Implementation of BPM6 in Turkey Yeşim Şişik Central Bank of the Republic of Turkey The Workshop on the Implementation of the 2008 SNA and linkages with BPM6 and GFSM – 8 May 2015 İstanbul

Compilation System Legal Framework Compilation System, Introduction Transition Method Changes Way Forward

Legal Framework LEGAL FRAMEWORK Data Collection ConfidentialityDissemination Official Statistical Program

Compilation System ITRS Direct Reporting Turkish Statistical Institute, Turkstat

Compilation System ITRS CBRT ITRS TRIAL BALANCES SUPPLEMENTARY REPORTS ED FDI Ministry of Economy Treasury Transactions of Banks Transactions of Clients DIRECT REPORTING Central Registry Agency Custodian Bank Reports TURKSTAT DATA Telecommunication Transportation News Agency Insurance Legal Consulting Foreing Trade Tourism Trade Credits Shuttle Trade Freight BIS Administrative Data Processing Repairs Freight Ins.

Transition Method Map BPM5 to BPM6 Try to use existing data For remaining items Seek cooperation with Turkstat Collect new data

Goods and Services Reclassifications Processing and Repairs introduced Data provided by Turkstat For processing, FTS are adjusted Repairs not included in FTS In 2014 Processing $72 million, Repairs $-254 million Before adjustment; Goods: $63,724 million After adjustment $63,542 million

Goods and Services Reclassifications Merchanting Moved under Goods Postal and Courier Services Moved under Other Transportation Services

Goods and Services Travel Supplementary Breakdown, obtained from Turkstat

Income Nomenclature changes applied Primary Income Secondary Income Personal Transfers New data introduced, $254 million in 2014, in addition to $838 million Workers’ remittances Since 2008, personal $1,138 million since 2008) ($7,128 million since 2008)

Capital Account Removal of Migrant’s Transfers

Financial Account Sign convention adopted Direct Investment Asset / Liability Basis Intercompany Lending except financial institutions

Financial Account Direct Inv’t: A / L instead of Directional Turkish parent companies’ direct investment in their foreign affiliates Non resident parent companies’ direct investment in Turkey Foreign affiliates’ direct investment in their Turkish parents (Reverse Investment) Turkish Direct Invesment Companies’ direct investment in parents (Reverse Investment) Turkish parent companies’ direct investment in their foreign affiliates Turkish Direct Invesment Companies’ direct investment in parents (Reverse Investment) Non resident parent companies’ direct investment in Turkey Foreign affiliates’ direct investment in their Turkish parents (Reverse Investment) ABROADIn TURKEY ASSETSLIABILITIES

Financial Account New allocations of SDRs recorded as increases in gross reserve assets and, at the same time, in long-term debt liabilities of the general government as “Net Incurrences of Liabilities”.

BOP Statistics and Government Data The Central Bank of Turkey is the fiscal agent and the treasurer of the Government. All the receipts and payments of the Treasury are conducted through the FX deposits of the Treasury maintained in the Central Bank. Foreign currency debt payment services conducted on behalf of the Treasury is one of the factors determining reserve management policies. Reserve Assets:

BOP Statistics and Government Data Long-term loans received from abroad by the public sector (central government+local governments+nonfinancial public corporations) are compared with the database of the Treasury starting from January Missing transactions that were not determined previously have been revised accordingly. In BOP, such transactions are recorded under OI / Loans / Net Inc. Of Liabilities / General Government and Other Sectors items. Long-term Loans of Public Sector

The relation between BOP AND government data Grant revenues received from the EU and the World Bank are cross-checked with the records of the Treasury, and are classified under secondary income. The data on loans extended by and repaid to Turkish Government are monitored with other sources (the Treasury, the Official Gazette, newspapers, etc.). Regarding primary income account, Reserve Assets and FX Accounts held within the Central Bank are recorded on an accrual basis, in compliance with the balance of payments methodology. (Exceptions: income on Loans and Portfolio Investment of General Government) Other Issues

Way Forward FISIM Contacted with Turkstat Insurance Services Revision of Direct Reporting Forms

Way Forward New Services Survey Conducted by Turkstat cooperation among Central Bank of Turkey Ministry of Economy Turkish Statistical Institutions