Papua 853

Date of Fund Membership: Securities other than shares are valued at acquisition cost rather October 9, 1975 than at current market price or fair value. Shares and other equity are valued at lower of acquisition cost or market price Standard Sources: rather than at market price or fair value. Bank of Depository Corporations: Exchange Rates: See notes on and other depository corporations. Market Rate (End of Period and Period Average): Monetary Aggregates: Prior to 1994, central bank midpoint rate. Beginning in 1994, Broad Money: closing rate set at the foreign exchange auction in which commercial banks, the only authorized foreign exchange Broad Money calculated from the liability data in the sections for dealers, participate. The exchange rate floats independently with the central bank and other depository corporations accords with respect to the U.S. dollar and is determined in the interbank the concepts and definitions of the MFSM and is consistent with market. M3* described below. Central Bank: Money (National Definitions): Consists of the Bank of Papua New Guinea (BPNG) only. Reserve Money comprises currency in circulation, deposits of Data are based on a standardized report form (SRF) for central other depository corporations with the BPNG, and transferable banks, which accords with the concepts and definitions of the deposits of other financial corporations and private sector with IMF's Monetary and Financial Statistics Manual (MFSM), 2000. the BPNG. Departures from the MFSM methodology are explained below. M1* comprises currency outside other depository corporations Accrued interest not disaggregated by economic sector is and transferable deposits of other financial corporations, allocated to the economic sector having the largest volume of provincial and local governments, public nonfinancial transactions in the category. corporations, and private sector (other nonfinancial corporations For September 2004 through August 2005, all central bank bills and other resident sectors) with the BPNG and other depository issued by the BPNG are included in Other Liabilities to Other corporations. Depository Corporations in the absence of data on an individual M3* comprises M1* and quasi-money. Quasi-money comprises economic sector's holdings, recognizing that other depository savings and term deposits of other financial corporations, corporations are the principal holders of central bank bills. provincial and local governments, public nonfinancial corporations, and private sector (other nonfinancial corporations Other Depository Corporations: and other resident sectors) with the BPNG and other depository Comprises commercial banks, finance companies, merchant corporations. banks, savings and loan societies, and a microfinance company. Interest Rates: Data exclude the rest of the microfinance companies, which have small amounts of short-term liabilities. Discount Rate (End of Period): Data are based on a standardized report form (SRF) for other Rate charged by the Bank of Papua New Guinea (BPNG) on depository corporations, which accords with the concepts and loans to commercial banks. † Beginning in January 1993, definitions of the Monetary and Financial Statistics Manual maximum rate charged by the BPNG on loans to commercial (MFSM). For other depository corporations in Papua New banks against acceptable commercial paper. † Beginning in May Guinea, departures from the MFSM methodology are explained 1995, rate refers to the Kina Auction Facility and is the weighted below. average of bids in national currency placed by commercial banks Financial derivatives are excluded from the data. at the auction. On February 5, 2001, the Kina Auction Facility Financial assets and liabilities for which economic sectorization was replaced with the Kina Facility Rate (KFR) and an overnight is unavailable are allocated to the economic sector having the REPO facility. The KFR is announced monthly and provides a largest volume of transactions in the category. signal to the market of the BPNG's monetary stance. Both the Though data for other depository corporations were not directly Kina Auction and the overnight REPO facilities were offered at distinguished from data for other financial corporations, fixed rates based on the KFR. The Kina Auction Facility was separation of the data was based on the characteristics of the abolished on April 14, 2003. † Beginning in April 2003, term financial asset or liability. Transferable Deposits Included in Broad REPOs were introduced and is the rate on repurchase Money and Other Deposits Included in Broad Money include some agreements in national currency between the BPNG and deposits of other depository corporations other than commercial commercial banks. Margins on trading under the REPO facility banks. Other Items (Net) includes some claims on other financial are changed periodically by the BPNG. Trading under the REPO corporations. facility in unsecuritized. For September 2004 through August 2005, Other Claims on Central Bank includes the holdings of all central bank bills issued Money Market Rate: by the BPNG, even though some central bank bills were held by Average rate on loans between commercial banks. other sectors. Claims on Central Government is understated by the amount of Treasury Bill Rate: central bank bills that, though held by other sectors, were Rate on 182-day treasury bills. Data refer to the second treated as being held by other depository corporations. Thursday of the month. † Beginning in August 1994, weighted Claims on Private Sector includes some fixed assets in the form of average rate on 182-day treasury bills in national currency at the real estate. last auction of the month. Accrued interest is included in Other Items (Net) rather than in the outstanding amounts of the financial assets and liabilities.

78 September 2007, International Monetary Fund : International Financial Statistics Papua New Guinea 853

Savings Rate: Lending Rate: Average rate offered by commercial banks on savings deposits Weighted average rate charged by commercial banks on loans in in national currency. national currency. Rate is weighted by loan amounts. Deposit Rate: Government Bond Yield: Weighted average rate offered by commercial banks on three- to Weighted average yield on all bonds (inscribed stock). six-month term deposits in national currency. † Beginning in January 1995, weighted average rate offered by commercial Prices: banks on deposits in national currency. Rate is weighted by Share Prices: deposit amounts. Kina Securities Share Index (KSi), base January 2, 2001. The index covers shares quoted on the Stock Exchange. Beginning in March 2006, the KSi includes debt securities.

September 2007, International Monetary Fund : International Financial Statistics 79