oct. 2011MMM
Stocks of Central Government and Central Government-Guaranteed Debt5Q2 2011Oct. 2011QQQ
External Current Account BalanceQ1 2011Aug. 2011QQQ
Exports and Imports of Goods and ServicesQ1 2011Aug. 2011QQQ
GDP/GNPQ2 2011Oct. 2011QQQ
Gross External DebtQ1 2011Aug. 2011QQQ
International Investment Position6Q1 2011Aug. 2011QQQ

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

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