Abstract
2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of North Macedonia
Fund Relations
(As of November 30, 2019)
Missions. Article IV, Skopje, November 6–15, 2019. Concluding statement is available at: https://www.imf.org/en/News/Articles/2019/11/17/mcs111819-republic-of-north-macedonia-staff-concluding-statement-of-the-2019-article-iv-mission
Staff team. Ms. Barkbu (head), Mr. Poulain and Ms. Lin (all EUR), Ms. Kida (FIN), Ms. Eble (Resident Representative), and Mr. Nacevski (IMF Local Economist).
Discussions. The staff team met Prime Minister Zaev, Deputy Prime Minister Angjushev, Minister of Finance Angelovska, National Bank Governor Angelovska Bezoska, other senior officials, and representatives of the banking, business, political and international communities.
Membership Status: Joined 12/14/1992; Article VIII
| General Resources Account: | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 140.30 | 100.00 |
| Fund holdings of currency | 140.30 | 100.00 |
| Reserve position | 0.00 | 0.00 |
| General Resources Account: | SDR Million | Percent of Quota |
|---|---|---|
| Quota | 140.30 | 100.00 |
| Fund holdings of currency | 140.30 | 100.00 |
| Reserve position | 0.00 | 0.00 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 2.26 | 3.34 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 2.26 | 3.34 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
Formerly PCL.
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| PLL 1/ | 01/19/2011 | 01/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL.
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| PLL 1/ | 01/19/2011 | 01/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL.
Projected Payments to the Fund (Expectation Basis) 1
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.50 | 0.50 | 0.50 | 0.50 | |
| Total | 0.50 | 0.50 | 0.50 | 0.50 | |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.50 | 0.50 | 0.50 | 0.50 | |
| Total | 0.50 | 0.50 | 0.50 | 0.50 | |
Exchange Arrangement:
The de jure exchange rate arrangement is floating. Under the Law on Foreign Exchange Operations (Article 33), the denar exchange rate is freely determined on the basis of supply and demand in the foreign exchange market. However, the National Bank of the Republic of North Macedonia (NBRNM) participates in the foreign exchange market (Article 34), in order to achieve the goals of the monetary and foreign exchange policies. The NBRNM implements the monetary strategy of targeting the nominal exchange rate against the euro. The intermediary objective of the monetary policy is to maintain a stable denar exchange rate. Thus, the NBRNM maintains a stable exchange rate within a narrow band of bid-ask exchange rates determined by the Committee for Operational Monetary Policy. The de facto exchange rate arrangement is classified as a stabilized arrangement. North Macedonia has accepted the obligations of Article VIII, Sections 2, 3 and 4 and currently maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions.
Article IV Consultations:
The first consultation with the Republic of North Macedonia was concluded in August 1993. The last consultation was concluded on January 23, 2019 (IMF Country Report 19/32). North Macedonia is on the standard 12-month Article IV consultation cycle.
Technical Assistance Since 2015
Technical Assistance Since 2015
| Purpose | Department | Date |
|---|---|---|
| Public Debt Management | MCM/WB | January 2017 |
| Public Financial Management | FAD | September 2019 |
| Cash Management (in the context of broader PFM reforms) | FAD | October 2017 |
| Organic Budget Law | FAD | December 2017 |
| Fiscal Rule and Fiscal Council | FAD | February 2018 |
| Fiscal Transparency Evaluation | FAD | March 2018 April 2018 |
| Tax Policy | FAD | January 2017 September 2017 |
| Tax Administration | FAD | April 2016 May 2016 July 2016 May 2017 September 2017 March 2018 December 2018 March 2019 May 2019 |
| Tax IT System Improvement | FAD | May 2017 September 2017 |
| Taxpayer Registration | FAD | November 2018 |
| Tax Treaty Policy | FAD | October 2019 |
| Tax Audit Function | FAD | February 2016 November 2016 March 2017 February 2018 |
| Tax Arrears Management | FAD | September 2018 November 2019 |
| Large Taxpayers Office | FAD | March 2016 October 2019 |
| Property Tax System | FAD | September 2017 April 2018 |
| Transfer Pricing and Related International Issues | FAD | September 2017 December 2018 |
| Tax Compliance Management | FAD | February 2015 October 2015 October 2016 November 2016 October 2018 October 2019 |
| Government Finance Statistics | STA | January 2015 June 2016 November 2016 February 2017 July 2017 November 2017 March 2018 June 2018 November 2018 March 2019 July 2019 |
| External Sector Statistics | STA | April 2017 |
| Monetary and Financial Statistics (MFS) | STA | January 2015 |
| Sectoral Financial Accounts and Balance Sheet Statistics | STA | October 2018 |
| Regional Advisors | ||
| Revenue Administration | FAD | 2015- |
| Public Financial Management | FAD | 2015- |
| FSAP Participation and ROSCs (since 2003) | ||
| FSAP | MCM/WB | May-June 2003 |
| FSAP update | MCM/WB | March 2008 April 2018 July 2018 September 2018 |
| Data ROSC | STA | February 2004 |
| Fiscal ROSC | FAD | February 2005 |
Technical Assistance Since 2015
| Purpose | Department | Date |
|---|---|---|
| Public Debt Management | MCM/WB | January 2017 |
| Public Financial Management | FAD | September 2019 |
| Cash Management (in the context of broader PFM reforms) | FAD | October 2017 |
| Organic Budget Law | FAD | December 2017 |
| Fiscal Rule and Fiscal Council | FAD | February 2018 |
| Fiscal Transparency Evaluation | FAD | March 2018 April 2018 |
| Tax Policy | FAD | January 2017 September 2017 |
| Tax Administration | FAD | April 2016 May 2016 July 2016 May 2017 September 2017 March 2018 December 2018 March 2019 May 2019 |
| Tax IT System Improvement | FAD | May 2017 September 2017 |
| Taxpayer Registration | FAD | November 2018 |
| Tax Treaty Policy | FAD | October 2019 |
| Tax Audit Function | FAD | February 2016 November 2016 March 2017 February 2018 |
| Tax Arrears Management | FAD | September 2018 November 2019 |
| Large Taxpayers Office | FAD | March 2016 October 2019 |
| Property Tax System | FAD | September 2017 April 2018 |
| Transfer Pricing and Related International Issues | FAD | September 2017 December 2018 |
| Tax Compliance Management | FAD | February 2015 October 2015 October 2016 November 2016 October 2018 October 2019 |
| Government Finance Statistics | STA | January 2015 June 2016 November 2016 February 2017 July 2017 November 2017 March 2018 June 2018 November 2018 March 2019 July 2019 |
| External Sector Statistics | STA | April 2017 |
| Monetary and Financial Statistics (MFS) | STA | January 2015 |
| Sectoral Financial Accounts and Balance Sheet Statistics | STA | October 2018 |
| Regional Advisors | ||
| Revenue Administration | FAD | 2015- |
| Public Financial Management | FAD | 2015- |
| FSAP Participation and ROSCs (since 2003) | ||
| FSAP | MCM/WB | May-June 2003 |
| FSAP update | MCM/WB | March 2008 April 2018 July 2018 September 2018 |
| Data ROSC | STA | February 2004 |
| Fiscal ROSC | FAD | February 2005 |
IMF–World Bank Collaboration
Background
The Bank and the Fund country teams on the Republic of North Macedonia maintain close collaboration, seeking synergies and harmonizing policy recommendations. The teams broadly agree in their assessment of the economic situation in the country.
Key Areas of World Bank Involvement
The new World Bank Country Partnership Framework (CPF) for the period 2019–2023 was adopted in April 2019. The strategic objective of the CPF is to support North Macedonia’s ability to achieve faster, inclusive, and sustainable growth and provide its citizens with greater opportunities for a better life. The CPF aims to support the Government’s program and medium-term strategy, which present a vision of accelerated economic growth with better employment opportunities, social cohesion and inclusion, and a plan to tackle the persistent bottlenecks. The CPF is also consistent with the Systematic Country Diagnostic (SCD) analysis and recommendations.
The CPF is based on three interconnected focus areas that will help North Macedonia improve the environment for a dynamic private sector to enhance export-led growth, strengthen human capital for inclusive development, and build sustainability. Focus Area I aim to remove some of the bottlenecks that prevent the emergence of a dynamic and competitive private sector by improving connectivity and access to markets (the first CPF objective) through activities that support “hard” and “soft” trade connectivity and strengthen local firms’ technological uptake, innovation, access to finance, and capacities. Focus Area II will support the development of human capital and skills to boost labor productivity and encourage more inclusive labor market participation. The CPF will also improve the quality and relevance of education (the second CPF objective), as well as the access to and quality of social services (the third CPF objective). Focus Area III will mitigate fiscal and environmental vulnerabilities to enhance fiscal sustainability by strengthening fiscal and public financial management (the fourth CPF objective) and environmental sustainability by helping accelerate the transition to a more sustainable energy mix (the fifth CPF objective).
The Government strategy is consistent with the SCD’s vision of a better-connected, vibrant domestic economy engaged in the region and beyond as it secures its footing in areas of strong comparative advantage.
Republic of North Macedonia: IBRD Lending FY 19–23
Republic of North Macedonia: IBRD Lending FY 19–23
| Focus Area I Export-Led Growth: Improve the Environment for a Competitive Private Sector | Focus Area II Inclusive Growth: Expand Skills and Opportunities for the Most Vulnerable | Focus Area III Sustainable Growth: Enhance Sustainability and Build Resilience to | Total amount | |
|---|---|---|---|---|
| Current Portfolio from CPS FY15–FY18 | National and Regional Roads rehabilitation Project (US$71 million) Road Upgrading and Development Project (RUDP) (US$91 million) Local and Regional Competitiveness Project (US$17.2 million) | Social Services Improvement Project (SSIP) (US$33.4 million) Skills Development and Innovation Support Project (SDIS) (US$24 million) | Municipal Services Improvement I (US$92.7 million) Municipal Services Improvement II (US$28 million) | US$357.3, of which about 58 percent is yet to be disbursed |
| Proposed lending FY19 | Western Balkans Trade and Transport Facilitation Project (IPF, US$30 million) | Fiscal Efficiency and Competitiveness (DPF/PBG – US$70 million) | US$100 million | |
| Proposed lending FY20–FY21 | Local Roads Connectivity Project and/or National and Regional Roads Rehabilitation Additional Financing (IPF) Agriculture Modernization (IPF) Digital Macedonia – high-speed broadband (IPF) | Pension Modernization Project (IPF) | Energy Efficiency (IPF) | About US$120 million |
| Proposed lending FY22–FY23 | Innovation and/ or Competitiveness Project (IPF) | Primary Education and/or Health Care Project (IPF) | Fiscal and Growth (DPF/PBG) Sustainable Municipal Development (IPF/ PforR) and/or Waste Water Project (IPF) | About US$120 million |
Republic of North Macedonia: IBRD Lending FY 19–23
| Focus Area I Export-Led Growth: Improve the Environment for a Competitive Private Sector | Focus Area II Inclusive Growth: Expand Skills and Opportunities for the Most Vulnerable | Focus Area III Sustainable Growth: Enhance Sustainability and Build Resilience to | Total amount | |
|---|---|---|---|---|
| Current Portfolio from CPS FY15–FY18 | National and Regional Roads rehabilitation Project (US$71 million) Road Upgrading and Development Project (RUDP) (US$91 million) Local and Regional Competitiveness Project (US$17.2 million) | Social Services Improvement Project (SSIP) (US$33.4 million) Skills Development and Innovation Support Project (SDIS) (US$24 million) | Municipal Services Improvement I (US$92.7 million) Municipal Services Improvement II (US$28 million) | US$357.3, of which about 58 percent is yet to be disbursed |
| Proposed lending FY19 | Western Balkans Trade and Transport Facilitation Project (IPF, US$30 million) | Fiscal Efficiency and Competitiveness (DPF/PBG – US$70 million) | US$100 million | |
| Proposed lending FY20–FY21 | Local Roads Connectivity Project and/or National and Regional Roads Rehabilitation Additional Financing (IPF) Agriculture Modernization (IPF) Digital Macedonia – high-speed broadband (IPF) | Pension Modernization Project (IPF) | Energy Efficiency (IPF) | About US$120 million |
| Proposed lending FY22–FY23 | Innovation and/ or Competitiveness Project (IPF) | Primary Education and/or Health Care Project (IPF) | Fiscal and Growth (DPF/PBG) Sustainable Municipal Development (IPF/ PforR) and/or Waste Water Project (IPF) | About US$120 million |
Statistical Issues
(As of December 13, 2019)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: The quality of national account measurement needs to be improved. In 2013, by Decision of the Government of the Republic of North Macedonia, amendments were made to the National Classification of Activities—NKD Rev.2 and entailed significant changes in the decomposition of historical data. The primary objective of the Classification of Activities is to provide a basis for comparing statistical data of the Republic of North Macedonia on European and world level, i.e. in its content and structure is completely harmonized with the European Classification of Activities NACE Rev.2. Financial accounts and balance sheets statistics are now being compiled. The NBRM has an objective to publish annual balance sheet data in 2020. | |
| Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations to align the Classification of Individual Consumption According to Purpose (COICOP). | |
| Government finance statistics: North Macedonia’s GFS data has been improving over recent years, assisted by ongoing GFS Technical Assistance. The authorities disseminate both monthly central government operations, and quarterly general government operations, as well as quarterly debt data on their own website and on their SDDS National Summary Data Page. While this data is disseminated in a national presentation, on a cash basis, and does not cover the whole of general government as defined in GFSM 2001/14, the data is of generally good quality. The authorities report detailed data on revenues and expenditures of general government and its subsectors for inclusion in the Annual GFS database (formerly the Government Finance Statistics Yearbook) and are taking steps toward publishing general government data in the GFSM 2014 presentation for inclusion in International Finance Statistics. The authorities report central government debt data to the IMF / World Bank Quarterly Public Sector Debt Database. | |
| Monetary and financial statistics: North Macedonia regularly reports to the IMF’s Statistics Department monetary data for the central bank, other depository corporations, and other financial corporations using the standardized report forms. North Macedonia reports data on several series indicators of the Financial Access Survey (FAS) including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial sector surveillance: North Macedonia reports to the IMF’s Statistics Department, on a quarterly frequency and with one quarter timeliness, all core FSIs for deposit takers as well as eight encouraged FSIs for deposit takers. | |
| External sector: External sector statistics meet international standards. In additional to quarterly balance of payments data, the authorities compile and disseminate quarterly international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. Also, North Macedonia participates in the Coordinated Direct Investment Survey and in the Coordinated Portfolio Investment Survey. | |
| II. Data Standards and Quality | |
| The Republic of North Macedonia has adhered to the Special Data Dissemination Standard (SDDS) Plus since January 2019. | Data ROSC published on September 29, 2004. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: The quality of national account measurement needs to be improved. In 2013, by Decision of the Government of the Republic of North Macedonia, amendments were made to the National Classification of Activities—NKD Rev.2 and entailed significant changes in the decomposition of historical data. The primary objective of the Classification of Activities is to provide a basis for comparing statistical data of the Republic of North Macedonia on European and world level, i.e. in its content and structure is completely harmonized with the European Classification of Activities NACE Rev.2. Financial accounts and balance sheets statistics are now being compiled. The NBRM has an objective to publish annual balance sheet data in 2020. | |
| Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations to align the Classification of Individual Consumption According to Purpose (COICOP). | |
| Government finance statistics: North Macedonia’s GFS data has been improving over recent years, assisted by ongoing GFS Technical Assistance. The authorities disseminate both monthly central government operations, and quarterly general government operations, as well as quarterly debt data on their own website and on their SDDS National Summary Data Page. While this data is disseminated in a national presentation, on a cash basis, and does not cover the whole of general government as defined in GFSM 2001/14, the data is of generally good quality. The authorities report detailed data on revenues and expenditures of general government and its subsectors for inclusion in the Annual GFS database (formerly the Government Finance Statistics Yearbook) and are taking steps toward publishing general government data in the GFSM 2014 presentation for inclusion in International Finance Statistics. The authorities report central government debt data to the IMF / World Bank Quarterly Public Sector Debt Database. | |
| Monetary and financial statistics: North Macedonia regularly reports to the IMF’s Statistics Department monetary data for the central bank, other depository corporations, and other financial corporations using the standardized report forms. North Macedonia reports data on several series indicators of the Financial Access Survey (FAS) including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial sector surveillance: North Macedonia reports to the IMF’s Statistics Department, on a quarterly frequency and with one quarter timeliness, all core FSIs for deposit takers as well as eight encouraged FSIs for deposit takers. | |
| External sector: External sector statistics meet international standards. In additional to quarterly balance of payments data, the authorities compile and disseminate quarterly international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. Also, North Macedonia participates in the Coordinated Direct Investment Survey and in the Coordinated Portfolio Investment Survey. | |
| II. Data Standards and Quality | |
| The Republic of North Macedonia has adhered to the Special Data Dissemination Standard (SDDS) Plus since January 2019. | Data ROSC published on September 29, 2004. |
Republic of North Macedonia: Table of Common Indicators Required Surveillance
(As of December 12, 2019)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published quarterly but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Republic of North Macedonia: Table of Common Indicators Required Surveillance
(As of December 12, 2019)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 12/06/19 | 12/06/19 | D | W | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Nov. 19 | 12/13/19 | M | M | M |
| Reserve/Base Money | Nov. 19 | 12/13/19 | M | M | M |
| Broad Money | Oct. 19 | 11/21/19 | M | M | M |
| Central Bank Balance Sheet | Nov. 19 | 12/13/19 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Oct. 19 | 11/21/19 | M | M | M |
| Interest Rates2 | Oct. 19 | 11/29/19 | M | M | M |
| Consumer Price Index | Nov. 19 | 12/10/19 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Sep. 19 | 11/15/19 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Oct. 19 | 11/25/19 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Sep. 19 | 10/31/19 | Q | Q | Q |
| External Current Account Balance | Sep. 19 | 11/29/19 | M | Q | Q |
| Exports and Imports of Goods and Services | Oct. 19 | 12/05/19 | M | Q | Q |
| GDP/GNP | Sep. 19 | 12/06/19 | Q | Q | Q |
| Gross External Debt | Jun. 19 | Sep. 19 | Q | Q | Q |
| International Investment Position6 | Jun, 19 | Sep. 19 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published quarterly but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Republic of North Macedonia: Table of Common Indicators Required Surveillance
(As of December 12, 2019)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 12/06/19 | 12/06/19 | D | W | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Nov. 19 | 12/13/19 | M | M | M |
| Reserve/Base Money | Nov. 19 | 12/13/19 | M | M | M |
| Broad Money | Oct. 19 | 11/21/19 | M | M | M |
| Central Bank Balance Sheet | Nov. 19 | 12/13/19 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Oct. 19 | 11/21/19 | M | M | M |
| Interest Rates2 | Oct. 19 | 11/29/19 | M | M | M |
| Consumer Price Index | Nov. 19 | 12/10/19 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Sep. 19 | 11/15/19 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Oct. 19 | 11/25/19 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Sep. 19 | 10/31/19 | Q | Q | Q |
| External Current Account Balance | Sep. 19 | 11/29/19 | M | Q | Q |
| Exports and Imports of Goods and Services | Oct. 19 | 12/05/19 | M | Q | Q |
| GDP/GNP | Sep. 19 | 12/06/19 | Q | Q | Q |
| Gross External Debt | Jun. 19 | Sep. 19 | Q | Q | Q |
| International Investment Position6 | Jun, 19 | Sep. 19 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published quarterly but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.