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 DisseminationStandards Bulletin Board Reviews of the Fund's Data Standards' Initiatives (Reviews) Special Data Dissemination Standard Site (SDDS) Introduction Metadata Data What's New Contact Us General Data Dissemination System Site (GDDS) Data Quality Reference Site (DQRS) |
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| The Data: Coverage, Periodicity, and Timeliness | ||||||||||||
| Coverage characteristics | 5.1.1 Statistical presentation Data are disseminated in US$ millions. The country disseminates both official reserves assets and the Data Template on International Reserves and Foreign Currency Liquidity. Official reserves include the following assets denominated in foreign currency: deposits, securities, gold, Special Drawing Right (SDRs), other assets in foreign currency, and reserve position in the IMF. | |||||||||||
| Periodicity | 4.1.1 Periodicity
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| Timeliness | 4.1.2 Timeliness
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| Access by the Public | ||||||||||||
| Advance dissemination of release calendar | 5.1.3 Advance release calendar An advance release calendar that gives one quarter ahead notice of the precise release dates is published on the website of the Central Bank of Brazil (http://www.bcb.gov.br/sddsi/calendar_i.htm) and on the IMF's Data Dissemination Standards Bulletin Board (http://dsbb.imf.org). A calendar for the entire following year is published on each October issue of the Central Bank Press Release and on Central Bank's website: http://www.bcb.gov.br | |||||||||||
| Simultaneous release to all interested parties | 5.1.4 Simultaneous release Data on official reserve assets are disseminated simultaneously to all interested parties on the web page of the Central Bank of Brazil (http://www.bcb.gov.br). The press release is the vehicle for disseminating primary data. Statistics are released punctually, at 10:30 a.m. of the scheduled day. The data are presented and commented by the Head of DEPEC and journalists may address any issue related to the presentation. | |||||||||||
| Integrity | ||||||||||||
| Dissemination of terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information | 0.1.1 Responsibility for collecting, processing, and disseminating statistics Central Bank The Central Bank of Brazil compiles and publishes monetary and financial statistics pursuant to the legislation in force, specifically the Law establishing the Central Bank (Law 4595 of 12/31/64) and National Monetary Council resolutions governing the generation and release of data and information.International reserves and foreign currency liquidity Law 4595, dated 31.12.1964, ascribes Central Bank the role of depository of international reserves. Later on, Federal Senate Resolution 82, dated 18.12.1990, in its 3rd article, single paragraph, defined the floor for international reserves, corresponding to four times the import average in the last twelve months. Central Bank’s internal provisions defined transactions that can be carried out with reserves assets, imposing limits on the management of these assets. 0.1.2 Data sharing and coordination among data producing agencies Procedures are in place to provide for the effective and timely flow of source data. These procedures are supported by effective computing systems in the CBB (SISBACEN and others).0.1.3 Confidentiality of individual reporters' data Central Bank The Central Bank guarantees the confidentiality of data relating to individuals and institutions, in observance of Article 38 of Law Nr. 4595.International reserves and foreign currency liquidity Confidentiality is an important aspect of the statistical work and is strictly followed by the CBB. Rules and regulations to prevent disclosure include penalties against staff who disclose confidential data. Law N° 105, of January 2001 on the Secrecy of Information for the Financial System, including the CBB, clearly states that all data collected by the CBB are to be treated as confidential, and shall not be disclosed unless disclosure is agreed to in writing or required in a judicial process. This law clearly determines the penalties applied for unauthorized disclosure of confidential data. Law N° 8112 of December 1990 on the Rights and Obligations of the Public Servants establishes in its Article 132, part IX, that an employee will be removed from the job if confidential information is disclosed. In the same vein, the CBB Code of Conduct establishes the principle of secrecy for CBB regarding internal matters. In the case of surveys and other statistical inquiries, respondents are informed of their rights and obligations with regard to the provision of information and are assured that the information they provide will be used solely for statistical purposes. Access to individual data is restricted to staff who require the information as part of their duties through individual passwords. In DIBAP, access to the SISBACEN data system is password-protected and monitored electronically, and its access is authorized only to staff directly involved in the compilation of the data. Compiled data are kept in a password-protected server and accessed only by authorized staff involved in the compilation of the international reserves statistics. CBB premises are only accessed with the use of an electronic identity card. Individual data are not made available or publicly addressed in any manner. Very relevant transactions are exceptionally published based strictly on information published in the press. The Central Bank of Brazil guarantees the confidentiality of the data related to individuals and financial institutions, in accordance to Law 4595, article 38. Law 4595, National Monetary Council resolutions, and other rules issued by the Central Bank of Brazil, as well as accessory legislation, can be found in Portuguese on the Central Bank's website: http://www.bcb.gov.br/mPag.asp?cod=106&Perfil=1&codP=0 These laws are available to the public in Portuguese at the Internet page of the Presidency of the Republic, under search of decrees and laws: http://www.planalto.gov.br. 0.1.4 Ensuring statistical reporting Law 4595, dated 31.12.1964, ascribes Central Bank the role of depository of international reserves. Later on, Federal Senate Resolution 82, dated 18.12.1990, in its 3rd article, single paragraph, defined the floor for international reserves, corresponding to four times the import average in the last twelve months. Central Bank’s internal provisions defined transactions that can be carried out with reserves assets, imposing limits on the management of these assets. The degree of confidentiality of this data is defined by Central Bank itself. 0.2.1 Staff, facilities, computing resources, and financing DIBAP is currently comprised of 17 professionals (including the division chief) responsible for disseminating reserve assets and other external sector statistics, like the balance of payments (BoP), external debt and international investment position. Nine of them have thorough knowledge of BPM5 methodology. It should be pointed out that DIBAP staff is not directly involved in time-consuming data collection tasks, as the current main data sources for reserve assets are not processed in DIBAP. The data are transmitted electronically to DIBAP for their adaptation to the BPM5 and SDDS requirements and later dissemination. There is a core staff of 9 professionals that an average of over 10 years of experience in BoP compilation. Salaries and benefits are competitive with those offered by other public institutions and the private sector. Staff qualifications are adequate, with professional staff required to have a bachelor’s degree, preferably in economics or related fields. Currently, 15 staff have a bachelor’s degree in Economics, one has a degree in Business and one has a degree in Accounting. The CBB has a program to finance postgraduate studies in Brazil and abroad. Two DIBAP staff have already benefited from this program. Overall, six Dibap staff have a postgraduate degree. Twelve of the current staff have received training in BoP courses organized by the IMF and the Center for Latin American Monetary Studies (CEMLA). Staff consider that the IMF’s BoP course has been crucial for improving the quality of statistics and for enhancing the analytical skills of the staff. Working space and equipment are adequate to perform the required tasks. Computing facilities are appropriate. The Information Technology Department (DEINF) provides support on technical matters. Hardware is adequate to facilitate the efficient collection, processing, and management of databases. Software for compiling and analyzing the statistical series is effective, periodically updated, and adapted to performing existing tasks. Each staff member has his own PC connected to a main server with backup and system protection procedures. All staff has access to e-mail and Internet. The financial resources allocated to the compilation and/or dissemination of BoP and reserve assets statistics are sufficient for completing current required tasks and for participating in seminars and meetings outside the CBB headquarters. The allocation of funds takes into account statistical development plans. Annual plans take into consideration the resources needed for collecting and processing data and the requirements of new initiatives for external sector statistics. The CBB budget is divided by departments and by activities that may comprise several departments. There is an activity-based costing system, the Management Cost and Information System (SCIG), managed by the Planning and Budget Department (DEPLA)― to calculate the cost for activity. 0.2.2 Ensuring efficient use of resources There are established procedures to help make efficient use of resources. Efficiency is primarily sought by encouraging consistent concepts and methodologies across the different units within the Department of Economics (DEPEC). There are clear responsibilities assigned among different areas, so that there is only one producer of accounts or sub-accounts who shares the information with any other user within the Department. The DIBAP division chief works closely with the compilers in verifying and analyzing the compilation practices. Staff performance is directly evaluated, although not in a formal manner. Cost analysis is conducted under the DEPLA/SCIG (described previously) for the CBB as a whole. DIBAP compilers as well as all CBB staff supply monthly information directly to the SCIG regarding the tasks developed. 0.3.1 Monitoring user requirements Mechanisms are in place to identify new and emerging data requirements. The DIBAP analyses on a regular basis the demands of data users regarding data breakdown and aggregation. Demands are usually made directly to DIBAP or, indirectly, to the Head of DEPEC. DIBAP seeks to act proactively in the compilation and publication of any data considered useful, as long as strategic matters does not prevent the disclosure of the information. In addition, DIBAP staff regularly participate in statistical meetings and seminars organized by international and regional organizations (e.g., OECD, WTO, UNCTAD, CEMLA). Although there is no direct approach to users of the general public, through surveys or advisory committees for reserve assets, quarterly meetings with chief economists from the public and private sectors are used for identifying emerging data requirements of qualified users. The monthly presentation of the Foreign Sector Press Release is also used as an opportunity for identifying new data requirements, especially among the specialized press. In addition, the Investors Relationship Executive Office is in charge of periodic contact with investors, as well as consulting firms and banks, to monitor users’ needs. 0.4.1 Quality policy CBB management and staff are aware that quality is an essential component of the statistical work. The concepts of integrity, methodological soundness, accuracy, serviceability, and accessibility are an integral part of compiling reserve assets statistics. CBB management is aware of the need to promote human resource development and offers training in best practices for human resource management. DEPEC is aware of the importance of disseminating high quality statistics.0.4.2 Quality monitoring Reserve asset data are assessed routinely for coverage and classification errors, including by the CBB internal auditing department (DEAUD).0.4.3 Quality planning Quality issues are taken into consideration in selecting data sources and compilation practices. The CBB has extensive contact with users, mainly the press, to assist in identifying priorities for future improvements.1.1.1 Impartiality of statistics DIBAP acts independently with respect to data compilation and publication practices. There is no external influence in the selection of methodologies and statistical techniques. Independence in data compilation is clearly recognized as essential to the credibility of statistical results and is strongly supported by the management of the CBB. Professionalism is a widespread cultural aspect in the CBB. Professional competency plays a key role in recruitment and promotion policies, as established by the Public Servant Law (Law N° 8112 of December 1990) and the Law that establishes the carrier of CBB employees (Law N° 9650 of May 1998). Law N° 9650 establishes minimum requirements for potential recruits, which occur through public contests, according to which any Brazilian can take part as long as the basic requirements (age, nationality, and education) are met. Formal and on-the-job training in methodology and compilation procedures are provided, including participation in seminars, courses, and workshops arranged by international organizations to improve knowledge of statistical practices. Compilers have access to international and specialized publications. Activities also promote a culture of professionalism, for example, by organizing lectures and seminars for CBB employees and for journalists. 1.1.2 Selection of sources, methodology, and modes of dissemination The choice of source data is based solely on statistical considerations. Likewise, decisions to disseminate data, including timing and media, are based solely on statistical considerations.1.1.3 Commenting on erroneous interpretation and misuse of statistics The CBB seeks to prevent misinterpretations or misuse of statistics by providing explanatory materials and briefings. It organizes monthly press releases to present, among others, the most recent data and analysis on reserve assets. The head of DEPEC chairs the briefing meetings and answers questions from journalists. The CBB monitors media coverage of its data through its public relations department. When deemed necessary, the Head of DEPEC comments on erroneous interpretation or misuse of the statistics in the media. DEPEC organizes conferences for the media aimed at promoting understanding of its statistics and projections/targets. 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination Central Bank The Law Nr. 4595, the National Monetary Council resolutions, and other rules issued by the Central Bank of Brazil, as well as other legislation, can be found in Portuguese on the Central Bank's Internet page: International reserves and foreign currency liquidity Terms and conditions under which reserve assets data are collected, compiled and published are available to the public on the CBB website, including terms and conditions related to the performance of these tasks. The CBB provides, in hard copy and electronic publications, an e-mail address (dibap.depec@bcb.gov.br) where users may find more information about the terms of data production or may address comments, suggestions, or questions on reserve assets issues. 1.3.1 Guidelines for staff behavior The Civil Servant Law N° 8112 and the CBB Internal Work Regulation (Manual of Service of the CBB Personnel), which provide broad ethical guidelines for CBB staff, are well known to all of CBB staff and widely publicized by the Human Resources Department. These regulations offer guidelines on a range of issues, including confidentiality of information, outside jobs, and acceptance of gifts. The Human Resource Department of the CBB is in charge of monitoring work practices. Violation or nonobservance of the standards of conduct is penalized according to Chapter 5 of the Internal Work Regulations. | |||||||||||
| Identification of internal government access to data before release | 1.2.2 Internal governmental access to statistics prior to release Advance access is not provided to any official outside the Central Bank of Brazil. | |||||||||||
| Identification of ministerial commentary on the occasion of statistical releases | 1.2.3 Attribution of statistical products The paper and electronic publications of reserve assets data are clearly identified as a CBB product, with CBB publications bearing the institution’s logo. No specific attribution is requested by CBB when its statistics are reproduced. However, official government reports that include reserve assets information acknowledge the CBB as the data source. | |||||||||||
| Provision of information about revision and advance notice of major changes in methodology | 4.3.1 Revision schedule The data are final when first released and not subject to revision.4.3.2 Identification of preliminary and/or revised data The data are final when first released and not subject to revision.1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. Users of statistics are made aware of major changes in methodology and compiling procedures upon the first release of data compiled according to a new methodology. | |||||||||||
| Quality | ||||||||||||
| Dissemination of documentation on methodology and sources used in preparing statistics | 5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques A short explanation on the reserve assets methodology and the source of the data are available in the Summary Methodology Statement of the reserve assets Metadata, which are published in a standardized presentation and are easily accessible.5.2.2 Disseminated level of detail The Data Template on International Reserves and Foreign Currency Liquidity presentation follows the format that is prescribed by SDDS.(See also summary methodology) | |||||||||||
| Dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness | 4.2.1 Internal consistency The following series on official foreign assets are issued to check for internal consistency. Press Release on the Foreign Sector (http://www.bcb.gov.br/?FOREIGNSECTOR):
Monthly Bulletin (http://www.bcb.gov.br/?BULLETINMONTH):
Annual Report (http://www.bcb.gov.br/?ANNUALREPORT):
4.2.2 Temporal consistency Concepts and definitions for producing daily and monthly reserve assets statistics are the same.5.1.2 Dissemination media and format Data are disseminated in print (through the Central Bank Press Release) and on the CBB website, in table formats (following the SDDS prescribed presentation). | |||||||||||
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