Abstract
Conservative policies, together with external official assistance, provided Macedonia with buffers to confront spillovers from the global crisis and deal with domestic shocks. External and financial stability have been maintained despite a difficult external environment. The start of EU accession negotiations remains uncertain. Some key recommendations of earlier Article IV Consultations have been implemented; others remain outstanding. Macedonia is well positioned to return to growth, although the external outlook presents a key risk. Policies should remain focused on boosting medium-term growth.
Fund Relations
(As of April 30, 2013)
Missions. Article IV and first Post-Program Monitoring mission, Skopje, April 3–16, 2013. Concluding statement is available at: http://www.imf.org/external/np/ms/2013/041613.htm
Staff team. Ivanna Vladkova Hollar (head), Marc Gerard, Alexis Meyer Cirkel, (all EUR), and Alexander Tieman (Resident Representative).
Discussions. The staff team met Deputy Prime Minister and Minister of Finance Stavreski, National Bank Governor Bogov, other senior officials, and representatives of the banking, business, political and international communities.
Publication. The Macedonian authorities have indicated that they agree with publication of this staff report.
Membership Status: Joined 12/14/92; Article VIII
General Resources Account:
| SDR Million | Percent of Quota | |
| Quota | 68.90 | 100.00 |
| Fund holdings of currency | 265.90 | 385.92 |
| Reserve position | 0.00 | 0.00 |
| SDR Million | Percent of Quota | |
| Quota | 68.90 | 100.00 |
| Fund holdings of currency | 265.90 | 385.92 |
| Reserve position | 0.00 | 0.00 |
SDR Department:
| SDR Million | Percent of Allocation | |
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 2.60 | 3.96 |
| SDR Million | Percent of Allocation | |
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 2.60 | 3.96 |
Outstanding Purchases and Loans:
| SDR Million | Percent of Allocation | |
| Precautionary and Liquidity Line 1/ | 197.00 | 285.92 |
| SDR Million | Percent of Allocation | |
| Precautionary and Liquidity Line 1/ | 197.00 | 285.92 |
Latest Financial Arrangements:
Formerly PCL
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| PLL 1/ | 01/19/2011 | 10/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| PLL 1/ | 01/19/2011 | 10/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL
Projected Payments to the Fund (Expectation Basis)
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Principal | 73.88 | 98.50 | 24.63 | ||
| Charges/Interest | 1.62 | 2.04 | 1.14 | 0.20 | 0.04 |
| Total | 1.62 | 75.91 | 99.64 | 24.82 | 0.04 |
| Forthcoming | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Principal | 73.88 | 98.50 | 24.63 | ||
| Charges/Interest | 1.62 | 2.04 | 1.14 | 0.20 | 0.04 |
| Total | 1.62 | 75.91 | 99.64 | 24.82 | 0.04 |
Exchange Arrangement:
The currency of the FYR of Macedonia is the denar. The FYR of Macedonia maintains a managed floating exchange rate system with a de facto stabilized arrangement against the Euro. Households can transact through commercial banks or through foreign exchange bureaus that act as agents of banks; enterprises can transact through the banking system. The reserve requirement on foreign currency deposits is set at 13 percent, while that on FX-indexed denar deposits is set at 20 percent.
At end-December 2012, the official exchange rate was 46.7 denars per U.S. dollar and 61.5 denars per euro. The FYR of Macedonia has accepted the obligations of Article VIII, Sections 2, 3, and 4 with effect from June 19, 1998.
Article IV Consultations:
The first consultation with the FYR of Macedonia was concluded in August 1993. The last consultation was concluded on June 1, 2012 (IMF Country Report 12/133). The FYR Macedonia is on the standard 12-month Article IV consultation cycle, while Post-Program Monitoring is expected to take place every 6 months.
Technical Assistance (since 2006):
| Purpose | Department | Date |
|---|---|---|
| FX Reserves Modeling | RES/MCM | February 2012 |
| Public Financial Management | FAD | November 2012 |
| Provisioning Regulation | MCM | November 2012 |
| STA TA Evaluation | STA | September 2012 |
| National Accounts | STA | September 2012 |
| Assessing the Budgeting Framework and Investigation of Payment Arrears | FAD | March 2012 |
| Macroeconomic Modeling at NBRM | MCM | March, November 2009; September and November 2010; May and November 2011; February and November 2012 |
| Domestic Debt Market Development | MCM | October 2011 |
| National Accounts | STA | August 2011 |
| Tax Administration | FAD | June 2011 |
| Medium-Term Budgeting | FAD | May 2011 |
| Safeguards Assessment | FIN | February 2011 |
| Stress Testing | MCM | February 2011 |
| SDDS Subscription | STA | December 2010 |
| Tax Administration | FAD | April 2010 |
| Public Financial Management | FAD | September 2009 |
| Tax Administration | FAD | July 2009 |
| National Accounts | STA | June 2009 |
| Contingency Planning and Crisis Preparedness | MCM | February 2009 |
| Government Finance Statistics | STA | October 2008 |
| Balance of Payments Statistics | STA | October 2008 |
| National Accounts Statistics | STA | April 2007; January, May, September, and December 2008 |
| Export and Import Deflators | STA | December 2007 |
| GFS 2001 | STA | December 2007 |
| Expenditure Rationalization | STA | November 2007 |
| Central Bank Law | FAD | July 2007 |
| Tax Policy | MCM | July 2007 |
| National Accounts Statistics | FAD | June 2007 |
| Liquidity, Cash and Debt Management | STA | April 2007 |
| Tax Administration | MCM | April 2007 |
| Balance of Payments Statistics | FAD | October 2006 |
| Tax Policy | FAD | September 2006 |
| Government Finance Statistics | STA | June 2006 |
| Banking Law | LEG, MCM | June 2006 |
| Resident Experts | ||
| Tax Administration | FAD | October 2006–August 2011 |
| Banking Supervision | MCM | May 2006–May 2008 |
| FSAP Participation and ROSCs (since 2003) | ||
| Purpose | Department | Date |
| FSAP update | MCM/WB | March 2008 |
| Fiscal ROSC | FAD | February 2005 |
| Data ROSC | STA | February 2004 |
| FSAP | MCM/WB | May 2003 and June 2003 |
| Resident Representative | ||
| The Fund has had a resident representative in Skopje since 1995. Mr. Alexander Tieman has held this position since August 2009. | ||
| Purpose | Department | Date |
|---|---|---|
| FX Reserves Modeling | RES/MCM | February 2012 |
| Public Financial Management | FAD | November 2012 |
| Provisioning Regulation | MCM | November 2012 |
| STA TA Evaluation | STA | September 2012 |
| National Accounts | STA | September 2012 |
| Assessing the Budgeting Framework and Investigation of Payment Arrears | FAD | March 2012 |
| Macroeconomic Modeling at NBRM | MCM | March, November 2009; September and November 2010; May and November 2011; February and November 2012 |
| Domestic Debt Market Development | MCM | October 2011 |
| National Accounts | STA | August 2011 |
| Tax Administration | FAD | June 2011 |
| Medium-Term Budgeting | FAD | May 2011 |
| Safeguards Assessment | FIN | February 2011 |
| Stress Testing | MCM | February 2011 |
| SDDS Subscription | STA | December 2010 |
| Tax Administration | FAD | April 2010 |
| Public Financial Management | FAD | September 2009 |
| Tax Administration | FAD | July 2009 |
| National Accounts | STA | June 2009 |
| Contingency Planning and Crisis Preparedness | MCM | February 2009 |
| Government Finance Statistics | STA | October 2008 |
| Balance of Payments Statistics | STA | October 2008 |
| National Accounts Statistics | STA | April 2007; January, May, September, and December 2008 |
| Export and Import Deflators | STA | December 2007 |
| GFS 2001 | STA | December 2007 |
| Expenditure Rationalization | STA | November 2007 |
| Central Bank Law | FAD | July 2007 |
| Tax Policy | MCM | July 2007 |
| National Accounts Statistics | FAD | June 2007 |
| Liquidity, Cash and Debt Management | STA | April 2007 |
| Tax Administration | MCM | April 2007 |
| Balance of Payments Statistics | FAD | October 2006 |
| Tax Policy | FAD | September 2006 |
| Government Finance Statistics | STA | June 2006 |
| Banking Law | LEG, MCM | June 2006 |
| Resident Experts | ||
| Tax Administration | FAD | October 2006–August 2011 |
| Banking Supervision | MCM | May 2006–May 2008 |
| FSAP Participation and ROSCs (since 2003) | ||
| Purpose | Department | Date |
| FSAP update | MCM/WB | March 2008 |
| Fiscal ROSC | FAD | February 2005 |
| Data ROSC | STA | February 2004 |
| FSAP | MCM/WB | May 2003 and June 2003 |
| Resident Representative | ||
| The Fund has had a resident representative in Skopje since 1995. Mr. Alexander Tieman has held this position since August 2009. | ||
IMF-World Bank Collaboration
Background
The Bank and the Fund country teams on the Former Yugoslav Republic of Macedonia maintained close collaboration, seeking synergies and harmonizing policy recommendations. Close coordination has resulted in largely shared views of the economic situation in the country, particularly in the context of the latest Public Expenditure Policy Based Guarantee (PEPBG), for which the Fund provided an Assessment Letter in November 2012. The area of public financial management has been at the center of discussions over the last year, and the measures supported by the PEPBG on public finance management have benefited from the findings and recommendations of the recent IMF TA mission.
Key Areas of World Bank Involvement
The World Bank program in FYR Macedonia focuses on three pillars: (i) faster growth by improving competitiveness; (ii) more inclusive growth by strengthening employability and social protection, and continued improvement of social programs; and (iii) more sustainable resource use and an analysis of options for “greener” economic growth. Because FYR Macedonia’s future growth and development depends fundamentally on the pace of EU accession, virtually every intervention in the program is designed to help it prepare for the EU membership.
A series of two budget support operations (Competitiveness DPL) has been made available to the Government with the aim to improve the competitiveness of the economy to develop a stronger export-oriented enterprise sector. The first of these has been approved and is under implementation; the second loan is under preparation.
The World Bank also provided recently two Policy Based Guarantees for two loans the Government contracted with commercial Banks, together in the amount of €380 million. The Policy Based Guarantees supported critical reforms needed to strengthened robustness of public financial management and help mitigate the impact of the euro zone turmoil.
The Real Estate Cadastre and Registration Project (US$26 million) is supporting the digitalization of cadastral maps and securing land and real estate titles. The Regional and Local Roads Program Support Project (US$105 million) is helping with the rehabilitation of the regional and local roads and provides institutional support to improve the management of roads. The World Bank finances the energy sector through the Electric Power Development Energy Community of South East Europe Project APL3 (US$44 million) to improve the transmission grid, including an interconnection with Serbia. Local development is assisted through the Municipal Services Improvement Project (US$75 million), which is helping to improve transparency, financial sustainability and delivery of targeted municipal services in selected municipalities. The World Bank is also active in the human development sector through the Conditional Cash Transfer Project (US$25 million).
Appendix: Macedonia: Bank and Fund Planned Activities in Macrocritical Structural Reform Areas, June 2012–May 2014
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | 2nd Post-Program Monitoring Report | September/October 2013 | December 2013 |
| Article IV consultation and 3rd Post-Program Monitoring Report | Spring 2014 | June 2014 | |
| Technical assistance on budget procedures | September/October 2013 (tentative) | TA report after the mission | |
| Technical Assistance to help the SSO improve its National Account statistics | Ongoing through a resident advisor (based in Sarajevo) | TA reports after each mission | |
| Technical assistance to the Public Revenue Office on modernizing revenue administration | Multiple short-term expert visits, the first one scheduled for June 2013 (tentative) | TA reports after each mission | |
| Technical assistance to further improve macroeconomic forecasting at the NBRM | 2 short-term missions, Fall 2013 and Spring 2014 | TA reports after each mission | |
| 2. Bank work program | Macro-monitoring | Continuous and periodic missions, next mission planned in May 2013. | BTORs and Aide memoires after mission |
| South eastern Europe Regular Economic Update | Continuous and periodic missions, next mission planned in May 2013. | Editions published every June and December | |
| Policy Based Guarantee supervision and assessment | Ongoing, most recent mission in March 2013. | Implementation Completion Report expected in June 2013. | |
| Public Expenditure Policy Based Guarantee supervision | Continuous and periodic missions, most recently in March 2013. | BTORs and Aide memoires after mission | |
| Treasury and Revenue forecast practitioner exchange | MOF Treasury and Revenue forecast team invited to visit Washington DC later in 2013 | Continuous | |
| Real Estate Cadaster and Registration project supervision | Continuous | Project closing December 2014 | |
| Municipal Services Improvement project supervision | Continuous | Project closing November 2017 | |
| Regional and Local Roads Program Support project supervision | Continuous | Project closing December 2015 | |
| CCT project supervision | Continuous | Project closing February 2014 | |
| ECSEE APL 3 supervision | Continuous | Project closing March 2014 | |
| Balkan Financial Sector Technical Assistance Facility (TA to NBRM and MoF on bank resolution; LoLR etc.) | TBD | ||
| Green Growth and Climate | |||
| Change Analytic and Advisory Services | TBD | August 2013 |
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | 2nd Post-Program Monitoring Report | September/October 2013 | December 2013 |
| Article IV consultation and 3rd Post-Program Monitoring Report | Spring 2014 | June 2014 | |
| Technical assistance on budget procedures | September/October 2013 (tentative) | TA report after the mission | |
| Technical Assistance to help the SSO improve its National Account statistics | Ongoing through a resident advisor (based in Sarajevo) | TA reports after each mission | |
| Technical assistance to the Public Revenue Office on modernizing revenue administration | Multiple short-term expert visits, the first one scheduled for June 2013 (tentative) | TA reports after each mission | |
| Technical assistance to further improve macroeconomic forecasting at the NBRM | 2 short-term missions, Fall 2013 and Spring 2014 | TA reports after each mission | |
| 2. Bank work program | Macro-monitoring | Continuous and periodic missions, next mission planned in May 2013. | BTORs and Aide memoires after mission |
| South eastern Europe Regular Economic Update | Continuous and periodic missions, next mission planned in May 2013. | Editions published every June and December | |
| Policy Based Guarantee supervision and assessment | Ongoing, most recent mission in March 2013. | Implementation Completion Report expected in June 2013. | |
| Public Expenditure Policy Based Guarantee supervision | Continuous and periodic missions, most recently in March 2013. | BTORs and Aide memoires after mission | |
| Treasury and Revenue forecast practitioner exchange | MOF Treasury and Revenue forecast team invited to visit Washington DC later in 2013 | Continuous | |
| Real Estate Cadaster and Registration project supervision | Continuous | Project closing December 2014 | |
| Municipal Services Improvement project supervision | Continuous | Project closing November 2017 | |
| Regional and Local Roads Program Support project supervision | Continuous | Project closing December 2015 | |
| CCT project supervision | Continuous | Project closing February 2014 | |
| ECSEE APL 3 supervision | Continuous | Project closing March 2014 | |
| Balkan Financial Sector Technical Assistance Facility (TA to NBRM and MoF on bank resolution; LoLR etc.) | TBD | ||
| Green Growth and Climate | |||
| Change Analytic and Advisory Services | TBD | August 2013 |
Statistical Issues
(As of April 30, 2013)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: Significant progress has been made in improving the scope and quality of national accounts. Quarterly GDP data in constant prices from the production approach have been published since September 2011. Improvements with regards to estimates of changes in inventories and household consumption expenditure are needed. Employment data from the company survey continue to be unreliable. Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations concerning the treatment of seasonal products and the use of the geometric mean for the calculation of elementary indices. | |
| Government finance statistics: Data coverage on government below-the-line financing from the National Bank deposits is inadequate, as a result of different coverage of accounts between the Ministry of Finance and the National Bank – the government does not regularly report Treasury Single Account and budgetary FX account balances. Debt data for the broader public sector are not available on a regular basis. Macedonia does not report government finance statistics to the Fund for publication in either the Government Finance Statistics Yearbook (GFSMY) or the International Financial Statistics (IFS). | |
| Monetary sector: EUR receives a monthly electronic report of monetary statistics, covering the balance sheet of the central bank, the commercial banks and other depository corporations. | |
| External sector: External sector statistics meet international standards. In additional to monthly balance of payments data, the authorities compile and disseminate international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. | |
| II. Data Standards and Quality | |
| FYR Macedonia participates in the General Data Dissemination System (GDDS), and, since November 2011, in the Special Data Dissemination Standard (SDDS). | Data ROSC published on September 29, 2004. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: Significant progress has been made in improving the scope and quality of national accounts. Quarterly GDP data in constant prices from the production approach have been published since September 2011. Improvements with regards to estimates of changes in inventories and household consumption expenditure are needed. Employment data from the company survey continue to be unreliable. Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations concerning the treatment of seasonal products and the use of the geometric mean for the calculation of elementary indices. | |
| Government finance statistics: Data coverage on government below-the-line financing from the National Bank deposits is inadequate, as a result of different coverage of accounts between the Ministry of Finance and the National Bank – the government does not regularly report Treasury Single Account and budgetary FX account balances. Debt data for the broader public sector are not available on a regular basis. Macedonia does not report government finance statistics to the Fund for publication in either the Government Finance Statistics Yearbook (GFSMY) or the International Financial Statistics (IFS). | |
| Monetary sector: EUR receives a monthly electronic report of monetary statistics, covering the balance sheet of the central bank, the commercial banks and other depository corporations. | |
| External sector: External sector statistics meet international standards. In additional to monthly balance of payments data, the authorities compile and disseminate international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. | |
| II. Data Standards and Quality | |
| FYR Macedonia participates in the General Data Dissemination System (GDDS), and, since November 2011, in the Special Data Dissemination Standard (SDDS). | Data ROSC published on September 29, 2004. |
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(as of April 30, 2013)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004, and based on the findings of the mission that took place during February 18 – March 3, 2004) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data,, statistical techniques, assessment and alidation of intermediate data and statistical outputs, and revision studies.
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(as of April 30, 2013)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality– Methodological Soundness8 | Data Quality – Accuracy and Reliability9 | ||||||
| Exchange Rates | 4/26/13 | 4/30/13 | D | W | D | ||
| International Reserve Assets and Reserve | 4/25/13 | 4/19/13 | D | W | Q | ||
| Liabilities of the Monetary Authorities1 | |||||||
| Reserve/Base Money | 4/28/13 | 4/30/13 | W | W | M | ||
| Broad Money | Mar. 13 | 4/19/13 | M | M | M | O, LO, LO, O | O, LO, O, O, O |
| Central Bank Balance Sheet | Mar. 13 | 4/12/13 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | Mar. 13 | 4/19/13 | M | M | M | ||
| Interest Rates2 | Mar. 13 | 4/30/13 | M | M | M | ||
| Consumer Price Index | Mar. 13 | 4/2/13 | M | M | M | O, O, O, LO | LO, O, LNO, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Mar. 13 | 4/5/13 | A | A | A | ||
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Mar. 13 | 4/25/13 | M | M | M | LO, LNO, LO, O | LO, LO, LO, LO, LNO |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Mar. 13 | 4/5/13 | A | A | A | ||
| External Current Account Balance | Jan. 13 | 3/29/13 | M | M | M | ||
| Exports and Imports of Goods and Services | Feb. 13 | 4/5/13 | M | M | M | O, LO, O, LO | LO, O, LO, O, LO |
| GDP/GNP | Dec. 12 | 3/15/13 | Q | Q | Q | O, LO, O, LO | LO, O, LNO, O, O |
| Gross External Debt | 12/31/12 | 3/29/13 | Q | Q | Q | ||
| International Investment Position6 | 12/12 | 3/29/13 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004, and based on the findings of the mission that took place during February 18 – March 3, 2004) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data,, statistical techniques, assessment and alidation of intermediate data and statistical outputs, and revision studies.
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(as of April 30, 2013)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality– Methodological Soundness8 | Data Quality – Accuracy and Reliability9 | ||||||
| Exchange Rates | 4/26/13 | 4/30/13 | D | W | D | ||
| International Reserve Assets and Reserve | 4/25/13 | 4/19/13 | D | W | Q | ||
| Liabilities of the Monetary Authorities1 | |||||||
| Reserve/Base Money | 4/28/13 | 4/30/13 | W | W | M | ||
| Broad Money | Mar. 13 | 4/19/13 | M | M | M | O, LO, LO, O | O, LO, O, O, O |
| Central Bank Balance Sheet | Mar. 13 | 4/12/13 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | Mar. 13 | 4/19/13 | M | M | M | ||
| Interest Rates2 | Mar. 13 | 4/30/13 | M | M | M | ||
| Consumer Price Index | Mar. 13 | 4/2/13 | M | M | M | O, O, O, LO | LO, O, LNO, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Mar. 13 | 4/5/13 | A | A | A | ||
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Mar. 13 | 4/25/13 | M | M | M | LO, LNO, LO, O | LO, LO, LO, LO, LNO |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Mar. 13 | 4/5/13 | A | A | A | ||
| External Current Account Balance | Jan. 13 | 3/29/13 | M | M | M | ||
| Exports and Imports of Goods and Services | Feb. 13 | 4/5/13 | M | M | M | O, LO, O, LO | LO, O, LO, O, LO |
| GDP/GNP | Dec. 12 | 3/15/13 | Q | Q | Q | O, LO, O, LO | LO, O, LNO, O, O |
| Gross External Debt | 12/31/12 | 3/29/13 | Q | Q | Q | ||
| International Investment Position6 | 12/12 | 3/29/13 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004, and based on the findings of the mission that took place during February 18 – March 3, 2004) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data,, statistical techniques, assessment and alidation of intermediate data and statistical outputs, and revision studies.
Formerly Precautionary Credit Line (PCL)