Analytical Accounts of Central Bank and Other Depository Corporations Workshop on “Collaboration Among Data Compilers & Users” May 8-9, 2006 Naseer Ahmad Joint Director State Bank of Pakistan (92 21) (92 21)

Scope It is the analytical presentation of monetary aggregates Meet international standards of: Methodology, Compilation and Dissemination Practices Transparency, Quality Frequency and Timeliness Access to the public Helpful in policy formulation Helpful in analysis and research

Coverage Covers the balance sheets of: The central bank Deposit Money Institutions Other Deposit Accepting Corporation With details on: Sectors Financial instrument

Periodicity Compiled and disseminated on monthly basis Analytical accounts for the central bank are disseminates at SBP website, usually NLT 15 th of subsequent month Analytical accounts for other depository corporations are disseminates at SBP website, NLT 30 th of subsequent month along with the combined position

Compilation Methodology Monetary Statistics in Pakistan Month end compilation based on weekly statements Month end compilation based on monthly reporting (Switch over) in September 2004 Month end compilation based on MFSM guidelines

Monetary and Financial Statistics Manual-2000 (MFSM 2000) Monetary Statistics Financial Statistics Overview

Assets/ Liabilities 1.Currency and Deposits 2.Securities other than shares 3.Loans 4.Shares and other equity 5.Insurance technical reserves 6.Financial derivatives 7.Other accounts receivable/ payable 8.Non-financial assets

Sectors of the economy 1.Non-financial corporations 2.Financial corporations 3.General government 4.Non-profit institutions serving households (non-market) 5.Households 6.The Rest of the world

Residency criteria Individuals Economic territory, no nationality, legal or political boundaries Centre of economic interest One year or more Exceptions: Students Crew members Diplomats Armed forces members

Corporations One year or more Separate set of accounts Significant production of goods or services Transactions located in that economy Residency criteria

Economic territory That geographic territory with in which persons, goods and capital circulate freely – includes, airspace, territorial waters etc Centre of Economic Interest – An institutional unit is said to have a center of economic interest within a country when there exists some location—dwelling, place of production, or other premises—within the economic territory of the country on, or from, – which it engages, and intends to continue to engage, in a significant amount of economic activity. Residency criteria

2.Financial corporations a)Central bank b)Other depository corporations i)Deposit money institutions ii)Other deposit accepting institutions c)Other financial intermediaries d)Financial auxiliaries e)Insurance corporations and pension funds i)Life insurance corporations ii)Non-life insurance corporations iii)Pension funds Sectors/sub-sectors of the economy

Public Private  Foreign controlled  National private Sectors/sub-sectors of the economy

3.General government a)Central government i)Federal government excluding NPIs & Public enterprises ii)NPIs (Non market) b)Provincial Governments i)Provincial Governments excluding NPIs& Public enterprises ii)NPIs (Non market) c)Local governments 4.Non-profit institutions serving households (non-market) Sectors/sub-sectors of the economy

5.Households a)Employers b)Own account workers c)Employees d)Recipient of property and transfer incomes 6.The Rest of the world Sectors/sub-sectors of the economy

Assets/ Liabilities 1.Currency and Deposits a)Currency b)Transferable deposits c)Restricted/ compulsory deposits d)Other deposits

Stock and flows Opening stock Net transactions Valuation changes Other changes in volume Closing stock

Valuation changes  Exchange rate changes  Price changes  Fair value / market price

Other changes in volume Financial flows that arise from changes other than those arising from transactions and revaluations. These includes: 1.Write-offs of claims 2.Catastrophic losses such as natural disasters, acts of war, and riots etc. 3.Uncompensated seizures such as possession taken by governments due to non payment of taxes, fines or similar levies 4.Sectoral reclassification

Depository corporations survey Deposit money institutions survey Other depository corporations survey Other financial corporations survey Financial corporations survey Financial statistics of the economy Flow of Funds Accounts (FFAs) International Investment Position (IIP) Analytical presentation of data

Sources of Data State bank of Pakistan Deposit money institutions Other depository institutions Non-depository financial corporations Non-financial corporations House hold The rest of the world

Thanks