Abstract
2019 Article IV Consultation-Press Release and Staff Report
Fund Relations
(As of March 31, 2019)
Membership Status: Joined: December 28, 1945, Article VIII
| General Resources Account: | SDR Million | Percentage of Quota |
|---|---|---|
| Quota | 428.60 | 100.00 |
| Fund holdings of currency | 374.01 | 87.26 |
| Reserve Tranche Position | 54.60 | 12.74 |
| General Resources Account: | SDR Million | Percentage of Quota |
|---|---|---|
| Quota | 428.60 | 100.00 |
| Fund holdings of currency | 374.01 | 87.26 |
| Reserve Tranche Position | 54.60 | 12.74 |
| SDR Department: | SDR Million | Percentage of Allocation |
|---|---|---|
| Net cumulative allocation | 200.91 | 100.00 |
| Holdings | 120.39 | 59.92 |
| SDR Department: | SDR Million | Percentage of Allocation |
|---|---|---|
| Net cumulative allocation | 200.91 | 100.00 |
| Holdings | 120.39 | 59.92 |
Outstanding Purchases and Loans:
None
Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | 04/22/09 | 10/21/10 | 630.60 | 0.00 |
| Stand-By | 06/18/03 | 03/15/04 | 84.00 | 0.00 |
| Stand-By | 04/01/02 | 03/31/03 | 84.00 | 0.00 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | 04/22/09 | 10/21/10 | 630.60 | 0.00 |
| Stand-By | 06/18/03 | 03/15/04 | 84.00 | 0.00 |
| Stand-By | 04/01/02 | 03/31/03 | 84.00 | 0.00 |
Projected Payments to Fund1
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.69 | 0.93 | 0.93 | 0.93 | 0.93 |
| Total | 0.69 | 0.93 | 0.93 | 0.93 | 0.93 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.69 | 0.93 | 0.93 | 0.93 | 0.93 |
| Total | 0.69 | 0.93 | 0.93 | 0.93 | 0.93 |
Safeguards Assessment. Under the Fund’s safeguards assessment policy, the Bank of Guatemala was subject to an assessment with respect to the Stand-By Arrangement approved on April 22, 2009 (IMF Country Report No: 09/143). The assessment, which was completed in September 2009, found that the Bank of Guatemala has strengthened safeguards in the areas of transparency of financial reporting and the management of foreign exchange reserves. Recommendations were made to further strengthen the bank’s governance and independence.
Exchange Rate Arrangement. Since March 1994, Guatemala has had an arrangement based on an interbank foreign exchange market in which authorized financial institutions buy and sell foreign exchange at market-determined rates. Financial institutions authorized to operate in the foreign exchange market include commercial banks, finance companies, and exchange houses. Guatemala has a de jure floating exchange rate arrangement, although the Bank of Guatemala (Banguat) may intervene to limit volatility in the nominal exchange rate without affecting its trend. Banguat intervenes through foreign exchange auctions based on a symmetric and public rule that limits daily volatility. Effective January 1, 2018, the fluctuation margin (added to or subtracted from the five-day moving average of the exchange rate) that determines whether Banguat may intervene was increased to 0.80 percent (previously 0.75 percent) as part of Banguat’s commitment to increase exchange rate flexibility. Banguat may also intervene outside the scope of this rule whenever the nominal exchange rate shows unusual volatility, but this instrument has only been used once during the GFC. From January 2018, the exchange rate followed a depreciating trend within a 2-percent band against the U.S. dollar, but stabilized since September 2018. Therefore, the de facto exchange rate arrangement was reclassified twice in 2018: (i) from “stabilized” to “crawl-like”, effective January 17, 2018, and (ii) from “crawl-like” to “stabilized”, effective September 26, 2018. As of March 31, 2019, the reference exchange rate was Q7.68 per U.S. dollar. Guatemala has accepted the obligations of Article VIII, Sections 2, 3 and 4, and its exchange system is free of restrictions on the making of payments and transfers for current transactions.
FSAP Participation. An FSAP Update was carried out during March 18-April 1, 2014, and the Financial System Stability Assessment was discussed by the Executive Board on September 12, 2014, at the time of the 2014 Article IV consultation.
Article IV Consultation. The last Article IV consultation was concluded by the Executive Board on May 25, 2018.
Resident Representative. Mr. Gerardo Peraza is the Regional Resident Representative for Costa Rica, Guatemala, and El Salvador, and is based in Guatemala.
Technical Assistance 2011–19
(updated May 2019)
Technical Assistance 2011–19
(updated May 2019)
| Department | Date of Delivery | Purpose |
|---|---|---|
| FAD CAPTAC | 2019 | Accounting- Account consolidation; Fiscal Risk; Treasury – Payment Policy; Budget; Strengthen tax administration management; Post Clearance Audit (special Procedures); Improving Customs Process |
| 2018 | Fees and License Rights; Risk-Based Trade Operators; Improvement of Main Customs Processes; Load Control Plan; Strengthen Management of Tax Administration; Taxpayer Service; Audit Area; Accounting Consolidation; Cash Planning; System Requirements; Financial Programming; Macroeconomic Risks | |
| 2018, 2017 | Trade Operators Based on Risk; Integral Load Control Plan; Customs Administration Process; VAT Credit Control; Cash Planning in Treasury | |
| 2017 | System Requirements in Treasury; Fiscal Risks; Treasury Single Account | |
| 2016 | Improving Collection with Equity and Efficiency (tax policy mission) | |
| 2016 | Revenue administration mission (to define short- and medium-term strategy to reform tax and customs administration) | |
| 2016 | Fiscal Transparency Evaluation | |
| 2015, 2014 | Support tax control strategy with emphasis on mass control | |
| 2014 | Establish tax payers’ profiles and data to measure effectiveness of actions | |
| 2015, 2014, 2013, 2012, 2011 | Revenue administration (multiple missions) | |
| 2014 | Integrated control on VAT Credit; Tax and Customs Compliance Improvement Program; Information based Integrated Control Model | |
| 2013, 2012, 2011 | Treasury single account (multiple missions) | |
| 2013, 2012, 2011 | Customs administration (multiple missions) | |
| 2012 | Control of budgetary execution | |
| 2011 | Debt management strategy | |
| 2011 | Revenue forecasting | |
| 2011 | Government cash flow and financial planning | |
| MCM, CAPTAC | 2019 | Credit risk regulation; Insurance Catastrophic Risk |
| 2018 | Market Risk Regulation; Supervisory Reporting; Insurance Catastrophic Risks; Operational Risk Supervision | |
| 2018 | Equilibrium Real Exchange Rate Model | |
| 2017 | Operational Risk Data Base; Market Risk Regulation; Supervisory Reporting; Insurance Catastrophic Risk; Operational Risk Supervision | |
| 2017 | International Financial Reporting Standards (IFRS); Central Bank´s Capacities for Financial Stability Analysis | |
| 2016 | Central Securities Depository for Government Securities | |
| 2016, 2015, 2014 | Strengthening the central bank’s structural model with financial sector frictions Developing a yield curve of public financial instruments Improving the structural liquidity forecast Developing a model to quantify the monetary policy transmission mechanism | |
| 2015 | Debt Management | |
| 2014 | Enhancing monetary operations Extending and reviewing the Central Bank macroeconomic structural model Strengthening Central Bank macro-modeling including for fiscal sustainability analysis Stress testing model for banking supervision as well as monetary stability purposes | |
| 2014 | Development of supervision credit risk models | |
| 2014 | Recommendations for market risk regulatory framework | |
| 2013, 2012, 2011 | Risk-based bank supervision (multiple missions) | |
| 2013, 2012, 2011 | Monetary operations, forecasting and liquidity administration (multiple missions) | |
| 2011 | Capital market development (multiple missions); Application of international financial reporting standards in the banking system | |
| STA, CAPTAC | 2019 | Public Sector Debt Statistics, Consumer Price Index, Producer Price Index |
| 2018 | Sectorization of the Public Sector and Disclosure of Fiscal Data; Surveys; Government Finance Statistics Implementation Strategy | |
| 2017, 2016, 2015, 2014, 2013, 2012, 2011 | National accounts statistics (multiple missions) | |
| 2019, 2016, 2015, 2014, 2013, 2012 | Producer price index (multiple missions) | |
| 2016, 2015, 2014, 2013, 2012, 2011 | Export and import price indices (multiple missions) | |
| 2016, 2015, 2014, 2013, 2012, 2011 | Balance of Payments Statistics and IIP | |
| 2015 | Training and CD: Financial Accounts | |
| 2014 | Coordinated FDI and Portfolio Surveys | |
| 2014 | Regional National Accounts | |
| 2013, 2012, 2011 | Monthly Index of Economic Activity | |
| 2013 | Training: Balance of Payments Statistics | |
| 2013 | Balance of Payments Statistics |
Technical Assistance 2011–19
(updated May 2019)
| Department | Date of Delivery | Purpose |
|---|---|---|
| FAD CAPTAC | 2019 | Accounting- Account consolidation; Fiscal Risk; Treasury – Payment Policy; Budget; Strengthen tax administration management; Post Clearance Audit (special Procedures); Improving Customs Process |
| 2018 | Fees and License Rights; Risk-Based Trade Operators; Improvement of Main Customs Processes; Load Control Plan; Strengthen Management of Tax Administration; Taxpayer Service; Audit Area; Accounting Consolidation; Cash Planning; System Requirements; Financial Programming; Macroeconomic Risks | |
| 2018, 2017 | Trade Operators Based on Risk; Integral Load Control Plan; Customs Administration Process; VAT Credit Control; Cash Planning in Treasury | |
| 2017 | System Requirements in Treasury; Fiscal Risks; Treasury Single Account | |
| 2016 | Improving Collection with Equity and Efficiency (tax policy mission) | |
| 2016 | Revenue administration mission (to define short- and medium-term strategy to reform tax and customs administration) | |
| 2016 | Fiscal Transparency Evaluation | |
| 2015, 2014 | Support tax control strategy with emphasis on mass control | |
| 2014 | Establish tax payers’ profiles and data to measure effectiveness of actions | |
| 2015, 2014, 2013, 2012, 2011 | Revenue administration (multiple missions) | |
| 2014 | Integrated control on VAT Credit; Tax and Customs Compliance Improvement Program; Information based Integrated Control Model | |
| 2013, 2012, 2011 | Treasury single account (multiple missions) | |
| 2013, 2012, 2011 | Customs administration (multiple missions) | |
| 2012 | Control of budgetary execution | |
| 2011 | Debt management strategy | |
| 2011 | Revenue forecasting | |
| 2011 | Government cash flow and financial planning | |
| MCM, CAPTAC | 2019 | Credit risk regulation; Insurance Catastrophic Risk |
| 2018 | Market Risk Regulation; Supervisory Reporting; Insurance Catastrophic Risks; Operational Risk Supervision | |
| 2018 | Equilibrium Real Exchange Rate Model | |
| 2017 | Operational Risk Data Base; Market Risk Regulation; Supervisory Reporting; Insurance Catastrophic Risk; Operational Risk Supervision | |
| 2017 | International Financial Reporting Standards (IFRS); Central Bank´s Capacities for Financial Stability Analysis | |
| 2016 | Central Securities Depository for Government Securities | |
| 2016, 2015, 2014 | Strengthening the central bank’s structural model with financial sector frictions Developing a yield curve of public financial instruments Improving the structural liquidity forecast Developing a model to quantify the monetary policy transmission mechanism | |
| 2015 | Debt Management | |
| 2014 | Enhancing monetary operations Extending and reviewing the Central Bank macroeconomic structural model Strengthening Central Bank macro-modeling including for fiscal sustainability analysis Stress testing model for banking supervision as well as monetary stability purposes | |
| 2014 | Development of supervision credit risk models | |
| 2014 | Recommendations for market risk regulatory framework | |
| 2013, 2012, 2011 | Risk-based bank supervision (multiple missions) | |
| 2013, 2012, 2011 | Monetary operations, forecasting and liquidity administration (multiple missions) | |
| 2011 | Capital market development (multiple missions); Application of international financial reporting standards in the banking system | |
| STA, CAPTAC | 2019 | Public Sector Debt Statistics, Consumer Price Index, Producer Price Index |
| 2018 | Sectorization of the Public Sector and Disclosure of Fiscal Data; Surveys; Government Finance Statistics Implementation Strategy | |
| 2017, 2016, 2015, 2014, 2013, 2012, 2011 | National accounts statistics (multiple missions) | |
| 2019, 2016, 2015, 2014, 2013, 2012 | Producer price index (multiple missions) | |
| 2016, 2015, 2014, 2013, 2012, 2011 | Export and import price indices (multiple missions) | |
| 2016, 2015, 2014, 2013, 2012, 2011 | Balance of Payments Statistics and IIP | |
| 2015 | Training and CD: Financial Accounts | |
| 2014 | Coordinated FDI and Portfolio Surveys | |
| 2014 | Regional National Accounts | |
| 2013, 2012, 2011 | Monthly Index of Economic Activity | |
| 2013 | Training: Balance of Payments Statistics | |
| 2013 | Balance of Payments Statistics |
Statistical Issues
(As of April 2, 2019)
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. |
| National accounts: The Bank of Guatemala (Banguat) publishes annual and quarterly national accounts consistent with the System of National Accounts 1993 (1993 SNA), with 2001 as the base year. In addition, a monthly index of economic activity consistent with the quarterly and annual accounts is disseminated on a regular basis. Banguat started the national accounts rebasing process that is planned to be disseminated in May 2019, with 2013 as the new base year and adopting the main recommendations of the 2008 SNA. |
| Consumer prices and unemployment: the consumer price index (CPI) is disseminated monthly, using weights from 2009–10, based on the National Household Income and Expenditure Survey (ENIGFAM), conducted between July 2009 and July 2010. The CPI is compiled at national level and for eight regions. A producer price index (PPI) is currently not disseminated and technical assistance to improve the compilation method is being provided. Unemployment is estimated only on a biannual basis. |
| Government finance statistics: Guatemala provides annual fiscal data for the GFSY with institutional coverage of Budgetary Central Government. Revenue, expenditure, and financing statistics for social security agencies, local governments, and nonfinancial public enterprises are not reported, hindering the calculation of a consolidated operations statement and balance sheet for the nonfinancial public sector. The coverage and periodicity of data on Budgetary central government financing and debt is adequate. As a result of Guatemala’s participation in a regional capacity development program for the harmonization of GFS for Central America, Panama, and the Dominican Republic, led by the IMF’s Regional Center for Technical Assistance (CAPTAC-DR), the Ministry of Finance published on a yearly basis (2013–2018) detailed statistics for the non financial public sector. Further technical assistance from CAPTAC-DR is scheduled for October 2019. Monetary and financial statistics: Monetary and financial statistics are reported on a regular monthly basis to STA using the standardized report forms (SRFs) for the central bank, other depository corporations, and other financial corporations (OFCs). OFCs comprise insurance companies, warehouses and exchange houses. Monetary data exclude credit card companies, securities dealers, other financial intermediaries, and other financial auxiliaries. Guatemala reports data on some key series and indicators of the Financial Access Survey (FAS), including mobile money and the two indicators adopted by the UN to monitor Target 8.10.1 of the Sustainable Development Goals (SDGs). |
| Financial sector surveillance: The authorities report on monthly basis all twelve core financial soundness indicators (FSIs) and ten (out of thirteen) of the encouraged set for the deposit taking sector. The authorities are working on expanding the FSI coverage of the OFCs sector. |
| External sector statistics: Guatemala has made significant progress on the prerequisites for data quality as well as on methodological soundness of concepts and definitions, scope, classification, and basis for recording. The legislation on the obligation of the private sector to provide information to the Bank of Guatemala for statistical purposes is still pending, which affects the response rate to balance of payments surveys and limits the availability of the required information. On dissemination of external sector statistics, Guatemala has successfully: (1) migrated to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6); (2) disseminated the Reserves Data Template; (3) disseminated comprehensive inward/outward data on the Coordinated Direct Investment Survey (CDIS), and; (4) provided total external debt statistics by sector on the World Bank’s website. Compilers at the Central Bank should be encouraged to participate in the Coordinated Portfolio Investment Survey (CPIS). |
| II. Data Standards and Quality |
| Guatemala participates in the enhanced General Data Dissemination System (e-GDDS) and meets nearly all of the recommended periodicity and timeliness recommendations of the e-GDDS. Guatemala has not implemented the e-GDDS as it does not have a National Summary Data Page (NSDP). |
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. |
| National accounts: The Bank of Guatemala (Banguat) publishes annual and quarterly national accounts consistent with the System of National Accounts 1993 (1993 SNA), with 2001 as the base year. In addition, a monthly index of economic activity consistent with the quarterly and annual accounts is disseminated on a regular basis. Banguat started the national accounts rebasing process that is planned to be disseminated in May 2019, with 2013 as the new base year and adopting the main recommendations of the 2008 SNA. |
| Consumer prices and unemployment: the consumer price index (CPI) is disseminated monthly, using weights from 2009–10, based on the National Household Income and Expenditure Survey (ENIGFAM), conducted between July 2009 and July 2010. The CPI is compiled at national level and for eight regions. A producer price index (PPI) is currently not disseminated and technical assistance to improve the compilation method is being provided. Unemployment is estimated only on a biannual basis. |
| Government finance statistics: Guatemala provides annual fiscal data for the GFSY with institutional coverage of Budgetary Central Government. Revenue, expenditure, and financing statistics for social security agencies, local governments, and nonfinancial public enterprises are not reported, hindering the calculation of a consolidated operations statement and balance sheet for the nonfinancial public sector. The coverage and periodicity of data on Budgetary central government financing and debt is adequate. As a result of Guatemala’s participation in a regional capacity development program for the harmonization of GFS for Central America, Panama, and the Dominican Republic, led by the IMF’s Regional Center for Technical Assistance (CAPTAC-DR), the Ministry of Finance published on a yearly basis (2013–2018) detailed statistics for the non financial public sector. Further technical assistance from CAPTAC-DR is scheduled for October 2019. Monetary and financial statistics: Monetary and financial statistics are reported on a regular monthly basis to STA using the standardized report forms (SRFs) for the central bank, other depository corporations, and other financial corporations (OFCs). OFCs comprise insurance companies, warehouses and exchange houses. Monetary data exclude credit card companies, securities dealers, other financial intermediaries, and other financial auxiliaries. Guatemala reports data on some key series and indicators of the Financial Access Survey (FAS), including mobile money and the two indicators adopted by the UN to monitor Target 8.10.1 of the Sustainable Development Goals (SDGs). |
| Financial sector surveillance: The authorities report on monthly basis all twelve core financial soundness indicators (FSIs) and ten (out of thirteen) of the encouraged set for the deposit taking sector. The authorities are working on expanding the FSI coverage of the OFCs sector. |
| External sector statistics: Guatemala has made significant progress on the prerequisites for data quality as well as on methodological soundness of concepts and definitions, scope, classification, and basis for recording. The legislation on the obligation of the private sector to provide information to the Bank of Guatemala for statistical purposes is still pending, which affects the response rate to balance of payments surveys and limits the availability of the required information. On dissemination of external sector statistics, Guatemala has successfully: (1) migrated to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6); (2) disseminated the Reserves Data Template; (3) disseminated comprehensive inward/outward data on the Coordinated Direct Investment Survey (CDIS), and; (4) provided total external debt statistics by sector on the World Bank’s website. Compilers at the Central Bank should be encouraged to participate in the Coordinated Portfolio Investment Survey (CPIS). |
| II. Data Standards and Quality |
| Guatemala participates in the enhanced General Data Dissemination System (e-GDDS) and meets nearly all of the recommended periodicity and timeliness recommendations of the e-GDDS. Guatemala has not implemented the e-GDDS as it does not have a National Summary Data Page (NSDP). |
Table of Common Indicators Required for Surveillance
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
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. Provision of this data is hampered by lack of capacity while ongoing efforts, including the recently requested TA advice from the Fund on fiscal transparency, are made to strengthen it. Certain progress has been made in the following areas: defining an action plan to improve fiscal transparency; taking the decision to implement the GFSM 2014 as part of the fiscal transparency effort and designing an action plan for its implementation; creating the open government data portal (https://datos.minfin.gob.gt/) with data on budget formulation and execution, grants to municipalities; publication of fiscal risks as an appendix of Budgets 2017 and 2018; and working on a national publication of consolidated nonfinancial public sector (on a GFSM 1986 format): www.minfin.gob.gt.
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
| Date of latest observation | Date received | Frequency of Data 7/ | Frequency of Reporting 7/ | Frequency of Publication 7/ | |
|---|---|---|---|---|---|
| Exchange Rates | Mar 2019 | Apr 5, 2019 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1/ | Apr 2019 | May 3, 2019 | M | M | M |
| Reserve/Base Money | Mar 2019 | Apr 2019 | W | W | W |
| Broad Money | Mar 2019 | May 2019 | W | W | W |
| Central Bank Balance Sheet | Mar 2019 | Apr 2019 | D | D | D |
| Consolidated Balance Sheet of the Banking System | Mar 2019 | May 2019 | M | M | M |
| Interest Rates 2/ | Apr 2019 | May 2019 | W | W | W |
| Consumer Price Index | Feb 2019 | Mar 29,2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 3/- Central Government | Dec 2017 | Dec 20,2017 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 4/- General Government | N/A | N/A | N/A | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 5/ | Dec 2017 | Dec 20, 2017 | M | M | M |
| External Current Account Balance | Q4/2018 | Apr 8, 2019 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q4/2018 | Apr 8, 2019 | Q | Q | Q |
| GDP/GNP | Q3 | Mar 25, 2019 | Q | Q | Q |
| Gross External Debt | Q4/2017 | Dec 20, 2017 | Q | Q | Q |
| International Investment Position 6/ | Q4/2018 | Apr 11, 2019 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
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. Provision of this data is hampered by lack of capacity while ongoing efforts, including the recently requested TA advice from the Fund on fiscal transparency, are made to strengthen it. Certain progress has been made in the following areas: defining an action plan to improve fiscal transparency; taking the decision to implement the GFSM 2014 as part of the fiscal transparency effort and designing an action plan for its implementation; creating the open government data portal (https://datos.minfin.gob.gt/) with data on budget formulation and execution, grants to municipalities; publication of fiscal risks as an appendix of Budgets 2017 and 2018; and working on a national publication of consolidated nonfinancial public sector (on a GFSM 1986 format): www.minfin.gob.gt.
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
| Date of latest observation | Date received | Frequency of Data 7/ | Frequency of Reporting 7/ | Frequency of Publication 7/ | |
|---|---|---|---|---|---|
| Exchange Rates | Mar 2019 | Apr 5, 2019 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1/ | Apr 2019 | May 3, 2019 | M | M | M |
| Reserve/Base Money | Mar 2019 | Apr 2019 | W | W | W |
| Broad Money | Mar 2019 | May 2019 | W | W | W |
| Central Bank Balance Sheet | Mar 2019 | Apr 2019 | D | D | D |
| Consolidated Balance Sheet of the Banking System | Mar 2019 | May 2019 | M | M | M |
| Interest Rates 2/ | Apr 2019 | May 2019 | W | W | W |
| Consumer Price Index | Feb 2019 | Mar 29,2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 3/- Central Government | Dec 2017 | Dec 20,2017 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing 4/- General Government | N/A | N/A | N/A | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 5/ | Dec 2017 | Dec 20, 2017 | M | M | M |
| External Current Account Balance | Q4/2018 | Apr 8, 2019 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q4/2018 | Apr 8, 2019 | Q | Q | Q |
| GDP/GNP | Q3 | Mar 25, 2019 | Q | Q | Q |
| Gross External Debt | Q4/2017 | Dec 20, 2017 | Q | Q | Q |
| International Investment Position 6/ | Q4/2018 | Apr 11, 2019 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
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. Provision of this data is hampered by lack of capacity while ongoing efforts, including the recently requested TA advice from the Fund on fiscal transparency, are made to strengthen it. Certain progress has been made in the following areas: defining an action plan to improve fiscal transparency; taking the decision to implement the GFSM 2014 as part of the fiscal transparency effort and designing an action plan for its implementation; creating the open government data portal (https://datos.minfin.gob.gt/) with data on budget formulation and execution, grants to municipalities; publication of fiscal risks as an appendix of Budgets 2017 and 2018; and working on a national publication of consolidated nonfinancial public sector (on a GFSM 1986 format): www.minfin.gob.gt.
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).
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.