Abstract
PORTUGAL
Title Page
PORTUGAL
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
June 7, 2022
Prepared By
European Department
(In Consultation with Other Departments)
Contents
FUND RELATIONS
STATISTICAL ISSUES
Fund Relations
(As of April 30, 2022)
Membership Status: Joined: March 29, 1961; Article VIII
| General Resources Account: | SDR Million | Percent Quota |
| Quota | 2,060.10 | 100.00 |
| Fund holdings of currency | 1,594.04 | 77.38 |
| Reserve position in Fund | 466.27 | 22.63 |
| General Resources Account: | SDR Million | Percent Quota |
| Quota | 2,060.10 | 100.00 |
| Fund holdings of currency | 1,594.04 | 77.38 |
| Reserve position in Fund | 466.27 | 22.63 |
| SDR Department: | SDR Million | Percent Allocation |
| Net cumulative allocation | 2,780.99 | 100.00 |
| Holdings | 2,691.28 | 96.77 |
| SDR Department: | SDR Million | Percent Allocation |
| Net cumulative allocation | 2,780.99 | 100.00 |
| Holdings | 2,691.28 | 96.77 |
Outstanding Purchase and Loans: None
Financial Arrangements:
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| EFF | May 20, 2011 | June 30, 2014 | 23,742.00 | 22,942.00 |
| Stand-By | Oct07, 1983 | Feb28, 1985 | 445.00 | 259.30 |
| Stand-By | Jun05, 1978 | Jun04, 1979 | 57.35 | 0.00 |
| Type | Approval Date | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| EFF | May 20, 2011 | June 30, 2014 | 23,742.00 | 22,942.00 |
| Stand-By | Oct07, 1983 | Feb28, 1985 | 445.00 | 259.30 |
| Stand-By | Jun05, 1978 | Jun04, 1979 | 57.35 | 0.00 |
Projected Payments to Fund:1
(SDR Million; based on existing use of resources and present holdings of SDRs)
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | |||||
| Charges/Interest | 0.28 | 0.48 | 0.48 | 0.48 | 0.48 |
| Total | 0.28 | 0.48 | 0.48 | 0.48 | 0.48 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | |||||
| Charges/Interest | 0.28 | 0.48 | 0.48 | 0.48 | 0.48 |
| Total | 0.28 | 0.48 | 0.48 | 0.48 | 0.48 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Exchange Rate Arrangement:
Portugal’s currency is the euro. The exchange rate arrangement of the euro area is free floating. Portugal participates in a currency union (EMU) with 18 other members of the EU and has no separate legal tender. The euro, the common currency, floats freely and independently against other currencies. Portugal has accepted the obligations under Article VIII, Section 2(a), 3, and 4, and maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions, other than restrictions notified to the Fund under Decision No. 144 (52/51).
Article IV Consultations:
Portugal is on the standard 12-month consultation cycle. The previous consultation discussions took place during May 7–17, 2019, and the staff report (Country Report No. 19/221) was discussed on July 8, 2019.
Safeguards Assessment:
The first-time safeguards assessment of the Bank of Portugal (BdP), finalized in September 2011, found relatively strong safeguards in place. It recommended changes to the BdP Law to strengthen provision on BdP’s autonomy and oversight, and to extend supervisory responsibilities of the Audit Board to other tasks such as oversight of internal control functions, financial reporting, and audit. The BdP implemented all safeguards recommendations, including formally proposing amendments to the BdP law; however, these have not been enacted.
Statistical Issues
As of May 18, 2022
| 1. Assessment of Data Adequacy for Surveillance | |
| General. Data provision to the Fund is adequate for surveillance purposes. | |
| Real sector. Since September 2014, the National Institute of Statistics (INE) publishes a full set of national accounts based on the ESA 2010 methodology, including quarterly GDP estimates. The data are available beginning in the first quarter of 1995; the quarterly and annual data are consistent. INE publishes the Consumer Price Index, and the Harmonized Index of Consumer Prices (HICP) according to the methodology of EU Member States. Control and quality assessment are ensured through the supervision of Eurostat |
|
| Fiscal sector. Government finance statistics (GFS) are compiled on an accrual basis according to the ESA 2010 methodology and reported to Eurostat on a quarterly and annual basis. Data have undergone a number of revisions during the transition to the ESA 2010, sizably altering revenue and expenditure and hampering comparisons across years. Fiscal data in the GESM 2014 framework are reported through the Eurostat convergence project with the IMF. The IMF GFS datasets cover data on the general government operations and financial balance sheet. | |
| External sector. The BdP compiles and disseminates balance of payments and international investment position (IIP) statistics on quarterly basis following the IMF’s sixth edition of the Balance of Payments and International Investment Position Manual. The BP participates in the IMF’s surveys on direct and portfolio investments, and reports data template on international reserves and foreign currency liquidity regularly. The portfolio investment data collection system encompasses transactions of resident banks, domestic securities transactions undertaken by nonresidents (through the resident custodians), external securities transactions undertaken by residents (through the resident investor or custodian), as well as residents’ issuance of securities in foreign markets. | |
| Monetary and financial sector. Data on the central bank balance sheet and on the consolidated balance sheet of other monetary financial institutions are available from the BdP’s BPStat website. Portugal also provides monthly monetary statistics to the IMF for the central bank and other depository corporations through the ECB. Data for other financial corporations is not reported. Portugal reports data on some key series and indicators of the Financial Access Survey (FAS) including the two indicators adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial sector surveillance: Portugal reports eleven core FSIs (excluding the net open position in foreign exchange capital), twelve encouraged FSIs for the deposit takers as well as ten encouraged FSIs for the other sectors on a quarterly basis. | |
| II. Data Standards and Quality | |
| Portugal is subject to the statistical requirements and timeliness and reporting standards of Eurostat and the European Central Bank (ECB). Portugal adheres to the Special Data Dissemination Standard Plus (SDDS+), and the relevant metadata have been posted on the Dissemination Standards Bulletin Board. | No data ROSC is available. |
| 1. Assessment of Data Adequacy for Surveillance | |
| General. Data provision to the Fund is adequate for surveillance purposes. | |
| Real sector. Since September 2014, the National Institute of Statistics (INE) publishes a full set of national accounts based on the ESA 2010 methodology, including quarterly GDP estimates. The data are available beginning in the first quarter of 1995; the quarterly and annual data are consistent. INE publishes the Consumer Price Index, and the Harmonized Index of Consumer Prices (HICP) according to the methodology of EU Member States. Control and quality assessment are ensured through the supervision of Eurostat |
|
| Fiscal sector. Government finance statistics (GFS) are compiled on an accrual basis according to the ESA 2010 methodology and reported to Eurostat on a quarterly and annual basis. Data have undergone a number of revisions during the transition to the ESA 2010, sizably altering revenue and expenditure and hampering comparisons across years. Fiscal data in the GESM 2014 framework are reported through the Eurostat convergence project with the IMF. The IMF GFS datasets cover data on the general government operations and financial balance sheet. | |
| External sector. The BdP compiles and disseminates balance of payments and international investment position (IIP) statistics on quarterly basis following the IMF’s sixth edition of the Balance of Payments and International Investment Position Manual. The BP participates in the IMF’s surveys on direct and portfolio investments, and reports data template on international reserves and foreign currency liquidity regularly. The portfolio investment data collection system encompasses transactions of resident banks, domestic securities transactions undertaken by nonresidents (through the resident custodians), external securities transactions undertaken by residents (through the resident investor or custodian), as well as residents’ issuance of securities in foreign markets. | |
| Monetary and financial sector. Data on the central bank balance sheet and on the consolidated balance sheet of other monetary financial institutions are available from the BdP’s BPStat website. Portugal also provides monthly monetary statistics to the IMF for the central bank and other depository corporations through the ECB. Data for other financial corporations is not reported. Portugal reports data on some key series and indicators of the Financial Access Survey (FAS) including the two indicators adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| Financial sector surveillance: Portugal reports eleven core FSIs (excluding the net open position in foreign exchange capital), twelve encouraged FSIs for the deposit takers as well as ten encouraged FSIs for the other sectors on a quarterly basis. | |
| II. Data Standards and Quality | |
| Portugal is subject to the statistical requirements and timeliness and reporting standards of Eurostat and the European Central Bank (ECB). Portugal adheres to the Special Data Dissemination Standard Plus (SDDS+), and the relevant metadata have been posted on the Dissemination Standards Bulletin Board. | No data ROSC is available. |
Portugal: Table of Common Indicators Required for Surveillance (As of May 18, 2022)
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 and domestic banks and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Portugal: Table of Common Indicators Required for Surveillance (As of May 18, 2022)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Apr/22 | May/22 | M | M | M |
| Reserve/Base Money | Mar/22 | Apr/22 | M | M | M |
| Broad Money | Mar/22 | Apr/22 | M | M | M |
| Central Bank Balance Sheet | Apr/22 | May/22 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Mar/22 | Apr/22 | M | M | M |
| Interest Rates2 | Mar/22 | May/22 | M | M | M |
| Consumer Price Index | Apr/22 | May/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Mar/22 | May/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3- Central Government | Mar/22 | May/22 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Feb/22 | Apr/22 | M | M | M |
| External Current Account Balance | 2022:Q1 | May/22 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2022:Q1 | May/22 | Q | Q | Q |
| GDP/GNP | 2022:Q1 | May/22 | Q | Q | Q |
| Gross External Debt | 2022:Q1 | May/22 | Q | Q | Q |
| International Investment Position | 2022:Q1 | May/22 | 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 and domestic banks and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Portugal: Table of Common Indicators Required for Surveillance (As of May 18, 2022)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Apr/22 | May/22 | M | M | M |
| Reserve/Base Money | Mar/22 | Apr/22 | M | M | M |
| Broad Money | Mar/22 | Apr/22 | M | M | M |
| Central Bank Balance Sheet | Apr/22 | May/22 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Mar/22 | Apr/22 | M | M | M |
| Interest Rates2 | Mar/22 | May/22 | M | M | M |
| Consumer Price Index | Apr/22 | May/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | Mar/22 | May/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3- Central Government | Mar/22 | May/22 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Feb/22 | Apr/22 | M | M | M |
| External Current Account Balance | 2022:Q1 | May/22 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2022:Q1 | May/22 | Q | Q | Q |
| GDP/GNP | 2022:Q1 | May/22 | Q | Q | Q |
| Gross External Debt | 2022:Q1 | May/22 | Q | Q | Q |
| International Investment Position | 2022:Q1 | May/22 | 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 and domestic banks and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).