I. Overall Assessment

1. The institutional framework for compiling and disseminating national accounts, government finance, monetary, and balance of payments statistics, is shaped by longstanding tradition, which defines the responsibility of the three major macroeconomic statistics agencies, namely the Bangladesh Bureau of Statistics (BBS), the Ministry of Finance (MOF), and the Bangladesh Bank (BB). The operations of the BBS, which by tradition is the central statistical agency in Bangladesh, is not governed by a comprehensive statistics law that gives it a clear mandate, operational autonomy, and resources.

2. The decision in 2001 to participate in the General Data Dissemination System (GDDS) represented an important step toward improving the statistical base. Appendix II provides an overview of Bangladesh’s dissemination practices compared to the GDDS. With some exceptions, the coverage, periodicity, and timeliness of macroeconomic statistics meet the GDDS recommendations. Guided by the GDDS plans for improvement, the BBS, MOF, and BB have demonstrated commitment to continuously improve the compilation and dissemination of macroeconomic statistics. All statistical agencies are well placed to make further statistical progress through projects that are planned or already underway. Formal structures for interagency coordination have been established, most notably the group to review data consistency in the context of Bangladesh’s arrangement with the International Monetary Fund (IMF).

3. Applying the IMF’s Data Quality Assessment Framework (DQAF July 2003), the mission reached the following conclusions:

4 Prerequisites of quality and assurances of integrity

• No legislation clearly mandates the BBS as an independent agency responsible for coordinating the national statistical system. Its responsibility for national accounts statistics is acquired from the Rules of Business, 1996 of the government of Bangladesh and various pieces of legislation pertaining to the conduct of specific surveys. The absence of a legal mandate has hampered data collection and sharing of information among data producing agencies. The role of the National Statistics Council, an advisory body to the BBS, has been limited to the approval of national censuses and surveys. Computing resources are severely constrained. Data sharing among units within the BBS is not efficient. The BBS has no budget for regular statistical surveys, except for the census of the manufacturing industries and the agricultural census. The BBS has organized recently an ad hoc meeting with users of national accounts, although a more active consultation with users would further improve relevance of the national accounts. Although the BBS management recognizes the importance of quality, there is no detailed plan for fully implementing the 1993 System of National Accounts (1993 SNA). Actions demonstrating quality awareness are reflected in a recent decision of the Minister of Planning (and concurrent Minister of Finance), who is administratively in charge of the BBS, to establish a special task force consisting of experts from both the public and private sectors to oversee the rebasing of national accounts and address other data issues. Data are provided to the Minister of Planning before release, a practice that is disclosed on the Bangladesh GDDS website of the IMF’s Data Standards Bulletin Board (DSBB). Prior access to the data, combined with the absence of predetermined dates for data release and delays in data dissemination, has adversely affected the public’s perception of the agency’s transparency. The lack of information on the choice and tenure of the Director General of the BBS may undermine the public image of BBS’s professional independence. Although not specifically mandated in the law, BBS staff safeguard data confidentiality as a basic element of good ethical standards embodied in the civil service code that guides their behavior.

• The obligation of the MOF to collect, compile, and disseminate fiscal data is authorized under legal provisions. More recently, a unit at the Comptroller for Government Accounts (CGA) was given the responsibility for work on government finance statistics (GFS). The MOF’s operational control over most government transactions facilitates the flow of data from line ministries and agencies, except data for local governments and foreign funded development expenditures. Staff and computing resources are reasonably adequate for current needs, although staff need more training on GFS. There is no active program to solicit feedback from data users, although as part of the budget preparation process, the Minister of Finance meets with public groups in which data issues are discussed. MOF statistical policies and practices are guided by professional principles. To deepen professionalism, the MOF holds weekly seminars wherein staff and outside consultants make presentations on a variety of topics, including statistical practices. There is no evidence of political interference in the compilation and dissemination of fiscal data. For information purposes, the Minister of Finance is provided with the data prior to their release. This practice is reported in the GDDS metadata on the DSBB. The MOF does not provide advance notice of methodological changes, but explanations are provided at the time changes are introduced. MOF staff are subject to the code of conduct for civil servants.

• The compilation and dissemination of the balance of payments and monetary statistics by the BB is based on the Bangladesh Bank Order, 1972,¹ which empowers the BB to request data from banking institutions and other natural or juridical person. Although the law does not specifically make reference to the compilation of the balance of payments and monetary statistics as the main purposes for data collection, by tradition, the BB has assumed responsibility for these datasets. Data sharing and coordination among departments in the BB for the compilation of monetary statistics is hampered by paper-based and manual processes, which also reflects an inadequate computer and technology support. As regards the balance of payments statistics, procedures are in place for the timely flow of information within the BB and between agencies, as exemplified by an interagency committee on balance of payments statistics projections where data issues are discussed. Confidentiality of individual reporters’ data is assured in the law and in practice. The BB encourages data reporting by conducting seminars at the BB Training Academy for staff of banks. Feedback from users could be more actively sought to monitor the relevance of the balance of payments and monetary statistics. Quality awareness is demonstrated through access to expert advice on data quality from international and local experts, staff training, and periodic reviews. Although no formal legal provision supports the professional independence of the BB, decisions on data sources and techniques are based solely on statistical considerations. Data are provided to the MOF and occasionally to other senior officials, for information purposes, before they are released to the public; this practice is disclosed in the GDDS metadata posted on the DSBB. Advance notice of major changes in the methodology is not given, but explanatory notes are provided when revisions are carried out. Staff Regulations, 2003 promotes strong ethical standards.

5. All datasets assessed in this report have good methodological foundations. Improvements in scope, classification, and sectorization are needed in varying degrees. The national accounts and GFS are most affected by incomplete coverage, while classification issues affect all datasets except the balance of payments. As regards the basis for recording, all datasets have departures from international standards. GFS data are on a cash basis, but the MOF has adopted a migration path to accrual accounting as required in the GFSM 2001.

6. The accuracy and reliability of the national accounts are hampered by shortcomings in data sources and in statistical techniques to deal with source data. The balance of payments and GFS need to strengthen their data sources, while assessment of source data across all datasets, except the GFS, could be improved. Revision studies are carried out for all datasets and used to inform the statistical processes.

7. As regards serviceability, all datasets covered in this report are compiled within the periodicity recommended in the GDDS. The timeliness of dissemination of the GFS in particular needs significant improvement to meet the GDDS recommendations. There is significant room for improving the consistency within the dataset for GFS, and the consistency between monetary statistics and GFS in recording domestic bank financing of the government. Revision policies and practices are sound for the national accounts, but serviceability of the GFS, monetary, and balance of payments statistics could be strengthened by informing users if data are preliminary and still subject to revisions.

8. Efforts have been made in recent years to improve the accessibility of macroeconomic data as indicated by the creation of agency websites. However, the data and metadata for national accounts are currently not posted on these websites. Greater efforts to release the data simultaneously to all users and to adopt a preannounced schedule of data release will boost accessibility with concomitant positive effects on the transparency of the statistical system.

9. Section II of this report provides a summary assessment by agency and dataset based on a four-point scale. This is followed by staff recommendations in Section III. The authorities’ response to this report, the results of a survey of data users in Bangladesh, and a volume of detailed assessments are presented in separate documents.

II. Assessment by Agency and Dataset

10. Assessment of the quality of four macroeconomic datasets—national accounts, government finance, monetary, and balance of payments statistics—was conducted using the Data Quality Assessment Framework (DQAF July 2003). In this section, the results are presented at the level of the DQAF elements and using a four-point rating scale (Table 1). Assessments of the prerequisites of data quality and the assurances of integrity (Dimensions “0” and “1” of the DQAF) are presented in Tables 2a–c. For each dataset, the assessment of methodological soundness, accuracy and reliability, serviceability, and accessibility (Dimensions “2” to “5” of the DQAF) are shown in Tables 3a–d.

Table 1.

Bangladesh: Data Quality Assessment Framework July 2003—Summary Results

Practice observed: current practices generally in observance meet or achieve the objectives of DQAF internationally accepted statistical practices without any significant deficiencies. Practice largely observed: some departures, but these are not seen as sufficient to raise doubts about the authorities’ ability to observe the DQAF practices. Practice largely not observed: significant departures and the authorities will need to take significant action to achieve observance. Practice not observed: most DQAF practices are not met. Not applicable: used only exceptionally when statistical practices do not apply to a country’s circumstances

Table 1.

Bangladesh: Data Quality Assessment Framework July 2003—Summary Results

Key to symbols: O = Practice Observed; LO = Practice Largely Observed; LNO =Practice Largely Not Observed; NO = Practice Not Observed; NA = Not Applicable
Datasets	National Accounts	Government Finance Statistics	Monetary Statistics	Balance of Payments Statistics
Dimensions/Elements
0. Prerequisites of quality
0.1 Legal and institutional environment	LNO	O	LO	O
0.2 Resources	LNO	LO	LNO	LO
0.3 Relevance	LO	LO	LO	LO
0.4 Other quality management	LO	O	O	O
1. Assurances of integrity
1.1 Professionalism	LO	O	O	O
1.2 Transparency	LO	LO	LO	LO
1.3 Ethical standards	O	O	O	O
2. Methodological soundness
2.1 Concepts and definitions	O	O	O	O
2.2 Scope	LNO	LO	O	LO
2.3 Classification/sectorization	LO	LNO	LO	O
2.4 Basis for recording	LO	LO	LO	LO
3. Accuracy and reliability
3.1 Source data	LNO	LO	O	LO
3.2 Assessment of source data	LO	O	LO	LO
3.3 Statistical techniques	LNO	O	O	LO
3.4 Assessment and validation of intermediate data and statistical outputs	LNO	O	O	O
3.5 Revision studies	O	O	O	O
4. Serviceability
4.1 Periodicity and timeliness	LO	LNO	O	O
4.2 Consistency	O	LNO	LO	O
4.3 Revision policy and practice	O	LO	LO	LO
5. Accessibility
5.1 Data accessibility	LNO	LO	LO	LO
5.2 Metadata accessibility	LO	O	O	O
5.3 Assistance to users	O	O	O	O

Practice observed: current practices generally in observance meet or achieve the objectives of DQAF internationally accepted statistical practices without any significant deficiencies. Practice largely observed: some departures, but these are not seen as sufficient to raise doubts about the authorities’ ability to observe the DQAF practices. Practice largely not observed: significant departures and the authorities will need to take significant action to achieve observance. Practice not observed: most DQAF practices are not met. Not applicable: used only exceptionally when statistical practices do not apply to a country’s circumstances

View Table

Table 1.

Bangladesh: Data Quality Assessment Framework July 2003—Summary Results

Key to symbols: O = Practice Observed; LO = Practice Largely Observed; LNO =Practice Largely Not Observed; NO = Practice Not Observed; NA = Not Applicable
Datasets	National Accounts	Government Finance Statistics	Monetary Statistics	Balance of Payments Statistics
Dimensions/Elements
0. Prerequisites of quality
0.1 Legal and institutional environment	LNO	O	LO	O
0.2 Resources	LNO	LO	LNO	LO
0.3 Relevance	LO	LO	LO	LO
0.4 Other quality management	LO	O	O	O
1. Assurances of integrity
1.1 Professionalism	LO	O	O	O
1.2 Transparency	LO	LO	LO	LO
1.3 Ethical standards	O	O	O	O
2. Methodological soundness
2.1 Concepts and definitions	O	O	O	O
2.2 Scope	LNO	LO	O	LO
2.3 Classification/sectorization	LO	LNO	LO	O
2.4 Basis for recording	LO	LO	LO	LO
3. Accuracy and reliability
3.1 Source data	LNO	LO	O	LO
3.2 Assessment of source data	LO	O	LO	LO
3.3 Statistical techniques	LNO	O	O	LO
3.4 Assessment and validation of intermediate data and statistical outputs	LNO	O	O	O
3.5 Revision studies	O	O	O	O
4. Serviceability
4.1 Periodicity and timeliness	LO	LNO	O	O
4.2 Consistency	O	LNO	LO	O
4.3 Revision policy and practice	O	LO	LO	LO
5. Accessibility
5.1 Data accessibility	LNO	LO	LO	LO
5.2 Metadata accessibility	LO	O	O	O
5.3 Assistance to users	O	O	O	O

Practice observed: current practices generally in observance meet or achieve the objectives of DQAF internationally accepted statistical practices without any significant deficiencies. Practice largely observed: some departures, but these are not seen as sufficient to raise doubts about the authorities’ ability to observe the DQAF practices. Practice largely not observed: significant departures and the authorities will need to take significant action to achieve observance. Practice not observed: most DQAF practices are not met. Not applicable: used only exceptionally when statistical practices do not apply to a country’s circumstances

Table 2a.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Bangladesh Bureau of Statistics

Table 2a.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Bangladesh Bureau of Statistics

0. Prerequisites of quality

1. Assurances of integrity

Legal and institutional environment. No statistical legislation clearly defines the authority of the BBS for compiling and disseminating national accounts statistics. The activities of the BBS are governed by the government Rules of Business, 1996 for the statistics division of the Ministry of Planning (MOP). These rules are not adequate to mandate the collection and confidentiality of source data. There is no institutional arrangement between the statistics producing agencies for the sharing and coordination of data. The role of the National Statistics Council is limited to the approval of national censuses and surveys. However, the official status of the BBS as the agency responsible for compiling national accounts statistics is well recognized. Resources. Computer resources are not adequate. Data sharing within units of BBS is not efficient. Most of the source data are received in a hardcopy format and require manual data entry. The BBS has no budget for regular statistical surveys, except for the census of the manufacturing industries and the agricultural census. Staffing of the National Accounting Wing of the BBS is adequate with 11 statistical officers and 20 supporting staff engaged in the national accounts compilation process. Relevance. Periodic users’ surveys are not conducted. However, an ad hoc meeting with users of national accounts has been organized recently by the BBS to seek suggestions for improving the quality of the national accounts. Other quality management. The BBS management recognizes quality as an important statistical principle. The quality of data is monitored from field collection up to the compilation and dissemination stages. However, there is no detailed plan for the Ml implementation of the 1993 SNA.

Professionalism. There are no formal provisions that support the professional independence of the BBS. The BBS is administratively under the MOP. The tenure of the BBS Director General is not predetermined. However, professionalism is promoted within the BBS. The procedures for the collection and compilation of national accounts statistics are governed by technical considerations. The national accounts aggregates are compiled on an impartial basis. Professionalism is fostered by the publication of methodological papers and special studies prepared by BBS staff. Transparency. National accounts data are cleared by the Minister of Planning before release, and this practice is identified on the IMF’s DSBB. Prior data access, combined with the absence of predetermined dates of release and delays in data dissemination, has adversely affected the users’ perception of the BBS’s transparency. Products of the BBS are clearly identified as such by its name and logo. Major changes in methodology and source data are announced in advance. Because Bangladesh participates in the GDDS, the terms and conditions under which national accounts are compiled can be found on the IMF’s DSBB. Ethical standards. Staff behavior is guided by the administrative guidelines of the civil service, which are made available to staff upon hiring.

View Table

Table 2a.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Bangladesh Bureau of Statistics

0. Prerequisites of quality

1. Assurances of integrity

Legal and institutional environment. No statistical legislation clearly defines the authority of the BBS for compiling and disseminating national accounts statistics. The activities of the BBS are governed by the government Rules of Business, 1996 for the statistics division of the Ministry of Planning (MOP). These rules are not adequate to mandate the collection and confidentiality of source data. There is no institutional arrangement between the statistics producing agencies for the sharing and coordination of data. The role of the National Statistics Council is limited to the approval of national censuses and surveys. However, the official status of the BBS as the agency responsible for compiling national accounts statistics is well recognized. Resources. Computer resources are not adequate. Data sharing within units of BBS is not efficient. Most of the source data are received in a hardcopy format and require manual data entry. The BBS has no budget for regular statistical surveys, except for the census of the manufacturing industries and the agricultural census. Staffing of the National Accounting Wing of the BBS is adequate with 11 statistical officers and 20 supporting staff engaged in the national accounts compilation process. Relevance. Periodic users’ surveys are not conducted. However, an ad hoc meeting with users of national accounts has been organized recently by the BBS to seek suggestions for improving the quality of the national accounts. Other quality management. The BBS management recognizes quality as an important statistical principle. The quality of data is monitored from field collection up to the compilation and dissemination stages. However, there is no detailed plan for the Ml implementation of the 1993 SNA.

Professionalism. There are no formal provisions that support the professional independence of the BBS. The BBS is administratively under the MOP. The tenure of the BBS Director General is not predetermined. However, professionalism is promoted within the BBS. The procedures for the collection and compilation of national accounts statistics are governed by technical considerations. The national accounts aggregates are compiled on an impartial basis. Professionalism is fostered by the publication of methodological papers and special studies prepared by BBS staff. Transparency. National accounts data are cleared by the Minister of Planning before release, and this practice is identified on the IMF’s DSBB. Prior data access, combined with the absence of predetermined dates of release and delays in data dissemination, has adversely affected the users’ perception of the BBS’s transparency. Products of the BBS are clearly identified as such by its name and logo. Major changes in methodology and source data are announced in advance. Because Bangladesh participates in the GDDS, the terms and conditions under which national accounts are compiled can be found on the IMF’s DSBB. Ethical standards. Staff behavior is guided by the administrative guidelines of the civil service, which are made available to staff upon hiring.

Table 2b.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Ministry of Finance

Table 2b.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Ministry of Finance

0. Prerequisites of quality

1. Assurances of integrity

Legal and institutional environment. The MOF is mandated by the Comptroller and Auditor General Act, 1974 to compile and disseminate budgetary data in the context of its presentation of the Annual Budget to Parliament. The administrative responsibility for work on fiscal statistics, particularly subannual data, is further delineated in the Rules of Business, 1996. The MOF generates most of the required data, and separate legislation and administrative orders such as the Bangladesh Bank Order, 1972, as amended, govern data submissions from other agencies, ensuring compliance of data reporting requirements. Recently, the MOF has agreed to a migration plan to adopt the Government Finance Statistics Manual 2001 (GFSM 2001) methodology in its compilation of fiscal statistics. The MOF chairs the interagency Poverty Reduction and Growth Facility Monitoring Committee, which provides a forum for coordination in resolving data issues. Resources. Recent donor support has substantially advanced the transition from paper records to electronic processing of budgetary data, and the MOF has now undertaken to establish a comprehensive debt database. Staff resources for the compilation of fiscal statistics are reasonably adequate for the current data work, but full adoption of GFSM 2001 methodology will require additional staff. Staff need more formal training in GFS. Relevance. Fiscal data in the past have been tailored to meet domestic budgetary requirements. More recently, the MOF has committed itself to adopt GFSM 2001 methodology in its compilation of fiscal data and has begun tentative steps in this direction. Outside a series of meetings that the Minister undertakes in the context of preparing the annual budget, there are no organized contacts with users to solicit suggestions to improve the usefulness of fiscal statistics. Other quality management. Two groups at the CGA, the Task Force on the Quality of Accounts (TFQA) and the Central Quality Assurance Team, provide a thorough vetting of administrative source data, which in the case of annual data are audited by the independent agency of the Auditor General, which issues a separate report.

Professionalism. The CGA has legal responsibility to compile and disseminate fiscal statistics, and MOF staff are aware of their obligation not to compromise data sources. To deepen professionalism, the MOF has instituted a weekly seminar series to acquaint its employees with a broad range of economic issues, including statistical topics. There is no evidence of political interference in the compilation and dissemination of fiscal data, and MOF staff actively communicate with public sources to correct the misinterpretation and misuse of fiscal statistics. Transparency. The principal venues for disseminating fiscal data clearly identify their sources. The Minister of Finance is provided fiscal statistics to be disseminated prior to their release, and on occasion may provide this information to other government officials. This early access is not officially acknowledged outside the fiscal metadata posted on the IMF’s DSBB. Changes in methodology are identified when they are introduced, usually in the form of footnotes. As a GDDS participant, the terms and conditions under which GFS are compiled can be found on the IMF’s DSBB, which can be accessed by hyperlink from the MOF’s website. Ethical standards. All MOF staff are subject to the Government Servant Conduct Rules, 1979, which establishes a code of conduct for government employees and emphasizes the need to prevent conflicts of interest and ensure personal integrity and discipline. Since its creation, the MOF has enjoyed a strong culture of ethical standards that discourages political interference.

View Table

Table 2b.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Ministry of Finance

0. Prerequisites of quality

1. Assurances of integrity

Legal and institutional environment. The MOF is mandated by the Comptroller and Auditor General Act, 1974 to compile and disseminate budgetary data in the context of its presentation of the Annual Budget to Parliament. The administrative responsibility for work on fiscal statistics, particularly subannual data, is further delineated in the Rules of Business, 1996. The MOF generates most of the required data, and separate legislation and administrative orders such as the Bangladesh Bank Order, 1972, as amended, govern data submissions from other agencies, ensuring compliance of data reporting requirements. Recently, the MOF has agreed to a migration plan to adopt the Government Finance Statistics Manual 2001 (GFSM 2001) methodology in its compilation of fiscal statistics. The MOF chairs the interagency Poverty Reduction and Growth Facility Monitoring Committee, which provides a forum for coordination in resolving data issues. Resources. Recent donor support has substantially advanced the transition from paper records to electronic processing of budgetary data, and the MOF has now undertaken to establish a comprehensive debt database. Staff resources for the compilation of fiscal statistics are reasonably adequate for the current data work, but full adoption of GFSM 2001 methodology will require additional staff. Staff need more formal training in GFS. Relevance. Fiscal data in the past have been tailored to meet domestic budgetary requirements. More recently, the MOF has committed itself to adopt GFSM 2001 methodology in its compilation of fiscal data and has begun tentative steps in this direction. Outside a series of meetings that the Minister undertakes in the context of preparing the annual budget, there are no organized contacts with users to solicit suggestions to improve the usefulness of fiscal statistics. Other quality management. Two groups at the CGA, the Task Force on the Quality of Accounts (TFQA) and the Central Quality Assurance Team, provide a thorough vetting of administrative source data, which in the case of annual data are audited by the independent agency of the Auditor General, which issues a separate report.

Professionalism. The CGA has legal responsibility to compile and disseminate fiscal statistics, and MOF staff are aware of their obligation not to compromise data sources. To deepen professionalism, the MOF has instituted a weekly seminar series to acquaint its employees with a broad range of economic issues, including statistical topics. There is no evidence of political interference in the compilation and dissemination of fiscal data, and MOF staff actively communicate with public sources to correct the misinterpretation and misuse of fiscal statistics. Transparency. The principal venues for disseminating fiscal data clearly identify their sources. The Minister of Finance is provided fiscal statistics to be disseminated prior to their release, and on occasion may provide this information to other government officials. This early access is not officially acknowledged outside the fiscal metadata posted on the IMF’s DSBB. Changes in methodology are identified when they are introduced, usually in the form of footnotes. As a GDDS participant, the terms and conditions under which GFS are compiled can be found on the IMF’s DSBB, which can be accessed by hyperlink from the MOF’s website. Ethical standards. All MOF staff are subject to the Government Servant Conduct Rules, 1979, which establishes a code of conduct for government employees and emphasizes the need to prevent conflicts of interest and ensure personal integrity and discipline. Since its creation, the MOF has enjoyed a strong culture of ethical standards that discourages political interference.

Table 2c.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Bangladesh Bank

¹Amended through the Bangladesh Bank (Amendment) Act, 2003.

Table 2c.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Bangladesh Bank

0. Prerequisites of quality

1. Assurances of integrity

Legal and institutional environment. The compilation and dissemination of the balance of payments and monetary statistics by the BB is based on the Bangladesh Bank Order, 1972, which empowers the BB to request data from banking institutions and other natural or juridical person, and provides penalties in cases of noncompliance. The same Order guarantees the confidentiality of the requested data. The BB has operational independence from the government to carry out its data collection activities. The Statistics Department (SD) of the BB has the sole responsibility for compiling and disseminating balance of payments and monetary statistics. There are two formal structures where agencies working in the fields of foreign direct investment and balance of payments statistics cooperate. Effective electronic procedures are in place for a timely flow of source data within and outside the BB for balance of payments statistics compilation. Monetary statistics compilation is hampered by the paper-based procedures for banks’ reporting and data transmission within the BB. Closer coordination between the SD and the Off-site Supervision Department would improve the data collection process. Resources. Staff working on balance of payments and monetary statistics are qualified for the functions they perform. However, the Accounts and Budgeting Department or ABD (which prepares the BB’s balance sheet that is a primary data source) does not employ any certified accountant. Computer resources are inadequate for efficient data compilation. For data entry and generation of intermediate output tables, the SD has to rely on the Information Systems Development Department, which uses an outdated program. Accounting records at the BB are kept manually, with all adjustments performed at the end of the fiscal year. Relevance. The SD strives to improve the balance of payments and monetary statistics to meet users’ needs, as demonstrated by its track record of implementing most of the IMF’s technical assistance recommendations. The SD does not actively seek users’ feedback, but occasionally receives it. Other quality management. Management of the SD is sensitive to all dimensions of data quality. Informal processes are in place to monitor and improve the quality of the statistical activities. The BB Training Academy offers in-house training to its staff and compilers from banks. Staff of the BB has participated in relevant statistics courses abroad. Returning participants conduct seminars to other BB staff.

Professionalism. The BB has a tradition of professionalism. The BB recruits its personnel through an open competitive process that includes exams and interviews. Balance of payments and monetary statistics are compiled following technical criteria. Decisions to disseminate data are also based solely on statistical needs. The BB, through its Public Relations and Publication Department, comments in cases of data misinterpretation. Transparency. The broad legal terms and conditions for compiling balance of payments and monetary statistics are implied in different sections of the Bangladesh Bank Order, 1972. As a GDDS participant, these terms and conditions can be found on the IMF’s DSBB. Data are provided to the Minister of Finance, the IMF Resident Representative Office, and to other senior officials before release to the public. Such early access is not openly acknowledged, except on the IMF’s DSBB. All publications of the BB are clearly identified as product of the institution, indicating the responsible department. Data revisions and methodological changes are indicated through notes in the BB’s publications, but advance notice of these revisions is not given to the public. Ethical standards. Ethical issues are addressed in the BB’s Staff Regulations of 2003, which deal with conflict of interest, acceptance of gifts, conduct towards female colleagues, etc. New staff must sign their acceptance of the Regulations and receive orientation courses and desk training.

¹Amended through the Bangladesh Bank (Amendment) Act, 2003.

View Table

Table 2c.

Bangladesh: Assessment of Data Quality—Dimensions 0 and 1—Bangladesh Bank

0. Prerequisites of quality

1. Assurances of integrity

Legal and institutional environment. The compilation and dissemination of the balance of payments and monetary statistics by the BB is based on the Bangladesh Bank Order, 1972, which empowers the BB to request data from banking institutions and other natural or juridical person, and provides penalties in cases of noncompliance. The same Order guarantees the confidentiality of the requested data. The BB has operational independence from the government to carry out its data collection activities. The Statistics Department (SD) of the BB has the sole responsibility for compiling and disseminating balance of payments and monetary statistics. There are two formal structures where agencies working in the fields of foreign direct investment and balance of payments statistics cooperate. Effective electronic procedures are in place for a timely flow of source data within and outside the BB for balance of payments statistics compilation. Monetary statistics compilation is hampered by the paper-based procedures for banks’ reporting and data transmission within the BB. Closer coordination between the SD and the Off-site Supervision Department would improve the data collection process. Resources. Staff working on balance of payments and monetary statistics are qualified for the functions they perform. However, the Accounts and Budgeting Department or ABD (which prepares the BB’s balance sheet that is a primary data source) does not employ any certified accountant. Computer resources are inadequate for efficient data compilation. For data entry and generation of intermediate output tables, the SD has to rely on the Information Systems Development Department, which uses an outdated program. Accounting records at the BB are kept manually, with all adjustments performed at the end of the fiscal year. Relevance. The SD strives to improve the balance of payments and monetary statistics to meet users’ needs, as demonstrated by its track record of implementing most of the IMF’s technical assistance recommendations. The SD does not actively seek users’ feedback, but occasionally receives it. Other quality management. Management of the SD is sensitive to all dimensions of data quality. Informal processes are in place to monitor and improve the quality of the statistical activities. The BB Training Academy offers in-house training to its staff and compilers from banks. Staff of the BB has participated in relevant statistics courses abroad. Returning participants conduct seminars to other BB staff.

Professionalism. The BB has a tradition of professionalism. The BB recruits its personnel through an open competitive process that includes exams and interviews. Balance of payments and monetary statistics are compiled following technical criteria. Decisions to disseminate data are also based solely on statistical needs. The BB, through its Public Relations and Publication Department, comments in cases of data misinterpretation. Transparency. The broad legal terms and conditions for compiling balance of payments and monetary statistics are implied in different sections of the Bangladesh Bank Order, 1972. As a GDDS participant, these terms and conditions can be found on the IMF’s DSBB. Data are provided to the Minister of Finance, the IMF Resident Representative Office, and to other senior officials before release to the public. Such early access is not openly acknowledged, except on the IMF’s DSBB. All publications of the BB are clearly identified as product of the institution, indicating the responsible department. Data revisions and methodological changes are indicated through notes in the BB’s publications, but advance notice of these revisions is not given to the public. Ethical standards. Ethical issues are addressed in the BB’s Staff Regulations of 2003, which deal with conflict of interest, acceptance of gifts, conduct towards female colleagues, etc. New staff must sign their acceptance of the Regulations and receive orientation courses and desk training.

¹Amended through the Bangladesh Bank (Amendment) Act, 2003.

Table 3a.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—National Accounts

Table 3a.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—National Accounts

2. Methodological soundness	3. Accuracy and reliability	4. Serviceability	5. Accessibility
Concepts and definitions. The national accounts are compiled broadly in accordance with the conceptual framework of the 1993 SNA. Scope. The scope of the annual accounts does not meet the minimum requirements for implementing the 1993 SNA. Annual sequence of accounts for the total economy as well as annual rest of the world accounts are not compiled. There are some deviations in the scope of the assets boundaries. Currently, the assets measurement does not cover all defense related assets used for civilian purposes, agricultural work-in-progress, valuables, and some intangible assets. Classification/sectorization. The classifications are broadly consistent with internationally accepted guidelines. The only exception is the national classification of household consumption, which is not fully consistent with the Classification of Individual Consumption by Purpose. Basis for recording. The basis for recording is largely in accordance with the 1993 SNA. Recording is done on an accrual basis with the exception of government transactions and rest of the world transactions, which are recorded on a cash basis.	Source data. Source data for the national accounts are derived primarily from outdated benchmark censuses and administrative sources. There is no comprehensive business register to be used as a survey frame. Regular enterprise surveys are not conducted. Most source data allow the compilation of output aggregates only and are not timely. Assessment of source data. The BBS data used in the compilation of the national accounts are validated and assessed. However, the accuracy of the administrative source data is not assessed. Statistical techniques are weak. The national accounts estimates are compiled at 1995/96 prices; the reliance on fixed ratios that are over five years old is widespread. Changes in inventories are not measured. No special procedures are used to estimate the nonobserved activities. Assessment and validation of intermediate data and statistical outputs. Supply and use framework is not used to investigate the discrepancies in statistical outputs. Assessment of intermediate data against other alternative data sources is limited. Revision studies. Revision studies for changes in the base year are conducted and documented.	Periodicity and timeliness. The annual gross domestic product (GDP) estimates fall slightly short of GDDS recommendations. They are disseminated 11 months after the end of the year, instead of nine months as recommended in the GDDS. Consistency. Consistent set of GDP time series are available from 1980/81. The national accounts are fully consistent with the balance of payments and the government finance statistics. Revision policy and practice. Revisions follow a regular cycle. Publications alert users that initially published data are preliminary and subject to revision. Studies of revisions are made public.	Data accessibility. National accounts data are available in hardcopy publications only. There is no preannounced schedule for the release of the national accounts estimates. The BBS has no authority to release data without the approval of the Minister of Planning, which results in significant dissemination delays. Users are not informed when data are released. National accounts are considered released on the day the hardcopy publication is available. Metadata accessibility. The BBS has disseminated a comprehensive document on the concepts and methods used in the national accounts compilation. However, the metadata are too specialized to be useful to the general public. Assistance to users. Assistance to users is generally adequate. Statistical publications contain information on the list of the BBS publications.

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Table 3a.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—National Accounts

2. Methodological soundness	3. Accuracy and reliability	4. Serviceability	5. Accessibility
Concepts and definitions. The national accounts are compiled broadly in accordance with the conceptual framework of the 1993 SNA. Scope. The scope of the annual accounts does not meet the minimum requirements for implementing the 1993 SNA. Annual sequence of accounts for the total economy as well as annual rest of the world accounts are not compiled. There are some deviations in the scope of the assets boundaries. Currently, the assets measurement does not cover all defense related assets used for civilian purposes, agricultural work-in-progress, valuables, and some intangible assets. Classification/sectorization. The classifications are broadly consistent with internationally accepted guidelines. The only exception is the national classification of household consumption, which is not fully consistent with the Classification of Individual Consumption by Purpose. Basis for recording. The basis for recording is largely in accordance with the 1993 SNA. Recording is done on an accrual basis with the exception of government transactions and rest of the world transactions, which are recorded on a cash basis.	Source data. Source data for the national accounts are derived primarily from outdated benchmark censuses and administrative sources. There is no comprehensive business register to be used as a survey frame. Regular enterprise surveys are not conducted. Most source data allow the compilation of output aggregates only and are not timely. Assessment of source data. The BBS data used in the compilation of the national accounts are validated and assessed. However, the accuracy of the administrative source data is not assessed. Statistical techniques are weak. The national accounts estimates are compiled at 1995/96 prices; the reliance on fixed ratios that are over five years old is widespread. Changes in inventories are not measured. No special procedures are used to estimate the nonobserved activities. Assessment and validation of intermediate data and statistical outputs. Supply and use framework is not used to investigate the discrepancies in statistical outputs. Assessment of intermediate data against other alternative data sources is limited. Revision studies. Revision studies for changes in the base year are conducted and documented.	Periodicity and timeliness. The annual gross domestic product (GDP) estimates fall slightly short of GDDS recommendations. They are disseminated 11 months after the end of the year, instead of nine months as recommended in the GDDS. Consistency. Consistent set of GDP time series are available from 1980/81. The national accounts are fully consistent with the balance of payments and the government finance statistics. Revision policy and practice. Revisions follow a regular cycle. Publications alert users that initially published data are preliminary and subject to revision. Studies of revisions are made public.	Data accessibility. National accounts data are available in hardcopy publications only. There is no preannounced schedule for the release of the national accounts estimates. The BBS has no authority to release data without the approval of the Minister of Planning, which results in significant dissemination delays. Users are not informed when data are released. National accounts are considered released on the day the hardcopy publication is available. Metadata accessibility. The BBS has disseminated a comprehensive document on the concepts and methods used in the national accounts compilation. However, the metadata are too specialized to be useful to the general public. Assistance to users. Assistance to users is generally adequate. Statistical publications contain information on the list of the BBS publications.

Table 3b.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Government Finance Statistics

Table 3b.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Government Finance Statistics

2. Methodological soundness	3. Accuracy and reliability	4. Serviceability	5. Accessibility
Concepts and definitions. The compilation of fiscal statistics largely follows A Manual on Government Finance Statistics, 1986 (GFSM 1986) methodology. The MOF has committed to a migration plan for the adoption of GFSM 2001. Scope. The scope of fiscal statistics is budgetary central government operations, which falls short of the standard of general government under GFSM 1986 methodology. Data on local governments are not available to the MOF. Some externally funded project expenditures, for which financing has been entered separately, are not recorded. Classification/sectorization. Weaknesses exist in the classification and sectorization. Revenue, expenditure, net lending, and financing are classified in the national presentation in broad conformity with GFSM 1986. Exceptions are the misclassification of three nonfinancial enterprises as part of government ministries, the presence of large (but in recent years reduced) suspense accounts, and the misclassification of certain transfers. Detailed GFS expenditure classifications are incomplete due to the practice of not clearing suspense accounts at the end of the fiscal year. Basis for recording. Transactions are recorded on a cash basis, which is in accordance with the GFSM 1986 methodology. However, differences in the timing of recording between above-the-line and financing (below-the-line) data create statistical discrepancies that are large and volatile.	Source data. The basis for recording fiscal statistics is budgetary submissions from government ministries and agencies to the CGA, as augmented by financing data from BB, the National Savings Directorate, and the External Relations Division of the MOF. Submissions are timely. However, foreign-financed development expenditure is substantially understated due to reporting weaknesses. Assessment of source data. The CGA monitors data submissions for quality, and the annual final accounts are audited by the independent office of the Auditor General prior to dissemination. Statistical techniques. The compilation of fiscal data from which the GFS are derived does not require statistical techniques. Assessment and validation of intermediate data and statistical outputs. Discrepancies with data from other sources are assessed in the context of the interagency Poverty Reduction and Growth Facility Monitoring Committee. The TFQA and the Quality Assurance Team in the CGA work to ensure accuracy in budgetary accounts. Revision studies. Although the MOF does not prepare revised monthly data, it examines deviations between preliminary and final data (at the end of the fiscal year) to ensure that the reasons for significant differences are understood.	Periodicity and timeliness. The dissemination of fiscal statistics does not meet GDDS recommendations, as the current lag in disseminating annual data is two years. Fiscal data meet GDDS recommendations for periodicity, producing monthly budgetary aggregates, annual data on government operations, monthly data on domestic debt, and annual foreign debt data. The delay in disseminating monthly data has exceeded six months, but the timeliness has been made current at the time of the mission. The timeliness of comprehensive debt data meets GDDS recommendations, with domestic debt disseminated within two months of the end of the reference month and foreign debt within nine months of the end of the fiscal year. Consistency. Monthly data, which are only summarily audited, do not sum to annual data. In both datasets, the revenue/ expenditure above-the-line deficit does not agree with financing data. Fiscal statistics appear consistent over several years. MOF data on domestic bank borrowing do not match banking sector data. Revision policy and practice. The MOF does not revise preliminary monthly data, and users are not informed of the practice. However, the MOF prepares audited final annual accounts, which are disseminated. The MOF does not disseminate revision studies. The Auditor General prepares a report on budget accounts and execution.	Data accessibility. The budget presentation includes summary information, which is designed to provide an overview of fiscal developments. Data in the GFS format are disseminated through the IMF GFS Yearbook and the MOF’s website. Outside the budget speech, there is no publicized advance release schedule for fiscal statistics. Budgetary execution data are made available to all users simultaneously. The MOF provides specialized data available to the public on a case-by-case basis. Metadata accessibility. The MOF disseminates documentation on concepts, scope, classification, the basis of recording, and sources for budget execution data. Metadata on GFS are disseminated on the IMF’s DSBB, which can be accessed by hyperlink from the MOF’s website. Assistance to users. Assistance to users is provided through a mailbox on the MOF website. Due to the limited number of publications, the MOF does not provide a catalog, but the outlets are well known.

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Table 3b.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Government Finance Statistics

2. Methodological soundness	3. Accuracy and reliability	4. Serviceability	5. Accessibility
Concepts and definitions. The compilation of fiscal statistics largely follows A Manual on Government Finance Statistics, 1986 (GFSM 1986) methodology. The MOF has committed to a migration plan for the adoption of GFSM 2001. Scope. The scope of fiscal statistics is budgetary central government operations, which falls short of the standard of general government under GFSM 1986 methodology. Data on local governments are not available to the MOF. Some externally funded project expenditures, for which financing has been entered separately, are not recorded. Classification/sectorization. Weaknesses exist in the classification and sectorization. Revenue, expenditure, net lending, and financing are classified in the national presentation in broad conformity with GFSM 1986. Exceptions are the misclassification of three nonfinancial enterprises as part of government ministries, the presence of large (but in recent years reduced) suspense accounts, and the misclassification of certain transfers. Detailed GFS expenditure classifications are incomplete due to the practice of not clearing suspense accounts at the end of the fiscal year. Basis for recording. Transactions are recorded on a cash basis, which is in accordance with the GFSM 1986 methodology. However, differences in the timing of recording between above-the-line and financing (below-the-line) data create statistical discrepancies that are large and volatile.	Source data. The basis for recording fiscal statistics is budgetary submissions from government ministries and agencies to the CGA, as augmented by financing data from BB, the National Savings Directorate, and the External Relations Division of the MOF. Submissions are timely. However, foreign-financed development expenditure is substantially understated due to reporting weaknesses. Assessment of source data. The CGA monitors data submissions for quality, and the annual final accounts are audited by the independent office of the Auditor General prior to dissemination. Statistical techniques. The compilation of fiscal data from which the GFS are derived does not require statistical techniques. Assessment and validation of intermediate data and statistical outputs. Discrepancies with data from other sources are assessed in the context of the interagency Poverty Reduction and Growth Facility Monitoring Committee. The TFQA and the Quality Assurance Team in the CGA work to ensure accuracy in budgetary accounts. Revision studies. Although the MOF does not prepare revised monthly data, it examines deviations between preliminary and final data (at the end of the fiscal year) to ensure that the reasons for significant differences are understood.	Periodicity and timeliness. The dissemination of fiscal statistics does not meet GDDS recommendations, as the current lag in disseminating annual data is two years. Fiscal data meet GDDS recommendations for periodicity, producing monthly budgetary aggregates, annual data on government operations, monthly data on domestic debt, and annual foreign debt data. The delay in disseminating monthly data has exceeded six months, but the timeliness has been made current at the time of the mission. The timeliness of comprehensive debt data meets GDDS recommendations, with domestic debt disseminated within two months of the end of the reference month and foreign debt within nine months of the end of the fiscal year. Consistency. Monthly data, which are only summarily audited, do not sum to annual data. In both datasets, the revenue/ expenditure above-the-line deficit does not agree with financing data. Fiscal statistics appear consistent over several years. MOF data on domestic bank borrowing do not match banking sector data. Revision policy and practice. The MOF does not revise preliminary monthly data, and users are not informed of the practice. However, the MOF prepares audited final annual accounts, which are disseminated. The MOF does not disseminate revision studies. The Auditor General prepares a report on budget accounts and execution.	Data accessibility. The budget presentation includes summary information, which is designed to provide an overview of fiscal developments. Data in the GFS format are disseminated through the IMF GFS Yearbook and the MOF’s website. Outside the budget speech, there is no publicized advance release schedule for fiscal statistics. Budgetary execution data are made available to all users simultaneously. The MOF provides specialized data available to the public on a case-by-case basis. Metadata accessibility. The MOF disseminates documentation on concepts, scope, classification, the basis of recording, and sources for budget execution data. Metadata on GFS are disseminated on the IMF’s DSBB, which can be accessed by hyperlink from the MOF’s website. Assistance to users. Assistance to users is provided through a mailbox on the MOF website. Due to the limited number of publications, the MOF does not provide a catalog, but the outlets are well known.

Table 3c.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Monetary Statistics

Table 3c.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Monetary Statistics

2. Methodological soundness	3. Accuracy and reliability	4. Serviceability	5. Accessibility
Concepts and definitions. The monetary statistics are broadly consistent with the methodology of the Monetary and Financial Statistics Manual. Scope. The monetary survey covers the BB, 50 commercial banks, and most of the nonbank deposit taking institutions. The SD receives data from five offshore banks, but does not include them in the depository corporations’ survey, because the banks do not transact with residents. This rationale for excluding offshore banks in the coverage of the depository corporations survey is recognized in the Monetary and Financial Statistics Manual. Classification/sectorization. The only exception to a proper classification is the inclusion of the accounts of three public enterprises as part of central government in the BB’s analytical accounts. Basis for recording. Banks report data on an accrual basis, with no netting of accounts, and using market prices to value the accounts, except for treasury bonds, which are reported at face value. The BB’s balance sheet is produced on a cash basis, although the BB is in the process of adopting an accrual-based system. Interest on BB’s credit to government (in the form of special treasury bills) is not recorded on an accrual basis. Accounts in overdraft are netted from the total deposits, which is not a recommended practice.	Source data. The other depository corporations’ survey is based on the consolidated balance sheets of all banks and most nonbank deposit taking institutions. The survey is based on actual accounting records. Banks report on a monthly basis with a one-month lag. The BB’s balance sheet is available with a 20-day lag. Assessment of source data. Several consistency checks are performed to assess the quality of the reported data, but all assessments are performed manually. Statistical techniques. Data reported by banks are complete, and the SD does not need to estimate missing information. Assessment and validation of intermediate data and statistical outputs. The primary system of data verification is a detailed review of the banks’ report forms. Questionable data are investigated. The SD keeps a file that documents the commonly detected errors. Revision studies. Major revisions are undertaken following technical assistance from the IMF. These revisions are studied and reviewed to inform statistical processes and to introduce further data improvements.	Periodicity and timeliness. The periodicity and timeliness of the monetary statistics meet the GDDS recommendations (i.e., monthly frequency with a two-month lag). Consistency. Monetary data are consistent with the balance of payments statistics. There are discrepancies in the data for domestic bank financing of the government between the monetary statistics and GFS. Revision policy and practice. Monetary statistics are considered final when published, but may be subject to revision if errors are detected. The public is not made aware that the data may be revised.	Data accessibility. Monetary tables in the BB’s publications present the data in a manner that facilitates proper interpretation and with a level of disaggregation that meets different users’ needs. Monetary data are published and are also posted on the BB’s website. There is no preannounced release calendar. Prior to their release to the general public, monetary statistics are made available to the Minister of Finance, the IMF Resident Representative Office, and occasionally to other government officials. Upon request, the SD provides non-published, but nonconfidential data. Metadata accessibility. BB’s publications contain a section with methodological notes and the terms and conditions of the compilation. Assistance to users. All publications list the unit at the BB responsible for the publication and provide a contact e-mail address. The BB publishes a catalog with subscription prices.

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Table 3c.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Monetary Statistics

2. Methodological soundness	3. Accuracy and reliability	4. Serviceability	5. Accessibility
Concepts and definitions. The monetary statistics are broadly consistent with the methodology of the Monetary and Financial Statistics Manual. Scope. The monetary survey covers the BB, 50 commercial banks, and most of the nonbank deposit taking institutions. The SD receives data from five offshore banks, but does not include them in the depository corporations’ survey, because the banks do not transact with residents. This rationale for excluding offshore banks in the coverage of the depository corporations survey is recognized in the Monetary and Financial Statistics Manual. Classification/sectorization. The only exception to a proper classification is the inclusion of the accounts of three public enterprises as part of central government in the BB’s analytical accounts. Basis for recording. Banks report data on an accrual basis, with no netting of accounts, and using market prices to value the accounts, except for treasury bonds, which are reported at face value. The BB’s balance sheet is produced on a cash basis, although the BB is in the process of adopting an accrual-based system. Interest on BB’s credit to government (in the form of special treasury bills) is not recorded on an accrual basis. Accounts in overdraft are netted from the total deposits, which is not a recommended practice.	Source data. The other depository corporations’ survey is based on the consolidated balance sheets of all banks and most nonbank deposit taking institutions. The survey is based on actual accounting records. Banks report on a monthly basis with a one-month lag. The BB’s balance sheet is available with a 20-day lag. Assessment of source data. Several consistency checks are performed to assess the quality of the reported data, but all assessments are performed manually. Statistical techniques. Data reported by banks are complete, and the SD does not need to estimate missing information. Assessment and validation of intermediate data and statistical outputs. The primary system of data verification is a detailed review of the banks’ report forms. Questionable data are investigated. The SD keeps a file that documents the commonly detected errors. Revision studies. Major revisions are undertaken following technical assistance from the IMF. These revisions are studied and reviewed to inform statistical processes and to introduce further data improvements.	Periodicity and timeliness. The periodicity and timeliness of the monetary statistics meet the GDDS recommendations (i.e., monthly frequency with a two-month lag). Consistency. Monetary data are consistent with the balance of payments statistics. There are discrepancies in the data for domestic bank financing of the government between the monetary statistics and GFS. Revision policy and practice. Monetary statistics are considered final when published, but may be subject to revision if errors are detected. The public is not made aware that the data may be revised.	Data accessibility. Monetary tables in the BB’s publications present the data in a manner that facilitates proper interpretation and with a level of disaggregation that meets different users’ needs. Monetary data are published and are also posted on the BB’s website. There is no preannounced release calendar. Prior to their release to the general public, monetary statistics are made available to the Minister of Finance, the IMF Resident Representative Office, and occasionally to other government officials. Upon request, the SD provides non-published, but nonconfidential data. Metadata accessibility. BB’s publications contain a section with methodological notes and the terms and conditions of the compilation. Assistance to users. All publications list the unit at the BB responsible for the publication and provide a contact e-mail address. The BB publishes a catalog with subscription prices.

Table 3d.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Balance of Payments Statistics

Table 3d.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Balance of Payments Statistics

2. Methodological soundness	3. Accuracy and reliability	4. Serviceability	5. Accessibility
Concepts and definitions. Balance of payments data are compiled in accordance with the principles and methodology recommended in the fifth edition of the IMF’s Balance of Payments Manual (BPM5). Scope. The balance of payments covers all current and capital and financial transactions between residents and nonresidents, except nonmonetary gold imports. The coverage is ensured for both the financial and nonfinancial sector, except for the financial transactions of offshore banks. Classification/sectorization. External transactions and institutional units are classified and sectorized in accordance with BPM5. Basis for recording. Change of ownership is the basis for recording transactions in goods as recommended in BPM5. Grants and foreign direct investment equity contributions are recorded at values reported by donors and foreign direct investors instead of market values. Service transactions are recorded on a cash basis.	Source data. The balance of payments statistics data are compiled from a number of sources, including customs declarations, banking transactions records, surveys, and administrative records. Data sources for estimating goods for processing (e.g., garments) are not adequate and adjustments to goods imports derived from customs returns are not available. Goods for processing represent a significant component of the balance of payments in Bangladesh. Assessment of source data. Assessment of data pertain to checking mechanisms internal to the survey report forms. ITRS statements submitted by banks are edited, reviewed, and cleared for onward processing. Survey data are not checked with information available from the ITRS. Statistical techniques. Statistical techniques are sound, but estimation procedures on freight and insurance on goods imports, and on technical assistance need to be improved. Assessment and validation of intermediate data and statistical outputs. Investment income flows are regularly assessed in relation to corresponding stock data. Financial flows are reconciled with the corresponding stock positions and bilateral reconciliations are conducted for selected items. Revision studies. Findings from revision studies are used to refine data collection programs.	Periodicity and timeliness. Periodicity and timeliness of balance of payments statistics comply with the GDDS recommendations and have reached the level of the SDDS. Consistency. Annual data are the sum of quarterly data and quarterly data are the sum of monthly data. Balance of payments data are also consistent over time with time series available over a period of at least five years. Detailed data are cross-checked and verified with other economic data. Revision policy and practice. Data are revised when more complete returns are received from commercial banks or when new data sources have been developed. Preliminary and/or revised data are not identified as such in Economic Trends. Data revisions are indicated by footnotes. Methodological changes are reported through notes in the monthly Economic Trends, and the quarterly Bangladesh Bank Bulletin and Scheduled Banks Bulletin.	Data accessibility. Balance of payments data are presented in a way that facilitates proper interpretation and meaningful comparisons, together with commentaries and definitions that facilitate the understanding of the balance of payments. Balance of payments data are disseminated in the BB’s publications and on the BB’s website. Data are not made available to all users at the same time. Advance notification of data release is not currently provided. Metadata accessibility. Documentation of methodology, sources used in preparing statistics, and an explanation of the types of transactions included in each of the data categories are published in Annual Balance of Payments and is also available on the BB’s website. Additional information on metadata is made available upon request. Assistance to users. An e-mail address, a mailing address, and a website address are provided in the publications of the BB. The BB publishes a catalog with subscription prices.

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Table 3d.

Bangladesh: Assessment of Data Quality—Dimensions 2 to 5—Balance of Payments Statistics

2. Methodological soundness	3. Accuracy and reliability	4. Serviceability	5. Accessibility
Concepts and definitions. Balance of payments data are compiled in accordance with the principles and methodology recommended in the fifth edition of the IMF’s Balance of Payments Manual (BPM5). Scope. The balance of payments covers all current and capital and financial transactions between residents and nonresidents, except nonmonetary gold imports. The coverage is ensured for both the financial and nonfinancial sector, except for the financial transactions of offshore banks. Classification/sectorization. External transactions and institutional units are classified and sectorized in accordance with BPM5. Basis for recording. Change of ownership is the basis for recording transactions in goods as recommended in BPM5. Grants and foreign direct investment equity contributions are recorded at values reported by donors and foreign direct investors instead of market values. Service transactions are recorded on a cash basis.	Source data. The balance of payments statistics data are compiled from a number of sources, including customs declarations, banking transactions records, surveys, and administrative records. Data sources for estimating goods for processing (e.g., garments) are not adequate and adjustments to goods imports derived from customs returns are not available. Goods for processing represent a significant component of the balance of payments in Bangladesh. Assessment of source data. Assessment of data pertain to checking mechanisms internal to the survey report forms. ITRS statements submitted by banks are edited, reviewed, and cleared for onward processing. Survey data are not checked with information available from the ITRS. Statistical techniques. Statistical techniques are sound, but estimation procedures on freight and insurance on goods imports, and on technical assistance need to be improved. Assessment and validation of intermediate data and statistical outputs. Investment income flows are regularly assessed in relation to corresponding stock data. Financial flows are reconciled with the corresponding stock positions and bilateral reconciliations are conducted for selected items. Revision studies. Findings from revision studies are used to refine data collection programs.	Periodicity and timeliness. Periodicity and timeliness of balance of payments statistics comply with the GDDS recommendations and have reached the level of the SDDS. Consistency. Annual data are the sum of quarterly data and quarterly data are the sum of monthly data. Balance of payments data are also consistent over time with time series available over a period of at least five years. Detailed data are cross-checked and verified with other economic data. Revision policy and practice. Data are revised when more complete returns are received from commercial banks or when new data sources have been developed. Preliminary and/or revised data are not identified as such in Economic Trends. Data revisions are indicated by footnotes. Methodological changes are reported through notes in the monthly Economic Trends, and the quarterly Bangladesh Bank Bulletin and Scheduled Banks Bulletin.	Data accessibility. Balance of payments data are presented in a way that facilitates proper interpretation and meaningful comparisons, together with commentaries and definitions that facilitate the understanding of the balance of payments. Balance of payments data are disseminated in the BB’s publications and on the BB’s website. Data are not made available to all users at the same time. Advance notification of data release is not currently provided. Metadata accessibility. Documentation of methodology, sources used in preparing statistics, and an explanation of the types of transactions included in each of the data categories are published in Annual Balance of Payments and is also available on the BB’s website. Additional information on metadata is made available upon request. Assistance to users. An e-mail address, a mailing address, and a website address are provided in the publications of the BB. The BB publishes a catalog with subscription prices.