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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 on the gross international reserves of the Central Bank of Iceland (CBI) are published in millions of Icelandic krónur (ISK) for the following components: gold, SDRs, the reserve position in the IMF, foreign exchange deposits, and securities. The total figure for gross international reserves covering the components specified above is also published in millions of USD at the current exchange rate. | |||||||||||
| Periodicity | 4.1.1 Periodicity Monthly | |||||||||||
| Timeliness | 4.1.2 Timeliness International reserves, within seven days after the end of the reference month. The reserves template, within 21 days after the end of the reference month. | |||||||||||
| Access by the Public | ||||||||||||
| Advance dissemination of release calendar | 5.1.3 Advance release calendar Advance release calendar for the international reserves and foreign currency liquidity data during the next calendar year are disseminated on the CBI website (http://www.sedlabanki.is). | |||||||||||
| Simultaneous release to all interested parties | 5.1.4 Simultaneous release The international reserves data are released simultaneously to all interested parties by issuing the news release, The balance sheet of the CBI, which covers the main items of the CBI's balance sheet in Icelandic krónur and gross foreign exchange reserves converted into USD at prevailing exchange rate. | |||||||||||
| 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 The compilation and publication of the statistics from the Central Bank of Iceland (CBI) statistics are based on the terms and conditions of the Act on Central Bank of Iceland No. 36/2001 of May 22, 2001. The Act stipulates that the CBI should compile and published detailed information on certain economic subjects.
The Act requires in Art. 33 that the annual accounts of the CBI shall be published in the CBI's Ársskýrsla (Annual Report) and that the monthly balance sheet of the CBI shall be published. 0.1.3 Confidentiality of individual reporters' data The compilation and publication of the data are based on the terms and conditions of the Act on Central Bank of Iceland No. 36/2001. The Act stipulates confidentiality of information regarding individual respondents and that data are used for statistical purposes only.0.1.4 Ensuring statistical reporting Article 19 in the Act on The Central Bank of Iceland stipulates that the CBI shall be provided with the information which it needs for the purpose of compiling statistical reports. Failure to provide information to the Bank is subject to penalties, cf. Article 37.0.2.1 Staff, facilities, computing resources, and financing The statistics department of the CBI consists of nine staff members beside the manager and secretariat.0.2.2 Ensuring efficient use of resources The Operations Department of the CBI, in liaison with the manager of the Statistics Department, fosters a culture of efficient use of resources. Staff members are involved in several informal meetings on the procedures and processes in place at the CBI. The Internal Auditing of the CBI has investigated the Statistics Department and reported to the Governors. This report is examined and updated regularly. 0.3.1 Monitoring user requirements User needs are monitored by the contact person through request for data and explanation of the statistics.0.4.1 Quality policy The Statistics Department of the CBI aims to produce and disseminate its statistics according to best practices and international standards.0.4.2 Quality monitoring Work descriptions are available for all work processes to maintain the quality of the statistical progam.1.1.1 Impartiality of statistics The 2001 Central Bank of Iceland Act stresses the status of the CBI as an independent institution owned by the state whose governance is only subject to the provisions of the Act. The CBI enjoys independence from political pressure, and compiles its statistics only on the base of professional considerations.1.1.3 Commenting on erroneous interpretation and misuse of statistics Staff in the CBI's Statistics Department and in other areas put considerable emphasis on monitoring the coverage of statistics by the press, and maintains close relationships with the press community specialized in economic reviews to explain the content and analytical value of the statistics it disseminates.1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination Data and metadata are available at the CBI's website, including a complete translation in English.1.3.1 Guidelines for staff behavior At the inception of the employment, the staff members of the CBI are provided with a set of guidelines and ethical principles governing the conduct of all CBI staff members in performing their tasks. The guidelines and principles cover aspects such as the independence from external influence and the obligation to treat all the information gathered in the course of their tasks with strict confidentiality. | |||||||||||
| Identification of internal government access to data before release | 1.2.2 Internal governmental access to statistics prior to release All data are released simultaneously to all public and private users on the CBI's website. | |||||||||||
| Identification of ministerial commentary on the occasion of statistical releases | 1.2.3 Attribution of statistical products All statistical publications compiled and disseminated by the CBI are clearly identified as products of the CBI. The CBI's external website and the regular paper publications inform users which data are compiled directly by the CBI itself and which are obtained from external sources. | |||||||||||
| Provision of information about revision and advance notice of major changes in methodology | 4.3.1 Revision schedule The data are considered to be final when first released and are not revised except on rare occasions.4.3.2 Identification of preliminary and/or revised data The data are considered to be final when first released.1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. Information on major revisions and changes in methodology and presentation of international reserve data is provided in the relevant publications at the time the changes are introduced. | |||||||||||
| 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 comprehensive description of the methodology and sources used to compile the international reserves is available on the CBI website (http://www.sedlabanki.is/?pageid=554). 5.2.2 Disseminated level of detail Data is disseminated according to IMF recommendation.(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 | 5.1.2 Dissemination media and format The template is published in millions of Icelandic krónur (ISK) on the CBI's website (http://www.sedlabanki.is) under the heading Statistics: International Reserves. A special link is on the website for SDDS statistics. Time series from October 2000 for the template are also on the website. The CBI's website has a link to a publication of the template in USD at the IMF's website. The Ársskýrsla (Annual Report) publishes: (1) annual time series data on international reserves for the latest 10 years and (2) fully reconciled accounts for the end of each month of the latest year. | |||||||||||
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