Abstract
This 2013 Article IV Consultation highlights that Montenegro’s recovery from the collapse of the lending boom in 2008 has been slowed by the debt overhang that remains in the private sector. Output contracted in 2012 because of unusually severe winter weather early in the year, as well as a sharp decline in aluminum production as the financial position of the troubled aluminum company (KAP) continued to worsen. Activity picked up in early 2013 as more favorable weather conditions resulted in a sharp increase in hydro-based electricity production. A sustained, multi-year fiscal consolidation effort is needed to reduce the public debt burden to an appropriately low level in the medium term.
Fund Relations
(As of April 30, 2013)
Membership Status: Joined January 18, 2007; Article VIII.
General Resources Account:
| SDR Million | Percent Quota | |
| Quota | 27.50 | 100.00 |
| Fund Holdings of Currency | 20.90 | 76.00 |
| Reserve Position | 6.60 | 24.00 |
| SDR Million | Percent Quota | |
| Quota | 27.50 | 100.00 |
| Fund Holdings of Currency | 20.90 | 76.00 |
| Reserve Position | 6.60 | 24.00 |
SDR Department:
| SDR Million | Percent Allocation | |
| Net cumulative allocation | 25.82 | 100.00 |
| Holdings | 26.24 | 101.60 |
| SDR Million | Percent Allocation | |
| Net cumulative allocation | 25.82 | 100.00 |
| Holdings | 26.24 | 101.60 |
Outstanding Purchases and Loans: None.
Latest Financial Arrangements: None.
Projected Obligations to Fund (In millions of SDR):
| Forthcoming | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Principal | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Charges/Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Forthcoming | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Principal | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Charges/Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Implementation of HIPC Initiative: Not Applicable.
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable.
Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable.
Exchange Arrangement: Montenegro does not issue its own currency, has been using the euro as legal tender since 2002, and has accepted the obligations under Article VIII. Montenegro maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions, except with respect to pre-1992 blocked foreign currency savings accounts and restrictions maintained for security purposes that have not been notified to the Fund.
Last Article IV Consultation: Concluded on April 27, 2012 (IMF Country Report No. 12/122).
FSAP Participation: A Financial Sector Assessment Program was initiated in July 2006, jointly with the World Bank, and concluded during the 2007 Article IV consultation. The Executive Board discussed the Financial System Stability Assessment in January 2008 (IMF Country Report No. 08/50).
Technical Assistance in the Past 12 Months:
| Department | Timing | Purpose |
|---|---|---|
| STA | Apr. 2013 | National Accounts |
| FAD | Apr, 2013 | Tax Administration – Arrears Management |
| FAD | Apr, 2013 | Tax Administration - IT |
| LEG | Mar. 2013 | Corporate Debt Restructuring and NPLs |
| FAD | Feb, 2013 | Tax Administration – Audit |
| FAD | Feb, 2013 | Tax Administration – Taxpayer Services |
| STA | Jan. 2013 | External Sector Statistics |
| MCM | Dec. 2012 | Hedging International Bonds |
| FAD | Oct. 2012 | Tax Administration – Compliance LTO |
| MCM | Oct. 2012 | Bank Resolution |
| MCM | July-Aug. 2012 | Banking Supervision and Resolution Framework |
| FAD | Aug.-Sep. 2012 | Public Financial Management |
| Department | Timing | Purpose |
|---|---|---|
| STA | Apr. 2013 | National Accounts |
| FAD | Apr, 2013 | Tax Administration – Arrears Management |
| FAD | Apr, 2013 | Tax Administration - IT |
| LEG | Mar. 2013 | Corporate Debt Restructuring and NPLs |
| FAD | Feb, 2013 | Tax Administration – Audit |
| FAD | Feb, 2013 | Tax Administration – Taxpayer Services |
| STA | Jan. 2013 | External Sector Statistics |
| MCM | Dec. 2012 | Hedging International Bonds |
| FAD | Oct. 2012 | Tax Administration – Compliance LTO |
| MCM | Oct. 2012 | Bank Resolution |
| MCM | July-Aug. 2012 | Banking Supervision and Resolution Framework |
| FAD | Aug.-Sep. 2012 | Public Financial Management |
In addition, technical assistance was available through resident advisors covering tax administration, public financial management and real sector statistics.
Resident Representative: None.
World Bank Group Relations
Montenegro joined the World Bank Group (WBG) as an independent country in January 2007. The Bank had implemented a discrete program of lending and analytical work for Montenegro for most of the period since the State Union of Serbia and Montenegro had joined the WBG in 2001, with three projects still being active at the onset of Montenegro’s first Country Partnership Strategy (CPS) for the fiscal years 2007–10. Within this framework, the Board approved two IDA credits (US$19 million)—just prior to graduation—and five IBRD loans (US$54 million) to provide selective support to three key country priorities: (i) enhancing sustainable macroeconomic growth; (ii) building institutions and strengthening the rule of law; and (iii) improving the standard of living for citizens. The committed portfolio has grown from US$34 million in 2007 to US$70.3 million by May 2013. About 52 percent of these commitments remain to be disbursed. Investment operations are focused principally on supporting sustainable development and human development.
Montenegro: World Bank Project Portfolio, May 2013
Montenegro: World Bank Project Portfolio, May 2013
| Active Project Portfolio | Board Date | Original Commitment (US$ millions) |
Disbursement Ratio (percent) |
|---|---|---|---|
| SEE Energy Community (APL3) | Jul. 2007 | 9.0 | 50.6 |
| Energy Efficiency | Dec. 2008 | 9.4 | 66.6 |
| Land Administration (LAMP) | Dec. 2008 | 16.2 | 26.8 |
| Agriculture and Institutional Development (MIDAS) | Apr. 2009 | 15.7 | 34.3 |
| Agriculture and Institutional Development (GEF) | Apr. 2010 | 4.0 | 5.0 |
| Higher Education and Research | Jan. 2011 | 16.0 | 16.9 |
Montenegro: World Bank Project Portfolio, May 2013
| Active Project Portfolio | Board Date | Original Commitment (US$ millions) |
Disbursement Ratio (percent) |
|---|---|---|---|
| SEE Energy Community (APL3) | Jul. 2007 | 9.0 | 50.6 |
| Energy Efficiency | Dec. 2008 | 9.4 | 66.6 |
| Land Administration (LAMP) | Dec. 2008 | 16.2 | 26.8 |
| Agriculture and Institutional Development (MIDAS) | Apr. 2009 | 15.7 | 34.3 |
| Agriculture and Institutional Development (GEF) | Apr. 2010 | 4.0 | 5.0 |
| Higher Education and Research | Jan. 2011 | 16.0 | 16.9 |
In January 2011, the Board approved the US$ 216-million CPS for FY2011–14. This CPS supports the government’s overarching objective of full integration with the EU within a medium-term horizon. The strategy—reflecting Montenegro’s status as an upper middle income client with well-defined development priorities—aims at (i) strengthening institutions and competitiveness in line with EU accession requirements; and (ii) improving environmental management including reducing the costs of environmental problems. The government has requested the Bank to focus its support in areas where it had previously been engaged and/or gained applicable regional or global experience. The centerpiece of the Bank’s engagement in 2011 and 2012 was the financial-sector development policy loan (FSDPL) of US$80 million and a Policy-Based Guarantee (PBG) of US$80 million, both disbursed in 2012, which supported the government’s program to strengthen the banking sector, bringing regulations into line with EU norms, and to encourage resumption of credit growth. The Bank’s engagement in 2013 is focused on a US$50 million development policy loan that provides budget support to strengthen fiscal consolidation and policies geared towards sustained growth. New investment lending was approved for a Higher Education/R&D project in amount of US$16 million, while an additional new investment lending for the Industrial Waste Management and Clean-Up Project is being prepared. In the area of analytical work, the Country Economic Memorandum (CEM), disseminated in May 2013, provided analytical support to the authorities’ National Development Plan, which aims to implement Montenegro’s growth and sustainability agenda in the process of convergence with the EU.
Cooperation with the IMF has been good, particularly in the areas of macroeconomic and financial sector policies. Bank and Fund teams coordinated closely during the preparation of the FSDPL and PBG in 2011 and 2012 and continued under the Public Expenditure Development Policy Loan (PEDPL). The World Bank Group, through its ongoing and planned operations, as well its complementary economic and sector work, will continue to provide input to the IMF on issues such as (i) public expenditure, including pension and health reforms; (ii) business climate and competitiveness, including labor market reform and resolution of nonperforming loans; (iii) public sector institutions and fiduciary review, and (iv) agricultural assessment; and (v) statistical capacity building and poverty monitoring. The Fund and Bank staff have sought each other’s input in internal review processes.
Montenegro: JMAP Bank and Fund Planned Activities in Macro-critical Structural Reform Areas, January—December 2013
Montenegro: JMAP Bank and Fund Planned Activities in Macro-critical Structural Reform Areas, January—December 2013
| Title | Products | Provisional Timing of Missions |
Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | Article IV staff report | May 2013 | July 2013 |
| Technical assistance on revisions to the budget law, debt management and fiscal reporting | April 2012 | June 2012 | |
| Technical assistance on pension system reform | Note to be drafted from HQ | Summer 2013 | |
| 2. Bank work program | Public Expenditure Development Policy Loan | May 2013 | September 2013 July 2013 |
| Technical assistance on NPL resolution | Spring–Summer 2013 | ||
| May 2013 | |||
| Country Economic Memorandum | January–July 2012 | ||
| 3. Joint work program | None | None |
Montenegro: JMAP Bank and Fund Planned Activities in Macro-critical Structural Reform Areas, January—December 2013
| Title | Products | Provisional Timing of Missions |
Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | Article IV staff report | May 2013 | July 2013 |
| Technical assistance on revisions to the budget law, debt management and fiscal reporting | April 2012 | June 2012 | |
| Technical assistance on pension system reform | Note to be drafted from HQ | Summer 2013 | |
| 2. Bank work program | Public Expenditure Development Policy Loan | May 2013 | September 2013 July 2013 |
| Technical assistance on NPL resolution | Spring–Summer 2013 | ||
| May 2013 | |||
| Country Economic Memorandum | January–July 2012 | ||
| 3. Joint work program | None | None |
Prepared by World Bank staff. Questions may be addressed to Abebe Adugna, lead economist, Western Balkans (aadugna@worldbank.org; 202-473-4419).
Statistical Issues
MONTENEGRO—STATISTICAL ISSUES APPENDIX
As of May 2013
MONTENEGRO—STATISTICAL ISSUES APPENDIX
As of May 2013
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. Most affected areas are: national accounts, labor market indicators, and external sector statistics. | |
| National Accounts: The Statistical Office of Montenegro (MONSTAT) compiles annual production and expenditure GDP in current and previous year’s prices, and quarterly GDP by production at aggregated level (mostly NACE section level). Accuracy of the data sources needs to be improved. Work has started on measuring informal activities in construction, retail trade, hotels and restaurants, but a more comprehensive approach needs to be developed. Statistical techniques for deriving volume measures of GDP are constrained by the lack of suitable price and volume indices. MONSTAT has started compiling experimental quarterly GDP estimates by expenditure approach at current and at previous year’s prices. Data collection for quarterly GDP by production approach has started too. MONSTAT plans to publish time series of quarterly GDP estimates by production and by expenditure approach in late 2014. | |
| Price Statistics: MONSTAT compiles and disseminates monthly consumer and producer price indices, which broadly follow international standards. However, in both indices, the “carry-forward” technique for treatment of seasonal goods and missing items are used, potentially resulting in a downward bias. The EU harmonized consumer price index was compiled and released starting in 2011. The export price index has been published since 2009, and the industrial import price index since 2011. There is a need to develop a construction price index. | |
| Labor market statistics: MONSTAT reports labor and wage statistics based on data from the labor force survey (LFS) and administrative sources. The unemployment rate from the LFS is computed according to the ILO definition. The quality of wage indicators is relatively good, but information on foreign employment remains limited. The presence of larger informal sector impedes the accurate assessment of unemployment rate. Frequent methodological revisions also impair time series analyses. | |
| Government Finance Statistics: Fiscal data are compiled by the Ministry of Finance (MOF) based on a new GFS institutional classification, and since early 2006, include data on local governments and social security funds. The latter was merged with the treasury account in 2010. The chart of accounts introduced in 2001 has been implemented at the local level from mid-2005. Fiscal data reporting suffers from frequent reclassifications. The MOF has established a unit responsible for data collection for state-owned enterprises (SOE), but a satisfactory compilation of the public sector fiscal balance requires significant further effort. Data on enterprises owned by municipalities are rarely available. Data on the stock of local government arrears need to be significantly strengthened and disseminated. Data on stocks of financial assets and liabilities are incomplete. The latest GFS TA mission in March 2013 recommended updating the table on the institutional structure of the public sector to facilitate consistency among producers of official statistics. It was also recommended to establish a migration plan to phase in the GFSM 2001 framework and to start publishing quarterly budgetary central government data in the IFS. |
|
| Monetary and Financial Statistics: Monetary and financial statistics are compiled by the Central Bank of Montenegro (CBM), broadly following the institutional coverage, classification, and evaluation methodology set forth in the Monetary and Financial Statistics Manual (2000). Dissemination practices meet the recommendations of the General Data Dissemination System (GDDS) with respect to the periodicity and timeliness for financial sector data. However, Montenegro reports monetary data to STA based on old reporting forms rather than in the Standardized Report Forms (SRFs). Montenegro also does not report FSIs to STA. Beginning in early 2006, the CBM publishes detailed monetary statistics in its monthly Statistical Bulletin, which includes tables on monetary statistics, balance sheets and surveys for the CBM and commercial banks. At the beginning of 2013, the Central Bank of Montenegro adopted new financial reporting requirements for banks in line with IAS 39; as a result, monetary data for 2013 is not comparable with data from previous years. |
|
| External sector statistics: Balance of payments (BOP) statistics are compiled by the CBM following international reporting standards. The external sector statistics have benefited from improvements undertaken by MONSTAT to improve coverage, valuation, and classification of merchandise trade statistics. Data on imports and exports in the BOP are compiled according to the special trade system. The CBM adjusts import data from MONSTAT from CIF to FOB basis. The biggest challenge to the BOP statistics is the coverage of transactions through the informal economy. As with many euroized economies, difficulty in estimating currency held by nonfinancial sectors continue to be an issue in the balance of payment statistics, as the large and recurrent positive error and omissions show. Although the errors and omissions have diminished recently due to (i) the upward revision of export of tourism (services) and (ii) the downward revision of euro bank notes (currency and deposits) cumulated in the economy, they are still large and with a positive bias. The CBM has made progress in improving the recording of transactions via the ITRS by refining the transactions coding system and increasing interaction with the commercial banks. However, the ITRS remains inadequate for recording a broad range of balance of payments transactions such as reinvested earnings and trade credits as well as the informal payments that do not flow through the banking system. Therefore, the CBM still needs to undertake a small number of direct surveys of enterprises and a border survey among travelers to supplement the data received through the ITRS, and prepare comprehensive documentation on compilation methods and data sources. Due to capacity constraints and the difficulty to differentiate between domestic and foreign financial positions in an open economy that does not have its own currency, Montenegro has yet to disseminate data on International Investment Position (IIP) and external debt statistics. The latest BOP TA mission in January 2013 concluded with the following action benchmarks: (i) the compilation and regular dissemination of the IIP and external debt statistics; (ii) the revision of the compilation of the flows in currency and deposits assets by other sectors; and (iii) the improvement of the currently estimation procedure for the item Compensation of Employees (credit). |
|
| II. Data Standards and Quality | |
| Participant in the Fund’s General Data Dissemination System (GDDS) since December 2011. The latest update of metadata and plans for improvement was in 2012. | No data ROSC available. |
MONTENEGRO—STATISTICAL ISSUES APPENDIX
As of May 2013
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. Most affected areas are: national accounts, labor market indicators, and external sector statistics. | |
| National Accounts: The Statistical Office of Montenegro (MONSTAT) compiles annual production and expenditure GDP in current and previous year’s prices, and quarterly GDP by production at aggregated level (mostly NACE section level). Accuracy of the data sources needs to be improved. Work has started on measuring informal activities in construction, retail trade, hotels and restaurants, but a more comprehensive approach needs to be developed. Statistical techniques for deriving volume measures of GDP are constrained by the lack of suitable price and volume indices. MONSTAT has started compiling experimental quarterly GDP estimates by expenditure approach at current and at previous year’s prices. Data collection for quarterly GDP by production approach has started too. MONSTAT plans to publish time series of quarterly GDP estimates by production and by expenditure approach in late 2014. | |
| Price Statistics: MONSTAT compiles and disseminates monthly consumer and producer price indices, which broadly follow international standards. However, in both indices, the “carry-forward” technique for treatment of seasonal goods and missing items are used, potentially resulting in a downward bias. The EU harmonized consumer price index was compiled and released starting in 2011. The export price index has been published since 2009, and the industrial import price index since 2011. There is a need to develop a construction price index. | |
| Labor market statistics: MONSTAT reports labor and wage statistics based on data from the labor force survey (LFS) and administrative sources. The unemployment rate from the LFS is computed according to the ILO definition. The quality of wage indicators is relatively good, but information on foreign employment remains limited. The presence of larger informal sector impedes the accurate assessment of unemployment rate. Frequent methodological revisions also impair time series analyses. | |
| Government Finance Statistics: Fiscal data are compiled by the Ministry of Finance (MOF) based on a new GFS institutional classification, and since early 2006, include data on local governments and social security funds. The latter was merged with the treasury account in 2010. The chart of accounts introduced in 2001 has been implemented at the local level from mid-2005. Fiscal data reporting suffers from frequent reclassifications. The MOF has established a unit responsible for data collection for state-owned enterprises (SOE), but a satisfactory compilation of the public sector fiscal balance requires significant further effort. Data on enterprises owned by municipalities are rarely available. Data on the stock of local government arrears need to be significantly strengthened and disseminated. Data on stocks of financial assets and liabilities are incomplete. The latest GFS TA mission in March 2013 recommended updating the table on the institutional structure of the public sector to facilitate consistency among producers of official statistics. It was also recommended to establish a migration plan to phase in the GFSM 2001 framework and to start publishing quarterly budgetary central government data in the IFS. |
|
| Monetary and Financial Statistics: Monetary and financial statistics are compiled by the Central Bank of Montenegro (CBM), broadly following the institutional coverage, classification, and evaluation methodology set forth in the Monetary and Financial Statistics Manual (2000). Dissemination practices meet the recommendations of the General Data Dissemination System (GDDS) with respect to the periodicity and timeliness for financial sector data. However, Montenegro reports monetary data to STA based on old reporting forms rather than in the Standardized Report Forms (SRFs). Montenegro also does not report FSIs to STA. Beginning in early 2006, the CBM publishes detailed monetary statistics in its monthly Statistical Bulletin, which includes tables on monetary statistics, balance sheets and surveys for the CBM and commercial banks. At the beginning of 2013, the Central Bank of Montenegro adopted new financial reporting requirements for banks in line with IAS 39; as a result, monetary data for 2013 is not comparable with data from previous years. |
|
| External sector statistics: Balance of payments (BOP) statistics are compiled by the CBM following international reporting standards. The external sector statistics have benefited from improvements undertaken by MONSTAT to improve coverage, valuation, and classification of merchandise trade statistics. Data on imports and exports in the BOP are compiled according to the special trade system. The CBM adjusts import data from MONSTAT from CIF to FOB basis. The biggest challenge to the BOP statistics is the coverage of transactions through the informal economy. As with many euroized economies, difficulty in estimating currency held by nonfinancial sectors continue to be an issue in the balance of payment statistics, as the large and recurrent positive error and omissions show. Although the errors and omissions have diminished recently due to (i) the upward revision of export of tourism (services) and (ii) the downward revision of euro bank notes (currency and deposits) cumulated in the economy, they are still large and with a positive bias. The CBM has made progress in improving the recording of transactions via the ITRS by refining the transactions coding system and increasing interaction with the commercial banks. However, the ITRS remains inadequate for recording a broad range of balance of payments transactions such as reinvested earnings and trade credits as well as the informal payments that do not flow through the banking system. Therefore, the CBM still needs to undertake a small number of direct surveys of enterprises and a border survey among travelers to supplement the data received through the ITRS, and prepare comprehensive documentation on compilation methods and data sources. Due to capacity constraints and the difficulty to differentiate between domestic and foreign financial positions in an open economy that does not have its own currency, Montenegro has yet to disseminate data on International Investment Position (IIP) and external debt statistics. The latest BOP TA mission in January 2013 concluded with the following action benchmarks: (i) the compilation and regular dissemination of the IIP and external debt statistics; (ii) the revision of the compilation of the flows in currency and deposits assets by other sectors; and (iii) the improvement of the currently estimation procedure for the item Compensation of Employees (credit). |
|
| II. Data Standards and Quality | |
| Participant in the Fund’s General Data Dissemination System (GDDS) since December 2011. The latest update of metadata and plans for improvement was in 2012. | No data ROSC available. |
Table of Common Indicators Required for Surveillance
(As of end-May 2013)
Any reserve 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 notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Table of Common Indicators Required for Surveillance
(As of end-May 2013)
| Date of latest Observation |
Date received | Frequency of Data7 |
Frequency of Reporting7 |
Frequency of Publication7 |
|
|---|---|---|---|---|---|
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Apr-2013 | 29-May-2013 | M | M | M |
| Reserve/Base Money | Apr-2013 | 29-May-2013 | M | M | M |
| Central Bank Balance Sheet | Apr-2013 | 29-May-2013 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Apr-2013 | 29-May-2013 | M | M | M |
| Interest Rates2 | May-2013 | 29-May-2013 | M | M | M |
| Consumer Price Index | Apr-2013 | 17-May-2013 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Apr-2013 | 31-May-2013 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | Apr-2013 | 31-May-2013 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Apr-2013 | 31-May-2013 | Q | Q | Q |
| External Current Account Balance | Q1-2013 | 28-May-2013 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q1-2013 | 28-May-2013 | Q | Q | Q |
| GDP/GNP | Q4-2012 | 28-Mar-2013 | A | A | A |
| Gross External Debt | — | — | NA | NA | NA |
| International Investment Position6 | — | — | NA | NA | NA |
Any reserve 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 notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Table of Common Indicators Required for Surveillance
(As of end-May 2013)
| Date of latest Observation |
Date received | Frequency of Data7 |
Frequency of Reporting7 |
Frequency of Publication7 |
|
|---|---|---|---|---|---|
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Apr-2013 | 29-May-2013 | M | M | M |
| Reserve/Base Money | Apr-2013 | 29-May-2013 | M | M | M |
| Central Bank Balance Sheet | Apr-2013 | 29-May-2013 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Apr-2013 | 29-May-2013 | M | M | M |
| Interest Rates2 | May-2013 | 29-May-2013 | M | M | M |
| Consumer Price Index | Apr-2013 | 17-May-2013 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Apr-2013 | 31-May-2013 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | Apr-2013 | 31-May-2013 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Apr-2013 | 31-May-2013 | Q | Q | Q |
| External Current Account Balance | Q1-2013 | 28-May-2013 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q1-2013 | 28-May-2013 | Q | Q | Q |
| GDP/GNP | Q4-2012 | 28-Mar-2013 | A | A | A |
| Gross External Debt | — | — | NA | NA | NA |
| International Investment Position6 | — | — | NA | NA | NA |
Any reserve 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 notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).