Monetary and Financial Statistics BY Rizwan Ahmad STATISTICS & DWH DEPARTMENT Seminar on Achievement...

Monetary and Financial Statistics

BYRizwan Ahmad

STATISTICS & DWH DEPARTMENT

Seminar on Achievement of Official Statistics

Monetary & Financial Statistics

State Bank of Pakistan KarachiMarch 12, 2011


Road Map

• Introduction, Scope & Coverage

•Institutional Units & Economic Sectors

•Data Collection, Compilation & Dissemination Practices by SBP

•Changes in Compilation Methodology

•Review of IMF and Successful Completion

3

• Monetary & Financial Statistics Manual (MFSM – 2000)

• The purpose of the Manual is to offer guidelines for the presentation of

monetary and financial statistics in a systematic manner

• MFSM provides a set of tools for identifying, classifying , and recording

stocks and flows of financial assets and liabilities

• The IMF has designed the Manual primarily to be useful to compilers,

who are developing or updating their national statistics

• Scope: The Statistics Described in this manual cover all financial assets

and liabilities of all institutional units within an economy, with a

particular focus on the financial Corporations


Monetary and Financial StatisticsIntroduction

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• Monetary & Financial Statistics

• Comprehensive Stocks & Flow Data (Flows may arise due to

Transactions, Valuation and Other Changes)

• Monetary Statistics Covers “Financial & Nonfinancial assets and

liabilities of financial corporations”

• Financial Statistics Covers “Financial assets & liabilities of the

entire economy”

Monetary and Financial StatisticsIntroduction (Cont.)

5

● The Framework for Monetary Statistics

• The framework for the monetary statistics embodies two levels of

data compilation and presentation

• At the first level, stock and flow data reported by individual

institutional units are aggregated into specifically designed

Sectoral Balance sheet

• At the second level, the data in Sectoral Balance sheets are

consolidated into Surveys.

Monetary and Financial StatisticsIntroduction (Cont.)

6

• Economic Sectors• Residents & Nonresidents Units

• Residency is the key consideration monetary statistics

• Residency is not based on Nationality & Currency of financial

transactions e.g., In Iran every transaction carried out in FCY is

treated as Transaction with Nonresidents

• To identify the Institutional Units or Individuals as residents or non

residents is the centre point of compilation monetary statistics

• Residency is based on Economic Territory & Centre of economic

interest (Same as described in BPM 5)

Monetary and Financial StatisticsEconomic Sectors

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Classifying Resident Units


Resident Units

Households Corporations General Govt. NPISHs

Financial Corp. Nonfinancial Corp.

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Financial Corporations Subsectors


Financial Corporations Sector

Central Bank Other Depository Corp. Other Financial Corp.

• Deposit liabilities or close substitutes

•National Definition of Money

• Other Financial intermediaries

•Insurance & Pension Funds

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Financial Assets/Liabilities• The MFSM and 1993 SNA use the same classifications

• Monetary Gold & SDRs (No corresponding liabilities)

• Currency & deposits

• Securities other than shares

• Loans

• Shares & other equity

• Insurance technical reserves

• Financial derivatives

• Other accounts receivable/payable

Monetary and Financial StatisticsFinancial Instruments

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Sectoral Balance sheet of Central Bank

• Brief History

• Old format based on hard copy /softcopy returns

• Statement of affairs

• Other schedules

• Designing of Sectoral Balance sheet format according to

MFSM in 2004-2005

• Formulation of team consisting persons from Finance, ISTD-

DWH and Statistics & DWH

Monetary and Financial StatisticsData Collection & Compilation

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• Sources of data

• The available data sources such as statement of affairs, and other

schedules were not enough to fulfill the requirements of sectoral

balance sheet format. Therefore it was decided to use the basic

accounting data of SBP to achieve this goal.

• The SBP maintains and handle all data through two sources

• Globus

• ERP


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• Compilation

• Mapping of ERP-GL data (SBP Chart of accounts) to Sectoral

Balance sheet of SBP.

• Data from Globus has been pulled where core banking data is

required as customer code, category code to identify each and

every institutional unit and its proper classification

• Automated reports generating cubes have been prepared at

ISTD-DWH level to facilitate the users


13

Sectoral Balance sheet of Other Depository Corporations• Brief History

• Old format of data collection based on Money & Banking statistics guide of 1993

• Data from banks (only) collected and compiled to prepare monetary survey

• Had little space for classification and sectorization of financial instruments

• Currency wise bifurcation

• Securities & Shares merged

• Residency criteria violations


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• Implementation of SBS

• Designing of SBS as per requirements of MFSM in 2004-2005

for ODCs (banks and other deposits accepting NBFCs)

• Formulation of team consisting officers of Statistics and ISTD-

DWH

• Training to Banks, DFIs, & NBFCs

• Data acquisition gateway portal has been designed to collect

and compile data from Banks & DFIs.

• Data in Excel files is collected from NBFCs


15

Analytical Presentation of Monetary & Financial Statistics

● Central Bank Survey

● Other Depository Corporations Survey

● Depository Corporations Survey

● Other Financial Corporations Survey (Future Plan)

● Financial Corporations Survey (Future Plan)


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● Standard Components of the Surveys

• Central Bank Survey

• Net Foreign Assets

• Claims on Other Depository Corporations

• Net Claims on General Government

• Monetary Base

• Others


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• Other Depository Corporations Survey


• Claims on Central Bank


• Claims on Other Sectors

• Liabilities to Central Bank

• Deposits & Securities Included in Broad Money

• Others


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• Depository Corporations Survey



• Claims on Other Sectors

• Broad Money Liabilities (M2)

• Financial Derivatives

• Others


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Dissemination Practices• Periodicity & Timeliness

• Data is Compiled and Disseminated with Monthly Frequency

• Analytical Accounts of Central Bank are disseminated by 15th of the following month

• Analytical Accounts of Other Depository Corporations are disseminated by 30th of the following month

• Analytical Accounts of Depository Corporations are disseminated by 30th of the following month

• Analytical Accounts of Other Financial Corporations and Financial Corporations will soon be published

• The data is available at: http://www.sbp.org.pk/ecodata


http://www.sbp.org.pk/ecodata

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Changes in Compilation Methodology• Coverage

• As per guidelines of MFSM, the coverage of the monetary statistics has been enhanced to include data of Deposits Accepting Non Banks Financial Companies as shown in table below:


Per MFSM Post MFSM

1. Central Bank2. Scheduled Banks

1. Central Bank2. Scheduled Banks3. Deposit Accepting Non

Bank Financial Companies

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Changes in Compilation Methodology• Coins in Circulation

• Coins in Circulation have been excluded from the Scope of Central Bank Survey and Monetary Base as these are not issued by Central Bank. However, they are published through SBP website in monetary aggregates table.


Pre MFSM Post MFSM

Liability Monetary base Currency Notes Coins in Circulation Deposits of Banks Private Sector Deposits with SBP

Liability Monetary Base Currency Notes ------- Deposits of Banks Private Sector Deposits with SBP

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Changes in Compilation Methodology• Treatment of Repo/Reverse Repo Transaction

• Repo/Reverse Repo transactions were treated as outright sale/purchase of

security before adoption of MFSM. The same transactions are now recorded

as Collateralized loans where the ownership of the securities does not

change and a new asset/liability is generated in the form of

Loans/Borrowing.

• Treatment of Accrued Mark up

• The MFSM recommends adding Accrued Mark up on deposits, loans, and

securities other than shares into the outstanding amount of the financial

asset or liability, rather than being treated as part of other accounts

receivable/payable


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Changes in Compilation Methodology• Local Currency Deposits of Non Residents

• The clear delineation of deposits of foreign diplomatic missions,

students, military personals in local currency was not available before

implementation of MFSM. Now these deposits are properly classified

as Non Resident Liabilities

• Financial Derivatives

• No data was available on the transactions of Financial Derivatives

before implementation of MFSM. This data is now separately shown

in the Depository Corporations Survey


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IMF Review and Inclusion of Monetary Statistics of Pakistan in IFS

• The IMF remained involved in the compilation of Monetary

Statistics on MFSM basis right from the start (2004)

• The IMF TA mission (August 2008) reviewed the data collection

and compilation procedures in details

• The recommendations of the IMF mission were successfully

implemented

• Finally IMF decided to include the Pakistan’s Monetary Statistics

in International Financial Statistics from June 2008


25

Thanks

Questions and Answers??


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