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Balance of Payments Statistics Workshop

Nassau, Bahamas, February 10–14, 2020

 

The Balance of Payments Statistics Workshop was jointly organized by the Central Bank of The Bahamas and The Center for Latin American Monetary Studies (CEMLA).

The Workshop was based on the Sixth Edition of the Balance Payments and International Investment Position Manual (BPM6) published by the IMF. Its objective was to assist compilers of balance of payments (BOP) and international investment position (IIP) statistics in the analysis of the different methods used in the compilation process and to promote the exchange of experiences in that task. This Workshop is part of the activities developed by CEMLA aimed at supporting the efforts of the central banks in the region in adopting the best international standards in the compilation process of the economic statistics, in this case, those corresponding to the international accounts.

The agenda of the Workshop included presentations carried out by the instructors aimed at reviewing the conceptual and methodological framework established in BPM6 and of methods of compiling statistics that are considered appropriate for the measurement of different components of the international statistics, examining possible data sources. The Workshop also included some sessions in which representatives of the participant institutions made presentations in order to exchange their experiences in the compilation of some items of the BOP and IIP in which they have made progress, or where they were facing difficulties in measuring them.

Participants' presentations showed that, in general, countries resort to the same types of information sources for the compilation of the international statistics, these being essentially: administrative records of government entities (customs offices; international transaction notification systems;  exchange control offices; ministries of economy, finance, foreign relations, migration, tourism; etc.) and private associations of different productive sectors; application of surveys to specific institutional entities; information published by international organizations (IMF, BIS, World Bank, etc.); official statistics of countries with which they have important commercial and financial relations (mirror statistics); among other. However, the differences in the possibilities of access to these sources of information and their coverage determine that, although countries face similar challenges, their degrees of difficulty are different.

In this context, the importance of the following aspects for the production of high- quality statistics was highlighted:

  • The existence of a regulatory framework that entitles the central bank to make information requests to governmental and private non-financial entities or, in its absence, the existence of collaboration agreements with the relevant governmental and private entities.

  • To have clarity in the conceptual aspects and characteristics of the information to be collected. This is in order to be able to identify any adjustments that may be necessary to apply to the information available to meet the criteria set out in BPM6.

  • A proper design of questionnaires and sample frameworks to be used in the application of surveys.

  • To maintain close contact with the entities providing the information, with the aim of detecting timely those changes that could affect the quality of the information.

Finally, it should be mentioned that the participating central banks find themselves at different stages of the process of adopting the methodological guidelines established in BPM6, some of them located at the initial stages of the process and others that have already completed it. This contributed to a very useful exchange of experiences.

Opening Session
Introduction to the International Accounts

Goods Account
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Country Presentations
- Foreign Merchandise Trade used in Goods Account
 
Banco Central de Reserva de El Salvador

- Compilation of Balance of Payments Statistics in Haiti
 
Banque de la République d'Haïti

Services Account I
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Services Account II
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Country Presentations
- Balance of Payments: Current Account Compilation, Issues &/or Challenges
  The Central Bank of The Bahamas

Primary Income Account I
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Primary Income Account II
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Country Presentations
- The Incorporation of the Balance of Payments into the National Accounts: Some reflections
  INEGI - México

- Experience of the Dominican Republic in the collection of information for Balance of Payments
  Banco Central de la República Dominicana

Secondary Income and Capital Account
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Financial Account and International Investment Position
Conceptual Framework

Direct Investment
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Portfolio Investment and Financial Derivatives
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Country Presentations
- Foreign Direct Investment
  Bank of Jamaica

- Barbados’ Experience with FDI Statistics
  Central Bank of Barbados

Other Investment and Reserves
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Country Presentations
- Balance of Payments Compilation: Progress and Challenges for Paraguay
  Banco Central del Paraguay

- Elaboration of private sector external debt statistics
  Banco de México

International Investment Position
Conceptual Framework and compilation techniques (Data sources, estimation for missing or incomplete data)

Country Presentations
- Balance of Payments Compilation: Progress and Challenges for Belize
  Central Bank of Belize

- Migration to the BPM6: Improvement of Data Sources
  Banco Central de Honduras

Closing Session

  • Ileana María Bolaños Viscarra
    Banco Central de Reserva de El Salvador

  • Berthony Joseph & Pierre Richard
    Banque de la République d'Haïti

  • Deangela Stubbs & Lance Bodie
    The Central Bank of The Bahamas

  • Víctor M. Soto Jaramillo
    INEGI - México

  • Ana M. Roman Acosta
    Banco Central de la República Dominicana

  • Sophia Johnson
    Bank of Jamaica

  • Shamika Walrond &   Nkenge Lawrence
    Central Bank of Barbados

  • Maria Rosa Ortellado Espindola
    Banco Central del Paraguay

  • Sergio Herrera Carranza
    Banco de México

  • Julton Wagner
    Central Bank of Belize

  • Santos H. Sánchez Díaz
    Banco Central de Honduras

  • Alfonso Sales Duarte
    Consultor externo del CEMLA. Instructor del Taller

  • Salvador A. Bonilla Leal
    CEMLA. Instructor y coordinador del Taller