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Dissemination Standards Bulletin Board Special Data Dissemination Standard (AS PROVIDED TO THE IMF BY THE RESPECTIVE COUNTRY)   Turkey International reserves and foreign currency liquidity Last Posted: Apr-9-2009 Last Certified: Jan-5-2009 Last Updated: Apr-3-2009 Contact Person(s)          Printer Friendly Page   Ms. Eren Tunga, Manager, Balance of Payments Division, Statistics Department, The Central Bank of the Republic of Turkey, Istiklal Cad. No. 10, Ulus, Ankara, Turkey 06100   Phone : 90 312 3116254   Fax : 90 312 3102283   Email : Eren.Tunga@tcmb.gov.tr    Mr. Günay Yesildoruk, Assistant General Manager, Markets Department, The Central Bank of Turkey, Istiklal Cad. No. 10, Ulus, Ankara, Turkey 06100   Phone : 90 312 3102428   Fax : 90 312 3091964   Email : Gunay.Yesildoruk@tcmb.gov.tr  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 Weekly data on international reserves of the CBRT are disseminated in million US dollars, based on the CBRT's accounting records. Data are dissaminated on: Foreign Currency Reserves IMF Reserve Position SDRs Monetary Gold, and Other Reserve Assets The monthly data template on international reserves and foreign currency liquidity is disseminated as follows: Official reserve assets include the "Monetary Gold" (defined according to international standards), the "Reserve Position in the Fund", "SDRs", "Foreign Currency Reserves" (including SDR holdings), and other reserve assets in foreign currency. Currency breakdown of reserves between SDR and non-SDR currencies are displayed under the "Memo Items". Other foreign currency assets include share participations in international organizations, miscellaneous receivables and other assets denominated in foreign currency. Predetermined short-term net drains of foreign currency assets. Contingent short-term net drains on foreign currency assets.
Periodicity	4.1.1 Periodicity Weekly for official reserve assets Monthly for the reserves template data
Timeliness	4.1.2 Timeliness Six days after the end of the reference week for official reserve assets. Within one month after the end of the reference month for the reserves template data.
Access by the Public
Advance dissemination of release calendar	5.1.3 Advance release calendar A year-ahead calendar that gives precise release dates is disseminated on the Turkish Statistical Institute (Turkstat) website http://www.turkstat.gov.tr/arastirmaveprojeler/turcat/body/sdds.htm. in September of the previous year. A regular notice to this effect is published in Turkstat's Economic Indicators. A data release calendar which gives a year-ahead notice of release dates of data categories as described in the Official Statistical Program is available at the CBRT website at http://www.tcmb.gov.tr/yeni/veriyay/takvimeng.html.
Simultaneous release to all interested parties	5.1.4 Simultaneous release The weekly data are released simultaneously to all parties by issuing the Weekly Press Bulletin. At the same time the press release is disseminated on the CBRT's website www.tcmb.gov.tr. Monthly reserves template data are released simultaneously to all parties on the CBRT's website at http://www.tcmb.gov.tr/die/rc/rc99irmdata.html and also at www.tcmb.gov.tr under Periodic Publications.
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 Central Bank of the Republic of Turkey The Central Bank of the Republic of Turkey (CBRT) is an independent agency, operating under the terms and conditions of the 1970 CBRT Law No. 1211, as amended on April 25, 2001 by the Law No. 4651. Article 4 (II.g) of the CBRT Law gives the CBRT the responsibility to monitor financial markets, request necessary information, and gather statistical information from banks and other financial institutions, and from organizations authorized to regulate and supervise these institutions. Article 43 authorizes the CBRT to publish statistical information. The Statistics Department (SD) of the CBRT is responsible for research on the statistical methodology, data collection, and compilation, verification, processing, and dissemination of money and banking statistics, balance of payments statistics, and real sector statistics. The Statistical Law of Turkey No. 5429 monitors the implementation and development of official statistics under the supervision of Turkish Statisticsl Institute (Turkstat). The 5-year Official Statistical Program (http://www.turkstat.gov.tr/rip/rip.pdf) prepared in line with the Statistical Law of Turkey defines money and banking statistics and balance of payments statistics under the responsibility of the CBRT. The Program also monitors the consistency with international standards, future plan and advance release calendar. International reserves and foreign currency liquidity Article 63 of the CBRT Law provides that the Central Bank shall issue a bulletin announcing a brief statement of accounts as of the end of each week and shall also publish it in the Official Gazette. 0.1.2 Data sharing and coordination among data producing agencies The Central Bank of the Republic of Turkey In preparing and disseminating data with regard to the SDDS, the Turkstat and the Treasury are also involved. Meetings are held between the various agencies when necessary. International reserves and foreign currency liquidity Weekly international reserves data are calculated based on the data submitted by the Accounting Department to the SD. 0.1.3 Confidentiality of individual reporters' data The Central Bank of the Republic of Turkey Article 43 of the CBRT Law forbids the publication or disclosure by the CBRT of any statistical information having a private and personal nature to an official authority or private body other than the Banking Regulatory and Supervision Agency (BRSA). It also states that statistical information published by the CBRT will only be used for statistical purposes, and not be considered as evidence. Article 44 (paragraph 3) of the CBRT Law states that all the operations and records of the CBRT’s Risk Center, which centralizes the information on the risks of customers of banks and other financial institutions, are confidential. Article 35 of the CBRT Law obliges the staff of the central bank to observe the secrecy of matters pertaining to the CBRT or to persons and institutions dealing with the CBRT, which they acquire within their official capacities and due to their positions, as well as not to disclose these secrets. This obligation continues to be binding even after staff members leave the CBRT. Staff members of the CBRT are subject to the provisions of the Code of Obligations and liable for the damages they cause to the CBRT in connection with their duties. Only authorized staff members of the SD have access to data of individual banks before they are aggregated and consolidated for publication. Procedures are in place so that data are consolidated and aggregated as necessary, so as to prevent individual disclosure. Access to the internal database is limited to authorized staff; differentiated degrees of authorization give differential degrees of access to the data. Computers are password protected. 0.1.4 Ensuring statistical reporting The Central Bank of the Republic of Turkey Article 43 of the CBRT Law provides the legal basis for the collection of statistical information that supports the compilation of relevant statistics. It authorizes the CBRT to (i) directly request and collect, all statistical information relating to financial system and other statistical information necessary for the surveillance of developments in the economy and the balance of payments, from depository corporations, other financial corporations, and persons and (ii) directly request information, balance sheets, and reports of depository corporations, other financial corporations, and persons, and to investigate and supervise the accuracy of these information. All banks and other financial corporations deemed appropriate by the CBRT and operating in Turkey are also required to submit their annual balance sheets and income statements along with the reports of their boards of directors and auditors to the CBRT after their general assembly meetings and the reports of independent auditing institutions after the date of preparation (Article 43, paragraph 1). The CBRT is also authorized to investigate and supervise the accuracy of the statistical information provided by the concerned parties, and to request additional information and documents. In line with Article 43 (paragraph 4), the CBRT has determined in circulars and guidelines that reporting forms are required to be submitted to the CBRT within one month after the end of the reference month. According to Article 68 (III.b) of the CBRT Law, a failure to comply with the above mentioned reporting requirements is punishable by a fine of 500 million to 1 billion Turkish Liras, and the CBRT may suspend or restrict institutions’ operations authorized by the CBRT Law in the event of nonresponse. 0.2.1 Staff, facilities, computing resources, and financing The Central Bank of the Republic of Turkey The SD is composed of 3 divisions: Monetary and Financial Statistics, Balance of Payments Statistics, and Real Sector Data Divisions. It has a total of 70 staff, 25 of whom are professionals exclusively devoted to the compilation of monetary statistics and 23 to balance of payments statistics. A few professionals focus on statistical concepts and methodology and the improvement of coverage and accuracy of monetary data. Employment in the SD is competitive, and the number of staff with university degrees in economics or statistics is high. Besides on-the-job training, staff are given the opportunity to participate in courses conducted by international organizations, such as the IMF, BIS, OECD, Eurostat and ECB and in seminars offered by central banks. Qualified staff have opportunities to attend postgraduate courses overseas. Computer resources utilized in the collection and compilation of statistics are adequate. The data collection system is highly computerized. There are currently no budgetary constraints impeding data collection and compilation activities. 0.2.2 Ensuring efficient use of resources The Central Bank of the Republic of Turkey SD management holds meetings with the staff on issues that need to be addressed for enhancing the policy vision of the managers and the understanding of the professional staff within the Department. In general, all programs in the CBRT are subject to budget considerations and performance assessments. Budgeting of the CBRT is done annually by the Board of Directors every December. Departments identify their budget needs and propose to the Board. Budget allocations are made for each department by the Board. The Accounting Department of the CBRT measures on a quarterly basis the cost-effectiveness in using resources to conduct the work undertaken in each unit. Reviews are conducted regularly by the Human Resources Department in order to improve the work within each unit. New technology for data processing and dissemination is always tested by computer and system analysis experts. 0.3.1 Monitoring user requirements The Central Bank of the Republic of Turkey The CBRT invites user comments and questions on the relevance and usefulness of statistics via its website and evaluates the reasonable comments for data availability and cost-benefit analysis, and may update or add new data series. Also in line with Information Access Act, data needs of users are monitored through electronic mail services. 0.4.1 Quality policy The Central Bank of the Republic of Turkey The CBRT recognizes that official statistics must have the confidence of users, and exercises quality control at every stage of data production and dissemination.Validation procedures for assessing the plausibility or reasonableness of reported data are undertaken and reviewed with the reporting institutions to verify for possible misclassifications and miscalculations. All levels of SD participate actively in the review of data prior to publication. International reserves and foreign currency liquidity Prior to publication of the data, Accounting Department and Statistics Department verify data jointly. 0.4.2 Quality monitoring The Central Bank of the Republic of Turkey The SD verifies that data reporting practices followed by banks are consistent with the regulations, and has systems and procedures in place to ensure quality in the compilation process. Crosschecks between and within forms are done and any discrepancies are investigated. Validation procedures for assessing the plausibility or reasonableness of reported data are undertaken on a bank-by-bank basis and reviewed with the reporting institutions to verify for possible misclassifications and miscalculations. The data on non-bank financial institutions and other legal persons are also verified. Staff at at all levels participate actively in the review of data prior to publication. The Statistical Council established by the Statistical Law of Turkey No. 5429, under the supervision of Turkstat, monitors the implementation and development of 5-year Official Statistical Program (http://www.turkstat.gov.tr/rip/rip.pdf ). The governor of the CBRT is a member of the Council. The Council meets at least once a year. 1.1.1 Impartiality of statistics The Central Bank of the Republic of Turkey The statutory provisions under which the CBRT compiles statistics are adequate to support independence in conducting these functions. Article 4 of the CBRT Law stipulates that the CBRT shall enjoy absolute autonomy in exercising the powers and carrying out the duties granted by this Law under its own responsibility. Professionalism of the staff in charge of the compilation of statistics is promoted by encouraging participation in lectures, conferences, and meetings with other professional compilers (e.g. the Turkstat), other central banks, and international organizations. 1.1.2 Selection of sources, methodology, and modes of dissemination The Central Bank of the Republic of Turkey Selections of sources and statistical techniques are informed solely by statistical considerations. 1.1.3 Commenting on erroneous interpretation and misuse of statistics The Central Bank of the Republic of Turkey The SD comments on erroneous interpretation of its statistics if deemed truly significant and seeks to prevent misinterpretation or misuse of statistics by providing explanatory notes in its publications, website and in press releases. 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination The Central Bank of the Republic of Turkey The CBRT Law is published in both Turkish (in the Official Gazette) and English and may be accessesd at http://www.tcmb.gov.tr/yeni/banka/law.html. The CBRT Law can be requested from the Research and Monetary Policy Department (Division of Information and Documentation) of the CBRT from the following address: Türkiye Cumhuriyet Merkez Bankasi, Arastirma ve Para Politikası Genel Müdürlüğü Bilgi ve Belge Müdürlüğü, İstiklal Cad. No. 10, 06100 Ulus, Ankara, Turkey. Also, statistical publications provide address and telephone numbers of the respective CBRT department from which additional publications may be provided. 1.3.1 Guidelines for staff behavior The Central Bank of the Republic of Turkey The Code of Conduct for the Staff of the CBRT provides broad ethical guidelines for employees of the CBRT. Every new CBRT staff joins a one-week training program about the fundamental duties and powers of the CBRT and each department. New staff members are informed about the guidelines.
Identification of internal government access to data before release	1.2.2 Internal governmental access to statistics prior to release The Central Bank of the Republic of Turkey A limited number of senior CBRT staff have access to data prior to their publication. No official outside the CBRT has access to data prior to publication. International reserves and foreign currency liquidity There is no internal government access to the International Reserves and Foreign Currency Liquidity data prior to their release to the public. The data are confidential until the press release, which is prepared solely by the CBRT. As for the Weekly International Reserves Bulletin, following the approval of the data by the Statistics Department, a limited number of senior CBRT staff have access to data prior to their publication.
Identification of ministerial commentary on the occasion of statistical releases	1.2.3 Attribution of statistical products The Central Bank of the Republic of Turkey There is no ministerial commentary accompanying the release of the data. Statistical products of the CBRT (money and banking statistics and balance of payments statistics) are well identified in the Official Statistical Program 2007–2011 of the Turkstat.
Provision of information about revision and advance notice of major changes in methodology	4.3.1 Revision schedule The weekly data are considered to be final when first released. The monthly reserves template data are provisional when first released and are revised during the release of the following months' data because of delayed reporting. The cumulative year-end data in monthly reserves template are finalized after the final version of the balance sheet of the CBRT is approved in the Shareholders' Meeting. 1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. The Central Bank of the Republic of Turkey Announcements on revision studies and methodological changes are disseminated on the website. International reserves and foreign currency liquidity Any changes in the methodology used for the compilation of the international reserves template data would be announced in a special release on the Central Bank Internet website www.tcmb.gov.tr at the time the changes are introduced. Major changes in methodology are announced at the time the change is introduced, usually through a notice in the Weekly Press Bulletin. If the change is minor, a footnote or an explanatory note is published in the relevant table.
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 IMF's Operational Guidelines on International Reserves and Foreign Currency Liquidity provide the metadata for the monthly data template on international reserves and foreign currency liquidity. Besides, a methodological note can be attained under the following link: http://www.tcmb.gov.tr/odemedenge/rezerv/Methodology.html. (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	4.2.2 Temporal consistency The Quarterly Bulletin publishes time series data (monthly data for the current year and previous 2 years, and annual data for the previous 5 years) for the following components: (1) gold; (2) gross international reserves; (3) gross foreign exchange reserves (a concept with a wider institutional coverage than the data on gross international reserves), broken down into the central bank and commercial banks; (4) overdrafts; and (5) net reserves.
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.