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Dissemination Standards Bulletin Board Special Data Dissemination Standard (AS PROVIDED TO THE IMF BY THE RESPECTIVE COUNTRY)   Ecuador Analytical accounts of the central bank (Cuentas monetarias del Banco Central del Ecuador ) Last Posted: Nov-26-2008 Last Certified: Jan-7-2009 Last Updated: Feb-22-2008 Contact Person(s)          Printer Friendly Page   Dissemination Formats Summary Methodology Access National Summary Data Page Cross-country comparisons: access the DSBB metadata query facility

The Data: Coverage, Periodicity, and Timeliness
Coverage characteristics	5.1.1 Statistical presentation Data are disseminated in millions of US dollars on the analytical accounts of the Central Bank, based on the Central Bank´s accounting records and covering the principal assets and liabilities of the Central Bank. Data are disseminated on the following components: (1) Net Foreign Assets with a breakdown in International Reserves and Other Net Foreign Assets. (2) Net domestic credit to central government. (3) Net domestic credit to social security funds. (4) Credit to the private sector. (5) Credit to the financial system. (6) Currency in Circulation which corresponds to the sucres emission before the full dollarization scheme was established (ley para la Transformacion Economica del Ecuador), that's why this data has been decreasing. (7) Bank Reserves. The new data on analytical accounts of the central bank are prepared in accordance with the methodology of the International Monetary Fund's Monetary and Financial Statistics Manual (redraft) of December 1999. The CBE's publication "Boletín de Coyuntura" has released new series since March 31, 2000. New weekly data are available as from March 31, 2000. The new “Información Monetaria Semanal” has replaced the "Boletín de Coyuntura"  since January 8, 2007, and disseminates data on analytical accounts of the central bank.
Periodicity	4.1.1 Periodicity Weekly, every Friday.
Timeliness	4.1.2 Timeliness The following working day, that is, every Monday for data for the previous Friday. (If Monday is a holiday, the data are released on the next business day).
Access by the Public
Advance dissemination of release calendar	5.1.3 Advance release calendar A calendar showing the precise release dates of all the Central Bank's economic publications is disseminated on the Central Bank's website (http://www.bce.fin.ec) in January of each year. An advance release calendar giving one-quarter-ahead notice of the precise release date is disseminated on the Internet on the IMF's DSBB (http://dsbb.imf.org) . A notice to this effect is published in the CBE's hardcopy publication "Información Estadística Mensual".
Simultaneous release to all interested parties	5.1.4 Simultaneous release The data are released simultaneously to all interested parties in the Central Bank's weekly "Boletín de Coyuntura" disseminated on the Central Bank's website (http://www.bce.fin.ec) . The public are informed of this through a regular notice published in the CBE's monthly publication "Información Estadística Mensual".
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 of Ecuador The data are compiled in accordance with the terms and conditions of the following: the Statistics Law of Ecuador (established by Executive Decree No. 323 and published in the Official Registry No.82 of May 7, 1976); the Monetary Board Regulation No. DBCE-097-BCE of May 16, 2001; the Executive Decree No. 1589 published in the Official Registry No. 356 of June 13, 2001; and the Statistics Conduct Code (approved by the Monetary Board through Regulation No. JM-626-BCE of May 13, 1997). The Monetary Board Regulation No. DBCE-097-BCE of May 16, 2001, and the Executive Decree No. 1589 published in the Official Registry No. 356 of June 13, 2001, stipulate that the Central Bank of Ecuador must compile and publish on a timely basis information on monetary, financial, fiscal, external and real statistics; and elaborate the statistical synthesis and previsions of the real sector. The Statistics Conduct Code: "Normas para la producción y difusión de las estadísticas del Banco Central del Ecuador" (Norms for production and dissemination of the Central Bank of Ecuador statistics), establishes the guidelines for the compilation and dissemination of macroeconomic statistics. Analytical accounts of the central bank The financial system of Ecuador is governed by the Constitution of the Republic of Ecuador (Chapter 5, Articles 261-265) and the laws and regulations cited below with their respective amendments and additions: Law on the Monetary System and the State Bank of May 7, 1992; Monetary Board Resolution JM 626-CBE of May 13, 1997, which issues the Standards for the Production and Dissemination of Statistics; The Law for the Economic Transformation of Ecuador of March 13, 2000, Article 1(d);   The Organic Law of the Central Bank of Ecuador approved by Executive Decree 1589 of June 27, 2001; and The Law on Financial System Institutions of October 2001 (which updates the General Law on Financial System Institutions of May 12, 1994). One of the functions of the CBE is the compilation and dissemination of summary statistics, including money and banking statistics, and for instance central bank statistics. The legal basis for the production and dissemination of statistics essentially rests on Monetary Board Resolution JM 626-CBE of May 13, 1997, approving the CBE’s standards for the production and dissemination of statistics and the Organic Law of the CBE. Annex 1 of the Resolution includes among the statistical responsibilities of the Central Bank the compilation of money and banking aggregates. As established in Article 2 of the Resolution, before January 21 of each year the CBE is to define its Statistical Information Policy. Article 4 establishes that within the period indicated in Article 2 of the Resolution, the CBE shall publish for general knowledge the Data Dissemination Criteria applicable during the calendar year in question. This document indicates the documentary bases, the coverage, and the release dates of the institution’s publications.   0.1.2 Data sharing and coordination among data producing agencies The data for analytical accounts of the central bank are collected in coordination with the other CBE areas, with the detail which is required. 0.1.3 Confidentiality of individual reporters' data Central Bank of Ecuador The Statistics Law of Ecuador establishes the principles of confidentiality, thereby forbidding disclosure of information for any individual person or private entity. Analytical accounts of the central bank The standards for the production and dissemination of statistics establish that individually compiled , whether received from individuals or from legal entities, are considered strictly confidential and used exclusively for statistical purposes. To guarantee the respondent’s rights, the CBE disseminates any standards it adopts in this regard, as well as the laws and other legal instruments that govern statistical activities.   In addition, communications sent to request information include a reminder that the Central Bank of Ecuador’s rule is to protect the confidentiality of information, using it solely for statistical purposes and presenting results in the form of aggregates or indicators. Article 92(m) of the Law on the Monetary System and the State Bank of May 7, 1992, empowers the General Manager of the Central Bank of Ecuador to dismiss any member of staff disclosing confidential information on matters taken up in the Monetary Board or in the Central Bank or taking advantage of any information for personal purposes or to the detriment of the central government, the Central Bank or third parties. 0.1.4 Ensuring statistical reporting The data base on analytical accounts of the central bank are prepared by other CBE’s areas, facilitating the availability of the information. 0.2.2 Ensuring efficient use of resources The budget is allocated within the framework of the CBE Strategic Plan. The Directorates identify their budgetary needs and submit them to the CBE Board between October and November. The CBE Board approves the budget in January of the following year. There is continuous monitoring of budget execution. Budget management is decentralized at the process level. 0.3.1 Monitoring user requirements No formal process has been established for consulting with the departments and ministries or with users in the private sector or in academia. Surveys have been conducted but not continuously. Greater contact is maintained with internal users to establish information requirements.   The unit responsible for compilation has attended training seminars on the MFSM organized by the IMF and CEMLA. 0.4.1 Quality policy The CBE recognizes that the quality of statistics is essential for accurately analyzing the economic situation and promoting user confidence in the data. Automated databases have not been developed for cross-checks of information, but the quality of monetary and financial statistics is constantly evaluated by the CBE data compilers and by the analysts who prepare the periodic reports issued by the Directorate of Economic Policy and Analysis. 0.4.2 Quality monitoring There is no body that provides advisory assistance on information quality, but the Monetary Statistic Section is aware of the problems that still exist in compiling the data and that can be identified in the various phases, from the collection of data to its dissemination. In this context, the section is carrying out a project to make it possible to obtain basic information of better quality and coverage in terms of the sectorization of accounting records, which will improve the quality of monetary and financial statistics. 0.4.3 Quality planning The managers of the CBE recognize the tradeoffs between the various aspects of data quality. Given these tradeoffs, which are infrequent, the Director of Economic Statistics and the Director of the General Directorate of Studies are usually consulted on the advisability of disseminating data on a timely basis with the risk of diminishing the quality of the information. 1.1.1 Impartiality of statistics Article 70 of the Law on the Monetary System and the State Bank defines the Central Bank as an autonomous technical body that executes the monetary, financial, credit, and exchange policy of the Republic. Article 92(m) of the same law empowers the General Manager of the Central Bank of Ecuador to dismiss any member of staff disclosing confidential information on matters taken up in the Monetary Board or in the Central Bank or taking advantage of any information for personal purposes or to the detriment of the central government, the Central Bank or third parties. The Organic Law of the Central Bank establishes the term of the directors, how they should be replaced, and provisions for alternates. The CBE promotes professionalism among those who compile statistics through their participation in courses and conferences, and meetings with compilers in international organizations. The CBE encourages staff to conduct methodological studies. When substantial changes occur, the CBE promotes national meetings, conferences, and workshops. In addition, the General Directorate of Studies maintains various publications that detail the methodological aspects of statistics (in the Cuadernos de Trabajo [Workbooks] series), present the results of research (technical notes), and publish seminar papers and the work of national and foreign economists concerning current subjects (economic issues). Researchers’ papers are always submitted to an editorial board before being published, although this does not mean that freedom of thought is inhibited. 1.1.2 Selection of sources, methodology, and modes of dissemination The choice of source data is based exclusively on statistical considerations. The definitions and methodologies used satisfy the need for information on monetary and financial activities on which monetary authorities make their decisions. The disseminated data are based on methodologies consistent with international methodologies.   The CBE encourages staff members to disclose, in the documents they prepare, the rationale for the methodologies used, both on the CBE’s Web page and in its various publications. 1.1.3 Commenting on erroneous interpretation and misuse of statistics The technical units of the CBE are allowed to respond to misinterpretation or misuse of the data, and thus on occasion observations and clarifications have been issued in the media and in specialized publications. Workshops have been held for journalists to clarify the handling of information and changes in the methods for calculating monetary statistics. 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination Central Bank of Ecuador  The Statistics Law of Ecuador is available on the Central Bank's website http://www.bce.fin.ec/contenido.php?CNT=ARB0000920. The Monetary Board Regulation No. DBCE-097-BCE of May 16, 2001, and the Executive Decree No. 1589 published in the Official Registry No. 356 of June 13, 2001, are available in Spanish on the CBE's website http://www.bce.fin.ec/contenido.php?CNT=ARB0000456. The Statistics Conduct Code, "Normas para la producción y difusión de las estadísticas del Banco Central del Ecuador" (Norms for production and dissemination of the Central Bank of Ecuador statistics), is available in Spanish on the Central Bank's website http://www.bce.fin.ec/contenido.php?CNT=ARB0000776. Analytical accounts of the central bank The public has access to the legislation that governs the collection, compilation, and dissemination of monetary statistics.  The Law on the Monetary System and the State Bank of May 7, 1992, and the amendments thereto set forth in Legislative Resolution 22-058, published in the Official Gazette, No. 280 of March 8, 2001;  The General Law on Financial System Institutions of May 12, 1994;  Monetary Board Resolution JM 626-CBE of May 13, 1997;  The Law for the Economic Transformation of Ecuador of March 13, 2000; and  The Organic Law of the Central Bank of Ecuador approved by Executive Decree 1589 of June 27, 2001 are available to the public on the CBE Web page and are sold at the Economic Publications Department, the SB, and bookstores.   A summary of the methodology for calculating monetary statistics has been disseminated in the Boletín Estadístico Mensual [Monthly Statistical Survey]. In addition, the same survey indicates that a more in-depth breakdown of the theoretical basis and methodology can be found in Cuaderno de Trabajo No. 127, “Monetary and Financial Statistics of Ecuador: Methodological Notes and Results.”   1.3.1 Guidelines for staff behavior The rules for staff behavior are contained in the Codified Regulations of the Integrated Human Resources Administration of the Central Bank of Ecuador, issued through Monetary Board Regulation JM-592-CBE of June 11, 1996.   The objective of the human resources regulations is precisely for ethical standards and human resources to be governed according to technical parameters and for political interference to be avoided.
Identification of internal government access to data before release	1.2.2 Internal governmental access to statistics prior to release Central Bank of Ecuador No government officials outside the Central Bank have access to the data before their release to the public. Analytical accounts of the central bank No government agency other than the CBE has access to the statistics prior to their publication. Data are released simultaneously to the public and to the authorities. In the case of monetary and financial statistics, the CBE is the only institution responsible for compiling and disseminating information.
Identification of ministerial commentary on the occasion of statistical releases	1.2.3 Attribution of statistical products Central Bank of Ecuador No ministerial commentary is attached to the release of the data. Analytical accounts of the central bank Monetary and financial information published by the CBE is identified with the CBE logo. In addition, the source of the basic data and the agency responsible for compiling the information is cited at the end of each statistical table.
Provision of information about revision and advance notice of major changes in methodology	4.3.1 Revision schedule Data are final when first released and are not subject to revision. 4.3.2 Identification of preliminary and/or revised data The status of the data is identified accordingly in the publication. 1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. Major methodological changes do not occur regularly, and are not expected in the near future for Central Bank accounts. However, whenever a methodological change takes place, the corresponding explanatory note is given in the publications, at the time data are released. In the future advance notice will be given of changes in 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 The Central Bank of Ecuador's "Metodología de la Información Estadística Mensual" (Methodology to Monthly Statistical Information), second edition, was published in August 1997 and contains methodological references about the analytical accounts of the Central Bank. This publication is available on the web (http://www.bce.fin.ec) . The CBE's publication: "Estadísticas monetarias y financieras del Ecuador: notas metodológicas y resultados" (Monetary and financial statistics on Ecuador: methodological notes and results), Cuadernos de Trabajo No. 127, Quito, 2000, explains methodological aspects for these statistics. These publications can be purchased from the Departamento de Publicaciones Económicas, Banco Central del Ecuador. (Phone: 593 2 2572522, extension 2023. Fax: 593 2 2572522, extensions. 4020 and 4021. E-mail opazmino@bce.ec). (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 Since April 30, 2000 data on analytical accounts of the central bank have been published in accordance with the methodology of the International Monetary Fund's Monetary and Financial Statistics Manual (redraft) of December 1999. The weekly new data are available as from December, 1999 in the CBE's publication "Boletín Semanal de Coyuntura”, and since January 8, 2007 in the CBE’s publication “Información Monetaria Semanal”.   The monthly new data are available as from December, 1999 in the CBE's publication "Información Estadística Mensual" (Monthly Statistical Information). 4.2.2 Temporal consistency New weekly data are available as from March 31, 2000 in the publication "Boletín Semanal de Coyuntura" and new monthly data are released in the CBE's publication "Información Estadística Mensual" (Monthly Statistical Information) as from December, 1999. Historical series on analytical accounts of the central bank, with the previous methodology can be found in the following CBE's publications until March, 2000: 1. The CBE's "Información Estadística Mensual" (Monthly Statistical Information) disseminates monthly data for the last two years and annual data for the last ten years for the components of the analytical accounts of the central bank. 2. The CBE's "Boletin Anuario" (Yearbook Bulletin) publishes annual data for the last ten years for: the main assets and liabilities of the Central Bank; net international reserves; currency issue; banks deposits; net credit to the general government; and other assets and liabilities. 3. The CBE's annual "Memoria Anual" (Annual Report) publishes annual data for the last five years showing breakdowns for net credit to public and private entities.
Footnotes Last posted: Date IMF staff last posted an update to these metadata on the DSBB. Last certified: Date subscriber last officially certified the accuracy of these metadata. Last updated: Date subscriber last submitted an update of these metadata to the IMF.