Abstract
2019 Article IV Consultation-Press Release; and Staff Report
Fund Relations
(As of October 31, 2019) Membership Status: Joined January 14, 1948; Article VIII.
| General Resources Account: | SDR Million | Percent of Quota | |
|---|---|---|---|
| Quota | 2,410.60 | 100.00 | |
| Fund holdings of currency | 2,009.87 | 83.38 | |
| Reserve Tranche Position | 400.73 | 16.62 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 74.19 | ||
| General Resources Account: | SDR Million | Percent of Quota | |
|---|---|---|---|
| Quota | 2,410.60 | 100.00 | |
| Fund holdings of currency | 2,009.87 | 83.38 | |
| Reserve Tranche Position | 400.73 | 16.62 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 74.19 | ||
| SDR Department: | SDR Million | Percent of Quota |
|---|---|---|
| Net cumulative allocation | 1,189.51 | 100.00 |
| Holdings | 1,123.68 | 94.47 |
| SDR Department: | SDR Million | Percent of Quota |
|---|---|---|
| Net cumulative allocation | 1,189.51 | 100.00 |
| Holdings | 1,123.68 | 94.47 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements: None
Projected Payments to Fund:
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.15 | 0.55 | 0.55 | 0.55 | 0.55 |
| Total | 0.15 | 0.55 | 0.55 | 0.55 | 0.55 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.15 | 0.55 | 0.55 | 0.55 | 0.55 |
| Total | 0.15 | 0.55 | 0.55 | 0.55 | 0.55 |
Exchange Rate Arrangements:
Finland’s currency is the euro, which floats freely and independently against other currencies.
Finland has accepted the obligations under Article VIII, Sections 29a0, 3, and 4 of the Fund’s Articles of Agreement. It maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions, except for those measures imposed for security reasons in accordance with Regulations of the Council of the European Union, as notified to the Executive Board in accordance with Decision No. 144-(52/51).
Article IV Consultation:
Finland is on the 12-month consultation cycle.
FSAP Participation:
Finland had a review under the Financial Sector Assessment Program (FSAP) in 2016.
Statistical Issues
(As of November 29, 2019)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. The country has a full range of statistical publications, many of which are on the internet. The quality and timeliness of the economic database are generally very good. | |
| II. Data Standards and Quality | |
| Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since June 3, 1996. Uses SDDS flexibility option for timeliness on data for central government operations. The authorities have expressed initial interest to adhere to the Special Data Dissemination Standard Plus. | Adherent to the Fund’s Special Data Dissemination Standards Plus since June 6, 2018. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is adequate for surveillance. The country has a full range of statistical publications, many of which are on the internet. The quality and timeliness of the economic database are generally very good. | |
| II. Data Standards and Quality | |
| Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since June 3, 1996. Uses SDDS flexibility option for timeliness on data for central government operations. The authorities have expressed initial interest to adhere to the Special Data Dissemination Standard Plus. | Adherent to the Fund’s Special Data Dissemination Standards Plus since June 6, 2018. |
National Accounts: Finland publishes the national accounts according to the European System of Accounts (ESA) 2010 since September 2014.
Government Finance Statistics: Government finance statistics were published based on ESA 2010 methodology since September 2014.
External Sector Statistics: Finland publishes external sector statistics based on the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) format since December 2014. Finland has completed the requirements for adherence to the IMF’s Special Data Dissemination Standard (SDDS) Plus in 2018—the highest tier of the Data Standards Initiatives. However, Finland does not yet produce detailed external debt statistics. This means that the external debt sustainability exercise, which is a mandatory assessment for the IMF article IV, could not be carried out.
Monetary and Financial Statistics: Monetary data reported for International Financial Statistics are based on the European Central Bank’s (ECB) framework for collecting, compiling, and reporting monetary data.
Finland: Table of Common Indicators Required for Surveillance
(As of November 29, 2019)
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, including National Insurance Scheme, and local governments.
Including currency and instrument composition.
Includes external gross financial asset and liability positions vis-a-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Finland: Table of Common Indicators Required for Surveillance
(As of November 29, 2019)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 11/29/19 | 11/29/19 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 10/2019 | 11/2019 | M | M | M |
| Reserve/Base Money | 10/2019 | 11/2019 | M | M | M |
| Broad Money | 10/2019 | 11/2019 | M | M | M |
| Central Bank Balance Sheet | 10/2019 | 11/2019 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 10/2019 | 11/2019 | M | M | M |
| Interest Rates2 | 10/31/19 | 10/31/19 | D | D | D |
| Consumer Price Index | 10/2019 | 11/2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 2018 | 09/2019 | A | A | A |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 2018 | 09/2019 | A | A | A |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 09/2018 | 10/2019 | M | M | M |
| External Current Account Balance | 09/2019 | 11/2019 | M | M | M |
| Exports and Imports of Goods and Services | 10/2019 | 11/2019 | M | M | M |
| GDP/GNP | Q3 2019 | 11/2019 | Q | Q | Q |
| Gross External Debt | Q2 2019 | 10/2019 | Q | Q | Q |
| International Investment Position6 | Q2 2019 | 10/2019 | 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, including National Insurance Scheme, and local governments.
Including currency and instrument composition.
Includes external gross financial asset and liability positions vis-a-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Finland: Table of Common Indicators Required for Surveillance
(As of November 29, 2019)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 11/29/19 | 11/29/19 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 10/2019 | 11/2019 | M | M | M |
| Reserve/Base Money | 10/2019 | 11/2019 | M | M | M |
| Broad Money | 10/2019 | 11/2019 | M | M | M |
| Central Bank Balance Sheet | 10/2019 | 11/2019 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 10/2019 | 11/2019 | M | M | M |
| Interest Rates2 | 10/31/19 | 10/31/19 | D | D | D |
| Consumer Price Index | 10/2019 | 11/2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 2018 | 09/2019 | A | A | A |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 2018 | 09/2019 | A | A | A |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 09/2018 | 10/2019 | M | M | M |
| External Current Account Balance | 09/2019 | 11/2019 | M | M | M |
| Exports and Imports of Goods and Services | 10/2019 | 11/2019 | M | M | M |
| GDP/GNP | Q3 2019 | 11/2019 | Q | Q | Q |
| Gross External Debt | Q2 2019 | 10/2019 | Q | Q | Q |
| International Investment Position6 | Q2 2019 | 10/2019 | 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, including National Insurance Scheme, and local governments.
Including currency and instrument composition.
Includes external gross financial asset and liability positions vis-a-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).