Abstract
2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Romania
Fund Relations
(as of March 31, 2018)
| Membership Status | Joined 12/15/72 | Article VIII | |
| General Resources Account | SDR million | % Quota | |
| Quota | 1,811.40 | 100.00 | |
| Fund holdings of currency | 1,811.40 | 100.00 | |
| Reserve Tranche Position | 0.00 | 0.00 | |
| SDR Department | SDR million | % Allocation | |
| Net cumulative allocation | 984.77 | 100.00 | |
| Holdings | 988.03 | 100.33 | |
| Outstanding Purchases and Loans | SDR Million | % Quota | |
| Stand-By Arrangements | 0.00 | 0.00 | |
| Membership Status | Joined 12/15/72 | Article VIII | |
| General Resources Account | SDR million | % Quota | |
| Quota | 1,811.40 | 100.00 | |
| Fund holdings of currency | 1,811.40 | 100.00 | |
| Reserve Tranche Position | 0.00 | 0.00 | |
| SDR Department | SDR million | % Allocation | |
| Net cumulative allocation | 984.77 | 100.00 | |
| Holdings | 988.03 | 100.33 | |
| Outstanding Purchases and Loans | SDR Million | % Quota | |
| Stand-By Arrangements | 0.00 | 0.00 | |
Financial Arrangements
| Type | Approval Date | Expiration Date | Amount Approved (SDR million) |
Amount Drawn (SDR million) |
|---|---|---|---|---|
| Stand-By | 09/27/13 | 09/26/15 | 1,751.34 | 0.00 |
| Stand-By | 03/31/11 | 06/30/13 | 3,090.6 | 0.00 |
| Stand-By | 05/04/09 | 03/30/11 | 11,443.00 | 10,569.00 |
| Stand-By | 07/07/04 | 07/06/06 | 250.00 | 0.00 |
| Stand-By | 10/31/01 | 10/15/03 | 300.00 | 300.00 |
| Stand-By | 08/05/99 | 02/28/01 | 400.00 | 139.75 |
| Stand-By | 04/22/97 | 05/21/98 | 301.50 | 120.60 |
| Stand-By | 05/11/94 | 04/22/97 | 320.50 | 94.27 |
| Stand-By | 05/29/92 | 03/28/93 | 314.04 | 261.70 |
| Stand-By | 04/11/91 | 04/10/92 | 380.50 | 318.10 |
| Type | Approval Date | Expiration Date | Amount Approved (SDR million) |
Amount Drawn (SDR million) |
|---|---|---|---|---|
| Stand-By | 09/27/13 | 09/26/15 | 1,751.34 | 0.00 |
| Stand-By | 03/31/11 | 06/30/13 | 3,090.6 | 0.00 |
| Stand-By | 05/04/09 | 03/30/11 | 11,443.00 | 10,569.00 |
| Stand-By | 07/07/04 | 07/06/06 | 250.00 | 0.00 |
| Stand-By | 10/31/01 | 10/15/03 | 300.00 | 300.00 |
| Stand-By | 08/05/99 | 02/28/01 | 400.00 | 139.75 |
| Stand-By | 04/22/97 | 05/21/98 | 301.50 | 120.60 |
| Stand-By | 05/11/94 | 04/22/97 | 320.50 | 94.27 |
| Stand-By | 05/29/92 | 03/28/93 | 314.04 | 261.70 |
| Stand-By | 04/11/91 | 04/10/92 | 380.50 | 318.10 |
Overdue Obligations and Projected Payments to Fund 1
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | |
| Principal | |||||
| Charges/interest | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Total | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | |
| Principal | |||||
| Charges/interest | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Total | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
Exchange Rate Arrangement
Romania has accepted the obligations of Article VIII and maintains an exchange rate system free of restrictions on making of payments and transfers on current international transactions except for those maintained solely for preservation of national or international security in accordance with UNSC resolutions and that have been notified to the Fund under the procedure set forth in Executive Board Decision No. 144-(52/51). De jure exchange rate arrangement is managed floating and the de facto exchange rate arrangement is floating.
Technical Assistance
Capacity building in Romania has been supported by substantial technical assistance from multilateral agencies and bilateral donors. The Fund has provided support in several areas with almost 30 technical assistance missions and expert visits since 2012.
| Date | Purpose | Department |
|---|---|---|
| Tax Administration | ||
| March–April 2012 | Strengthening the capacity of the National Agency for Fiscal Administration (ANAF). | FAD |
| July–August 2012 | Organizational reforms, strategic direction, plan for restructuring of ANAF and implementation of a compliance strategy. | FAD |
| August–September 2012 | Follow-up on the reorganization of ANAF. | FAD |
| November–December 2012 | Follow-up with ANAF, particularly on the antifraud unit. | FAD |
| March–April 2013 | Training to improve high net wealth individual compliance. | FAD |
| Apr., Sep., Nov. 2013, Jan. 2014 | Follow-up with ANAF. | FAD |
| April 2014 | Assistance to ANAF on pilot structural compliance project targeted at undocumented labor. Training on payroll audit. | FAD |
| April 2014 | Stock taking on assistance and identification of future TA focus: compliance risk management, reorganization of ANAF, pilot projects. | FAD |
| January–February 2015 | Follow-up and training to improve high net wealth individual compliance. | FAD |
| July-August 2015 | Review of the performance of the large taxpayer office and tax compliance management concerning high wealth individuals. | FAD |
| April 2016 | Tax compliance risk analysis related to large businesses. | FAD |
| November 2016 | ANAF performance outcomes compare to international best practice. | FAD |
| Tax Policy | ||
| September 2013 | Strengthening the property tax and natural resource tax regime. | FAD |
| September 2014 | Follow-up assistance with creating a new natural resource tax regime. | FAD |
| June 2015 | Workshop on petroleum tax regime design. | FAD |
| Public Financial Management | ||
| March 2012 | Setting up commitment control and fiscal reporting systems. | FAD |
| October 2012 | Follow-up assistance in setting up commitment control and fiscal reporting systems, especially methodologies and functionalities. | FAD |
| April 2013 | Follow-up assistance in setting up commitment control and fiscal reporting systems, including methodology to verify arrears of local government. | FAD |
| December 2013 | Follow-up assistance in setting up commitment control and fiscal reporting systems, including requirements from decentralization plans. | FAD |
| February 2014 | Fiscal Transparency Evaluation. | FAD |
| January 2015 | Follow-up assistance in setting up commitment control and fiscal reporting systems, review of public investment practices and program budgeting. | FAD |
| June 2015 | Follow-up assistance on strengthening public investment management and implementing public expenditure reviews. | FAD |
| June 2016 | Assistance on institutionalizing spending reviews and preparing spending review reports. | FAD |
| October 2016 | Follow-up assistance to advise on piloting spending reviews. | FAD |
| Financial Sector Issues and Monetary Policy | ||
| November 2012 | Follow-up on program-related financial sector issues, including progress with contingency planning. | MCM |
| October 2014 | Assessment of the monetary policy framework. | MCM |
| Accounting and NPL | ||
| October 2013 | Achieving timely NPL write-off within the IFRS framework. | MCM |
| Date | Purpose | Department |
|---|---|---|
| Tax Administration | ||
| March–April 2012 | Strengthening the capacity of the National Agency for Fiscal Administration (ANAF). | FAD |
| July–August 2012 | Organizational reforms, strategic direction, plan for restructuring of ANAF and implementation of a compliance strategy. | FAD |
| August–September 2012 | Follow-up on the reorganization of ANAF. | FAD |
| November–December 2012 | Follow-up with ANAF, particularly on the antifraud unit. | FAD |
| March–April 2013 | Training to improve high net wealth individual compliance. | FAD |
| Apr., Sep., Nov. 2013, Jan. 2014 | Follow-up with ANAF. | FAD |
| April 2014 | Assistance to ANAF on pilot structural compliance project targeted at undocumented labor. Training on payroll audit. | FAD |
| April 2014 | Stock taking on assistance and identification of future TA focus: compliance risk management, reorganization of ANAF, pilot projects. | FAD |
| January–February 2015 | Follow-up and training to improve high net wealth individual compliance. | FAD |
| July-August 2015 | Review of the performance of the large taxpayer office and tax compliance management concerning high wealth individuals. | FAD |
| April 2016 | Tax compliance risk analysis related to large businesses. | FAD |
| November 2016 | ANAF performance outcomes compare to international best practice. | FAD |
| Tax Policy | ||
| September 2013 | Strengthening the property tax and natural resource tax regime. | FAD |
| September 2014 | Follow-up assistance with creating a new natural resource tax regime. | FAD |
| June 2015 | Workshop on petroleum tax regime design. | FAD |
| Public Financial Management | ||
| March 2012 | Setting up commitment control and fiscal reporting systems. | FAD |
| October 2012 | Follow-up assistance in setting up commitment control and fiscal reporting systems, especially methodologies and functionalities. | FAD |
| April 2013 | Follow-up assistance in setting up commitment control and fiscal reporting systems, including methodology to verify arrears of local government. | FAD |
| December 2013 | Follow-up assistance in setting up commitment control and fiscal reporting systems, including requirements from decentralization plans. | FAD |
| February 2014 | Fiscal Transparency Evaluation. | FAD |
| January 2015 | Follow-up assistance in setting up commitment control and fiscal reporting systems, review of public investment practices and program budgeting. | FAD |
| June 2015 | Follow-up assistance on strengthening public investment management and implementing public expenditure reviews. | FAD |
| June 2016 | Assistance on institutionalizing spending reviews and preparing spending review reports. | FAD |
| October 2016 | Follow-up assistance to advise on piloting spending reviews. | FAD |
| Financial Sector Issues and Monetary Policy | ||
| November 2012 | Follow-up on program-related financial sector issues, including progress with contingency planning. | MCM |
| October 2014 | Assessment of the monetary policy framework. | MCM |
| Accounting and NPL | ||
| October 2013 | Achieving timely NPL write-off within the IFRS framework. | MCM |
Expert Fund assistance has focused in recent years mostly on structural fiscal reforms, in particular modernizing tax administration, strengthening public financial management, and reviewing tax policy options. Technical assistance to the National Bank of Romania focused on upgrading contingency planning, dealing with non-performing loans, and reviewing monetary and exchange rate policy tools.
Article IV Consultations
Romania is on a 12-month consultation cycle. The previous Article IV consultation was concluded by the Executive Board on May 22, 2017.
Safeguards Assessment
An update of the 2011 safeguards assessment, completed on January 10, 2014, found that overall governance at the NBR remains robust, although the legal framework is in need of update to strengthen the NBR’s financial autonomy. Accountability and transparency practices are strong; annual financial statements are independently audited and published. Robust controls are maintained over foreign reserves management, government banking, and vault operations. Romania fully repaid the Fund on January 11, 2016 and therefore will no longer be subject to monitoring under the safeguards policy.
FSAP and ROSC
A joint IMF-World Bank mission conducted an update assessment of Romania’s financial sector as part of the Financial Sector Assessment Program (FSAP) during October 21-November 31, 2017, and January 11-23, 2018. The Financial Sector Assessment Report (FSSA) was discussed at the Board in June 2018.
A pilot of the IMF’s new Fiscal Transparency Evaluation took place in February 2014 and the findings were published in March 2015. It assessed the government’s fiscal reporting, forecasting, and risks management practices against the IMF’s revised Fiscal Transparency Code.
Resident Representative
The Fund has had a resident representative in Bucharest since 1991. Mr. Alejandro Hajdenberg assumed the post of regional resident representative in April 2016.
Relations with the World Bank
(as of March 27, 2018)
The current World Bank Group Country Partnership Strategy (CPS) for Romania, covering the period 2014–18, was presented to the Board on May 22, 2014. The strategy aims at reducing poverty and promoting shared prosperity. The CPS is built on three pillars: (i) Creating a 21st Century Government, with focus on a well-functioning public administration, effective in its service delivery and with an improved quality of public expenditure; (ii) Growth and Private Sector Job Creation, seeking sustainable poverty mitigation and shared prosperity through improvements in the business environment and SOE governance (especially in energy and transport), promoting innovation, and furthering the digital agenda and competitiveness; and (iii) Social Inclusion, a key to the EU’s Europe 2020 Agenda, with a special focus on the Roma community. A new World Bank Group Country Partnership Framework for the period of FY2019 –23, is under preparation and scheduled to be presented to the Board in June 2018.
i. International Bank for Reconstruction and Development (IBRD)
Romania’s portfolio consists of five active investment projects amounting to US$859 million, which are complemented by one country-executed trust fund of US$3.07 million and 18 (Bank-funded) analytical pieces. The ongoing thirteen Reimbursable Advisory Services (RAS) are worth US$40 million and support the General Secretariat of the Government, the Ministry of National Education and Scientific Research, National Authority for the Protection of Children Rights and Adoption, Ministry of European Funds, Ministry of Public Finance, the National Agency of Public Procurement, Ministry of Regional Development, Public Administration and European Funds, Municipality of Constanta and Bucharest District 5 City Hall. Since 2010, 57 RAS agreements totaling US$94.63 million have been signed (data as of March 27, 2018).
The five active investment projects include the Justice Services Improvement Project ($67 million), Integrated Nutrient Pollution Control (US$120.5 million), the Romania Secondary Education Project (US$243 million), the Health Sector Reform Project (US$339 million) and the Revenue Administration Modernization Project (US$92 million).
The country-executed trust fund focuses on Afforestation of Degraded Agricultural Land Proto-Carbon;
The Bank advisory services program covers key areas of engagement. Under the programming period 2007–13, the Bank provided guidance on policy formulation and strategy development in agriculture, competition, climate change, early school leaving, tertiary education, life-long learning, active ageing, social inclusion, Roma integration and transport. Among the 57 RAS that have been signed since 2010, a few provided support to the government in improving the public sector management for efficient and effective service delivery by: (i) shifting towards a results-driven culture, improved policy prioritization, implementation, and coordination, (ii) strengthening public investment management, (iii) introducing performance management systems for EU funds, and (iv) supporting the strategic activities to meet the EU funding conditions for education, social inclusion, active aging (EU 2014–20 program budget). Under the programming period 2014-20, the Bank has built upon the previous assignments in terms of strategic planning and regulatory impact assessment and has shifted its support largely towards strategy implementation and improving EU funds management. Out of the thirteen active RASs, two of them are funded from the local budget (Constanta Urban Development and Bucharest District 5 Urban Development).
Analytical work (Bank-funded ASA) provides diagnostics and policy recommendations in key areas and stimulates cross-sector synergy. Typical examples are the Public Expenditure Reviews and Financial Sector Assessments. Other Bank-funded analytical work focuses on Partnerships for Marginalized Roma, Capital Market Supervision, Smallholder Inclusion in Agri-food Value and Supply Chains, Water Sector, Assessment of the District Heating System, Pensions, Regional Hospitals and Disaster Risk Management and Climate Resilience in Romania.
The World Bank has received financial requests for two new projects to be prepared and approved by the Bank’s Board of Directors in CY2018: The Preparation of Bucharest-Brasov Corridor Project and the Justice Quarter and Esplanada District Development Project.
ii. International Finance Corporation (IFC)
Since the start of operations in Romania in 1990 through end-February FY2018, IFC has invested approximately US$2.8 billion in long-term finance in 89 projects, including over US$600 million in mobilization from other investors. For FY14-FY18 IFC, on own account and through mobilization, committed US$684 million in long-term finance. IFC’s committed own account portfolio ranks third in IFC’s Europe and Central Asia region. The portfolio amounts to US$573 million across 32 projects. By IFC industry cluster, 63 percent is in financial institutions, 29 percent in manufacturing/ agribusiness/ services, 5 percent in infrastructure, and 3 percent in ICT (as of March 27, 2018).
For FY18, IFC is targeting commitments of US$150 million. This includes supporting projects which create jobs, increase investment in underserved frontier regions, contribute to the growth and competitiveness of local firms in underserved sectors such as health, infrastructure, and improve resource efficiency. In the financial sector, IFC will support the development of capital markets, continue to engage in distressed assets projects and support on-lending to SMEs through leasing companies and banks.
Statistical Issues
(as of April 13, 2018)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. | |
| National accounts: Quarterly and annual national accounts statistics are produced by the National Institute for Statistics (INS) using the European System of Accounts 2010 (ESA 2010). Estimates are methodologically sound and are reported to the Fund on a timely basis for publication in the International Financial Statistics (IFS). Provisional and semi-final versions are disseminated in the Statistical Yearbook and other publications, as well as on the web (www.insse.ro). | |
| Prices: The Consumer Price Index is subject to standard annual reweighting, and is considered reliable. In January 2004, the INS changed the coverage of the Producer Price Index (PPI) to include the domestic and export sectors. PPI weights are revised every five years with revisions finalized three years after the new base year. | |
| Labor market: Labor market statistics are broadly adequate. The definition used for employment is consistent with ESA 2010. | |
| Public finances: Annual GFS data for the general government sector, including public corporations operating on a non-market basis, are reported on an accrual basis derived from cash data using various adjustment methods. Tax revenues are adjusted using the time-adjusted cash method; expense data are adjusted using due-for-payments data; and interest payments are calculated on an accrual basis. Accrual data are also available on a quarterly basis three months after the end of each quarter. EUR receives monthly cash budget execution data. Consolidated data on general government operations are reported for inclusion in the GFS Yearbook. | |
| Monetary and financial statistics: The National Bank of Romania (NBR) reports monetary and financial statistics for publication in the IFS, using the Standardized Report Forms (SRFs). The SRFs for the central bank and other depository corporations are reported on a monthly basis, while the SRF for Other Financial Corporations (OFCs) is reported on a quarterly basis. | |
| Financial Soundness Indicators (FSIs): The NBR reports all core and most encouraged FSIs for Deposit Takers on a quarterly basis. In addition, the NBR reports FSIs for the nonfinancial corporations (NFCs) and households (HHs) sectors, as well as those for real estate markets. | |
| External sector statistics: The NBR routinely reports quarterly and annual balance of payments and international investment position statistics to the Fund and external debt statistics to the World Bank’s QEDS database in a timely fashion. Since September 2014 the authorities implemented the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), in line with other European countries. Romania participates in the IMF’s Coordinated Portfolio Investment Survey (CPIS), Coordinated Direct Investment Survey (CDIS) and reports International Reserves and Foreign Currency Liquidity (IRFCL) Data Template. | |
| II. Data Standards and Quality | |
| Romania is a subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since August 4, 2005. | A Data ROSC was published in November 2001. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. | |
| National accounts: Quarterly and annual national accounts statistics are produced by the National Institute for Statistics (INS) using the European System of Accounts 2010 (ESA 2010). Estimates are methodologically sound and are reported to the Fund on a timely basis for publication in the International Financial Statistics (IFS). Provisional and semi-final versions are disseminated in the Statistical Yearbook and other publications, as well as on the web (www.insse.ro). | |
| Prices: The Consumer Price Index is subject to standard annual reweighting, and is considered reliable. In January 2004, the INS changed the coverage of the Producer Price Index (PPI) to include the domestic and export sectors. PPI weights are revised every five years with revisions finalized three years after the new base year. | |
| Labor market: Labor market statistics are broadly adequate. The definition used for employment is consistent with ESA 2010. | |
| Public finances: Annual GFS data for the general government sector, including public corporations operating on a non-market basis, are reported on an accrual basis derived from cash data using various adjustment methods. Tax revenues are adjusted using the time-adjusted cash method; expense data are adjusted using due-for-payments data; and interest payments are calculated on an accrual basis. Accrual data are also available on a quarterly basis three months after the end of each quarter. EUR receives monthly cash budget execution data. Consolidated data on general government operations are reported for inclusion in the GFS Yearbook. | |
| Monetary and financial statistics: The National Bank of Romania (NBR) reports monetary and financial statistics for publication in the IFS, using the Standardized Report Forms (SRFs). The SRFs for the central bank and other depository corporations are reported on a monthly basis, while the SRF for Other Financial Corporations (OFCs) is reported on a quarterly basis. | |
| Financial Soundness Indicators (FSIs): The NBR reports all core and most encouraged FSIs for Deposit Takers on a quarterly basis. In addition, the NBR reports FSIs for the nonfinancial corporations (NFCs) and households (HHs) sectors, as well as those for real estate markets. | |
| External sector statistics: The NBR routinely reports quarterly and annual balance of payments and international investment position statistics to the Fund and external debt statistics to the World Bank’s QEDS database in a timely fashion. Since September 2014 the authorities implemented the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), in line with other European countries. Romania participates in the IMF’s Coordinated Portfolio Investment Survey (CPIS), Coordinated Direct Investment Survey (CDIS) and reports International Reserves and Foreign Currency Liquidity (IRFCL) Data Template. | |
| II. Data Standards and Quality | |
| Romania is a subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since August 4, 2005. | A Data ROSC was published in November 2001. |
Romania: Table of Common Indicators Required for Surveillance
(as of April 13, 2018)
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 non-bank 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.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Romania: Table of Common Indicators Required for Surveillance
(as of April 13, 2018)
| Date of latest observation |
Date received |
Frequency of Data6 |
Frequency of Reporting6 |
Frequency of Publication6 |
|
|---|---|---|---|---|---|
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Apr 2018 | Apr 2018 | D and M | D and M | M |
| Reserve/Base Money | Feb 2018 | Mar 2018 | D and M | W and M | M |
| Broad Money | Feb 2018 | Mar 2018 | M | M | M |
| Central Bank Balance Sheet | Feb 2018 | Mar 2018 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Feb 2018 | Mar 2018 | M | M | M |
| Interest Rates2 | Mar 2018 | Apr 2018 | M | M | M |
| Consumer Price Index | Mar 2018 | Apr 2018 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Mar 2018 | Apr 2018 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Q4 2017 | Mar 2018 | Q | Q | Q |
| External Current Account Balance | Feb 2018 | Apr 2018 | M | M | M |
| Exports and Imports of Goods and Services | Feb 2018 | Apr 2018 | M | M | M |
| Gross External Debt | Feb 2018 | Apr 2018 | M | M | M |
| International Investment Position7 | Q4 2017 | Feb 2018 | Q | Q | Q |
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 non-bank 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.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Romania: Table of Common Indicators Required for Surveillance
(as of April 13, 2018)
| Date of latest observation |
Date received |
Frequency of Data6 |
Frequency of Reporting6 |
Frequency of Publication6 |
|
|---|---|---|---|---|---|
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Apr 2018 | Apr 2018 | D and M | D and M | M |
| Reserve/Base Money | Feb 2018 | Mar 2018 | D and M | W and M | M |
| Broad Money | Feb 2018 | Mar 2018 | M | M | M |
| Central Bank Balance Sheet | Feb 2018 | Mar 2018 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Feb 2018 | Mar 2018 | M | M | M |
| Interest Rates2 | Mar 2018 | Apr 2018 | M | M | M |
| Consumer Price Index | Mar 2018 | Apr 2018 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Mar 2018 | Apr 2018 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Q4 2017 | Mar 2018 | Q | Q | Q |
| External Current Account Balance | Feb 2018 | Apr 2018 | M | M | M |
| Exports and Imports of Goods and Services | Feb 2018 | Apr 2018 | M | M | M |
| Gross External Debt | Feb 2018 | Apr 2018 | M | M | M |
| International Investment Position7 | Q4 2017 | Feb 2018 | Q | Q | Q |
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 non-bank 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.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.