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
Monetary and Financial Statistics
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
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• 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 Statistics
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.)
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● 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.)
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• 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
Monetary and Financial StatisticsEconomic Sectors
Resident Units
Households Corporations General Govt. NPISHs
Financial Corp. Nonfinancial Corp.
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Financial Corporations Subsectors
Monetary and Financial StatisticsEconomic Sectors
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
Monetary and Financial StatisticsData Collection & Compilation
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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
Monetary and Financial StatisticsData Collection & Compilation
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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
Monetary and Financial StatisticsData Collection & Compilation
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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
Monetary and Financial StatisticsData Collection & Compilation
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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)
Monetary and Financial Statistics
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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
Monetary and Financial Statistics
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● Standard Components of the Surveys
• Other Depository Corporations Survey
• Net Foreign Assets
• Claims on Central Bank
• Net Claims on General Government
• Claims on Other Sectors
• Liabilities to Central Bank
• Deposits & Securities Included in Broad Money
• Others
Monetary and Financial Statistics
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● Standard Components of the Surveys
• Depository Corporations Survey
• Net Foreign Assets
• Net Claims on General Government
• Claims on Other Sectors
• Broad Money Liabilities (M2)
• Financial Derivatives
• Others
Monetary and Financial Statistics
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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
Monetary and Financial Statistics
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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:
Monetary and Financial Statistics
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.
Monetary and Financial Statistics
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
Monetary and Financial Statistics
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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
Monetary and Financial Statistics
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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
Monetary and Financial Statistics
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Thanks
Questions and Answers??
Monetary and Financial Statistics