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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 International Reserves Data are disseminated in millions of U.S. dollars on the total gross official reserves of the Banco de la República. Foreign Currency Liquidity The Data Template on International Reserves and Foreign Currency Liquidity is reported in millions of U.S. dollars and include:
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| Periodicity | 4.1.1 Periodicity International Reserves:
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| Timeliness | 4.1.2 Timeliness International Reserves: Within one week after the reference day. Reseve Template: Seven days. | |||||||||||
| Access by the Public | ||||||||||||
| Advance dissemination of release calendar | 5.1.3 Advance release calendar An advance release calendar giving one-quarter-ahead notice of the precise release dates is disseminated on the Dissemination Standards Bulletin Board of the IMF (http://dsbb.imf.org). | |||||||||||
| Simultaneous release to all interested parties | 5.1.4 Simultaneous release The data are disseminated simultaneously to all interested parties by posting on the Banco de The Reserve Template is disseminated at http://www.banrep.gov.co/estad/dsbb/fmicolom.htm#SectorExterno Daily data on gross and net international reserves are disseminated at: http://www.banrep.gov.co/informes-economicos/ine_rep_indedia.htm | |||||||||||
| 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 Banco de la Republica The Bank of the Republic (BR), established in 1923 by Law 25, has been responsible for collecting, compiling, and disseminating balance of payments statistics since 1938 and is publicly recognized as the sole institution with this responsibility. The BR draws its authority to collect information needed to carry out its mandate from Law 31 of 1992, Decree 2520 of 1993, Decree 2080 of 2000, Resolution 8 of the BR in 2000, and established working arrangements with the Superintendent of Banks, the Superintendent of Securities, and the Superintendent of Companies. Article International reserves and foreign currency liquidity As the foreign exchange authority, the BR is responsible for the registry of external debt assets and liabilities under Resolution 8 of 2000, Board of Directors of the Although no explicit legislative mention is made of the BR’s role as the official compiler of balance of payments statistics, the above powers, together with the long-standing tradition of compiling and disseminating these data since 1938, are well known. No laws conflict with the authority of the BR to compile balance of payments statistics.
0.1.2 Data sharing and coordination among data producing agencies Banco de la Republica Law 31 Article 18 (1992) grants the BR authority to require other institutions and agencies to cooperate in providing timely information that the BR considers necessary for its mission, and these institutions are obliged to provide it.0.1.3 Confidentiality of individual reporters' data Banco de la Republica Article 75 of Decree 1633 establishes the principles of confidentiality and secrecy and ensures that data are disseminated without reference to names or individual details. The legal basis for the confidentiality of monetary statistics is provided in Article 15 of the Constitution. 0.1.4 Ensuring statistical reporting Banco de la Republica The Law on the Charter of the Bank authorizes the central bank to request information from financial intermediaries, in addition to the data which the latter submit to the FS.International reserves and foreign currency liquidity Article 97 states that financial corporations must report information to the SF of Article 97 of the Organic Law of the Financial System (Decree 663 of April 2, 1993) and Article 18 of the Law of the BR (Law 31 of December 29, 1992) establish the mandatory nature of reporting information by financial corporations.Article 97 states that financial corporations must report information to the SF on their operations periodically at determined dates and with the requested content and format. Article 0.2.1 Staff, facilities, computing resources, and financing Banco de la Republica Staff resources for compiling monetary statistics are broadly adequate to perform the required tasks.International reserves and foreign currency liquidity Staff resources for compiling the statistics are adequate to perform the required tasks. One staff member of the External Sector Section of the Technical and Economic Statistical Information Department is responsible for the compilation of international reserves. He has professional university degree, and a post-graduate degree in economics. The BR will also sponsor staff in graduate studies at universities both in Computing resources for compiling the statistics are adequate to perform required tasks. The BR uses statistical programs such as SAS, FOX, Oracle, and Excel to manage the databases. Sufficient resources are available for computer technology and for the software and hardware needed to compile and disseminate international reserves and foreign currency liquidity statistics. Funding for statistical compilation is adequate to perform required tasks. 0.2.2 Ensuring efficient use of resources Management ensures that resources are used effectively. Professional staff involved in compiling and disseminating balance of payments statistics is evaluated at least every year. Efficiency gains are sought through periodic review of work processes, for example in the selection of source data for services (survey or administrative data).0.3.1 Monitoring user requirements
0.4.1 Quality policy Banco de la Republica Quality is recognized throughout the organization as a cornerstone of statistical work. The BR has implemented internal programs that seek to improve quality. This goal is explicitly stated in the Guide to Ethical Conduct in which it is established that one of the basic values of the BR is “Excellence—the search for the highest values in quality, productivity, innovation, and opportunity in the work of its staff.”In the workplace the BR promotes participation in training courses, finances post-graduate studies at internationally recognized universities, and has designed plans and educational programs to strengthen the human resources. The goals are to increase productivity, improve organizational competitiveness, and promote efficient workplace performance0.4.2 Quality monitoring Processes are in place for a systematic monitoring and review of quality. Surveys carried out for collection of international reserves statistics and the programs designed for their compilation address issues on response rate and follow-up measures, as well as editing of the information collected and investigating the reasons for the changes. The staff are also very mindful of the timeliness of information publication. International reserves compiler manages a network of specialized information on his/her area of expertise. Periodic reviews have successfully resolved some data inconsistencies. 0.4.3 Quality planning In planning the statistical program, quality issues are considered. This applies to the selection of the information sources used in compiling the international reserves statistics. The emphasis on quality has resulted in written documents, follow-up meetings, and analysis of the data. Priorities in the compilation of the international reserves statistics include quality, the availability of resources, and timeliness of the data. 1.1.1 Impartiality of statistics Banco de la Republica The Constitution (Article 371) and the Law of the BR (Article 1) provide a legal framework that ensures the autonomy of the BR. Articles 1 and 51 of the BR’s Internal Work Regulations state that all staff should carry out their responsibilities with due diligence, dedicating to the tasks their best moral, intellectual, and physical efforts. International reserves and foreign currency liquidity The terms and conditions under which the statistics are produced are in accordance with professional independence. Article 1 of Law 31 of 1992 states that the BR is a legal entity, and it will function as a public institution subject to the constitution, with its own legal regimen. The BR is totally independent in producing and disseminating information on the balance of payments. Professionalism is actively promoted and supported within the organization. The hiring, promotion, and task allocation strictly follow academic credentials, technical criteria, and knowledge and experience in balance of payments subject matter. The Technical and Economic Statistical Information Department has an arrangement with universities to accept interns. In the hiring process, an academic exam and aptitude test are administered. The selection process is decided on the basis of a point system. The promotion process involves a review by the chief of the External Sector Section, the Director of the Department, and the Head of the Directorate of Economic Studies. The BR professional staff are classified according to their academic credentials, professional experience, and knowledge. Research papers written by staff are published with the name of the author after peer review. Methodological documents are published under the name of the 1.1.2 Selection of sources, methodology, and modes of dissemination Banco de la Republica The source data meet the statistical requirements for decision-making purposes and for publication. The principal source used in compiling monetary statistics is the balance sheet of the International reserves and foreign currency liquidity Choices of data sources are based solely on statistical criteria. The main source of international reserves is the BR´s balance sheet and the data are compiled in accordance with the methodology set out in the fifth edition of the IMF´s “Balance of payments Manual”. The Template on international reserves and foreign currency liquidity are compiled according to the “Operational Guidelines” for the data Template on International Reserves and Foreign Currency Liquidity of the IMF (October 1999). Decisions to disseminate data are based solely on statistical considerations, and they strictly follow the established requirements of the SDDS in coverage, periodicity, timeliness, access to the public, integrity, and quality.1.1.3 Commenting on erroneous interpretation and misuse of statistics The BR comments on situations in which its statistics are misinterpreted or misused. The Communications Department maintains direct contact with the media through press releases. Regulatory and economic measures taken by the BR Board of Directors, as well as information published by the BR, are currently released by the Communications Department. The publication of the quarterly balance of payments data is accompanied by a press release presenting the most important events of the quarter, including those related with international reserves. This information is readily available on the BR website. The BR has a well-established custom of dealing with data misinterpretations or misuse of statistics, and it comments publicly on these issues in official reports. For example, an editorial note in Portfolio on The BR also provides explanatory notes for users to prevent misinterpretations. The official position is also stated in periodic BR publications, such as the editorial note in the monthly Revista del Banco de 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination Banco de la Republica Decree 1633 of 1960 was published in Spanish in the "Diario Oficial" (Official Gazette) 30289 of July 27, 1960. The laws are published in Spanish in the Bank's "Monthly Review"of December 1992 and in "La Banca Central en Colombia: Normas Básicas (Central Banking in Colombia: Basic Regulatory Texts) Bibliographic Collection, Bank of the República, 1994. International reserves and foreign currency liquidity Summaries of selected laws and decrees, such as Decree 2520 of 1993, which states functions of the BR, are available to the public on the BR website. In published methodology the BR emphasizes the principle of confidentiality. Statistical publications, such as the Revista del Banco de1.3.1 Guidelines for staff behavior Banco de la Republica The guidelines for staff behavior are well known to BR staff by virtue of the Law 734 of February 13, 2002, which contains the unique disciplinary code for public servants.
It also contains sanctions and penalties for noncompliance with these standards. The BR created the Value Strengthening Group and issued the Ethics and Behavior Guide in September 2003 to strengthen the value system of the institution. All new staff are informed of the existence of the Internal Work Regulation, and staff are periodically reminded to fully observe these rules and regulations. | |||||||||||
| Identification of internal government access to data before release | 1.2.2 Internal governmental access to statistics prior to release Banco de la Republica No government officials outside the Banco deInternational reserves and foreign currency liquidity There is no internal government access to the international reserves statistics prior to release, and this embargo includes the Ministry of Finance and the Board of Governors of the | |||||||||||
| Identification of ministerial commentary on the occasion of statistical releases | 1.2.3 Attribution of statistical products Banco de la Republica All published monetary information bears the BR logo and captions specifying the source of the data. In addition, the department responsible for compiling the information is cited at the end of each statistical table. The BR does not explicitly request acknowledgement of the source when its monetary statistics are reproduced or used by third parties, since it is common practice to identify data sources. International reserves and foreign currency liquidity International reserves statistics and template on international reserves and foreign currency liquidity are published identifying the BR and the Ministry of Finance as the entities responsible for their compilation. Tables containing international reserves data also source the appropriate department in footnotes. The BR requests attribution when its statistics are reproduced. | |||||||||||
| Provision of information about revision and advance notice of major changes in methodology | 4.3.1 Revision schedule The data are preliminary when first released and are subject to revision.In general, the data become final 20 days after the end of the reference month. Weekly and monthly data are published in "Estadísticas Monetarias y Cambiarias: Seguimiento Semanal". 4.3.2 Identification of preliminary and/or revised data At the time of data dissemination, users are clearly informed whenever data are preliminary or revised.1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. Banco de la Republica Methodological changes are announced and explained through footnotes in the "Revista del Banco deInternational reserves and foreign currency liquidity Users are made aware of major changes of methodology at the time of publication. Explanatory documents are produced and published in the monthly Revista del Banco de | |||||||||||
| 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 The data are compiled in accordance with the methodology set out in the fifth edition of the IMF's "Balance of Payments Manual" and in the template of international reserves and foreign currency liquidity. 5.2.2 Disseminated level of detail Instruments included within the definition of reserve assets are classified into monetary gold, holdings of foreign currency, Special Drawing Rights, and the reserve position in the IMF and other reserves assets such as reserve position in the FLAR. Holdings of foreign currency include bonds and notes, treasury bills, deposits with commercial banks, deposits with foreign monetary authorities and repurchase agreements.(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 weekly "Estadísticas Monetarias y Cambiarias: Seguimiento Semanal" publishes weekly data on the balance sheet of the Banco de la República, including data on international reserves.This publication also contains monthly data and time series from 1990. The Banco de la República Internet website (http://www.banrep.gov.co/estad/indfind4.htm) publishes daily data on net international reserves, on the same page as the data on gross international reserves. 4.2.2 Temporal consistency The weekly "Estadísticas Monetarias y Cambiarias: Seguimiento Semanal" contains monthly data and time series from 1990.4.2.3 Intersectoral and cross-domain consistency The "Revista del Banco de la República" publishes monthly data on the consolidated balance sheet of the Banco de la República, which may be used to cross-check the data on international reserves.Detailed components are published for gold, SDRs, reserve position in the IMF, foreign exchange assets, other assets, short term liabilities. Monthly time series are available from 1990. | |||||||||||
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