Annex I Relations with the Fund

(As of March 31, 2011)

I. Membership Status: Joined September 28, 1963; Article VIII

II. General Resources Account:

		SDR Million	Percent of
			Quota
	Quota	533.00	100.00
	Fund holdings of currency	533.00	100.00

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		SDR Million	Percent of
			Quota
	Quota	533.00	100.00
	Fund holdings of currency	533.00	100.00

III. SDR Department:

		SDR Million	Percent of
			Quota
	Net cumulative allocation	510.86	100.0
	Holdings	353.05	69.11

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		SDR Million	Percent of
			Quota
	Net cumulative allocation	510.86	100.0
	Holdings	353.05	69.11

IV. Outstanding Purchases and Loans:

		SDR Million	Percent of
			Quota
	ESF RAC loan	108.16	20.29
	ECF Arrangement	151.15	28.36

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		SDR Million	Percent of
			Quota
	ESF RAC loan	108.16	20.29
	ECF Arrangement	151.15	28.36

V. Latest Financial Arrangements:

Type	Approval	Expiration	Amount	Amount
	Date	Date	Approved	Drawn
			(SDR Million)	(SDR Million)
ECF	Dec 11, 2009	Dec 10, 2012	346.45	148.48
ECF	June 12, 2002	Mar 31, 2006	580.00	553.47
Stand-By	June 09, 1989	June 08, 1990	116.40	75.00

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Type	Approval	Expiration	Amount	Amount
	Date	Date	Approved	Drawn
			(SDR Million)	(SDR Million)
ECF	Dec 11, 2009	Dec 10, 2012	346.45	148.48
ECF	June 12, 2002	Mar 31, 2006	580.00	553.47
Stand-By	June 09, 1989	June 08, 1990	116.40	75.00

VI. Projected Payments to Fund:¹

(SDR million; based on current use of resources and present holdings of SDRs):

	Forthcoming
	2011	2012	2013	2014	2015
Principal	0.00	0.00	0.00	0.00	27.46
Charges/interest	0.55	1.39	1.39	1.39	1.37
Total	0.55	1.39	1.39	1.39	28.83

View Table

	Forthcoming
	2011	2012	2013	2014	2015
Principal	0.00	0.00	0.00	0.00	27.46
Charges/interest	0.55	1.39	1.39	1.39	1.37
Total	0.55	1.39	1.39	1.39	28.83

VII. Implementation of HIPC Initiative:

I. Commitment of HIPC assistance						Enhanced Framework
			Decision point date			July 2003
			Assistance committed by all creditors (US$ millions)2			7,252.00
					of which: IMF assistance (US$ millions)	391.30
				(SDR equivalent millions)		280.30
		Completion point date				July 2010
II. Disbursement of IMF assistance (SDR millions)
			Assistance disbursed to the member			280.30
					Interim assistance	49.05
				Completion point balance		231.25
		Additional disbursement of interest income3				50.44
					Total disbursement	330.74

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I. Commitment of HIPC assistance						Enhanced Framework
			Decision point date			July 2003
			Assistance committed by all creditors (US$ millions)2			7,252.00
					of which: IMF assistance (US$ millions)	391.30
				(SDR equivalent millions)		280.30
		Completion point date				July 2010
II. Disbursement of IMF assistance (SDR millions)
			Assistance disbursed to the member			280.30
					Interim assistance	49.05
				Completion point balance		231.25
		Additional disbursement of interest income3				50.44
					Total disbursement	330.74

VIII. Implementation of MDRI Assistance:

I. MDRI-eligible debt (SDR Million)4			248.08
	Financed by: MDRI Trust		0.00
	Remaining HIPC resources		248.08
II. Debt Relief by Facility (SDR Million)
	Eligible Debt
Delivery Date	GRA	PRGT	Total
July 2010	N/A	248.08	248.08

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I. MDRI-eligible debt (SDR Million)4			248.08
	Financed by: MDRI Trust		0.00
	Remaining HIPC resources		248.08
II. Debt Relief by Facility (SDR Million)
	Eligible Debt
Delivery Date	GRA	PRGT	Total
July 2010	N/A	248.08	248.08

IX. Exchange Rate Arrangement:

The currency of the Democratic Republic of the Congo (DRC) is the Congo franc. The de facto exchange rate arrangement is classified as floating. At end-March 2011, the rate was US$1=CF 921.65.

Effective February 10, 2003, the DRC accepted the obligations of Article VIII, Sections 2 (a), 3, and 4, of the Fund’s Articles of Agreement; however, the DRC maintains measures that give rise to one restriction and one multiple currency practice subject to Fund approval. The exchange restriction involves an outstanding net debt position against other contracting members under the inoperative regional payments agreement with the Economic Community of the Great Lakes Countries. The multiple currency practice relates to a fixed exchange rate set quarterly applying to transactions through the bilateral payments agreement with Zimbabwe.

X. Last Article IV Consultation:

Consultations with the DRC are held in accordance with the provisions of the 2010 Decision on consultation cycles approved in September 2010. The last Article IV consultation was concluded by the Executive Board on December 11, 2009.

XI. Safeguards Assessment:

An update safeguards assessment of the central bank (BCC) was completed in April 2010. It found that while most of the 2008 recommendations had been implemented significant risks remained. The BCC continued to lack autonomy from the government and was in need of recapitalization. Furthermore, the absence of a benchmark reporting framework continued to impair transparency. The BCC and the authorities agreed broadly with the priority recommendations of the assessment, and since initiated important reforms. In March 2011 the Ministry of Finance completed the first phase of the BCC’s recapitalization, bringing its net worth to zero. Also the BCC plans to release its 2011 financial statements for the first time, consistent with IFRS. The status of safeguards recommendations will continue to be monitored in the context of the program.

X. Technical Assistance:

STA

FY 2004 – Multisector statistics

FY 2010 – Monetary statistics

MCM

Capacity building assistance to the central bank

Strengthening capacity in Anti-Money Laundering/Combating Financial Terrorism (AML/CFT) FY 2005 – One short visit

FY 2006 – Two short visits

Strengthening capacity in monetary policy implementation, exchange operations, and liquidity management

FY 2005 – Three short visits

FY 2006 – Two short visits

FY 2007 – Seven short visits

FY 2008 – Three short visits

FY 2009 – One short visit

FY 2011 – Three short visits

Restructuring and reorganization of the central bank

FY 2009 – One short visit

FY 2010 – One short visit

FY 2011 – Four short visits

Strengthening capacity in banking supervision and financial sector development

FY 2005 – One short visit on bank supervision and regulation

FY 2006 – One short visit on internal audit

FY 2007 – Action plan for developing the financial system

FY 2008 – One short visit on TA assessment

FY 2008 – Two short visits on bank supervision and regulation

FY 2008 – One short visit on internal audit

FY 2010 – Three short visits on bank supervision and regulation

FY 2011 – Three short visits

FY 2011 – Two short visits on bank supervision and regulation

FAD

Public financial management

FY 2007 – Short visit

FY 2009 – Short visit

FY 2010 – Short visit

FY 2011 – Short visit

Revenue administration

FY 2004 – Two short visits

FY 2005 – One short visit

FY 2006 – One short visit

FY 2007 – One short visit

FY 2007 – One short visit

FY 2009 – One short visit

FY 2011 – One short visit (VAT diagnostics)

Fiscal decentralization

FY 2005 - Short visit

XIII. Long-term Resident Experts:

Expenditure management	Mr. Catalan		Jan. 2002 – June 2004
	Mr. Bremeersch		Jan. 2002 – Jan. 2004
	Mr. Nguenang		Sept. 2004 – July 2008
Tax administration	Mr. Fossat		Sept. 2005
VAT preparation and	Mr. Ramarozatovo		Feb. 2011
implementation
Advisor to Governor of BCC	Mr. Nyssens		Jan. 2004 – Jan. 2005
	Mr. d’Ambrières		Feb. 2006 – June 2006
	Mr. Traoré		June 2010
Capacity building of BCC	Mr. Pauwels		Sept. 2004 – Mar. 2007
Statistics	Mr. Métreau		Oct. 2004
	Mr. Gbossa		Dec. 2005 – 08

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Expenditure management	Mr. Catalan		Jan. 2002 – June 2004
	Mr. Bremeersch		Jan. 2002 – Jan. 2004
	Mr. Nguenang		Sept. 2004 – July 2008
Tax administration	Mr. Fossat		Sept. 2005
VAT preparation and	Mr. Ramarozatovo		Feb. 2011
implementation
Advisor to Governor of BCC	Mr. Nyssens		Jan. 2004 – Jan. 2005
	Mr. d’Ambrières		Feb. 2006 – June 2006
	Mr. Traoré		June 2010
Capacity building of BCC	Mr. Pauwels		Sept. 2004 – Mar. 2007
Statistics	Mr. Métreau		Oct. 2004
	Mr. Gbossa		Dec. 2005 – 08

XIV. Resident Representative: Mr. Jahjah assumed his duties in January 2009.

Annex II JMAP Implementation Matrix

(As of March 23, 2011)

1. The IMF and World Bank teams discussed a joint managerial action plan under the JMAP initiative.

2. The World Bank’s work program entails moving forward in FY11 with a Country Economic Memorandum that will focus on constraints to growth and additional financing for the financial and private sector development project.

3. The IMF’s work program entails a three-year arrangement under the Extended Credit Facility (ECF) approved by the IMF’s Executive Board in December 2009.

4. Both institutions are supporting an FSAP that could take place during FY12.

Title	Products	Provisional timing of missions	Actual or expected delivery date
A. Mutual information on relevant work program
World Bank work program in the next 12 months	Country Economic Memorandum	April and May 2011	May 2011
	Capacity Building Investment Lending Operation	None	May 2011
	Strengthening of Governance dialogue	FY11	FY11
IMF work program in the next 12 months	Fourth review of the ECF	September 2011	October/November 2011
	Fifth review of the ECF and Article IV consultation	February 2012	April 2012
B. Requests for work program inputs
Fund request to Bank	Provide comments on implications of sector-specific issues, including developments in the mining, energy, telecom and agricultural sectors.	None	FY 11
Bank request to Fund	Macroeconomic scenarios for Investment Operations	Managed by Kinshasa office	FY 11
	Comments on JSAN of new PRSP	June 2011	July 2011
C. Agreement on joint products and missions
Joint products in the next 12 months	Public Finance Management technical assistance	FY11–12	FY11–12
	Banking sector supervision technical assistance	FY11–12	FY11–12

View Table

Title	Products	Provisional timing of missions	Actual or expected delivery date
A. Mutual information on relevant work program
World Bank work program in the next 12 months	Country Economic Memorandum	April and May 2011	May 2011
	Capacity Building Investment Lending Operation	None	May 2011
	Strengthening of Governance dialogue	FY11	FY11
IMF work program in the next 12 months	Fourth review of the ECF	September 2011	October/November 2011
	Fifth review of the ECF and Article IV consultation	February 2012	April 2012
B. Requests for work program inputs
Fund request to Bank	Provide comments on implications of sector-specific issues, including developments in the mining, energy, telecom and agricultural sectors.	None	FY 11
Bank request to Fund	Macroeconomic scenarios for Investment Operations	Managed by Kinshasa office	FY 11
	Comments on JSAN of new PRSP	June 2011	July 2011
C. Agreement on joint products and missions
Joint products in the next 12 months	Public Finance Management technical assistance	FY11–12	FY11–12
	Banking sector supervision technical assistance	FY11–12	FY11–12

Annex III Statistical Issues

I. Assessment of Data Adequacy for Surveillance

General: Data provision to the Fund is broadly adequate for surveillance and program monitoring purposes, but upgrades to the national accounts, balance of payments, and government finance statistics would be helpful. In spite of difficulties, the authorities have continued to produce an array of economic and financial statistics, most of which are published in the annual report of the Central Bank of the Congo (BCC) or its monthly statistical bulletin.

National accounts: Annual national accounts are compiled in constant and current prices by the Directorate of Research of the BCC and published yearly. The compilation methodology conforms to the System of National Accounts 1968 (1968 SNA) and is based on the balance sheets of enterprises and surveys of public and semipublic enterprises and agencies, most of which date from the late 1980s. The activities of the traditional sector (including the informal sector) are estimated with extrapolation techniques using industry-specific data that are outdated. As a result, GDP is likely to be underestimated. With assistance from AFRITAC, work on the national accounts is underway to update the base year to 2005, incorporate the results of a recent 1-2–3 household survey, as well as implement the methodological recommendations of the 1993 SNA. While outputs of this work remain to be validated and officially published, as expected, the 2005 GDP estimates show a considerable upward revision compared to previously published estimates.

Price statistics: Consumer price indices (CPI) are calculated for Kinshasa by the BCC, the National Statistics Institute (INS), the Institute of Economic and Social Research (IESR), and the Economics Section of the U.S. Embassy in Kinshasa. The IESR also calculates a monthly consumer price index for the Lubumbashi market. In December 2010, the BCC adopted a new harmonized-CPI index for Kinshasa based on a 2004 household survey. However, there is a need to expand the index’s geographical coverage.

Government finance statistics: The BCC produces aggregated monthly statistics on a cash basis based on its own accounting for the government cash operations. The treasury produces two sets of monthly statistics based on its own records: one relates to the transactions executed through the BCC, the other set attempts to consolidate operations through commercial bank accounts and off-budget operations. These statistics do not rely on an integrated double-entry public accounting system and do not provide sufficient details about the nature of expenditures owing to problems in the expenditure chain. However, the treasury has started to produce quarterly expenditure data reports by ministry and institution. The current work on tax administration and expenditure control is expected to improve the quality and timeliness of fiscal statistics. In parallel with technical assistance on public expenditure management, a STA multisector statistics advisor has been advising on government finance statistics, producing improvements in the quality of the statistics. Furthermore, adoption of a simplified double-entry bookkeeping system should significantly improve the availability of data on government financial operations. In 2003 the DRC reported annual data up to 2002 for the IMF’s Government Finance Statistics Yearbook in the format of the Government Finance Statistics Manual 2001 but has not reported subsequently.

Monetary statistics: The BCC Directorate of Statistics regularly produces timely monetary statistics. These statistics are now generally reliable but some minor problems remain with the classification of accounts. Since STA money and banking statistics mission of June 2000, BCC reporting of data for publication in the IMF’s International Financial Statistics (IFS) has improved and monetary data are currently reported on time. A 2003 multisector statistics mission recommended a new chart of accounts for the BCC and other deposit-taking institutions, including the information needed for improved sectorization of economic units and classification of financial assets. The new chart of accounts for the central bank was applied beginning in 2007. The new chart of accounts for commercial banks is being applied on a provisional mode since July 2010 and the current chart of accounts should be abandoned in January 2011. The August 2009 MFS mission developed the new standardized report form (SRF) 1SR on central bank data and the December 2010 MFS mission developed the SRF 2SR on commercial bank data. Both forms will be further refined and should become the official vector for the submission of CDR monetary statistics to the IMF sometime in 2011.

Balance of payments: Annual balance of payments statistics are compiled with information on the exports and imports of large public and semipublic enterprises, BCC payment records, and a survey of the foreign operations of residents. The estimates also take account of information on the informal sector and foreign aid flows provided by the World Bank and the local UN Development Program (UNDP) office, which collects the data from the European Union, embassies, and nongovernmental organizations. However, the 2003 multisector mission found that, due to computer problems, data have not been processed since 1999, so in effect balance of payments statistics are compiled using data from different sources, supplemented by estimates. The mission suggested that the BCC implement a system of quarterly surveys of corporations that are authorized to hold accounts overseas. The mission also recommended reinvigoration of a working group comprising staff of the customs and other agencies to prepare quarterly foreign trade data and take measures to improve data on services and transfers. No external sector data are reported to STA for publication.

II. Data Standards and Quality

Since April 24, 2004, the DRC participates in the general Data Dissemination System. The metadata needs to be updated.

View Table

I. Assessment of Data Adequacy for Surveillance

General: Data provision to the Fund is broadly adequate for surveillance and program monitoring purposes, but upgrades to the national accounts, balance of payments, and government finance statistics would be helpful. In spite of difficulties, the authorities have continued to produce an array of economic and financial statistics, most of which are published in the annual report of the Central Bank of the Congo (BCC) or its monthly statistical bulletin.

National accounts: Annual national accounts are compiled in constant and current prices by the Directorate of Research of the BCC and published yearly. The compilation methodology conforms to the System of National Accounts 1968 (1968 SNA) and is based on the balance sheets of enterprises and surveys of public and semipublic enterprises and agencies, most of which date from the late 1980s. The activities of the traditional sector (including the informal sector) are estimated with extrapolation techniques using industry-specific data that are outdated. As a result, GDP is likely to be underestimated. With assistance from AFRITAC, work on the national accounts is underway to update the base year to 2005, incorporate the results of a recent 1-2–3 household survey, as well as implement the methodological recommendations of the 1993 SNA. While outputs of this work remain to be validated and officially published, as expected, the 2005 GDP estimates show a considerable upward revision compared to previously published estimates.

Price statistics: Consumer price indices (CPI) are calculated for Kinshasa by the BCC, the National Statistics Institute (INS), the Institute of Economic and Social Research (IESR), and the Economics Section of the U.S. Embassy in Kinshasa. The IESR also calculates a monthly consumer price index for the Lubumbashi market. In December 2010, the BCC adopted a new harmonized-CPI index for Kinshasa based on a 2004 household survey. However, there is a need to expand the index’s geographical coverage.

Government finance statistics: The BCC produces aggregated monthly statistics on a cash basis based on its own accounting for the government cash operations. The treasury produces two sets of monthly statistics based on its own records: one relates to the transactions executed through the BCC, the other set attempts to consolidate operations through commercial bank accounts and off-budget operations. These statistics do not rely on an integrated double-entry public accounting system and do not provide sufficient details about the nature of expenditures owing to problems in the expenditure chain. However, the treasury has started to produce quarterly expenditure data reports by ministry and institution. The current work on tax administration and expenditure control is expected to improve the quality and timeliness of fiscal statistics. In parallel with technical assistance on public expenditure management, a STA multisector statistics advisor has been advising on government finance statistics, producing improvements in the quality of the statistics. Furthermore, adoption of a simplified double-entry bookkeeping system should significantly improve the availability of data on government financial operations. In 2003 the DRC reported annual data up to 2002 for the IMF’s Government Finance Statistics Yearbook in the format of the Government Finance Statistics Manual 2001 but has not reported subsequently.

Monetary statistics: The BCC Directorate of Statistics regularly produces timely monetary statistics. These statistics are now generally reliable but some minor problems remain with the classification of accounts. Since STA money and banking statistics mission of June 2000, BCC reporting of data for publication in the IMF’s International Financial Statistics (IFS) has improved and monetary data are currently reported on time. A 2003 multisector statistics mission recommended a new chart of accounts for the BCC and other deposit-taking institutions, including the information needed for improved sectorization of economic units and classification of financial assets. The new chart of accounts for the central bank was applied beginning in 2007. The new chart of accounts for commercial banks is being applied on a provisional mode since July 2010 and the current chart of accounts should be abandoned in January 2011. The August 2009 MFS mission developed the new standardized report form (SRF) 1SR on central bank data and the December 2010 MFS mission developed the SRF 2SR on commercial bank data. Both forms will be further refined and should become the official vector for the submission of CDR monetary statistics to the IMF sometime in 2011.

Balance of payments: Annual balance of payments statistics are compiled with information on the exports and imports of large public and semipublic enterprises, BCC payment records, and a survey of the foreign operations of residents. The estimates also take account of information on the informal sector and foreign aid flows provided by the World Bank and the local UN Development Program (UNDP) office, which collects the data from the European Union, embassies, and nongovernmental organizations. However, the 2003 multisector mission found that, due to computer problems, data have not been processed since 1999, so in effect balance of payments statistics are compiled using data from different sources, supplemented by estimates. The mission suggested that the BCC implement a system of quarterly surveys of corporations that are authorized to hold accounts overseas. The mission also recommended reinvigoration of a working group comprising staff of the customs and other agencies to prepare quarterly foreign trade data and take measures to improve data on services and transfers. No external sector data are reported to STA for publication.

II. Data Standards and Quality

Since April 24, 2004, the DRC participates in the general Data Dissemination System. The metadata needs to be updated.

The Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance

(As of April 12, 2011)

¹Any reserves assets that are pledged or 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 national values of financial derivatives to pay and receive foreign currency, including those linked to a foreign curreny but settled by other means.

²Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴Including currency and maturity composition.

⁵Includes external gross financial asset and libility positions vis-à-vis nonresidents.

⁶Daily(D), Weekly (W), Monthly (M), Quarterly (Q), Irregular (I), Not available (NA).

The Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance

(As of April 12, 2011)

	Date of latest observation	Date received	Frequency of Data 6	Frequency of Reporting 6	Frequency of Publication 6
Exchange Rates	31-Mar-11	1-Apr-11	D	W	D
International Reserve Assets and Reserves	Mar-11	Apr-11	M	M	M
Liabilities of the Monetary Authorities 1	Mar-11	Apr-11	M	M	M
Reserve/Base money	Mar-11	Apr-11	M	M	M
Broad money	Mar-11	Apr-11	M	M	M
Central Bank Balance Sheet	Mar-11	Apr-11	M	M	M
Consolidated Balance Sheet of the Banking System	Dec-10	Feb-11	M	M	M
Interest Rates 2	31-Mar-11	1-Apr-11	M	M	M
Consumer Price Index	31-Mar-11	1-Apr-11	W	W	W
Central Government revenue, expenditure, and financing 3	Dec-10	Feb-11	M	M	M
Stock of Central Government and Central Government-Guaranteed Debt 4	2010	Feb-11	A	A	I
External Current Account Balance	2010	Feb-11	A	A	I
Exports and Imports of Goods and Services	2010	Feb-11	A	A	I
GDP/GNP	2010	Feb-11	A	A	I
Gross External Debt	2010	Feb-11	A	A	I
International Investment Position 5	NA	NA	NA	NA	NA

¹Any reserves assets that are pledged or 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 national values of financial derivatives to pay and receive foreign currency, including those linked to a foreign curreny but settled by other means.

²Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴Including currency and maturity composition.

⁵Includes external gross financial asset and libility positions vis-à-vis nonresidents.

⁶Daily(D), Weekly (W), Monthly (M), Quarterly (Q), Irregular (I), Not available (NA).

View Table

The Democratic Republic of the Congo: Table of Common Indicators Required for Surveillance

(As of April 12, 2011)

	Date of latest observation	Date received	Frequency of Data 6	Frequency of Reporting 6	Frequency of Publication 6
Exchange Rates	31-Mar-11	1-Apr-11	D	W	D
International Reserve Assets and Reserves	Mar-11	Apr-11	M	M	M
Liabilities of the Monetary Authorities 1	Mar-11	Apr-11	M	M	M
Reserve/Base money	Mar-11	Apr-11	M	M	M
Broad money	Mar-11	Apr-11	M	M	M
Central Bank Balance Sheet	Mar-11	Apr-11	M	M	M
Consolidated Balance Sheet of the Banking System	Dec-10	Feb-11	M	M	M
Interest Rates 2	31-Mar-11	1-Apr-11	M	M	M
Consumer Price Index	31-Mar-11	1-Apr-11	W	W	W
Central Government revenue, expenditure, and financing 3	Dec-10	Feb-11	M	M	M
Stock of Central Government and Central Government-Guaranteed Debt 4	2010	Feb-11	A	A	I
External Current Account Balance	2010	Feb-11	A	A	I
Exports and Imports of Goods and Services	2010	Feb-11	A	A	I
GDP/GNP	2010	Feb-11	A	A	I
Gross External Debt	2010	Feb-11	A	A	I
International Investment Position 5	NA	NA	NA	NA	NA

¹Any reserves assets that are pledged or 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 national values of financial derivatives to pay and receive foreign currency, including those linked to a foreign curreny but settled by other means.

²Both market-based and officially-determined, including discount rates, money markets rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴Including currency and maturity composition.

⁵Includes external gross financial asset and libility positions vis-à-vis nonresidents.

⁶Daily(D), Weekly (W), Monthly (M), Quarterly (Q), Irregular (I), Not available (NA).