INTERNATIONAL

FINANCIAL STATISTICS

SUPPLEMENT

September 200 7

Country Notes

INTERNATIONAL MONETARY FUND

Albania 914

Date of Fund Membership: Monetary Aggregates: October 15, 1991 Broad Money: Standard Sources: Broad Money is calculated from the liability data in the sections of Albania for the and other depository corporations.

Exchange Rates: Money (National Definitions): M1 comprises outside depository corporations and Market Rate (End of Period and Period Average): demand deposits and sight deposits of residents other than † Beginning in July 1992, a floating exchange rate system central government in national currency. (independent float) was introduced. The exchange rate for the M2 comprises M1and term deposits of residents other than lek is the weighted average midpoint rate of six commercial central government in national currency. and four foreign exchange bureaus that cover most of the M3 comprises M2 and deposits of residents other than central interbank foreign exchange transactions. government in foreign currency.

Central Bank: Interest Rates: Consists of the only. † Beginning in December 2002, data are based on a standardized Bank Rate (End of Period): report form (SRF) for central banks, which accords with the The Bank of Albania's main policy rate. Beginning in March concepts and definitions of the IMF's Monetary and Financial 2001, the data refer to the rate on weekly repurchase Statistics Manual (MFSM) 2000. Departures from the MFSM agreements. methodology are explained below. † Prior to March 2001, the data refer to the basic rate at which Long-term securities for investment and available for trading are the Bank of Albania lent to commercial banks. valued at acquisition cost rather than at current market price or Weighted average rate of accepted bids on three-month treasury fair value. bills during the last auction of the month. For December 2001 through November 2002, data have less conformity with the MFSM methodology and therefore are not Treasury Bill Rate: strictly comparable to data for later periods. Weighted average rate of accepted bids on three-month treasury bills during the last auction of the month. Other Depository Corporations: Comprises commercial banks. † Beginning in December 2002, Deposit Rate: includes savings and loans associations. † In June 1993, the central bank set a band around a guideline † Beginning in December 2002, data are based on a standardized rate with the lower end of the band enforced as the minimum report form (SRF) for other depository corporations, which deposit rate. Data beginning in June 1993 refer to the guideline accords with the concepts and definitions of the Monetary and rate. † Beginning in October 1995, data refer to the weighted Financial Statistics Manual (MFSM). For other depository average rate on new 12-month deposits of the three commercial corporations in Albania, departures from the MFSM banks with the highest level of outstanding deposits. methodology are explained below.

Long-term securities for investment and available for trading are Lending Rate: valued at acquisition cost rather than at current market price or † From July 1992 to June 1995, the central bank announced fair value. guideline rates to assist banks in setting their lending rates. Data Accrued interest of savings and loans associations, with the from July 1992 to June 1995 refer to the guideline rate for loans exception of loans, is included in Other Items (Net) rather than in of 12-month maturity. † Beginning in July 1995, the central bank the outstanding amounts of the financial assets and liabilities. ceased announcing the guideline rates, and the banks are left on For December 2001 through November 2002, data data have their own to determine their lending rates. Data beginning in less conformity with the MFSM methodology and therefore are July 1995 refer to the maximum charged by a state- not strictly comparable to data for later periods. owned commercial bank on loans with 12-month maturity. † Data beginning in October 1995 refer to the weighted average Depository Corporations: rate on new 12-month loans of the three commercial banks with † See notes on central bank and other depository corporations. the highest level of outstanding loans.

2 September 2007, International Monetary Fund : International Financial Statistics Algeria 612

Date of Fund Membership: some of the deposits of the public with the Centres des September 26, 1963 Chèques Postaux, which are units of the postal administration that is sectorized in Algeria as a public nonfinancial corporation Standard Source: (see line 59m.b), and with the Treasury, which is a unit of the central government (see line 59m.a). Broad money differs from M2 described below because broad money includes deposits of Exchange Rates: insurance corporations, finance companies, and households with the central bank and excludes blocked import deposits of Market Rate (End of Period and Period Average): nonfinancial corporations with commercial banks. Broad money Midpoint rate observed on the Algerian interbank exchange excludes deposits of local governments with the Treasury. market. Beginning in January 2007, broad money is consistent with M2 described below. Central Bank: Consists of the Bank of Algeria only, consolidating the accounts Money (National Definitions): of headquarters and its 48 branches in the country. M1 (means of payment) comprises banknotes and coins held by Data are based on a standardized report form for central banks, the public; demand deposits of nonfinancial corporations, which accords with the concepts and definitions of the IMF's households, other financial corporations, and local governments Monetary and Financial Statistics Manual (MFSM), 2000. with other depository corporations; demand deposits of Departures from the MFSM methodology are explained below. households and public nonfinancial quasi-corporations with the Monetary gold is valued at a historic price of DA 4.93 per ounce. postal administration (Centres des Chèques Postaux); and demand deposits of households and social security funds with Other Depository Corporations: the Treasury. Comprises state-owned commercial banks (including the Caisse M2 comprises M1; time, savings, and foreign currency deposits Nationale d'Épargne et de Prévoyance), private-sector-owned of nonfinancial corporations, households, other financial commercial banks, and a mutual bank (banking department of corporations, and social security funds with other depository the Caisse Nationale de Mutualité Agricole). Data exclude the corporations; and blocked import deposits of nonfinancial offshore bank established in Algeria. corporations with commercial banks. † Beginning in January Data are based on a standardized report form for other 2007 includes deposits of insurance corporations, finance depository corporations, which accords with the concepts and companies, and households with the central bank and excludes definitions of the Monetary and Financial Statistics Manual blocked import deposits of nonfinancial corporations with (MFSM). Departures from the MFSM methodology are commercial banks. explained below. Accrual accounting and sectorization of counterpart transactors Interest Rates: are not consistently applied by all reporting corporations. Discount Rate (End of Period): Depository Corporations: Rate charged by the Bank of Algeria on loans to banks and See notes on central bank and other depository corporations. In finance companies through a call for tender system. conformity with the MFSM, deposits from the public at the Centres des Chèques Postaux, which are units of the postal Money Market Rate: administration, and at the Treasury are not included in the Weighted average rate on transactions in the interbank market depository corporations survey. on the last working day of the period.

Other Financial Corporations: Treasury Bill Rate: Comprises finance companies (“établissements financiers” in Weighted average rate at issuance for treasury bills with accordance with the Algerian Law on Money and Credit). Data maturity of 26 weeks sold at the last auction of the period. exclude insurance corporations and financial auxiliaries. There are no pension funds in Algeria. Deposit Rate: Data are based on a standardized report form for other financial Average rate offered by commercial banks on 12-month term corporations, which accords with the concepts and definitions deposits to nonfinancial corporations and households. of the Monetary and Financial Statistics Manual (MFSM). Departures from the MFSM methodology are explained below. Lending Rate: Accrual accounting and sectorization of counterpart transactors Average rate charged by commercial banks on short term are not consistently applied by all reporting corporations. rediscountable loans granted to nonfinancial corporations for general purpose. Monetary Aggregates:

Broad Money: Broad Money calculated from the liability data in the sections for the central bank and other depository corporations also includes

September 2007, International Monetary Fund : International Financial Statistics 3 Anguilla 312

Date of Fund Membership: Accrued interest on transactions with nonresidents is included in Anguilla is not a member of the IMF. Anguilla is a British Other Items (Net) rather than in the outstanding amount of overseas territory member of the Eastern Caribbean Currency foreign assets and liabilities. Union (ECCU). Depository Corporations: Standard Sources: See notes on central bank and other depository corporations. East Caribbean Central Bank Monetary Aggregates:

Exchange Rates: Broad Money: Official Rate: (End of Period and Period Average): Broad Money is calculated from the liability data in the sections The official rate is pegged at EC$2.70 to US$1.00 since July for the central bank and other depository corporations. Broad 1976. money differs from M2 described below as broad money includes the deposits of money holding sectors with the ECCB Central Bank: attributable to Anguilla and deposits of other financial Data are based on a standardized report form (SRF) for central corporations, state and local government, and public banks, which accords with the concepts and definitions of the nonfinancial corporations in national and foreign with IMF's Monetary and Financial Statistics Manual (MFSM), 2000. commercial banks. Departures from the MFSM methodology are explained below. Data refer to accounts in the balance sheet of the East Caribbean Money (National Definitions): Central Bank (ECCB) attributable to Anguilla. M1 comprises notes and coins held by the public and demand Financial derivatives are excluded from the data. deposits in national currency of the private sector with Claims on Nonresident comprises estimates of Anguilla's notional commercial banks. share of the ECCB's foreign assets. M2 comprises M1 plus time, savings, and foreign currency Claims on Other Depository Corporations comprises the portion of deposits of the private sector with commercial banks. the ECCB's claims on resident other depository corporations attributable to Anguilla. Interest Rates: Claims on Central Government and Liabilities to Central Government Discount Rate (End of Period): comprise the portion of the ECCB's claims on and liabilities to Rate charged by the ECCB on loans of last resort to commercial the central government attributable to Anguilla. banks. Financial assets with other financial corporations, state and local governments, public nonfinancial corporations, and private Money Market Rate: sector attributable to Anguilla are not included in the data in the Fixed rate on loans between commercial banks. The rate absence of a country of these accounts in the balance sheet of includes the commission charged by the ECCB as agent. The the ECCB. rate is weighted by loans amounts. Currency in circulation comprises the portion of currency in circulation attributable to Anguilla less vault cash held by other Savings Rate: depository corporations. Maximum rate offered by commercial banks on savings deposits Some portion of other deposits to other depository corporations in national currency. † Beginning in June 2003, weighted average and interest accrued from these deposits are included in Other rate offered by commercial banks on savings deposits in national Items (Net). currency. The rate is weighted by deposit amounts. Share and other equity is not applicable to the member countries of the ECCU because the shares and other equity in the balance Savings Rate (Foreign Currency): sheet of the ECCB exclusively belong to the ECCB. Weighted average rate offered by commercial banks on savings deposits in foreign currency. The rate is weighted by deposit Other Depository Corporations: amounts. Comprises commercial banks. Data exclude credit unions, which accept deposits. Deposit Rate: Data are based on a standardized report form (SRF) for other Maximum rate offered by commercial banks on three-month depository corporations, which accords with the concepts and The rate is weighted by deposit amounts. definitions of the Monetary and Financial Statistics Manual (MFSM). For resident other depository corporations in the Deposit Rate (Foreign currency): member countries of the ECCU, departures from the MFSM Weighted average rate offered by commercial banks on deposits methodology are explained below. in foreign currency. The rate is weighted by deposit amounts. Financial derivatives and insurance technical reserves are excluded from the data. Lending Rate: Financial assets and liabilities for which economic sectorization Maximum rate charged by commercial banks on prime loans. is unavailable are allocated to the economic sector having the The rate is weighted by loan amounts. largest volume of transactions in the category. Transferable Deposits Included in Broad Money includes all deposits Lending Rate (Foreign Currency): of the private sector denominated in foreign currency. Weighted average rate charged by commercial banks on loans in Accounts receivable and payable are included in Other Items (Net) foreign currency. The rate is weighted by loan amounts. rather than in other depository corporations' claims or liabilities to the corresponding economic sectors.

4 September 2007, International Monetary Fund : International Financial Statistics Antigua and Barbuda 311

Date of Fund Membership: Accrued interest on transactions with nonresidents is included in February 25, 1982. Other Items (Net) rather than in the outstanding amount of foreign assets and liabilities. Standard Sources: East Caribbean Central Bank Depository Corporations: See notes on central bank and other depository corporations. Exchange Rates: Monetary Aggregates: Official Rate: (End of Period and Period Average): The official rate is pegged at EC$2.70 to US$1.00 since July Broad Money: 1976. Broad Money is calculated from the liability data in the sections for the central bank and other depository corporations. Broad Central Bank: money differs from M2 described below as broad money Data are based on a standardized report form (SRF) for central includes the deposits of money holding sectors with the ECCB banks, which accords with the concepts and definitions of the attributable to Antigua and Barbuda and deposits of other IMF's Monetary and Financial Statistics Manual (MFSM), 2000. financial corporations, state and local government, and public Departures from the MFSM methodology are explained below. nonfinancial corporations in national and foreign currencies with Data refer to accounts in the balance sheet of the East Caribbean commercial banks. Central Bank (ECCB) attributable to Antigua and Barbuda. Financial derivatives are excluded from the data. Money (National Definitions): Claims on Nonresident comprises estimates of Antigua and M1 comprises notes and coins held by the public and demand Barbuda's notional share of the ECCB's foreign assets. deposits in national currency of the private sector with Claims on Other Depository Corporations comprises the portion of commercial banks. the ECCB's claims on resident other depository corporations M2 comprises M1 plus time, savings, and foreign currency attributable to Antigua and Barbuda. deposits of the private sector with commercial banks. Claims on Central Government and Liabilities to Central Government comprise the portion of the ECCB's claims on and liabilities to Interest Rates: the central government attributable to Antigua and Barbuda. Discount Rate (End of Period): Financial assets with other financial corporations, state and local Rate charged by the ECCB on loans of last resort to commercial governments, public nonfinancial corporations, and private banks. sector attributable to Antigua and Barbuda are not included in the data in the absence of a country of these accounts in the Money Market Rate: balance sheet of the ECCB. Fixed rate on loans between commercial banks. The rate Currency in circulation comprises the portion of currency in includes the commission charged by the ECCB as agent. The circulation attributable to Antigua and Barbuda less vault cash rate is weighted by loans amounts. held by other depository corporations. Some portion of other deposits to other depository corporations Treasury Bill Rate: and interest accrued from these deposits are included in Other Rate on three-month treasury bills. Items (Net). Share and other equity is not applicable to the member countries Savings Rate: of the ECCU because the shares and other equity in the balance Maximum rate offered by commercial banks on savings deposits sheet of the ECCB exclusively belong to the ECCB. in national currency. † Beginning in June 2003, weighted average rate offered by commercial banks on savings deposits in national Other Depository Corporations: currency. The rate is weighted by deposit amounts. Comprises commercial banks. Data exclude finance companies, mortgage companies, and credit unions, which accept deposits. Savings Rate (Foreign Currency): Data are based on a standardized report form (SRF) for other Weighted average rate offered by commercial banks on savings depository corporations, which accords with the concepts and deposits in foreign currency. The rate is weighted by deposit definitions of the Monetary and Financial Statistics Manual amounts. (MFSM). For resident other depository corporations in the member countries of the ECCU, departures from the MFSM Deposit Rate: methodology are explained below. Maximum rate offered by commercial banks on three-month Financial derivatives and insurance technical reserves are time deposits. The rate is weighted by deposit amounts. excluded from the data. Financial assets and liabilities for which economic sectorization Lending Rate: is unavailable are allocated to the economic sector having the Maximum rate charged by commercial banks on prime loans. largest volume of transactions in the category. The rate is weighted by loan amounts. Transferable Deposits Included in Broad Money includes all deposits of the private sector denominated in foreign currency. Lending Rate (Foreign Currency): Accounts receivable and payable are included in Other Items (Net) Weighted average rate charged by commercial banks on loans in rather than in other depository corporations' claims or liabilities foreign currency. The rate is weighted by loan amounts. to the corresponding economic sectors.

September 2007, International Monetary Fund : International Financial Statistics 5 Armenia 911

Date of Fund Membership: nonfinancial corporations, and private sector with the CBA and May 28, 1992 other depository corporations. M2 is designated as national currency broad money and Standard Sources: comprises M1 and term deposits in national currency of other financial corporations, public nonfinancial corporations, and private sector with the CBA and other depository corporations. Exchange Rates: M2X is designated as broad money and comprises M2 and foreign currency deposits of other financial corporations, public Official Rate: (End of Period and Period Average): nonfinancial corporations, and private sector with the CBA and The official rate is determined by the Central Bank of Armenia other depository corporations. and is set on a daily basis as a weighted average of the previous day's interbank and foreign exchange auction rates. Interest Rates:

Central Bank: Discount Rate (End of Period): Consists of the Central Bank of Armenia (CBA) only. Corresponds to the credit auction rate, which is the basic rate at Data are based on a standardized report form (SRF) for central which the CBA lends to commercial banks. banks, which accords with the concepts and definitions of the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Refinancing Rate (End of Period): Basic rate at which the CBA lends to the central government. † Other Depository Corporations: Beginning in December 1999, repo rate at which the CBA Comprises commercial banks. conducts repurchase agreements with resident banks. Data are based on a standardized report form (SRF) for other depository corporations, which accords with the concepts and Money Market Rate: definitions of the Monetary and Financial Statistics Manual Loan-amount-weighted average rate of interbank loans and (MFSM). deposits.

Depository Corporations: Treasury Bill Rate: See notes on central bank and other depository corporations. Weighted average yield on 91-day treasury bills. † Beginning in May 1996, weighted average yield on three- to six-month Monetary Aggregates: (including 182-day) treasury bills. † Beginning in March 2001, weighted average yield on nine- to twelve-month treasury bills. Broad Money: Broad Money calculated from the liability data in the sections for Deposit Rate: the central bank and other depository corporations accords with Weighted average rate offered by commercial banks on new the concepts and definitions of the MFSM and is consistent with deposits in domestic currency with maturities of 15 days to less M2X described below. than a year. The rate is weighted by deposit amounts.

Money (National Definitions): Lending Rate: Reserve Money comprises notes and coins issued by the CBA, Weighted average rate charged by commercial banks on new required reserve and other deposits of other depository loans in domestic currency with maturities of 15 days to less corporations with the CBA, and deposits of the private sector in than a year. The rate is weighted by loan amounts. national and foreign currency with the CBA. M1 comprises currency in circulation and transferable deposits. Government Bond Yield: Currency in circulation refers to notes and coins issued by the Weighted average yield on medium-term coupon bonds with CBA less the amount held by other depository corporations. partial repayment sold in the primary market. Several types of Transferable deposits refer to current account deposits in bonds with maturities ranging between one to five years are national currency of other financial corporations, public included.

6 September 2007, International Monetary Fund : International Financial Statistics Austria 122

Date of Fund Membership: Interest Rates: August 27, 1948 Discount Rate (End of Period): Standard Sources: Prior to January 1999, rate at which the National Bank of Austria European Central Bank discounted eligible paper. The National Bank of Austria also lent National Bank of Austria against government and other eligible securities at the lombard rate, which was usually above the discount rate. Beginning in Exchange Rates: January 1999, central bank policy rates are discontinued. See Eurosystem policy rate series on the euro area page. Market Rate (End of Period and Period Average): In January 1999, the schilling became a participating currency Money Market Rate: within the Eurosystem, and the euro market rate became Rate on one-day interbank loans among banks in Vienna. applicable to all transactions. In 2002, the schilling was retired Monthly data are unweighted averages of daily mean rates. from circulation and replaced by euro banknotes and coins. For additional information, refer to the Introduction to this Deposit Rate: Supplement and the notes on the euro area page. Rate on deposits up to one year at monetary financial institutions. † Prior to December 1997, data refer to rates on Central Bank: savings deposits without agreed maturity (due at call). Consists of the National Bank of Austria, which beginning in January 1999 is part of the Eurosystem, only. For a description Deposit Rate (lines 60lhs, 60lhn, 60lcs, and 60lcn): of the accounts, refer to the section on Central Bank - Euro Area See notes in the Introduction to this Supplement and Euro-area in the Introduction to this Supplement. Interest Rates.

Other Depository Corporations: Lending Rate: Comprises all resident units classified as other monetary Rate on loans to enterprises up to one year. financial institutions (other MFIs), in accordance with 1995 ESA standards, including money market funds. Monthly statistical Lending Rate (lines 60phs, 60pns, 60phm, 60phn, reports are not required for several hundred small MFIs, but data 60pcs, and 60pcn): are estimated to represent the entire MFI sector. For a See notes in the Introduction to this Supplement and Euro-area description of the accounts, refer to the section on Other Interest Rates. Depository Corporations - Euro Area in the Introduction to this Supplement. Government Bond Yield: Data refer to all government bonds issued and not yet redeemed Depository Corporations (National Residency): and are weighted with the share of each bond in the total value For a description of the methodology and accounts, refer to the of government bonds in circulation. The data include bonds section on Depository Corporations (National Residency) - Euro Area benefiting from tax privileges under the tax reduction scheme. in the Introduction to this Supplement. For additional information, refer to the section on interest rates in the Introduction to this Supplement and the notes on the euro Depository Corporations (Euro Area-wide Residency): area page. For a description of the methodology and accounts, refer to the section on Depository Corporations (Euro Area-wide Residency) in Prices: the Introduction to this Supplement. Share Prices: Data refer to average quotations of 41 shares on the Vienna Stock Exchange, base December 31, 1967. † Prior to January 1986, data refer to end-of-period quotations; thereafter, to monthly averages of daily quotations.

September 2007, International Monetary Fund : International Financial Statistics 7 Azerbaijan, Rep. of 912

Date of Fund Membership: refers to notes and coins issued by the NBA less the amount September 18, 1992 held by other depository corporations. Transferable deposits refer to current account deposits in Standard Sources: national currency of other financial corporations, public National Bank of Azerbaijan nonfinancial corporations, and private sector with the NBA and other depository corporations. Exchange Rates: M2 comprises M1; savings and time deposits in national On January 1, 2006, the new manat, equivalent to 5,000 of the currency of other financial corporations, public nonfinancial old manat was introduced. corporations, and private sector with the NBA and other depository corporations; and securities other than shares in Official Rate: (End of Period and Period Average): national currency issued by other depository corporations held The official exchange rate is determined by the National Bank of by other financial corporations, public nonfinancial Azerbaijan at the rate established by the Baku Interbank corporations, and private sector. Currency Exchange (BICEX), the Organized Interbank Foreign M3 comprises M2; foreign currency deposits of other financial Exchange Market (OIFEM), the Common Interbank Foreign corporations, public nonfinancial corporations, and private Exchange Market (CIFEM), and the commercial banks. sector with the NBA and other depository corporations; and securities other than shares in foreign currency issued by other Central Bank: depository corporations held by other financial corporations, Consists of the National Bank of Azerbaijan (NBA) only. public nonfinancial corporations, and private sector. Data are based on a standardized report form (SRF) for central banks, which accords with the concepts and definitions of the Interest Rates: IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Refinancing Rate (End of Period): Basic six-month rate at which the NBA lends to commercial Other Depository Corporations: banks. Comprises commercial banks. Data are based on a standardized report form (SRF) for other Treasury Bill Rate: depository corporations, which accords with the concepts and Weighted average rate on three-month treasury bills sold at definitions of the Monetary and Financial Statistics Manual auction. (MFSM). Deposit Rate: Depository Corporations: Weighted average rate offered by commercial banks on 12- See notes on central bank and other depository corporations. month deposits in national currency. The rate is weighted by deposit amounts. Monetary Aggregates:

Broad Money: Deposit Rate (Foreign Currency): Broad Money calculated from the liability data in the sections for Weighted average rate offered by commercial banks on 12- the central bank and other depository corporations accords with month deposits in foreign currency. The rate is weighted by the concepts and definitions of the MFSM and is consistent with deposit amounts. M3 described below. Lending Rate: Money (National Definitions): Weighted average rate charged by commercial banks on 12- Reserve Money comprises notes and coins issued by the NBA, month loans in national currency. The rate is weighted by loan deposits of other depository corporations with the NBA, and amounts. deposits of other financial corporations, public nonfinancial corporations, and private sector with the NBA. Lending Rate (Foreign Currency): M1 comprises currency outside depository corporations and Weighted average rate charged by commercial banks on 12- transferable deposits. Currency outside depository corporations month loans in foreign currency. The rate is weighted by loan amounts.

8 September 2007, International Monetary Fund : International Financial Statistics Bangladesh 513

Date of Fund Membership: Money (National Definitions): August 17, 1972 Reserve Money comprises currency in circulation, transferable deposits in national and foreign currency of other depository Standard Source: corporations with the BB, and other deposits in national Bangladesh Bank currency of other financial corporations with the BB. Currency in circulation refers to notes and coins issued by the BB and the Exchange Rates: Treasury less note and coin holdings of the BB. M1 comprises currency outside commercial banks, transferable Official Rate: (End of Period and Period Average): deposits, and other deposits. Currency outside commercial As of January 1, 1992 the official exchange rate and the banks refers to the amount of currency in circulation less the secondary exchange market rate were unified. note and coin holdings of commercial banks. Transferable deposits refer to the current account deposits in national Central Bank: currency of other financial corporations, state and local Consists of the Bangladesh Bank (BB) only. governments, public nonfinancial corporations, and the private sector with commercial banks. Other deposits refer to time and Data are based on a standardized report form (SRF) for savings deposits in national currency of other financial central banks, which accords with the concepts and corporations with the BB. definitions of the IMF's Monetary and Financial M2 comprises M1 and quasi-money. Quasi-money comprises Statistics Manual (MFSM), 2000. Departures from the time, savings, and foreign-currency deposits of other financial MFSM methodology are listed below: corporations, state and local governments, public nonfinancial Accrued interest is included in Other Items (Net) rather than in corporations, and private sector with commercial banks. the outstanding amounts of financial assets and liabilities. M3 comprises M2 and transferable and other deposits in national and foreign currency with the National Savings Scheme Other Depository Corporations: and nonbank depository corporations. Comprises commercial banks, National Savings Scheme, and nonbank depository corporations (Grameen Bank, private Interest Rates: finance and leasing companies, land mortgage cooperative banks, cooperative banks, and cooperative societies). Discount Rate (End of Period): Discount rate offered by the BB on loans to commercial banks. Data are based on a standardized report form (SRF) for other depository corporations, which accords with the Deposit Rate: concepts and definitions of the Monetary and Financial Average rate offered by commercial banks on three- to six- Statistics Manual (MFSM). Departures from the MFSM month fixed or term deposits. methodology are listed below: Accrued interest is included in Other items (net) rather than in Lending Rate: the outstanding amounts of financial assets and liabilities. Maximum rate charged by commercial banks on loans and advances for agricultural production, including forestry and Depository Corporations: fisheries. See notes on central bank and other depository corporations. Prices: Monetary Aggregates: Share Prices: Broad Money: Composite stock price index of the Dhaka Stock Exchange Broad Money calculated from the liability data in the sections for Limited, base 1994-95. the central bank and other depository corporations accords with the concepts and definitions of the MFSM. Broad money includes currency issued by the central government.

September 2007, International Monetary Fund : International Financial Statistics 9 Belarus 913

Date of Fund Membership: the concepts and definitions of the MFSM and is consistent with July 10, 1993 M3 described below.

Standard Sources: Money (National Definitions): National Bank of Belarus Base Money comprises currency in circulation, required reserves deposits of banks in the NBB, bankers' correspondent and other Exchange Rates: accounts at the NBB, banks' investment in NBB securities, and transferable and time deposits of public nonfinancial Official Rate: (End of Period and Period Average): corporations, non-profit organizations, and the private sector at The official rate is the rate used by the National Bank of Belarus the NBB. Currency in circulation refers to notes and coins issued (NBB) and, since December 1993, has been determined in by the NBB less the amount held in offices of the NBB. auctions organized by the Interbank Currency Exchange. M1 comprises currency in circulation and transferable deposits. On August 20, 1994, the rubel (Rbl) replaced the Belarussian Currency in circulation refers to notes and coins issued by the ruble as the unit of account at the rate of ten Belarussian rubles NBB less the amount held in offices of the NBB and commercial per rubel. On January 1, 2000, the national currency was banks. Transferable deposits refer to the current account redenominated. The new rubel is equal to 1,000 old rubels. deposits and other demand accounts including accrued interest in national currency of other financial corporations, public Central Bank: nonfinancial corporations, and private sector with the NBB and Consists of the National Bank of Belarus (NBB) only. † commercial banks. Beginning in December 2004, data are based on a standardized M2 comprises M1 and time deposits. Time deposits include report form (SRF) for central banks, which accords with the time and savings deposits, deposits in escrow, and accrued concepts and definitions of the IMF's Monetary and Financial interest in national currency of other financial corporations, Statistics Manual (MFSM), 2000. Departures from the MFSM public nonfinancial corporations, and private sector with the methodology are explained below. NBB and commercial banks. Financial derivatives are excluded from the data. M2* comprises M2 and securities other than shares issued by For December 2001 through November 2004, data in the SRF commercial banks in national currency held by other financial format are compiled from pre-SRF data not based on the MFSM corporations, public nonfinancial corporations, and private methodology. Departures from the MFSM methodology are sector. explained below. M3 comprises M2* plus transferable and time deposits in foreign Prior to March 2003 , monetary gold is valued at acquisition cost currency and deposits in precious metals of other financial rather than at current market price or fair value. corporations, public nonfinancial corporations, and private sector with the NBB and commercial banks and securities other Other Depository Corporations: than shares issued by commercial banks in foreign currency held Comprises commercial banks, including banks operating in the by other financial corporations, public nonfinancial free economic zone and banks in liquidation. corporations, and private sector. † Beginning in December 2004, data are based on a standardized report form (SRF) for other depository corporations, which Interest Rates: accords with the concepts and definitions of the Monetary and Financial Statistics Manual (MFSM). Departures from the MFSM Refinancing Rate (End of Period): methodology are explained below. Actual average rate at which the NBB lends to commercial Financial derivatives are excluded from the data. banks. Includes concessionary rates charged on directed loans. † For December 2001 through November 2004, data in the SRF Beginning in January 2000, the practice of directed lending to format are compiled from pre-SRF data not based on the MFSM commercial banks at concessionary rates was discontinued, and methodology. the data refer to the announced rate at which the NBB lends to commercial banks. Monetary Survey: † See notes on central bank and other depository corporations. Deposit Rate: Weighted average rate offered by commercial banks on deposits Monetary Aggregates: in domestic currency. Rate is weighted by deposit amounts.

Broad Money: Lending Rate: Broad Money calculated from the liability data in the sections for Weighted average rate charged by commercial banks on loans in the central bank and other depository corporations accords with domestic currency. Rate is weighted by loan amounts.

10 September 2007, International Monetary Fund : International Financial Statistics Belgium 124

Date of Fund Membership: Interest Rates: December 27, 1945 Discount Rate (End of Period): Standard Sources: Before January 1999, official rate applied by the National Bank European Central Bank of Belgium to rediscounts of commercial paper and bank National Bank of Belgium acceptances presented by financial intermediaries. The discount rate was abolished on December 15, 1998. From January 1999 Exchange Rates: onward, see Eurosystem policy rate series on the euro area page.

Market Rate (End of Period and Period Average): Money Market Rate: In January 1999, the Belgian franc became a participating † Before 1991, the call money rate. From 1991 until January currency within the Eurosystem, and the euro market rate 1999, the averages of borrowing and lending rates for three- became applicable to all transactions. In 2002, the franc was month interbank transactions. From January 1999 onward,the retired from circulation and replaced by euro banknotes and three-month EURIBOR rate, which is an interbank deposit bid coins. For additional information, refer to the Introduction to rate. See euro area page. this Supplement and the notes on the euro area page. Deposit Rate: Central Bank: † Before 1993, the indicative rates published by banks; Consists of the National Bank of Belgium, which beginning in thereafter, the rate on three-month time deposits, weighted by January 1999 is part of the Eurosystem, only. Currency Issued volume of deposits in a monthly survey of banks. includes coins issued by the Treasury. For a description of the accounts, refer to the section on Central Bank - Euro Area in the Deposit Rate (lines 60lhs, 60lhn, 60lcs, and 60lcn): Introduction to this Supplement. See notes in the Introduction to this Supplement and Euro-area Interest Rates. Other Depository Corporations: Comprises all resident units classified as other monetary Lending Rate: financial institutions (other MFIs), in accordance with 1995 ESA Published rate for liquidity credit from the four major banks; standards, including money market funds. For a description of banks can charge a higher or lower rate to certain customers. the accounts, refer to the section on Other Depository Corporations - Euro Area in the Introduction to this Supplement. Lending Rate (lines 60phs, 60pns, 60phm, 60phn, 60pcs, and 60pcn): Depository Corporations (National Residency): See notes in the Introduction to this Supplement and Euro-area For a description of the methodology and accounts, refer to the Interest Rates. section on Depository Corporations (National Residency) - Euro Area in the Introduction to this Supplement. Government Bond Yield: Yield on ten-year government bonds. Depository Corporations (Euro Area-wide Residency): For a description of the methodology and accounts, refer to the Prices: section on Depository Corporations (Euro Area-wide Residency) in the Introduction to this Supplement. Industrial Share Prices: Data refer to 10th-of-month quotations for all industrial shares on the Brussels and Antwerp exchanges, base 1970.

September 2007, International Monetary Fund : International Financial Statistics 11 Belize 339

Date of Fund Membership: Accrued interest is included in Other Items (Net) rather than in March 16, 1982 the outstanding amounts of the financial assets and liabilities.

Standard Sources: Depository Corporations: Central Bank of Belize See notes on central bank and other depository corporations.

Exchange Rates: Monetary Aggregates:

Official Rate: (End of Period and Period Average): Broad Money: Rates are based on a fixed relationship to the U.S. dollar. Broad Money is calculated from the liability data in the sections for the central bank and other depository corporations. Broad Central Bank: money for December 2001 through December 2005 differs from Consists of the Central Bank of Belize (CBB) only. M2 described below as the data used to calculate broad money † Beginning in January 2006, data are based on a standardized does not have sufficient disaggregation of deposits by currency report form (SRF) for central banks, which accords with the and economic sector. concepts and definitions of the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Money (National Definitions): For December 2001 through December 2005, data in the SRF M1 comprises currency in circulation outside the banking format are compiled from pre-SRF data not based on the MFSM system and transferable deposits. Transferable deposits methodology. Departures from the MFSM methodology are comprise demand and checkable savings deposits of other explained below. financial corporations, local governments, nonfinancial public Financial assets and liabilities not disaggregated by economic corporations, and the private sector in national and foreign sector are allocated to the economic sector having the largest currency and demand deposits of nonresidents in national volume of transactions in the category. currency with commercial banks. Some financial assets with the other financial corporations and M2 comprises M1, time and savings deposits of other financial private sector are included in Other Items (Net). corporations, local governments, nonfinancial public Small amounts of liabilities to the central government are corporations, and the private sector in national and foreign included in Other Items (Net). currency, time deposits of nonresidents in national and foreign Share and other equity comprises funds contributed by owners currency, and savings deposits of nonresidents in national and retained earnings only. currency with commercial banks. † Beginning in January 2006, Small amounts of accounts receivable and payable with some M2 comprises M1, time and savings deposits of other financial economic sectors are included in Other Items (Net) rather than in corporations, local governments, nonfinancial public claims on and liabilities to the corresponding sectors. corporations, and the private sector in national and foreign Accrued interest is included in Other Items (Net) rather than in currency and time and savings deposits of nonresidents in the outstanding amounts of the financial assets and liabilities. national currency with commercial banks.

Other Depository Corporations: Interest Rates: Comprises commercial banks. Data exclude credit unions, Discount Rate (End of Period): which accept deposits. Rate at which the CBB makes advance to commercial banks † Beginning in January 2006, data are based on a standardized against government securities. report form (SRF) for other depository corporations, which accords with the concepts and definitions of the Monetary and Treasury Bill Rate: Financial Statistics Manual (MFSM). Discount rate on treasury bills. For December 2001 through December 2005, data in the SRF format are compiled from pre-SRF data not based on the MFSM Savings Rate: methodology. Departures from the MFSM methodology are Rate offered by commercial banks on savings deposits. explained below. Financial assets and liabilities not disaggregated by economic Deposit Rate: sector are allocated to the economic sector having the largest Weighted average rate offered by commercial banks on deposits. volume of transactions in the category. Rate is weighted by deposit amounts. Claims on Nonresidents and Liabilities to Nonresidents include some consolidation adjustments between the head office and branches Lending Rate: abroad and small amounts of claims on and liabilities to resident Weighted average rate charged by commercial banks on loans. economic sectors in foreign currency. Rate is weighted by loan mounts. Shares and Other Equity excludes current year result. Accounts receivable and payable with some economic sectors are included in Other Items (Net) rather than in claims on and liabilities to the corresponding sectors.

12 September 2007, International Monetary Fund : International Financial Statistics Bhutan 514

Date of Fund Membership: Depository Corporations: September 28, 1981 See notes on central bank and other depository corporations.

Standard Sources: Monetary Aggregates: Royal Monetary Authority of Bhutan Broad Money: Exchange Rates: Broad Money calculated from the liability data in the sections for the central bank and other depository corporations accords with Official Rate: (End of Period and Period Average): the concepts and definitions of the MFSM and is consistent with Official midpoint rate. Since Bhutan's currency was introduced M2 described below. in 1974, the ngultrum has been pegged at par to the Indian rupee, which also circulates freely within Bhutan. Money (National Definitions): M1 comprises currency outside banks and demand deposits. Central Bank: Currency outside banks is equal to the amount of currency notes Consists of the Royal Monetary Authority of Bhutan (RMA), and coins issued by the RMA less currency note and coin which was established in 1983, only. holdings of the RMA and commercial banks. Demand deposits Data are based on a standardized report form for central bank, consist of current accounts and savings deposits. Savings which accords with the concepts and definitions of the IMF's deposits are interest-bearing deposits that can be withdrawn on Monetary and Financial Statistics Manual (MFSM), 2000. demand without penalty. Departures from the MFSM methodology are explained below. M2 comprises M1 and quasi-money. Quasi-money comprises Securities other than shares and shares and other equity are time and foreign-currency deposits that other financial recorded at acquisition cost rather than at market price or fair corporations, public nonfinancial corporations, and private value. sector hold at the RMA and commercial banks. Accrued interest is included in Other Items (Net) rather than in the outstanding amounts of the financial assets and liabilities. Interest Rates:

Other Depository Corporations: Bank Rate (End of Period): Comprises commercial banks. Rate determined by the Monetary Operation Committee of the Data are based on a standardized report form for other RMA on the RMA bills of 91-day maturity that are sold to the depository corporations, which accords with the concepts and commercial banks. definitions of the Monetary and Financial Statistics Manual (MFSM). Departures from the MFSM methodology are Deposit Rate: explained below. Rate offered by commercial banks on three- to six-month Securities other than shares and shares and other equity are deposits. recorded at acquisition cost rather than at market price or fair value. Lending Rate: Accrued interest is included in Other Items (Net) rather than in Rate charged on loans for general trade by the financial the outstanding amounts of the financial assets and liabilities. corporations operating in Bhutan.

September 2007, International Monetary Fund : International Financial Statistics 13 Bolivia 218

Date of Fund Membership: M1' comprises M1 and current account and sight deposits in December 27, 1945 foreign currency and national currency with value maintenance of the private sector with other depository corporations. Standard Sources: M2 comprises M1 and savings deposits in national currency of Central Bank of Bolivia the private sector with other depository corporations. M2' comprises M1' and savings deposits in national currency, Exchange Rates: foreign currency, and national currency with value maintenance On January 1, 1987 the boliviano, equal to 1,000,000 pesos, was of the private sector with other depository corporations. introduced. M3 comprises M2 and time deposits and other deposits in national currency of the private sector with other depository Market Rate (End of Period and Period Average): corporations. Determined through auctions held by the Central Bank of M3' comprises M2' and time deposits and other deposits in Bolivia. national currency, foreign currency, and national currency with For the purpose of calculating the real effective exchange rate value maintenance of the private sector with other depository index (line rec), no attempt has been made to seasonally adjust corporations. the data for consumer prices. M4 comprises M3 and treasury bills in national currency held by the nonfinancial private sector. Central Bank: M4' comprises M3' and treasury bills in national currency, Consists of the Central Bank of Bolivia (CBB) only. foreign currency, and national currency with value maintenance Data are based on a standardized report form (SRF) for central held by the nonfinancial private sector. banks, which accords with the concepts and definitions of the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Interest Rates: Discount Rate (End of Period): Other Depository Corporations: Rate charged by the CBB on loans in national currency to Comprises commercial banks, credit unions, savings and loans financial corporations collateralized by public (Treasury or CBB) associations, and private finance funds. Data exclude investment securities. funds. Data are based on a standardized report form (SRF) for other Discount Rate (Foreign Currency) (End of Period): depository corporations, which accords with the concepts and Rate charged by the CBB on loans in foreign currency to definitions of the Monetary and Financial Statistics Manual financial corporations collateralized by public (Treasury or CBB) (MFSM). Departures from the MFSM methodology are securities. explained below. Prior to December 2005, Claims on Central Government includes Money Market Rate: holdings of CBB securities by commercial banks. Weighted average rate on loans between financial corporations Claims on Private Sector includes loans to other sectors. in national currency. The rate is weighted by daily loan amounts Other Items (Net) includes some repurchase agreements with the and the maturity of the loan. central bank. Deposits Included in Broad Money includes deposits of investment Money Market Rate (Foreign Currency): funds with other depository corporations and some deposits of Weighted average rate on loans between financial corporations foreign embassies and diplomatic missions. in foreign currency. The rate is weighted by daily loan amounts For December 2001 through May 2004, data also contain and the maturity of the loan. misclassifications of financial instruments and economic sectors. Treasury Bill Rate: Depository Corporations: Rate on 91-day treasury bills denominated in national currency See notes on central bank and other depository corporations. auctioned by the CBB.

Monetary Aggregates: Treasury Bill Rate (Foreign Currency): Broad Money calculated from the liability data in the sections for Rate on 91-day treasury bills denominated in foreign currency the central bank and other depository corporations accords with auctioned by the CBB. the concepts and definitions of the MFSM. Broad money includes treasury bills held by the nonfinancial private sector. Savings Rate: Broad money differs from M4' described below as M4' excludes Average rate offered by commercial banks on savings deposits the deposits of state and local governments, and public in national currency. nonfinancial corporations with the CBB and other depository corporations. Savings Rate (Foreign Currency): Average rate offered by commercial banks on savings deposits Money (National Definitions): in foreign currency. Base money comprises notes and coins in circulation and deposits of other depository corporations with the CBB. Deposit Rate: M1 comprises notes and coins in circulation outside the banking Average rate, including surcharges and commissions, offered by system and current account and sight deposits in national commercial banks on time deposits in national currency. † currency of the private sector with other depository Beginning in January 1987, weighted average rate, including corporations. surcharge and commissions, paid by commercial banks on time deposits in national currency.

14 September 2007, International Monetary Fund : International Financial Statistics Bolivia 218

Deposit Rate (Foreign Currency): January 1987, weighted average rate, including surcharge and Weighted average rate, including surcharge and commissions, commissions, charged by commercial banks on loans in national paid by commercial banks on time deposits in foreign currency. currency.

Lending Rate: Lending Rate (Foreign Currency): Average rate, including surcharge and commissions, charged by Weighted average rate, including surcharge and commissions, commercial banks on loans in national currency. † Beginning in charged by commercial banks on loans in foreign currency.

September 2007, International Monetary Fund : International Financial Statistics 15 Botswana 616

Date of Fund Membership: and foreign currency of other financial institutions, local July 24, 1968 government, public nonfinancial corporations, and private sector with depository corporations. Standard Sources: M2 comprises M1 and other deposits in national and foreign currency of other financial institutions, local government, public nonfinancial corporations, and private sector with the Exchange Rates: depository corporations. M3 comprises M2 and certificates issued by the BOB held by Official Rate: (End of Period and Period Average): other financial institutions, local government, public Average midpoint rate of the official rate that is pegged to a nonfinancial corporations, and private sector. basket of currencies. Interest Rates: Central Bank: Consists of the Bank of Botswana (BOB) only. Bank Rate (End of Period): Data are based on a standardized report form (SRF) for central The BOB's lending rate. banks, which accords with the concepts and definitions of the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Savings Rate: Rate offered by commercial banks on savings deposits. Other Depository Corporations: Comprises commercial banks, African Banking Corporation, Deposit Rate (Foreign currency): Botswana Building Society, and Botswana Savings Bank. Data Rate offered by commercial banks on 88-day-notice fixed are based on a standardized report form (SRF) for other deposits in US dollars. Quarterly and annual data are averages of depository corporations, which accords with the concepts and end-of-period monthly data. definitions of the Monetary and Financial Statistics Manual (MFSM). For other depository corporations in Botswana, Deposit Rate: departures from the MFSM methodology are explained below. Rate offered by commercial banks on 88-day-notice fixed Holdings of securities other than shares and shares and other deposits. Quarterly and annual data are averages of end-of- equity not disaggregated by economic sector are allocated to period monthly data. Claims on Central Government. Lending Rate: Depository Corporations: Commercial banks' prime lending rate. Quarterly and annual See notes on central bank and other depository corporations. data are averages of end-of-period monthly data.

Monetary Aggregates: Government Bond Yield: Yield on 12-year government bonds. Broad Money: Broad Money from the liability data in the sections for the central Prices: bank and other depository corporations accords with the concepts and definitions of the MFSM and is consistent with Share Prices: M3 described below. Share price index is based on a domestic company index as determined by the Botswana Stock Exchange, base 1989. Money (National Definitions): M1 comprises notes and coins in circulation outside the depository corporations and transferable deposits in national

16 September 2007, International Monetary Fund : International Financial Statistics Brazil 223

Date of Fund Membership: Data are based on a standardized report form (SRF) for other January 14, 1946 depository corporations, which accords with the concepts and definitions of the Monetary and Financial Statistics Manual Standard Sources: (MFSM). Data in the SRF format are compiled from pre-SRF Central Bank of Brazil data which are not fully based on the MFSM methodology. For other depository corporations in the Brazil, departures from the Exchange Rates: MFSM methodology are explained below. Beginning on November 1, 1942, a cruziero (Cr$) was worth a Financial assets and liabilities for which economic sectorization thousand réis. On February 13, 1967 the new cruzeiro (NCr$) is unavailable are allocated to the economic sector having the was instituted as a transitory monetary unit equivalent to 1,000 largest volume of transactions in the category. cruzeiros. Effective May 15, 1970 the cruziero (Cr$) was re- Financial assets and liabilities for which financial instrument established at par with the new cruzeiro. On February 28, 1986, breakdown is unavailable are allocated to the financial the cruzado (Cz$), equal to 1,000 cruzeiros, was introduced. On instrument having the largest volume of transactions in the January 15, 1989 the new cruzado (NCz$), equal to 1,000 old category. cruzados, was introduced. On March 16, 1990 the cruzeiro (Cr$) Though some data for other depository corporations were not replaced the new cruzado at an exchange rate of one new directly distinguished from data for other financial corporations, cruzado for one cruzeiro. On August 1, 1993 the cruzeiro real separation of the data was based on the characteristics of the (Cr$), equal to 1,000 cruzeiros, was introduced. On July 1, 1994 financial asset or liability. Loans to other financial corporations the real (R$), equal to 2,750 cruzeiros reais, was introduced. are included in Other Items (Net). Loans includes some loans from other depository corporations. Principal Rate (End of Period and Period Average): Claims on Other Financial Corporations includes debentures issued From March 1990 through September 1994, the official rate by other nonfinancial corporations. floated independently with respect to the U.S. dollar. From Claims on Private Sector includes some shares and other equity October 1994 through January 17, 1999, the official rate was issued by other depository corporations, other financial determined by a managed float. Since January 18, 1999, the corporations, and public nonfinancial corporations. official rate floats independently with respect to the U.S. dollar. Some shares and other equity issued by other financial corporations and private sector are included in Other Items (Net) Central Bank: rather than in Claims on Other Financial Corporations and Claims on Consists of the Central Bank of Brazil (CBB) only. Private Sector, respectively. Data are based on a standardized report form (SRF) for central Transferable Deposits Included in Broad Money includes some banks, which accords with the concepts and definitions of the deposits of other depository corporations. IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Deposits Excluded from Broad Money includes other deposits of Data in the SRF format are compiled from pre-SRF data which other financial corporations and nonresidents. are not fully based on the MFSM methodology. Departures Securities Other than Shares Excluded from Broad Money includes from the MFSM methodology are explained below. retained earnings. Financial assets and liabilities for which economic sectorization Shares and Other Equity includes provisions for loan losses. is unavailable are allocated to the economic sector having the Some financial derivatives and accounts receivable and payable largest volume of transactions in the category. are included in Other Items (Net) rather than in the other Financial assets and liabilities for which financial instrument depository corporations' claims on or liabilities to the breakdown is unavailable are allocated to the financial corresponding economic sectors. instrument having the largest volume of transactions in the category. Depository Corporations: Foreign Assets are partly calculated using balance of payments See notes on central bank and other depository corporations. data rather than entirely calculated from the balance sheet of the BCB. Other Financial Corporations: Shares and other equity includes some provisions for losses. Comprises leasing companies, stock brokerage houses, Accounts receivable and payable are included in Other Items (Net) distributor companies, and fostering agencies. rather than in the CBB's claims on or liabilities to the Data are based on a standardized report form (SRF) for other corresponding economic sectors. depository corporations, which accords with the concepts and Securities lending backed by securities is treated as a transaction definitions of the Monetary and Financial Statistics Manual and included in Other Items (Net) rather than recorded off- (MFSM). Data in the SRF format are compiled from pre-SRF balance sheet. data which are not fully based on the MFSM methodology. For Some securities other than shares issued by the central other financial corporations in the Brazil, departures from the government are valued at acquisition cost rather than at current MFSM methodology are explained below. market price or fair value. Financial assets and liabilities for which economic sectorization Loans to financial corporations in liquidation are valued at is unavailable are allocated to the economic sector having the market price rather than at nominal value. largest volume of transactions in the category. Financial assets and liabilities for which financial instrument Other Depository Corporations: breakdown is unavailable are allocated to the financial Comprises commercial banks, Bank of Brazil, multiple banks, instrument having the largest volume of transactions in the Federal Savings Bank, state savings bank, investment banks, category. National Bank for Economic and Social Development, state Though some data for other financial corporations were not development banks, finance and investment companies, housing directly distinguished from data for other depository credit companies, mortgage companies, and financial investment corporations, separation of the data was based on the funds . characteristics of the financial asset or liability. Loans to and

September 2007, International Monetary Fund : International Financial Statistics 17 Brazil 223 loans from other depository corporations are included in Other Interest Rates: Items (Net). Claims on Private Sector includes some shares and other equity Discount Rate (End of Period): issued by other depository corporations, other financial Bank rate (TBAN) charged by the CBB on noncollaterilized loans corporations, and public nonfinancial corporations. to financial institutions. † Beginning in March 2000, TBAN was Claims on Depository Corporations includes some shares and other abolished, and the CBB established new rules for lending to equity issued by other financial corporations and private sector. financial institutions, taking into account the maturity of the Securities Other than Shares includes retained earnings. operation and the collateral used by the borrowing institutions. Shares and Other Equity includes provisions for loan losses. The CBB decided to use the SELIC rate (see note on money Some financial derivatives and accounts receivable and payable market rate) plus two points as the discount rate. In April 2002, are included in Other Items (Net) rather than in the other financial the CBB introduced a new payments system and changed the corporations' claims on or liabilities to the corresponding method for calculating the discount rate based on repurchase economic sectors. agreements using government securities. Beginning in April 2002, corresponds to SELIC plus one point. Beginning in July Monetary Aggregates: 2002, corresponds to SELIC plus six points.

Broad Money: Money Market Rate: Broad Money calculated from the liability data in the sections for Average rate on loans between commercial banks. † Beginning the central bank and other depository corporations differs from in January 1980, the SELIC overnight rate is a weighted average M4 described below as M4 includes deposits of the central rate on loans between financial institutions involving firm sales government and transferable deposits of nonresidents with of or repurchase agreements based on federal securities in the depository corporations, only the net position of the securities Special Settlement and Custody System (SELIC). The rate is used in the repurchase agreements transactions with money weighted by loan amounts. holding sectors, and federal, state, and municipal liquid securities held by the public. Conversely, broad money includes Treasury Bill Rate: savings deposits of other depository corporations with Effective yield on Letras do Tesouro Nacional (LTN) of 31 days or depository corporations. longer, calculated from the discount. The yield is that of the last issue of the month, is calculated on a daily basis, and applies Money (National Definitions): only to business days. Base Money (BM) comprises notes and coins issued and required and excess reserves on sight deposits with financial Treasury Bill Rate (Foreign Currency): corporations. Sight deposits include demand deposits, advance Effective yield on Notas do Tesouro Nacional-Emissão D (NTN- notice deposits, third party float, collection of taxes, cashier's Series D) of three months or longer issued with exchange rate checks, and realized guarantees. guarantee. The yield includes the purchase discount or premium BA comprises BM, required cash reserves on savings and time and the coupon rate of six percent per year, compounded twice deposits and financial investment fund shares, and federal a year for notes for longer than six months and paid at maturity securities valued by their yield curve outside the CBB, except for shorter terms. The yield is that of the last issue of the month the Letras do Banco Central-Série Especial (LBC-E) used for the and does not include the exchange rate change. swap of state securities. B2 comprises BA plus state and local securities outside the CBB, Savings Rate: at face value, and LBC-E. Rate paid by the Brazilian savings and loan system (SBPE) on 30- M1 comprises currency held by the public, and demand day savings deposits. deposits. Demand deposits include deposits of the private sector; of the federal, state, and municipal governments; of the Deposit Rate: federal, state, and municipal enterprises; and of the financial Average rate offered by banks on 60-day time deposits. † institutions that are not subject to reserve requirements. M1 also Beginning in January 1989, average rate offered by banks on includes domestic currency deposits of nonresidents, travelers' certificates of deposit of 30 days or longer. checks issued and not cashed, certified checks with a fixed payment date, payroll checks, and customers' credit balances on Lending Rate: loan and financing accounts. Weighted average of the rates charged by banks on loans with M2 comprises M1 plus interest-bearing deposits, savings fixed interest rates and with own funds to individuals and deposits, and securities issued by depository corporations. corporations. The rate is weighted by loan amounts. M3 comprises M2 plus shares in financial investment funds and the net position of the securities used in the repurchase Prices: agreements transactions with money holding sectors. M4 comprises M3 plus federal, state, and municipal liquid Share Prices: securities held by the public. Average index of daily share prices in the São Paulo Securities Exchange (BOVESPA), weights reference period: January 2, 1968.

18 September 2007, International Monetary Fund : International Financial Statistics Bulgaria 918

Date of Fund Membership: government non-MFI resident sectors, shares/units of money September 25, 1990 market funds, and debt securities issued by resident MFIs with maturity of up to two years). Standard Sources: Bulgarian National Bank Interest Rates: Bank Rate (End of Period): Exchange Rates: Data refer to Basic Interest Rate (BIR). BIR is the official On July 5, 1999 the lev was re-denominated: the post-July 5, reference rate announced by the Bulgarian National Bank (BNB) 1999 lev is equal to 1,000 of the pre-July 5, 1999 leva. All data and published in the State Gazette. † Since February 1, 2005, are expressed in terms of the post-July 5, 1999 lev. BIR is equal to the arithmetic average of the LEONIA reference rates for the business days of the previous calendar month (the Official Rate: (End of Period and Period Average): LEONIA (Lev OverNight Index Average) reference rate is a Beginning July 1, 1997, the official rate is pegged to the deutsche weighted average of rates on all overnight unsecured lending mark at one (LEV) per 1 . When the transactions in the interbank market in Bulgaria by a euro became the legal tender in the Federal Republic of representative panel of banks). The BIR is in effect from the first Germany, the official exchange rate of the lev to the euro was to the last day of the calendar month to which it refers. † During determined by the conversion rate of the deutsche mark to the period July 1, 1997 (the date of establishment of the currency euro. Thus established exchange rate is published by the board) to January 31, 2005, BIR was set equal to the annual Bulgarian National Bank in the State Gazette, and it is LEV 1 per yield on the three-month government securities based on the euro 0.5113 (euro 1 per LEV 1.95583). Prior to July 1997, data outcome of the primary auction. This rate was in effect from refer to market rate, calculated as the volume weighted average the day of the auction and was recalculated based on the results of the previous day's interbank rates. of the subsequent auction. † Prior to January 1997, BIR was one of BNB's main policy instruments and was determined by its Central Bank: Board of Directors based on the annual yield on short-term (7 to Consists of the Bulgarian National Bank only. 28-day) government securities. Data are based on a new accounting system and compiled in accordance with the European Central Bank's framework for Money Market Rate: monetary statistics using the national residency approach. Beginning in December 2004, the LEONIA reference rate. † Prior to December 2004 weighted average rate on deposits transacted Other Depository Corporations: in the interbank market. Beginning in February 2007, comprises credit institutions (licensed commercial banks) and monetary market funds, which Treasury Bill Rate: represent all resident units classified as other monetary financial Beginning in January 2006, weighted average yield to maturity institutions (other MFIs) in accordance with 1995 ESA standards. on treasury bonds with terms over one year traded in secondary Prior to February 2007, comprises only licensed commercial market. † Prior to January 2006, weighted average yield on banks (non-operating banks were excluded). newly issued government bonds with terms over one year sold Data are based on a new accounting system and are compiled in at primary auctions. accordance with the European Central Bank's framework for monetary statistics using the national residency approach. Deposit Rate: Beginning in February 2000, weighted average rate offered by Depository Corporations: credit institutions on new one-month deposits in leva to the See notes on central bank and other depository corporations. household sector. † Prior to February 2000, weighted average rate offered by credit institutions on time deposits in leva to the Monetary Aggregates: non-financial corporations and the household sectors. Broad Money: Broad Money calculated from the liability data in the sections for Lending Rate: the central bank and other depository corporations. Weighted average rate charged by credit institutions on new loans (including overdrafts) in leva to the non-financial Money (National Definitions): corporations and household sectors with terms up to one year. M1 comprises currency outside MFIs and overnight deposits of non-central government non-MFI resident sectors with resident Government Bond Yield: MFIs. Beginning in January 2006, weighted average yield to maturity M2 is equal to M1 plus deposits with agreed maturity up to two on treasury bonds with terms over one year traded in secondary years and deposits redeemable at notice with terms up to three market. † Prior to January 2006, weighted average yield on months of non-central government non-MFI resident sectors newly issued government bonds with terms over one year sold with resident MFIs. at primary auctions. M3 is equal to M2 plus marketable instruments (which comprise repurchase agreements contracted by MFIs with non-

September 2007, International Monetary Fund : International Financial Statistics 19 Cambodia 522

Date of Fund Membership: For December 2001 through November 2004, data have less December 31, 1969 conformity with the MFSM methodology and therefore are not strictly comparable to data for later periods. Standard Sources: National Bank of Cambodia Depository Corporations: † See notes on central bank and other depository corporations. Exchange Rates: Monetary Aggregates: Official Rate: (End of Period and Period Average): Official buying rate of the National Bank of Cambodia. Broad Money: Broad Money is calculated from the liability data in the sections Central Bank: for the central bank and other depository corporations. Consists of the National Bank of Cambodia (NBC) only. Beginning in July 2004, covers the accounts of the NBC's head Money (National Definitions): office and provincial branches. Prior to July 2004, the NBC's M1 comprises currency outside banks and demand deposits of provincial branches were classified as other depository other financial corporations, public nonfinancial corporations, corporations. and private sector with the NBC and other depository † Beginning in December 2004, data are based on a standardized corporations. Currency outside banks is equal to the amount of report form (SRF) for central banks, which accords with the domestic currency notes issued by the NBC less domestic concepts and definitions of the IMF's Monetary and Financial currency note holdings of the NBC and other depository Statistics Manual (MFSM). 2000. corporations. For December 2001 through November 2004, data have less M2 comprises M1 and quasi-money. Quasi-money comprises conformity with the MFSM methodology and therefore are not time, savings, and foreign-currency deposits of other financial strictly comparable to data for later periods. corporations, public nonfinancial corporations, and private sector with the NBC and other depository corporations. Other Depository Corporations: Comprises commercial banks, a rural development bank, Interest Rates: branches of foreign banks, and NBC's provincial branches. Deposit Rate: Beginning in July 2004, excludes the NBC's provincial branches, Simple average of rates on domestic-currency savings deposits which were reclassified as part of the central bank. Data exclude reported by the ten banks with the largest deposit holdings. the microfinance institutions which accept deposits. † Beginning in December 2004, data are based on a standardized Lending Rate: report form (SRF) for other depository corporations, which Simple average of rates on foreign currency loans to private accords with the concepts and definitions of the IMF's Monetary enterprises reported by the ten banks with the largest deposit and Financial Statistics Manual (MFSM). holdings.

20 September 2007, International Monetary Fund : International Financial Statistics Canada 156

Date of Fund Membership: shares are included in Other Items (Net) rather than allocated to December 27, 1945 the corresponding economic sectors. Financial assets and liabilities for which economic sectorization Standard Sources: is unavailable are allocated to the economic sector assumed to Bank of Canada have the largest volume of transactions in the category. Claims on Nonresidents and Liabilities to Nonresidents include some Exchange Rates: accounts in foreign currency with resident economic sectors. Claims on Private Sector includes financial assets with public Market Rate (End of Period and Period Average): nonfinancial corporations. The exchange rate floats independently. Midpoint rate quoted Accounts receivable and payable are included in Other Items (Net) by the Bank of Canada at noon in the Montreal-Toronto rather than in the other depository corporations' claims on or Interbank exchange market. liabilities to the corresponding economic sectors. Accrued interest is included in Other items (Net) rather than in the Central Bank: outstanding amounts of the financial assets and liabilities. Consists of the Bank of Canada (BOC) only. Securities other than shares are valued at acquisition cost rather Data are based on a standardized report form (SRF) for central than at market price or fair value. banks, which accords with the concepts and definitions of the Valuation accounts are included in Other Items (Net) rather than IMF's Monetary and Financial Statistics Manual (MFSM), 2000. in Shares and Other Equity. Data in the SRF format are compiled from pre-SRF data which Loans are reported net of provisions. are not fully based on MFSM methodology. Departures from the MFSM methodology are explained below. Depository Corporations: Financial assets and liabilities for which economic sectorization See notes on central bank and other depository corporations. is unavailable are allocated to the economic sector assumed to have the largest volume of transactions in the category. Other Financial Corporations: Claims on and liabilities to nonresidents are determined based Comprises nondepository credit intermediaries, insurance on the currency of the transaction rather than residency of the companies, segregated funds, and investment funds. institutional unit. Nondepository credit intermediaries are establishments, both Currency in circulation includes a small amount of notes issued by public (government sponsored enterprises) and private, that the government of Canada and banks before the BOC became primarily engage in extending credit or lending funds raised by the sole issuer of currency in Canada and assumed the liability credit- market borrowing and by borrowing from financial for these notes. corporations other than themselves. Shares and Other Equity comprises funds contributed by owners Data are based on a standardized report form (SRF) for other and statutory reserves only. financial corporations, which accords with the concepts and Accounts receivable and payable are included in Other Items (Net) definitions of the Monetary and Financial Statistics Manual rather than in the BOC's claims on or liabilities to the (MFSM). Data in the SRF format are compiled from data corresponding sectors. contained in the balance sheets of other financial corporations Accrued interest is included in Other items (Net) rather than in the and are not fully based on the MFSM methodology. For other outstanding amounts of the financial assets and liabilities. financial corporations in Canada, departures from the MFSM Securities other than shares are valued at acquisition cost methodology are explained below. amortized for premium or discount rather than at current Data for other financial corporations are available only on a market price of fair value. quarterly basis. Data for the intervening months are estimated by interpolation. Other Depository Corporations: Financial derivatives are excluded from the data. Comprises chartered banks, trust and mortgage loan companies, Financial assets and liabilities for which economic sectorization local credit unions, life insurance company annuities, is unavailable are allocated to the economic sector assumed to government owned savings institutions, money market mutual have the largest volume of transaction in the category. funds, and non-money market mutual funds. Data exclude Claims on Nonresidents and Liabilities to Nonresidents include some caisses populaires, which have small amounts of short-term accounts in foreign currency with resident economic sectors. liabilities. Claims on Depository Corporations includes some holdings of cash. Data are based on a standardized report form (SRF) for other Financial assets and liabilities with public nonfinancial depository corporations, which accords with the concepts and corporations are included in Other Items (Net. definitions of the Monetary and Financial Statistics Manual Retained earnings, current year result, general and special (MFSM). Data in the SRF format are compiled from data reserves, and valuation adjustment are included in Other Items contained in balance sheet of other depository corporations and (Net) rather than in Shares and Other Equity. are not fully based on the MFSM methodology. For other Accrued interest is included in Other items (Net) rather than in the depository corporations in Canada, departures from the MFSM outstanding amounts of the financial assets and liabilities. methodology are explained below. Some securities other than shares are valued at acquisition cost Data for trust and mortgage loan companies and local credit rather than at market price or fair value. unions are available only on a quarterly basis. Data for the Loans are reported net of provisions. intervening months are estimated by interpolation. Data for the two months after the latest quarter are estimated by Financial Corporations: extrapolation. See notes on central bank, other depository corporations, and Data include only the deposits with life insurance company other financial corporations. annuities and government owned savings institutions and shares issued by money market mutual funds and non-money market mutual funds. The corresponding assets to the deposits and

September 2007, International Monetary Fund : International Financial Statistics 21 Canada 156

Monetary Aggregates: (which are already included in M2+ Gross) and continuity adjustments. Broad Money: M3 Gross comprises M2 Gross, non-personal term and foreign Broad Money calculated from the liability data in the sections for currency deposits of residents with chartered banks, and the central bank and other depository corporations differs from continuity adjustments. M2++ described below because broad money includes foreign currency deposits, non-personal term deposits held at chartered Interest Rates: banks, and does not include continuity adjustments. In addition, broad money may be overstated due to the estimates to allocate Bank Rate (End of Period): deposits to money holding sectors described in the note on the Rate at which the BOC is prepared to respond to requests of other depository corporations. chartered banks for temporary advances and enter into purchase and resale agreements with money market dealers. Rate is se at Money (National Definitions): ¼ of 1 percent above the latest average rate on three-month The gross monetary aggregates include float. The float denotes treasury bills established at the preceding weekly tender. funds in transition between the time a check is deposited or a payment is sent and the time the payment is settled. Continuity Money Market Rate: adjustments are made to reconstruct past data and make them Rate refers to the overnight money market financing rate. consistent with how the current data are structured. Changes in Monthly figures are the average for the seven days ending the the financial industry can result in new data that are inconsistent last Wednesday of the month. with the former presentation causing significant discontinuities Corporate Paper Rate: in the series and making the data useless for econometric work. The Bank of Canada adjusts its monetary aggregates each time Rate of 90-day prime corporate paper. Quarterly and annual one of the following events takes place: the acquisition of a trust data are averages of data for the last Wednesday in each month. company by a bank, the acquisition of an entity in a sector that Treasury Bill Rate: was not previously included in the monetary aggregates (i.e., an investment dealer), the formation of a bank from a trust Weighted average of the yields on successful bids for three- company or companies, and the acquisition of a bank by a trust month bills. Monthly data related to the tender rates of the last company. Monetary aggregates are also adjusted to exclude Wednesday of the month. interbank deposits. Continuity adjustments have been made to Savings Rate: eliminate discontinuities resulting from the 1980 Bank Act revision and the introduction of a new reporting system for the Rate offered by chartered banks on non-checkable savings banks. deposits in national currency. M1+ Gross comprises currency outside banks, personal and non- Deposit Rate: personal chequable deposits held at chartered banks, all chequable deposits at trust and mortgage loan companies, credit Rate offered by chartered banks on 90-day deposits in national unions and caisses populaires (excluding deposits of these currency. institutions) and continuity adjustments. Lending Rate: M1++ Gross comprises M1+ Gross, non-chequable notice Rate that chartered banks charge on large business loans to their deposits held at chartered banks, all non-chequable deposits at most creditworthy customers; when there are differences trust and mortgage loan companies, credit unions and caisses among banks, the most typical rate is taken. Monthly figures are populaires less interbank non-chequable notice deposits and for the last Wednesday of the month. continuity adjustments. M2 Gross comprises currency outside banks, personal deposits Government Bond Yield: and non-personal demand and notice deposits held at chartered Average yield to maturity. Medium-term series refers to issues banks and continuity adjustments. with original maturity of 3-5 years. Long-term series refers to M2+ Gross comprises M2 Gross, deposits of non-banks (trust issues with original maturity of 10 years and over. and mortgage loan companies, government savings institutions, deposits and shares at credit unions and caisses populaires, life Prices: insurance company individual annuities and money market mutual funds) and continuity adjustments. Industrial Share Prices: M2++Gross comprises M2+Gross, Canada Savings Bonds and Closing quotations at the end of the month on the Toronto other retail instruments, cumulative net contributions to mutual Stock Exchange for a composite of 300 shares, base 1975. funds other than Canadian dollar money market mutual funds

22 September 2007, International Monetary Fund : International Financial Statistics Cape Verde 624

Date of Fund Membership: Monetary Aggregates: November 20, 1978 Broad Money: Standard Source: Broad Money calculated from the liability data in the sections for the central bank and other depository corporations and differs from the M2 described below because of the money Exchange Rates: holder/issuer classification used in M2.

Principal Rate (End of Period and Period Average): Money (National Definitions): On March 30, 1998 the Cape Verde escudo began to be pegged Base Money comprises notes and coins in circulation outside the to the Portuguese escudo. From January 1, 1999 the official rate BCV, deposits of other depository corporations with the BCV in is pegged to the euro at a rate of CVEscudos 110.27 per euro. national and foreign currency, and central bank securities held by other depository corporations. Central Bank: M1 comprises notes and coins in circulation outside depository Consists of the Bank of Cape Verde (BCV) only. corporations and demand deposits of other financial Data are based on a standardized report form (SRF) for central corporations, public nonfinancial corporations, and other banks, which accords with the concepts and definitions of the resident sectors in national currency with depository IMF's Monetary and Financial Statistics Manual (MFSM), 2000. corporations. Departures from the MFSM methodology are explained below. M2 comprises M1and demand deposits in foreign currency; Financial assets and liabilities for which economic sectorization time, saving, and restricted deposits in national and foreign is unavailable are allocated to the economic sector having the currency; and payment orders of other financial corporations, largest volume of transactions in the category. public nonfinancial corporations, and other resident sectors with Securities other than shares are valued at acquisition cost depository corporations. adjusted for any amortization of premium or accretion of discounts rather than at market price. Shares and other equity Interest Rates: are valued at acquisition cost rather than at market price. Any expected loss arising from a change in the fair value of securities Rediscount Rate (End of Period): other than shares and equity instruments are recognized directly Rate at which the BCV lends to commercial banks in national in equity. currency.

Other Depository Corporations: Treasury Bill Rate: Comprises commercial banks. Average yield on 182-day treasury bills denominated in national Data are based on a standardized report form (SRF) for other currency. depository corporations, which accords with the concepts and definitions of the Monetary and Financial Statistics Manual Deposit Rate: (MFSM). For other depository corporations in Cape Verde, Maximum rate offered by commercial banks on 90-day time departures from the MFSM methodology are explained below. deposits. † Beginning in January 1995, maximum rate offered by Financial assets and liabilities for which economic sectorization commercial banks on 61- to 90-day time deposits. † Beginning is unavailable are allocated to the economic sector having the in May 2006, weighted average rate offered by commercial largest volume of transactions in the category. banks on 31- to 90-day deposits in national currency. Where data for other depository corporations were not directly Lending Rate: distinguished from data for other financial corporations, separation of the data was based on the characteristics of the Maximum rate charged by commercial banks on 90-day loans. † financial asset or liability. Beginning in May 2006, weighted average rate offered by commercial banks on 90- to 181-day loans in national currency. Depository Corporations: See notes on central bank and other depository corporations.

September 2007, International Monetary Fund : International Financial Statistics 23 Chile 228

Date of Fund Membership: and savings deposits of the private sector in national currency December 31, 1945. with a maturity of less than 30 days. M2 comprises M1, time deposits of the private sector in national Standard Sources: currency, savings deposits of the private sector in national Central Bank of Chile currency with a maturity longer than 30 days, mutual funds' shares of the private sector with a maturity of less than one Exchange Rates: year, plus credit unions' deposit liabilities, less investment of mutual funds and credit unions in instruments included in M2. Market Rate (End of Period and Period Average): M3 comprises M2, foreign currency deposits of the private Weighted average of the midpoint rates between the buying and sector, central bank bills held by the private sector in other selling rates of U.S. dollars by banks and foreign exchange depository corporations, treasury promissory notes held by the houses that are part of the official exchange market. Since 1985, private sector in other depository corporations, letters of credit the exchange regime was based on a system of floating bands, held by the private sector in other depository corporations, which were modified several times. On September 2, 1999, the mutual funds' shares of the private sector with a maturity longer fluctuation band was indefinitely suspended and the peso was than one year, plus voluntary savings quotas of pension funds, allowed to float freely. less investment of mutual funds and pension funds in instruments included in M3. Central Bank: Consists of the Central Bank of Chile (CBCh) only. Interest Rates: Data are based on a standardized report form (SRF) for central banks, which accords with the concepts and definitions of the Discount Rate (End of Period): IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Rediscount rate charged by the CBCh on liquidity loans to Departures from the MFSM methodology are explained below. banks. Securities Other than Shares Included in Broad Money includes securities held by other depository corporations. Money Market Rate: Weighted average overnight rate on loans between other Other Depository Corporations: depository corporations in national currency. Comprises commercial banks, the government-owned Banco del Estado, finance companies, mutual funds and credit unions. Savings Rate: Data are based on a standardized report form (SRF) for other Weighted average rate paid by other depository corporations on depository corporations, which accords with the concepts and savings deposits with unconditional withdrawal in national definitions of the Monetary and Financial Statistics Manual currency. (MFSM). Deposit Rate: Depository Corporations: Weighted average rate paid by banks on 30- to 89-day deposits See notes on central bank and other depository corporations. in national currency. The rate is converted to percent per annum by compounding monthly rates of interest. Other Financial Corporations: Comprises pension funds only. Deposit Rate (Foreign currency): Data are based on a standardized report form (SRF) for other Weighted average rate paid by other depository corporations on financial corporations, which accords with the concepts and 30- to 89-day deposits in foreign currency. The rate is converted definitions of the Monetary and Financial Statistics Manual to percent per annum by compounding monthly rates of (MFSM). Departures from the MFSM methodology are interest. explained below. Claims on Depository Corporations includes some claims on other Lending Rate: financial corporations. Weighted average rate charged by banks on 30- to 89-day loans Claims on Private Sector includes holding of securities issued by in national currency. † Beginning in January 1985, weighted public nonfinancial corporations. average rate charged by other depository corporations on 30- to 89-day loans in national currency. The rate is converted to Monetary Aggregates: percent per annum by compounding monthly rates of interest.

Broad Money: Lending Rate (Foreign Currency): Broad Money calculated from the liability data in the sections for Weighted average rate charged by other depository corporations the central bank and other depository corporations accords with on 30- to 89-day loans in foreign currency. The rate is converted the concepts and definitions of the MFSM. Broad money differs to percent per annum by compounding monthly rates of from M3 described below as M3 includes letters of credit held interest. by the private sector in other depository corporations. Prices: Money (National Definitions): Base money comprises notes and coins in circulation and deposits Industrial Share Prices: of other depository corporations at the CBCh. Index of industrial share prices, base December 1974. † M1 comprises notes and coins in circulation outside the banking Beginning in January 1978, index of industrial share prices, base system, checks issued by the CBCh, demand deposits of the December 29, 1978. † Beginning in June 1980, index of industrial private sector in national currency (net of checks to be cleared), share prices, base December 30, 1980, refers to the average of other sight deposits of the private sector in national currency, daily quotations.

24 September 2007, International Monetary Fund : International Financial Statistics China,P.R.:Macao 546

The data refer to the Macao Special Administrative Region Provisions for losses are included in Shares and Other Equity (MSAR). Data on transactions and assets and liabilities vis-à-vis rather than in Other Items (Net). the Mainland of China are treated as international transactions Held-to-maturity securities are valued at acquisition cost rather and external positions, respectively. than at market price or fair value.

Standard Source: Depository Corporations: Monetary Authority of Macao See notes on central bank and other depository corporations.

Exchange Rates: Monetary Aggregates:

Market Rate (End of Period and Period Average): Broad Money: The midpoint rate of the average buying and selling rates quoted Broad Money calculated from the liability data in the sections for by Reuters and fixed at 9:00 a.m. each day. the central bank and other depository corporations accords with the concepts and definitions of the MFSM and is consistent with Central Bank: M2 described below. Consists of the Monetary Authority of Macao only. Data are based on a standardized report form (SRF) for central Money (National Definitions): banks, which accords with the concepts and definitions of the M1 comprises currency in circulation outside depository IMF's Monetary and Financial Statistics Manual (MFSM), 2000. corporations and transferable deposits of resident non-central Departures from the MFSM methodology are explained below. government sectors with depository corporations. Accrued interest is included in Other Items (Net) rather than in M2 comprises M1 and savings, notice, time, and certificates of the outstanding amounts of the financial assets and liabilities. deposits of non-central government sectors with depository Provisions for losses are included in Shares and Other Equity corporations. rather than in Other Items (Net). Held-to-maturity securities are valued at acquisition cost rather Interest Rates: than at market price or fair value. Interbank Rate (End of Period): Other Depository Corporations: One-month MAIBOR, the Macao Interbank Offered Rates. Comprises all authorized banking institutions and the postal savings bank. Deposit Rate: Data are based on a standardized report form (SRF) for other Weighted average rate quoted by three major banks on three- depository corporations, which accords with the concepts and month deposits; the weights are the shares of each bank in the definitions of the Monetary and Financial Statistics Manual volume of deposits. (MFSM). Departures from the MFSM methodology are Lending Rate: explained below. Accrued interest is included in Other Items (Net) rather than in Weighted average rate quoted by three major banks on loans; the outstanding amounts of the financial assets and liabilities. the weights are the shares of each bank in the volume of loans.

September 2007, International Monetary Fund : International Financial Statistics 25 Colombia 233

Date of Fund Membership: Money (National Definitions): December 27, 1945 Base money comprises notes and coins issued and deposits of other depository corporations, special financial institutions, and Standard Source: BR employees with the BR. Bank of the Republic M1 comprises notes and coins in circulation outside the banking system and demand deposits of the central, state, and municipal Exchange Rates: governments, decentralized agencies, public nonfinancial The exchange rate was operated as a managed float within an corporations, and private sector with depository corporations. intervention band. On September 25, 1999, the crawling band M2 comprises M1and savings deposits and certificates of time was abandoned and the peso was allowed to float. deposits of the central, state, and municipal governments, decentralized agencies, public nonfinancial corporations, and Central Bank: private sector with other depository corporations. Consists of the Bank of the Republic (BR) only. M3 comprises M2, fiduciary and other sight deposits of the Data are based on a standardized report form (SRF) for central central, state, and municipal governments, decentralized banks, which accords with the concepts and definitions of the agencies, public nonfinancial corporations, and private sector IMF's Monetary and Financial Statistics Manual (MFSM), 2000. with other depository corporations, mortgage certificates issued Departures from the MFSM methodology are explained below. by the Central Mortgage Bank held by the public, and bonds in For December 2001 through November 2004, some financial circulation issued by other depository corporations held by the assets and liabilities for which economic sectorization is public. Other sight deposits include guaranteed and tax deposits; unavailable are allocated to the economic sector having the cashier's, certified, and traveler's checks; and canceled accounts. largest volume of transactions in the category and accrued interest on various financial instruments is included in Other Interest Rates: Items (Net) rather than in the outstanding amounts of the financial assets and liabilities. Discount Rate (End of Period): Rate charged by the BR on loans to commercial banks. † Other Depository Corporations: Beginning in September 1986, corresponds to DTF (see note for Comprises commercial banks, financial corporations, deposit rate) plus two points. Beginning in October 1990, commercial financing companies, Central Mortgage Bank, a corresponds to DTF plus eight points. Beginning in June 1992, specialized cooperative (COOPCENTRAL), savings and loan corresponds to DTF plus seven points. Beginning in December associations, financial cooperatives, and special financial 1999, corresponds to DTF plus five points. Beginning in institutions (BANCOLDEX, FEN, and FINDETER). Beginning in September 2001, corresponds to the Lombard rate plus one March 2002, the savings and loan associations became point. The Lombard rate is the maximum rate charged by the commercial banks. Data exclude mutual funds and capitalization BR to provide liquidity to financial corporations. societies, which issue short-term liabilities. Data are based on a standardized report form (SRF) for other Money Market Rate: depository corporations, which accords with the concepts and Weighted average rate on loans between financial corporations. definitions of the Monetary and Financial Statistics Manual (MFSM). Departures from the MFSM methodology are Deposit Rate: explained below. Fixed-term deposits (FTD): Weighted average rate paid by other For December 2001 through November 2004, some financial depository corporations on 90-day certificates of deposit. assets and liabilities for which economic sectorization is unavailable are allocated to the economic sector having the Lending Rate: largest volume of transactions in the category and accrued Weighted average rate charged by other depository corporations interest on various financial instruments is included in Other on loans. † Beginning in May 1999, Items (Net) rather than in the outstanding amounts of the weighted average rate charged by other depository corporations financial assets and liabilities. on commercial, ordinary, short-term (tesorería), and long-term preferential loans. The rate is weighted by loan amounts and, Depository Corporations: owing to the revolving nature of the short-term preferential See notes on central bank and other depository corporations. loans, their weight was established as one fifth of the daily disbursement. Monetary Aggregates: Prices: Broad Money: Broad Money calculated from the liability data in the sections for Share Prices: the central bank and other depository corporations accords with Index of prices on the Bogotá Stock Exchange, base: March 15, the concepts and definitions of the MFSM. Broad money differs 1976. † Beginning in January 1991, index of prices on the Bogotá from M3 as described below as M3 includes central government Stock Exchange, base: January 2, 1991. † Beginning in July 2001, and decentralized agencies deposits. general share price index on the Colombia Stock Exchange, base: July 3, 2001.

26 September 2007, International Monetary Fund : International Financial Statistics 960

Date of Fund Membership: Depository Corporations: December 14, 1992 See notes on central bank and other depository corporations.

Standard Sources: Monetary Aggregates: Broad Money: Exchange Rates: Broad Money calculated from the liability data in the sections for the central bank and other depository corporations accords with Market Rate (End of Period and Period Average): the concepts and definitions of the MFSM. Beginning in January The midpoint rate announced by the Croatian National Bank 2004, Broad Money differs from M4 described below as M4 based on the results of the interbank foreign exchange auctions. excludes accrued interest. From December 23, 1991 to May 30, 1994, the Croatian was the official currency of Croatia. On May 30, 1994, the kuna, Money (National Definitions): equal to 1,000 , was introduced. Reserve Money comprises currency in circulation and deposits of licensed banks, housing savings banks, savings and loan Central Bank: cooperatives, investment funds, and other resident non-central Consists of the Croatian National Bank (CNB) only. government sectors with the CNB. Currency in circulation refers Claims on Central Government comprises claims on central to currency and coins issued by CNB. government budgetary units and central government funds and M1 comprises currency outside licensed banks, and transferable includes claims arising from the assumption by the government deposits in national currency of housing savings banks, of certain liabilities of the central bank of the Former Socialist investment funds, savings and loan cooperatives, and other Federal Republic of Yugoslavia to the CNB. Central Government resident non-central government sectors with the CNB and Deposits comprises deposits of the central government budgetary licensed banks. units and central government funds. M4 (broad money) comprises M1, savings, time, and foreign Data are based on a standardized report form (SRF) for central currency deposits of housing savings banks, investment funds, banks, which accords with the concepts and definitions of the savings and loan cooperatives, and other resident non-central IMF's Monetary and Financial Statistics Manual (MFSM), 2000. government sectors, and bonds and money market instruments Departures from the MFSM methodology are explained below. in national and foreign currency issued by licensed banks and Prior to January 2004, accrued interest is included in Other Items held by other resident non-central government sectors. (Net) rather than in the outstanding amounts of financial assets and liabilities. Interest Rates: Securities other than shares issued are at face value rather than at market price or fair value. Discount Rate (End of Period): Basic rate at which the CNB lends to commercial banks. Other Depository Corporations: Comprises banks licensed by the CNB in accordance with the Money Market Rate: Banking Act and banks in liquidation proceedings. Short-term rate determined on the Zagreb Money Market. Claims on Central Government comprises claims on central government budgetary units and central government funds and Deposit Rate: includes claims arising from the assumption by the government Average rate offered by commercial banks on deposits weighted of certain liabilities of the central bank of the Former Socialist by volume of new deposits received during the last reporting Federal Republic of Yugoslavia to Croatian banks. Central month. Government Deposits comprises deposits of the central Lending Rate: government budgetary units and central government funds. Data are based on a standardized report form (SRF) for other Average rate charged by commercial banks on credits weighted depository corporations, which accords with the concepts and by volume of new credits granted during the last reporting definitions of the IMF's Monetary and Financial Statistics Manual month. † Beginning in January 2002, rates on interbank loans (MFSM). Departures from the MFSM methodology are and loans to the central government which carry lower interest explained below. rates, are excluded. Thus, the average rate has increased Prior to January 2004, accrued interest is included in Other Items reflecting mainly rates on overdrafts to households and (Net) rather than in the outstanding amounts of financial assets enterprises. and liabilities. Prices: Prior to May 2004, positions on financial derivatives are included in Other Items (Net) rather than attributed to claims on Share Prices: and liabilities to the counterparty sector. CROBEX share price index of the Zagreb Stock Exchange, base Securities other than shares issued are at face value rather than July 1, 1997=1000. at market price or fair value.

September 2007, International Monetary Fund : International Financial Statistics 27 Czech Republic 935

Date of Fund Membership: Monetary Aggregates: March 30, 1946 Broad Money: Standard Sources: Broad Money calculated from the liability data in the sections for Czech National Bank the central bank and other depository corporations.

Exchange Rates: Money (National Definitions): M1 comprises currency outside depository corporations and Official Rate: (End of Period and Period Average): overnight deposits of resident non-MFI, noncentral government Czech National Bank midpoint rate. sectors with MFIs. M2 comprises M1, deposits with agreed maturity up to two Central Bank: years, and deposits redeemable at notice up to three months of Consists of the Czech National Bank only. resident non-MFI, noncentral government sectors with MFIs . † Beginning in January 2002, data are compiled in accordance M3 comprises M2, repurchase agreements contracted with other with the European Central Bank's framework for monetary (non-MFI, noncentral government) resident sectors, money statistics using the national residency approach. market fund shares/units, and debt securities issued by For December 2001, data do not fully conform with the commercial banks with maturity up to two years. European Central Bank's framework for monetary statistics and are not strictly comparable to data for later periods. Monetary Interest Rates: Base includes positions that are subsequently shown as Other Liabilities to Other Depository Corporations. Bank Rate (End of Period): Rate on a 14-day repurchase agreement between the Czech Other Depository Corporations: National Bank and the commercial banks. Comprises financial institutions with bank licenses, namely the commercial banks, savings banks, and building societies. Money Market Rate: Beginning in January 2004, comprises all resident units classified Rate on the three-month interbank deposits. as other monetary financial institutions (other MFIs) in accordance with 1995 ESA standards, including the money Treasury Bill Rate: market funds. Average rate weighted by volume, on the three-month Treasury † Beginning in January 2002, data are compiled in accordance bills sold at auctions. with the European Central Bank's framework for monetary

statistics using the national residency approach. Deposit Rate: For December 2001, data do not fully conform with the Beginning in January 2001, average rate, weighted by stocks, European Central Bank's framework for monetary statistics and offered by commercial banks on the outstanding koruny- are not strictly comparable to data for later periods. Claims on denominated deposits of non-financial sectors. † Prior to January Central Government and Liabilities to Central Government include 2001, average rate offered by commercial banks on all deposits positions with local governments and the National Property weighted by stocks. Fund. Reserve Deposits and Securities includes positions that are Lending Rate: subsequently shown separately as Claims on Central Bank: Other Claims. Beginning in January 2001, average rate, weighted by stocks, charged by commercial banks on the outstanding koruny- Depository Corporations: denominated credits to non-financial sectors. † Prior to January See notes on central bank and other depository corporations. 2001, average rate charged by commercial banks on all outstanding credits weighted by stocks.

Government Bond Yield: Yield to maturity on a five-year government bond.

28 September 2007, International Monetary Fund : International Financial Statistics Denmark 128

Date of Fund Membership: Interest Rates: March 30, 1946 Discount Rate (End of Period): Standard Sources: Source B. Danmarks Nationalbank Money Market Rate: Exchange Rates: Arithmetic average of offered interbank rates. † Prior to January 1993, weighted average of three-month interbank rates. Market Rate (End of Period and Period Average): Midpoint rate in the Copenhagen market fixed at 11:50 a.m. by Deposit Rate: the Danmarks Nationalbank each business day in a meeting Calculated from interest accrued on krone-denominated deposit attended by authorized foreign exchange dealers. accounts (excluding deposits under capital pension schemes) divided by average deposit balance in the quarter. † Prior to Central Bank: 2002, other depository corporations' deposit rates were based Consists of the Danmarks Nationalbank. on information collected by the Danish Financial Supervisory Data are compiled in accordance with the European Central Authority. Since then, Denmark's Nationalbank has been Bank's framework for monetary statistics using the national responsible for collecting these data and a number of residency approach. methodological changes were introduced. These include a Claims on Nonresidents includes euros issued against the deposit reduction in the number of reporters from 98 to 23 other with the European Central Banks (ECB) of U.S. dollars and gold. depository corporations, and a refocusing of the data on other depository corporations' domestic deposit taking operations. † Other Depository Corporations: Prior to second quarter of 1993, calculated from interest accrued Comprises other monetary financial institutions in accordance on both krone- and foreign currency-denominated deposit with 1995 ESA standards, including the money market funds. accounts (including deposits under capital pension schemes) Data are compiled in accordance with the European Central divided by average deposit balance in the quarter. † Prior to Bank's framework for monetary statistics using the national 1990, weighted average of rates on time deposits for one to less residency approach. than twelve months.

Depository Corporations: Lending Rate: See notes on central bank and other depository corporations. Calculated from interest accrued on krone-denominated loan accounts divided by average loan balance in the quarter. † Prior Monetary Aggregates: to 2002, other depository corporations' lending rates were based on information collected by the Danish Financial Supervisory Broad Money: Authority. Since then, Denmark's Nationalbank has been Broad Money calculated from the liability data in the sections for responsible for collecting these data and a number of the central bank and other depository corporations. methodological changes were introduced. These include a reduction in the number of reporters from 98 to 23 other Money (National Definitions): depository corporations, and a refocusing of the data on other M1 comprises currency outside banks and demand deposits of depository corporations' domestic lending operations. † Prior to resident non-MFI, noncentral government sectors with MFIs. second quarter of 1993, calculated from interest accrued on both M2 comprises M1, time deposits with original maturity less krone- and foreign currency-denominated loan accounts divided than two years, and deposits at notice with original maturity by average loan balance (including nonperforming loans from less than three months of resident non-MFI, noncentral 1991) in the quarter. † Prior to 1990, weighted average rates on government sectors with MFIs. overdrafts. M3 comprises M2, repurchase agreements, money-market securities and shares, and bonds with an original maturity less Government Bond Yield: than two years issued by MFIs held by other (non-MFI, non- Yield on five-year government bonds. government) resident sectors.. Mortgage Bond Yield: Yield on 20-year mortgage credit bonds.

September 2007, International Monetary Fund : International Financial Statistics 29 Dominica 321

Date of Fund Membership: Accrued interest on transactions with nonresidents is included in December 12, 1978. Other Items (Net) rather than in the outstanding amount of foreign assets and liabilities. Standard Sources: East Caribbean Central Bank Depository Corporations: See notes on central bank and other depository corporations. Exchange Rates: Monetary Aggregates: Official Rate: (End of Period and Period Average): The official rate is pegged at EC$2.70 to US$1.00 since July Broad Money: 1976. Broad Money is calculated from the liability data in the sections for the central bank and other depository corporations. Broad Central Bank: money differs from M2 described below as broad money Data are based on a standardized report form (SRF) for central includes the deposits of money holding sectors with the ECCB banks, which accords with the concepts and definitions of the attributable to Dominica and deposits of other financial IMF's Monetary and Financial Statistics Manual (MFSM), 2000. corporations, state and local government, and public Departures from the MFSM methodology are explained below. nonfinancial corporations in national and foreign currencies with Data refer to accounts in the balance sheet of the East Caribbean commercial banks. Central Bank (ECCB) attributable to Dominica. Financial derivatives are excluded from the data. Money (National Definitions): Claims on Nonresident comprises estimates of Dominica's M1 comprises notes and coins held by the public and demand notional share of the ECCB's foreign assets. deposits in national currency of the private sector with Claims on Other Depository Corporations comprises the portion of commercial banks. the ECCB's claims on resident other depository corporations M2 comprises M1 plus time, savings, and foreign currency attributable to Dominica. deposits of the private sector with commercial banks. Claims on Central Government and Liabilities to Central Government comprise the portion of the ECCB's claims on and liabilities to Interest Rates: the central government attributable to Dominica. Discount Rate (End of Period): Financial assets with other financial corporations, state and local Rate charged by the ECCB on loans of last resort to commercial governments, public nonfinancial corporations, and private banks. sector attributable to Dominica are not included in the data in the absence of a country of these accounts in the balance sheet Money Market Rate: of the ECCB. Fixed rate on loans between commercial banks. The rate Currency in circulation comprises the portion of currency in includes the commission charged by the ECCB as agent. The circulation attributable to Dominica less vault cash held by other rate is weighted by loans amounts. depository corporations. Some portion of other deposits to other depository corporations Treasury Bill Rate: and interest accrued from these deposits are included in Other Rate on three-month treasury bills. Items (Net). Share and other equity is not applicable to the member countries Savings Rate: of the ECCU because the shares and other equity in the balance Maximum rate offered by commercial banks on savings deposits sheet of the ECCB exclusively belong to the ECCB. in national currency. † Beginning in June 2003, weighted average rate offered by commercial banks on savings deposits in national Other Depository Corporations: currency. The rate is weighted by deposit amounts. Comprises commercial banks. Data exclude mortgage companies, building societies, and credit unions, which accept Savings Rate (Foreign Currency): deposits. Weighted average rate offered by commercial banks on savings Data are based on a standardized report form (SRF) for other deposits in foreign currency. The rate is weighted by deposit depository corporations, which accords with the concepts and amounts. definitions of the Monetary and Financial Statistics Manual (MFSM). For resident other depository corporations in the Deposit Rate: member countries of the ECCU, departures from the MFSM Maximum rate offered by commercial banks on three-month methodology are explained below. time deposits. The rate is weighted by deposit amounts. Financial derivatives and insurance technical reserves are excluded from the data. Deposit Rate (Foreign currency): Financial assets and liabilities for which economic sectorization Weighted average rate offered by commercial banks on deposits is unavailable are allocated to the economic sector having the in foreign currency. The rate is weighted by deposit amounts. largest volume of transactions in the category. Transferable Deposits Included in Broad Money includes all deposits Lending Rate: of the private sector denominated in foreign currency. Maximum rate charged by commercial banks on prime loans. Accounts receivable and payable are included in Other Items (Net) The rate is weighted by loan amounts. rather than in other depository corporations' claims or liabilities to the corresponding economic sectors. Lending Rate (Foreign Currency): Weighted average rate charged by commercial banks on loans in foreign currency. The rate is weighted by loan amounts.

30 September 2007, International Monetary Fund : International Financial Statistics ECCU 309

Date of Fund Membership: Claims on Public Nonfinancial Corporations includes some accounts The Eastern Caribbean Currency Union (ECCU) was formed in with other financial corporations. October 1, 1983, when the Eastern Caribbean Central Bank Financial derivatives are recorded on a net basis. (ECCB) was established. The governments participating in the East Caribbean Currency Authority (ECCA) signed the Eastern Other Depository Corporations: Caribbean Central Bank Agreement Act 1983 on July 5, 1983, to Comprises commercial banks. Data exclude finance companies, establish the ECCB. The ECCA was deemed to have ceased to mortgage companies, building societies, and credit unions, exist upon the establishment of the ECCB. The member which accept deposits. countries of the ECCU are Anguilla, Antigua and Barbuda, Data are based on a standardized report form (SRF) for other Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, depository corporations, which accords with the concepts and and St. Vincent and the Grenadines. Date of Fund membership definitions of the Monetary and Financial Statistics Manual of these counties are February 25, 1982, for Antigua and (MFSM). This section consolidates national data of the member Barbuda; December 12, 1978, for Dominica; August 27, 1975, countries of the ECCU by application of an ECCU-wide for Grenada; August 15, 1984, for St. Kitts and Nevis; November residency criterion for the distinction between resident 15, 1979, for St. Lucia; and December 28, 1979, for St. Vincent economic sectors and nonresidents. Claims on and liabilities to and Grenadines. Anguilla and Montserrat remain British nonresidents comprise other depository corporations accounts overseas territories and are not members of the IMF. with nonresidents that do not have center of economic interest within the ECCU area. For resident other depository Standard Sources: corporations in the member countries of the ECCU, departures Eastern Caribbean Central Bank from the MFSM methodology are explained below. Financial derivatives and insurance technical reserves are not Exchange Rates: included in the data. Financial assets and liabilities for which economic sectorization Official Rate: (End of Period and Period Average): is unavailable are allocated to the economic sector having the The official rate is pegged at EC$2.70 to US$1.00 since July largest volume of transactions in the category. 1976. Financial derivatives and Insurance Technical Reserves are not included in the data. Central Bank: Transferable Deposits Included in Broad Money includes all deposits Consists of the Eastern Caribbean Central Bank (ECCB) only. of the private sector denominated in foreign currency. The ECCB is the monetary authority for the eight governments Accounts receivable and payable are included in Other Items (Net) of the member countries of the ECCU and its headquarters is in rather than in other depository corporations' claims or liabilities St. Kitts. The ECCB is governed by two acts: the Eastern to the corresponding economic sectors. Caribbean Central Bank Agreement of 1983 which establishes Accrued interest on transactions with nonresidents is included in and defines the powers and operations of the ECCB and the Other Items (Net) rather than in the outstanding amount of Uniform Banking Act of 1993 which defines the operations of foreign assets and liabilities. financial institutions within the ECCU territories including their relations with the ECCB. The Monetary Council, the governing Depository Corporations: body of the ECCB, comprises the Finance Minister of each of See notes on central bank and other depository corporations.. the eight members. The core purposes of the ECCB are to regulate the availability of money and credit, promote and Monetary Aggregates: maintain monetary stability, promote credit and exchange conditions and a sound financial structure conducive to the Broad Money: balanced growth and development of the territories of the Broad Money is calculated from the liability data in the sections participating governments, and actively promote the economic for the central bank and other depository corporations. Broad development of the territories of the participating governments. money differs from M2 described below as broad money The ECCB issues and manages a common currency for the area, includes deposits of money holding sectors with the ECCB and the Eastern Caribbean dollar. The ECCB has the sole right to deposits of other financial corporations, state and local issue notes and coins for its member countries. The ECCB government, and public nonfinancial corporations in national serves as a banker to its participating governments as well as to and foreign currency with commercial banks. the commercial banks operating in the area. Governments maintain accounts with the ECCB through which transactions Money (National Definitions): are conducted. Commercial banks maintain accounts with the M1 comprises notes and coins held by the public and demand ECCB to satisfy legal reserve requirements, to facilitate deposits in national currency of the private sector with interbank transactions, and as a means of holding excess funds. commercial banks. Data are based on a standardized report form (SRF) for central M2 comprises M1 plus time, savings, and foreign currency banks, which accords with the concepts and definitions of the deposits of the private sector with commercial banks. IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Interest Rates: The ECCU-wide residency criterion is applied to the ECCB's claims on and liabilities to resident economic sectors and Discount Rate (End of Period): nonresidents. Resident economic sectors include those having Rate charged by the ECCB on loans of last resort to commercial center of economic interest within the ECCU area. Departures banks. from the MFSM methodology are explained below. Financial assets and liabilities for which economic sectorization is unavailable are allocated to the economic sector having the largest volume of transactions in the category.

September 2007, International Monetary Fund : International Financial Statistics 33 ECCU 309

Money Market Rate: Deposit Rate: Fixed rate on loans between commercial banks. The rate Maximum rate offered by commercial banks on three-month includes the commission charged by the ECCB as agent. The The rate is weighted by deposit amounts. rate is weighted by loans amounts. Deposit Rate (Foreign currency): Savings Rate: Weighted average rate offered by commercial banks on deposits Maximum rate offered by commercial banks on savings deposits in foreign currency. The rate is weighted by deposit amounts. in national currency. † Beginning in June 2003, weighted average rate offered by commercial banks on savings deposits in national Lending Rate: currency. The rate is weighted by deposit amounts. Maximum rate charged by commercial banks on prime loans. The rate is weighted by loan amounts. Savings Rate (Foreign Currency): Weighted average rate offered by commercial banks on savings Lending Rate (Foreign Currency): deposits in foreign currency. The rate is weighted by deposit Weighted average rate charged by commercial banks on loans in amounts. foreign currency. The rate is weighted by loan amounts.

34 September 2007, International Monetary Fund : International Financial Statistics Ecuador 248

Date of Fund Membership: For December 2001 through June 2002, data have less December 28, 1945 conformity with the MFSM methodology and therefore are not strictly comparable to data for later periods. Standard Sources: Central Bank of Ecuador Depository Corporations: See notes on central bank and other depository corporations. Exchange Rates: Other Financial Corporations: Principal Rate (End of Period and Period Average): Comprises the National Finance Corporation and credit card Through December 1999, the principal rate refers to the market- companies only. Beginning in March 2002, excludes credit card determined rate. On January 7, 2000, the Ecuadorian companies. Beginning in January 2004, includes the Housing government passed a decree dollarizing the economy. On March Bank of Ecuador. 13, 2000, the Ecuadorian congress approved a new exchange † Beginning in July 2002, data are based on a standardized report system, whereby the U.S. dollar was adopted as the main legal form (SRF) for other financial corporations, which accords with tender in Ecuador for all purposes, including means of payment, the concepts and definitions of the Monetary and Financial store of value, and unit of account. On March 20, 2000, the Statistics Manual (MFSM). Central Bank of Ecuador started to exchange the existing local For December 2001 through June 2002, data have less currency (sucres) for U.S. dollars at the fixed exchange rate of conformity with the MFSM methodology and therefore are not 25,000 sucres per U.S. dollar. Beginning on April 30, 2000, all strictly comparable to data for later periods. transactions are denominated in U.S. dollars. Interest Rates: Central Bank: Comprises the Central Bank of Ecuador (CBE) only. Discount Rate (End of Period): † Beginning in July 2002, data are based on a standardized report Legal rate charged by the CBE to discount eligible commercial form (SRF) for central banks, which accords with the concepts paper offered by commercial banks in national currency. † and definitions of the IMF's Monetary and Financial Statistics Beginning in March 2000, legal rate charged by the CBE to Manual (MFSM), 2000. discount eligible commercial paper offered by commercial banks For December 2001 through June 2002, data have less in U.S. dollars. conformity with the MFSM methodology and therefore are not strictly comparable to data for later periods. Savings Rate: Weighted average rate offered by private banks on savings Other Depository Corporations: deposits in national currency. † Beginning in January 1999, Comprises private banks (both open and in the process of weighted average rate offered by private banks on savings liquidation), private finance companies, the National deposits in U.S. dollars. Development Bank, the Housing Bank of Ecuador, savings and loans associations, and financial cooperatives. Beginning in Deposit Rate: March 2002, includes credit card companies. Beginning in July Weighted average rate offered by private banks on 30- to 83-day 2002, excludes Filabanco (private bank) due to the lack of time deposits in national currency. † Beginning in January 1999, reporting. Beginning in January 2004, excludes the Housing Bank weighted average rate offered by private banks on 30- to 83-day of Ecuador. Data exclude investment funds, which issue short- time deposits in U.S. dollars. term liabilities to money holding sectors. Lending Rate: † Beginning in July 2002, data are based on a standardized report form (SRF) for other depository corporations, which accords Weighted average rate charged by private banks on 92- to 172- with the concepts and definitions of the Monetary and Financial day loans in national currency. † Beginning in January 1999, Statistics Manual (MFSM). weighted average rate charged by private banks on 92- to 172- day loans in U.S. dollars.

September 2007, International Monetary Fund : International Financial Statistics 35 Egypt 469

Date of Fund Membership: For December 2001 through December 2003, data have less December 27, 1945 conformity with the MFSM methodology and therefore are not strictly comparable to data for later periods. Standard Sources: Central Bank of Egypt Depository Corporations: See notes on central bank and other depository corporations. Exchange Rates: Beginning in October 1991, a unified exchange rate replaced the Monetary Aggregates: multiple exchange rate system. Since then, the Egyptian pound Broad Money: is traded freely in a single exchange market with the authorities Broad Money is calculated from the liability data in the sections intervening to maintain the rate in a tight band against U.S. for the central bank and other depository corporations. dollars. Market Rate: (End of Period and Period Average): † Beginning in Money (National Definitions): October 1991, data refer to the rate quoted by the Central Bank M1 (Money Supply) comprises currency outside the banking of Egypt based on Egypt's foreign exchange market conditions. system and demand deposits of resident nonbank nongovernment sectors in national currency. Central Bank: M2 (Domestic Liquidity) comprises M1 and quasi-money. Quasi- Consists of the Central Bank of Egypt (CBE) only. money consists of time and savings deposits of resident † Beginning in January 2004, data are based on a standardized nonbank nongovernment sectors in national currency and report form (SRF) for central banks, which accords with the demand, time, and savings deposits of resident nonbank concepts and definitions of the IMF's Monetary and Financial nongovernment sectors in foreign currency. Statistics Manual (MFSM). Departures from the MFSM methodology are explained below. Interest Rates: Monetary gold is valued annually at 75 percent of the average end-of-period London market prices of the latest three months Discount Rate (End of Period): instead of end-of-period market price. The rate at which the CBE discounts eligible commercial paper Held-to-maturity securities are valued at acquisition cost or fair to commercial banks. value, whichever is lower, rather than at end-period market price or fair value. Treasury Bill Rate: For December 2001 through December 2003, data have less Weighted average based on the last auction of the month. conformity with the MFSM methodology and therefore are not strictly comparable to data for later periods. Deposit Rate: Upper margin offered on fixed term deposits of less than one Other Depository Corporations: year. Comprises commercial banks, business and investment banks (except the Arab International Bank), and specialized banks. Lending Rate: † Beginning in January 2004, data are based on a SRF for other Upper margin on commercial bank loans to the general public; depository corporations, which accords with the concepts and the rates on agricultural and export credits are generally lower. definitions of the IMF's Monetary and Financial Statistics Manual (MFSM). Departures from the MFSM methodology are Prices: explained below.

Held-to-maturity securities are valued at acquisition cost or fair Industrial Share Price (End of Period): value, whichever is lower, rather than at current market price or Weighted average based on daily closing quotations, covering fair value. the whole industrial sector. Base 1992.

36 September 2007, International Monetary Fund : International Financial Statistics El Salvador 253

Date of Fund Membership: Other Financial Corporations: March 14, 1946 Consists of the Multisector Investment Bank only. Data are based on a standardized report form (SRF) for other Standard Sources: financial corporations, which accords with the concepts and Central Reserve Bank of El Salvador definitions of the Monetary and Financial Statistics Manual (MFSM). Exchange Rates: Monetary Aggregates: Market Rate (End of Period): On June 1, 1990 the exchange system was unified. The Broad Money: exchange rate is determined by commercial banks and exchange Broad Money is calculated from the liability data in the sections houses authorized to operate in the foreign exchange market. for the central bank and other depository corporations. Broad Since January 1993, the central bank has intervened in the Money differs from M3 described below as broad money market to maintain the value of the colón at C 8.755 per U.S. includes the deposits of other financial corporations, public dollar. In January 2001, the Ley de Integración Monetaria (Monetary nonfinancial corporations, and other nonfinancial corporations Integration Law) made the U.S. dollar legal tender and fixed the with the CRBES and the securities other than shares issued by exchange rate to colón 8.75 per U.S. dollar. the CRBES held by other financial corporations.

Central Bank: Money (National Definitions): Consists of the Central Reserve Bank of El Salvador (CRBES) Base money comprises national notes and coins in circulation, only. deposits of other depository corporations at the CRBES, and Data are based on a standardized report form (SRF) for central deposits of public financial institutions at the CRBES. banks, which accords with the concepts and definitions of the M1 comprises national notes and coins in circulation outside the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. banking system and demand deposits of the private sector with other depository corporations. Other Depository Corporations: M2 comprises M1 and savings and time deposits of the private Comprises commercial banks and finance companies. Data sector with other depository corporations. exclude the Workers Bank, credit unions, and savings and loans M3 comprises M2 and securities other than shares issued by associations. other depository corporations held by the private sector. Data are based on a standardized report form (SRF) for other depository corporations, which accords with the concepts and Interest Rates: definitions of the Monetary and Financial Statistics Manual (MFSM). Departures from the MFSM methodology are Money Market Rate: explained below. Average of rates on 1- to 7-day loans between commercial Loans are not fully sectorized owing to problems of banks. misreporting and quality of the information received. Data on deposits and repurchase agreements do not distinguish Deposit Rate: between resident and nonresident units. Rate offered by commercial banks and finance companies on Claims on Nonresidents includes deposits in resident other 180-day time deposits in national currency. depository corporations.

Claims on Private Sector includes loans to other depository Deposit Rate (Foreign currency): corporations, other financial corporations, and public Rate offered by commercial banks and finance companies on nonfinancial corporations. 180-day time deposits in foreign currency. Transferable Deposits Included in Broad Money and Other Deposits Lending Rate: Included in Broad Money include also deposits of nonresidents. Held-to-maturity securities are valued at acquisition cost rather Rate charged by commercial banks on loans of one year or less than at current market price or fair value. in national currency. Holdings of equity shares not traded in active markets are Lending Rate (Foreign Currency): valued at acquisition cost rather than at market price or fair value. Rate charged by commercial banks on loans of one year or less in foreign currency. Depository Corporations: See notes on central bank and other depository corporations.

September 2007, International Monetary Fund : International Financial Statistics 37 643

Date of Fund Membership: (MFSM). For other depository corporations in Eritrea, departures July 6, 1994 from the MFSM methodology are explained below. Financial assets and liabilities not disaggregated by economic Standard Sources: sector are allocated to the economic sector having the largest volume of transactions in that category. Some accrued interest is included in Other Items (Net) rather than Exchange Rates: in the outstanding amounts of the financial assets or liabilities.

Official Rate: (End of Period and Period Average): Depository Corporations: Central bank midpoint rate. Until October 1997, the Ethiopian See notes on central bank and other depository corporations. birr was legal tender. In November 1997, the was introduced, at par with the birr. Monetary Aggregates:

Central Bank: Broad Money: Consists of the Bank of Eritrea only. Broad Money calculated from the liability data in the sections for Data are based on a standardized report form (SRF) for central the central bank and other depository corporations accords with banks, which accords with the concepts and definitions of the the concepts and definitions of the MFSM and is consistent with IMF's Monetary and Financial Statistics Manual (MFSM), 2000. M2 described below. Departures from the MFSM methodology are explained below. Financial assets and liabilities not disaggregated by economic Money (National Definitions): sector are allocated to the economic sector having the largest Monetary base comprises currency in circulation, deposits of volume of transactions in that category. depository corporations in national and foreign currency with Some accrued interest is included in Other Items (Net) rather than the Bank of Eritrea, and deposits of local governments, public in the outstanding amounts of the financial assets and liabilities. financial corporations, and the private sector in national Foreign assets excludes a claim on the National Bank of currency with the Bank of Eritrea. Ethiopia, consisting of demonetized Ethiopian birr notes, and M1 comprises currency in circulation outside depository foreign liabilities excludes some account balances due to the corporations and demand deposits in national currency, other National Bank of Ethiopia. than those of the central government, with the Bank of Eritrea and other depository corporations. Other Depository Corporations: M2 comprises M1 plus savings and fixed deposits in national Comprises commercial banks. currency, other than those of the central government, with Data are based on a standardized report form (SRF) for other depository corporations. depository corporations, which accords with the concepts and definitions of the Monetary and Financial Statistics Manual

38 September 2007, International Monetary Fund : International Financial Statistics Euro Area 163

The original participating members of Stage Three of the countries. Only euro exchange rates are presented. For further European Monetary Union (EMU) are Austria, Belgium, Finland, information see Introduction to this Supplement. France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. Greece joined in January 2001, and Central Bank: (Eurosystem): in January 2007. The euro area is an official descriptor for the Covers the aggregated accounts of the Eurosystem. Includes monetary union and is defined by its actual membership as of a coin issue of governments, with the contra-entries recorded in specified date. Thus, the accession of Greece and Slovenia Other Items (Net). The classifications of economic sectors and created breaks in series. financial instruments used in the accounts are based on the The European Economic Community, established in 1958, Eurosystem's regulatory standards for monetary statistics. formed the basis for European integration and creation of the Claims on and Liabilities to the Euro Area Depository Corporations EMU through a three-stage process. On July 1, 1990, the include claims on, and liabilities to, the ECB, national central European Community entered Stage One of monetary union, banks, and other depository corporations (other MFIs) in the which led to freedom of capital movements, increased euro area. In contrast, Eurosystem members' Intra-Eurosystem cooperation among central banks, free usability of the European claims/liabilities related to banknote issue are recorded as part of currency unit (ECU), and improvement of economic Other Items (Net), where they effectively net to zero, and not as convergence among member states of the European Union (EU). part of Claims on and Liabilities to the Euro Area Depository The Maastricht Treaty, signed in February 1992, provided the Corporations. Bonds and Money Market Instruments include legal basis for Stage Two, which began with the establishment subordinated debt in the form of securities, other bonds, and of the European Monetary Institute (EMI). During Stage Two, money market paper. For additional information and description the member states achieved greater economic convergence, of the accounts, see the section on Monetary Statistics for Euro enhanced coordination of monetary policies, and prohibited Area in the Introduction to this Supplement. monetary financing of governments by central banks. The European Central Bank (ECB), successor to the EMI, was Other Depository Corporations: (Other Monetary established on June 1, 1998, as part of Stage Two. Stage Three Financial Institutions): began on January 1, 1999 when the euro-the euro area currency Comprises the aggregated accounts of all units in the euro area unit-was introduced, the conversion rates for national currencies classified as other monetary financial institutions (other MFIs), were irrevocably fixed, the new exchange rate mechanism (ERM defined in accordance with 1995 ESA standards. Claims on and II) became effective for two of the four EU countries that did not Liabilities to the Euro Area Depository Corporations include claims on join the initial EMU, and the Eurosystem (the ECB and the and liabilities to the ECB, national central banks, and other national central banks of the countries that adopted the euro) depository corporations (other MFIs) in the euro area. Money began conducting a single for the euro area. In Market Fund Shares includes shares/units issued by money 2002, euro banknotes issued by the Eurosystem and euro coins market funds. Bonds and Money Market Instruments includes issued by the national authorities replaced the national subordinated debt in the form of securities, other bonds, and currencies of the euro area countries. A description of the money market paper. For additional information and description methodology and presentation of accounts for the euro area is of the accounts, see the section on Monetary Statistics for Euro presented in the introduction to IFS. † Following the Area in the Introduction to this Supplement. participation of Greece in the Eurosystem, a break occurs in all series beginning with January 2001. Similar breaks in series Depository Corporations (Euro Area-wide Residency): resulted from accession of Slovenia into the Eurosystem in Consolidated accounts of the depository corporations of the January 2007. euro area, comprising the Eurosystem and other depository corporations (other MFIs). Euro area residency is based on the Standard Sources: membership in the Eurosystem as any specific date. Euro area European Central Bank. membership increased in January 2001 when Greece joined and in January 2007 when Slovenia joined. For additional Exchange Rates: information and description of the accounts, see the section on Monetary Statistics for Euro Area in the Introduction to this Market Rate (End of Period and Period Average): Supplement. The euro was created on January 1, 1999 as the legal currency of the euro area countries, with an initial value established by Money (Eurosystem Definition): setting one euro equal to one ECU, which was the accounting Euro area monetary aggregates comprise monetary liabilities of unit of the EU. During 1999-2001, national denominations MFIs (the Eurosystem and other depository corporations) and coexisted with the euro as physical circulating currencies and for central government monetary liabilities to non-MFI euro area denomination of financial instruments and transactions. The residents. Monetary liabilities of governments consist primarily national currencies have irrevocable fixed conversion factors of postal system savings accounts and Treasury Department against the euro, based on the configuration of exchange rates deposit facilities in some euro area countries. Beginning in 2002, when the euro was created. The irrevocably fixed, six includes euro banknotes and coins and unretired national significant digit conversion factors of national currencies per currency banknotes and coins. euro are as follows: Austrian schilling 13.7603, Belgian franc M1 comprises currency in circulation and overnight deposits. 40.3399, Finnish markka 5.94573, French franc 6.55957, German M1 Growth Rate . The M1 growth rates are calculated by the mark 1.95583, Greek drachmas 340.750, Irish pound .787564, ECB on the basis of adjusted flows rather than a simple 1,936.27, Luxembourg franc 40.3399, Netherlands comparison of end-of-period levels. The flows for the current guilder 2.20371, Portuguese escudo 200.482, period are calculated by adjusting the difference between the 239.640, and Spanish peseta 166.386. In 2002, euro banknotes stock at the end of the period and the stock at the end of the issued by the Eurosystem and euro coins issued by national previous period for effects that do not arise from transactions, authorities replaced the national currencies of the euro area such as reclassifications, foreign exchange revaluations, and other revaluations. Flows data used to compile the euro area M1

September 2007, International Monetary Fund : International Financial Statistics 39 Euro Area 163

Growth Rate are adjusted to eliminate the net effect on stocks of Eurosystem Deposit Facility Rate (line 60x) is the rate at a the enlargement of the euro area due to Greece's membership in Eurosystem standing facility at which eligible counterparties can January 2001 and Slovenia's membership in January 2007. make overnight deposits with national central banks. Further details on methodology are available on the ECB Interbank Rate (Overnight) (line 60a) and Interbank Rate (Three- website. Month Maturity) (line 60b) are interbank deposit bid rates. M2 comprises M1 plus deposits with agreed maturity up to Eurepo Rate(3-month): Average monthly rate on the 3-month two years and deposits redeemable at notice up to three Eurepo. The Eurepo rate is an average of the daily rates offered months. by a representative panel of prime banks, excluding the highest M3 comprises M2 plus repurchase agreements, money market and lowest 15 percent of all the quotes collected. fund shares and money market paper, and debt securities up to Deposit Rate (line 60l) is a weighted average euro area retail bank two years. deposit rate for deposits with an agreed maturity up to one year, Nonmonetary Liabilities of MFIs comprises the other liabilities of using instrument specific weights drawn from monthly MFI MFIs-deposits with agreed maturity over two years, deposits balance sheet statistics. redeemable at notice over three months, debt securities over two years, and capital and reserves. Deposit Rate (lines 60lhs, 60lhn, 60lcs, 60lcn, and 60lcr): Interest Rates: See notes in the Introduction to this Supplement and Euro-area Consists of three policy rates used by the Eurosystem and five Interest Rates. market weights calculated as weighted averages of rates prevailing in euro area countries. Lending Rate (lines 60phs, 60pns, 60phm, 60phn, Eurosystem Marginal Lending Facility Rate is the rate at a 60pcs, and 60pcn): Eurosystem standing facility at which eligible counterparties can See notes in the Introduction to this Supplement and Euro-area obtain overnight credit against eligible assets. The terms and Interest Rates. conditions of the facility are identical throughout the euro area. Government Bond Yield is a euro area yield for 10-year Eurosystem Refinancing Rate (line 60r) is the rate for the government bonds calculated on the basis of harmonized Eurosystem's main open-market refinancing operations in the national government bond yields weighted by GDP. For form of regular liquidity-providing reverse transactions with a additional information, refer to the Introduction to this weekly frequency and two-week maturity. Supplement.

40 September 2007, International Monetary Fund : International Financial Statistics Finland 172

Date of Fund Membership: Interest Rates: January 14, 1958 Discount Rate (End of Period): Standard Sources: Prior to January 1999, the discount rate provided the basis for European Central Bank determining the interest rates charged by commercial banks. Bank of Finland Over time, it had minor significance and was used mostly as a reference rate for loans and deposits. Beginning in January 1999, Exchange Rates: central bank policy rates are discontinued. See Eurosystem policy rate series on the euro area page. Official Rate: (End of Period and Period Average): In January 1999, the markka became a participating currency Money Market Rate: within the Eurosystem, and the euro market rate became Three-month Helibor rate and, beginning in January 1999, the applicable to all transactions. In 2002, the markka was retired three-month EURIBOR rate. Monthly data are the average of from circulation and replaced by euro banknotes and coins. For daily rates for the month. additional information, refer to the Introduction to this Supplement and the notes on the euro area page. Deposit Rate: Stock-weighted average of deposit rates of total deposits with Central Bank: credit institutions at end-of-month. Consists of the Bank of Finland, which beginning in January 1999 is part of the Eurosystem, only. For a description of the Deposit Rate (lines 60lhs, 60lhn, 60lcs, and 60lcn): accounts, refer to the section on Central Bank - Euro Area in the See notes in the Introduction to this Supplement and Euro-area Introduction to this Supplement.. Interest Rates.

Other Depository Corporations: Lending Rate: Comprises all resident units classified as other monetary Mean value of the end-of-month lending rates weighted by financial institutions (other MFIs), in accordance with 1995 ESA market value of stocks. standards, including money market funds. For a description of the accounts, refer to the section on Other Depository Corporations Lending Rate (lines 60phs, 60pns, 60phm, 60phn, - Euro Area in the Introduction to this Supplement. 60pcs, and 60pcn): See notes in the Introduction to this Supplement and Euro-area Depository Corporations (National Residency): Interest Rates. For a description of the accounts and the methodology, refer to the section on Depository Corporations (National Residency) - Euro Government Bond Yield: Area in the Introduction to this Supplement. Data refer to the period averages of quotations for a fixed rate serial bond with an average remaining maturity of 10 years. For Depository Corporations (Euro Area-wide Residency): additional information, refer to Introduction to this Supplement For a description of the accounts and the methodology, refer to and to the notes on the euro area page. the section on Depository Corporations (Euro Area-wide Residency) in the Introduction to this Supplement. Prices: Industrial Share Prices: Data refer to the average of daily buying quotations (base year 1990).

September 2007, International Monetary Fund : International Financial Statistics 41 France 132

Date of Fund Membership: Interest Rates: December 27, 1945 Rate on Repurchase Agreements: Standard Sources: Prior to January 1999, data refer to the interest rate for official European Central Bank repurchase agreements with the . The rate Bank of France typically served as the lower bound for short-term market rates. In January 1999, central bank policy rates were discontinued. Exchange Rates: Refer to Eurosystem policy rate series on the euro area page.

Market Rate (End of Period and Period Average): Money Market Rate: In January 1999, the French franc became a participating Prior to January 1999, data refer to the monthly average of rates currency within the Eurosystem, and the euro market rate for overnight loans against private bills, based on opening became applicable to all transactions. In 2002, the franc was quotations. From January 1999 onward, data refer to the three- retired from circulation and replaced by euro banknotes and month EURIBOR rate, which is an interbank deposit bid rate. coins. For additional information, refer to the Introduction to See euro area page. this Supplement and the notes on the euro area page. Deposit Rate: Central Bank: Rate on tax-exempt "A" passbook deposits at savings bank. Consists of the Bank of France, which beginning in January 1999 is part of the Eurosystem, only. Currency Issued includes coins Deposit Rate (lines 60lhs, 60lhn, 60lcs, 60lcn, and issued by the Treasury. For a description of the accounts, refer 60lcr): to the section on Central Bank - Euro Area in the Introduction to See notes in the Introduction to this Supplement and Euro-area this Supplement. Interest Rates.

Other Depository Corporations: Lending Rate: Comprises all resident units classified as other monetary Rate on short-term bank loans. financial institutions (other MFIs), as defined by the 1995 ESA standards. Accounts of the Caisse Nationale des Lending Rate (lines 60phs, 60pns, 60phm, 60phn, Télécommunications and the Caisse Nationale des Autoroutes- 60pcs, and 60pcn): affiliates of the Institutions financières spécialisées et assimilées-and See notes in the Introduction to this Supplement and Euro-area private sector deposits with the Postal System and Treasury are Interest Rates. not included, but the money market funds are included. For a description of the accounts, refer to the section on Other Government Bond Yield: Depository Corporations - Euro Area in the Introduction to this Average yield to maturity on public sector bonds with original Supplement. maturities of more than five years. Monthly yields are based on weighted averages of weekly data. For additional information, Depository Corporations (National Residency): refer to the Introduction to this Supplement and the notes on the For a description of the accounts and the methodology, refer to euro area page. the section on Depository Corporations (National Residency) - Euro Area in the Introduction to this Supplement. Prices:

Depository Corporations (Euro Area-wide Residency): Share Prices: For a description of the accounts and the methodology, refer to Base December 1987. The index covers the common shares of the section on Depository Corporations (Euro Area-wide Residency) the 40 enterprises having the largest capitalization. Price data in the Introduction to this Supplement. refer to averages of end-of-week quotations for each month. † Prior to 1987, the index was calculated from the sample of 180 shares on the Paris exchange.

42 September 2007, International Monetary Fund : International Financial Statistics Georgia 915

Date of Fund Membership: Money (National Definitions): May 5, 1992 Reserve Money comprises currency in circulation, required reserves of other depository corporations with the NBG, and Standard Sources: correspondent and other accounts of other depository National Bank of Georgia corporations with the NBG (including banks with licenses withdrawn). Exchange Rates: M2 comprises currency outside other depository corporations The lari was introduced and made the sole legal tender in and deposits (excluding accrued interest) in national currency October 1995. with other depository corporations, excluding deposits of the banking and government sectors. Beginning in March 2006, Official Rate: (End of Period and Period Average): includes accrued interest on deposits. Since April 1993, the official rate has been set by the National M3 comprises M2 plus deposits (excluding accrued interest) in Bank of Georgia (NBG) on the basis of the rate determined by foreign currency, excluding deposits of the banking and the periodic auctions conducted by the Tbilisi Interbank government sectors. Beginning in March 2006, includes accrued Currency Exchange (TICEX). This exchange was established by interest on deposits. the NBG and a group of commercial banks. Interest Rates: Central Bank: Consists of the National Bank of Georgia (NBG) only. Money Market Rate: Data are based on a standardized report form (SRF) for central Weighted average rate on loans determined in the interbank banks, which accords with the concepts and definitions of the credit auction market. The rate is weighted by the loan IMF's Monetary and Financial Statistics Manual (MFSM), 2000. amounts.

Other Depository Corporations: Treasury Bill Rate: Comprises domestic commercial banks and branches of foreign Weighted average rate on treasury bills. The rate is weighted by banks. issuance amounts. Data are based on a standardized report form (SRF) for other depository corporations, which accords with the concepts and Deposit Rate: definitions of the Monetary and Financial Statistics Manual Weighted average rate offered by commercial banks on three- (MFSM). month deposits in national currency. The rate is weighted by the deposit amounts. Depository Corporations: See notes on central bank and other depository corporations. Deposit Rate (Foreign currency): Weighted average rate offered by commercial banks on three- Monetary Aggregates: month deposits in foreign currency. The rate is weighted by the deposit amounts. Broad Money: Broad Money calculated from the liability data in the sections for Lending Rate: the central bank and other depository corporations accords with Weighted average rate charged by commercial banks on three- the concepts and definitions of the MFSM. Broad money differs month loans in national currency. The rate is weighted by the from M3 described below as broad money includes accrued loan amounts. interest on deposits. Beginning in March 2006, broad money is consistent with M3 described below. Lending Rate (Foreign Currency): Weighted average rate charged by commercial banks on three- month loans in foreign currency. The rate is weighted by the loan amounts.

September 2007, International Monetary Fund : International Financial Statistics 43 Germany 134

Date of Fund Membership: Money Market Rate: August 14, 1952 Period averages of ten daily average quotations for overnight credit. Standard Sources: European Central Bank Treasury Bill Rate: Deutsche Bundesbank Rate on 12-month Federal debt register claims.

Exchange Rates: Deposit Rate: Rate on three-month deposits in denominations of less than five Market Rate (End of Period and Period Average): hundred thousand euro. In January 1999, the deutsche mark became a participating currency within the Eurosystem, and the euro market rate Deposit Rate (lines 60lhs, 60lhn, 60lcs, and 60lcn): became applicable to all transactions. In 2002, the deutsche See notes in the Introduction to this Supplement and Euro-area mark was retired from circulation and replaced by euro Interest Rates. banknotes and coins. For additional information, refer to the Introduction to this Supplement and the notes on the euro area Lending Rate: page. Rate on current-account credit in denominations of less than five hundred thousand euro. Central Bank: Consists of the Deutsche Bundesbank, which beginning in Lending Rate (lines 60phs, 60pns, 60phm, 60phn, January 1999 is part of the Eurosystem, only. Currency Issued 60pcs, and 60pcn): includes coins issued by the Treasury. For a description of the See notes in the Introduction to this Supplement and Euro-area accounts, refer to the section on Central Bank - Euro Area in the Interest Rates. Introduction to this Supplement. Government Bond Yield: Long-Term (line 61): Other Depository Corporations: Data covers bonds issued by the Federal government, the Comprises all resident units classified as other monetary railways, the postal system, the Länder governments, financial institutions (other MFIs), in accordance with 1995 ESA municipalities, specific purpose public associations, and other standards, including money market funds. For a description of public associations established under special legislation. Data the accounts, refer to the section on Other Depository Corporations refers to the average yields on all these bonds with remaining - Euro Area in the Introduction to this Supplement. maturity of more than three years, weighted by amount of individual bonds in circulation. For additional information, refer Depository Corporations (National Residency): to the Introduction to this Supplement and the notes on the euro For a description of the accounts and the methodology, refer to area page. the section on Depository Corporations (National Residency) - Euro Area in the Introduction to this Supplement. Prices:

Depository Corporations (Euro Area-wide Residency): Share Prices: For a description of the accounts and the methodology, refer to Refers to the CDAX share price index (previously called all- the section on Depository Corporations (Euro Area-wide Residency) share price index FWBX) of the Deutsche Börse A.G. (base in the Introduction to this Supplement. December 30, 1987). It shows average price movements of all ordinary and preference shares officially listed on the Frankfurt Interest Rates: stock exchange of companies with headquarters in Germany. Discount Rate (End of Period): Prior to January 1999, the central bank policy rate which was discontinued as of January 1999. See Eurosystem policy rate series on the euro area page.

44 September 2007, International Monetary Fund : International Financial Statistics Greece 174

Date of Fund Membership: Interest Rates: December 27, 1945 Discount Rate (End of Period): Standard Sources: Refers to the discount rate offered by the Bank of Greece prior European Central Bank to April 1998 and, thereafter, refers to the interest rate applied to Bank of Greece deposits of 14-days maturity placed with the Bank of Greece; the Bank of Greece has made regular interventions in the Exchange Rates: domestic money market by conducting activities (every Wednesday) for accepting deposits with 14-days maturity. Market Rate (End of Period and Period Average): Accordingly, the interest rate applied to these deposits provides In January 2001, the drachma became a participating currency an indication of the liquidity conditions as well as the monetary within the Eurosystem, and the euro market rate became stance. In January 2001, the central bank rates were applicable to all transactions. In 2002, the drachma was retired discontinued. See Eurosystem policy rate on the euro area page. from circulation and replaced by euro banknotes and coins. For additional information, refer to the Introduction to this Treasury Bill Rate: Supplement and the notes on the euro area page. Beginning in January 2000, data refer to the monthly average yield on 12-month treasury bills. Prior to that date, data refer to Central Bank: the end-month rate on new issues of 12-month treasury bills. Consists of the Bank of Greece, which beginning in January 2001 is part of the Eurosystem, only. Currency Issued includes Deposit Rate: coins issued by the Treasury. For a description of the accounts, Before December 1987, refers to the maximum rate offered by refer to the section on Central Bank - Euro Area in the commercial banks on three to six month drachma deposits by Introduction to this Supplement. individuals and enterprises. Beginning in 1988, data refer to deposits with a maturity of 12 months. Other Depository Corporations: Comprises all resident units classified as other monetary Deposit Rate (lines 60lhs, 60lhn, 60lcs, 60lcn, and financial institutions (other MFIs), in accordance with 1995 ESA 60lcr): standards, including money market funds. Monthly statistical See notes in the Introduction to this Supplement and Euro-area reports are not required for several hundred small MFIs, but data Interest Rates. are estimated to represent the entire MFI sector. For a description of the accounts, refer to the section on Other Lending Rate: Depository Corporations - Euro Area in the Introduction to this Prior to January 1999, refers to short-term loans to enterprises Supplement. and households and, thereafter, refers to short-term loans to enterprises only. Beginning in June 1987, this rate was Depository Corporations (National Residency): liberalized and includes commissions. Before June 1987, For a description of the methodology and accounts, refer to the maximum rate charged by commercial banks for short-term section on Depository Corporations (National Residency) - Euro Area working capital loans to industry. in the Introduction to this Supplement. Lending Rate (lines 60phs, 60pns, 60phm, 60phn, Depository Corporations (Euro Area-wide Residency): 60pcs, and 60pcn): For a description of the methodology and accounts, refer to the See notes in the Introduction to this Supplement and Euro-area section on Depository Corporations (Euro Area-wide Residency) in Interest Rates. the Introduction to this Supplement. Government Bond Yield: Long-Term (line 61): Refers to the average daily yield on 10-year fixed-rate government bonds.

September 2007, International Monetary Fund : International Financial Statistics 45 Grenada 328

Date of Fund Membership: Depository Corporations: August 27, 1975 See notes on central bank and other depository corporations.

Standard Sources: Monetary Aggregates: East Caribbean Central Bank Broad Money: Exchange Rates: Broad Money is calculated from the liability data in the sections for the central bank and other depository corporations. Broad Official Rate: (End of Period and Period Average): money differs from M2 described below as broad money The official rate is pegged at EC$2.70 to US$1.00 since July includes the deposits of money holding sectors with the ECCB 1976. attributable to Grenada and deposits of other financial corporations, state and local government, and public Central Bank: nonfinancial corporations in national and foreign currencies with Data are based on a standardized report form (SRF) for central commercial banks. banks, which accords with the concepts and definitions of the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Money (National Definitions): Departures from the MFSM methodology are explained below. M1 comprises notes and coins held by the public and demand Data refer to accounts in the balance sheet of the East Caribbean deposits in national currency of the private sector with Central Bank (ECCB) attributable to Grenada. commercial banks. Financial derivatives are excluded from the data. M2 comprises M1 plus time, savings, and foreign currency Claims on Nonresident comprises estimates of Grenada's notional deposits of the private sector with commercial banks. share of the ECCB's foreign assets. Claims on Other Depository Corporations comprises the portion of Interest Rates: the ECCB's claims on resident other depository corporations attributable to Grenada. Discount Rate (End of Period): Claims on Central Government and Liabilities to Central Government Rate charged by the ECCB on loans of last resort to commercial comprise the portion of the ECCB's claims on and liabilities to banks. the central government attributable to Grenada.

Financial assets with other financial corporations, state and local Money Market Rate: governments, public nonfinancial corporations, and private Fixed rate on loans between commercial banks. The rate sector attributable to Grenada are not included in the data in the includes the commission charged by the ECCB as agent. The absence of a country of these accounts in the balance sheet of rate is weighted by loans amounts. the ECCB. Treasury Bill Rate: Currency in circulation comprises the portion of currency in circulation attributable to Grenada less vault cash held by other Rate on three-month treasury bills. depository corporations. Savings Rate: Some portion of other deposits to other depository corporations and interest accrued from these deposits are included in Other Maximum rate offered by commercial banks on savings deposits Items (Net). in national currency. † Beginning in June 2003, weighted average Share and other equity is not applicable to the member countries rate offered by commercial banks on savings deposits in national of the ECCU because the shares and other equity in the balance currency. The rate is weighted by deposit amounts. sheet of the ECCB exclusively belong to the ECCB. Savings Rate (Foreign Currency): Other Depository Corporations: Weighted average rate offered by commercial banks on savings Comprises commercial banks. Data exclude finance companies, deposits in foreign currency. The rate is weighted by deposit building societies, and credit unions, which accept deposits. amounts. Data are based on a standardized report form (SRF) for other Deposit Rate: depository corporations, which accords with the concepts and definitions of the Monetary and Financial Statistics Manual Maximum rate offered by commercial banks on three-month (MFSM). For resident other depository corporations in the time deposits. The rate is weighted by deposit amounts. member countries of the ECCU, departures from the MFSM Deposit Rate (Foreign currency): methodology are explained below. Weighted average rate offered by commercial banks on deposits Financial derivatives and insurance technical reserves are in foreign currency. The rate is weighted by deposit amounts. excluded from the data. Financial assets and liabilities for which economic sectorization Lending Rate: is unavailable are allocated to the economic sector having the Maximum rate charged by commercial banks on prime loans. largest volume of transactions in the category. The rate is weighted by loan amounts. Transferable Deposits Included in Broad Money includes all deposits of the private sector denominated in foreign currency. Lending Rate (Foreign Currency): Accounts receivable and payable are included in Other Items (Net) Weighted average rate charged by commercial banks on loans in rather than in other depository corporations' claims or liabilities foreign currency. The rate is weighted by loan amounts. to the corresponding economic sectors. Accrued interest on transactions with nonresidents is included in Other Items (Net) rather than in the outstanding amount of foreign assets and liabilities.

46 September 2007, International Monetary Fund : International Financial Statistics Guatemala 258

Date of Fund Membership: the concepts and definitions of the MFSM and is consistent with December 28, 1945 M3 described below.

Standard Sources: Money (National Definitions): Bank of Guatemala Base Money comprises notes and coins issued; legal reserve requirements, excess deposits, and obligatory investments of Exchange Rates: commercial banks; and deposits of finance companies, offshore banks, and savings and loans associations with the BoG. Market Rate (End of Period and Period Average): M1 comprises currency in circulation outside depository Central bank midpoint rate. Effective June 1, 1990, the principal corporations and transferable deposits of other financial rate refers to the average of the buying and selling rates, set on a corporations, state and local governments, public nonfinancial weekly basis, for official receipts and payments, imports of corporations, and private sector in national currency with other petroleum, and coffee exports. In addition, there is a market depository corporations. exchange rate determined by commercial banks and exchange M2 comprises M1 and time and savings deposits in national houses. Prior to that date, a system of independent floating was currency and deposits in foreign currency of other financial in effect. A multiple exchange rate system, introduced on corporations, state and local governments, public nonfinancial November 16, 1984, was modified on June 4, 1986 and was corporations, and private sector with the BoG and other abolished in 1991. depository corporations. M3 comprises M2 and securities other than shares issued by the Central Bank: BoG and other depository corporations in national and foreign Comprises the Bank of Guatemala (BoG) only. currency held by other financial corporations, state and local Data are based on a standardized report form (SRF) for central governments, public nonfinancial corporations, and private banks, which accords with the concepts and definitions of the sector. IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Interest Rates: Other Depository Corporations: Comprises private commercial banks, the government-owned Discount Rate (End of Period): Crédito Hipotecario Nacional, and finance companies. Beginning Rate charged by the Bank of Guatemala on eligible paper in December 2003, includes offshore banks that accept deposits presented by commercial banks. from residents. Beginning in December 2005, includes savings and loans associations. Money Market Rate: Data are based on a standardized report form (SRF) for other Weighted average rate on loans between commercial banks. The depository corporations, which accords with the concepts and rate is weighted by loan amounts. definitions of the Monetary and Financial Statistics Manual (MFSM). Departures from the MFSM methodology are Savings Rate: explained below. Weighted average rate offered by commercial banks on savings The classification of financial instruments is hampered by a deposits. The rate is weighted by deposit amounts. chart of accounts that does not allow a proper sectorization of financial assets and liabilities, nor a distinction between resident Deposit Rate: and nonresident units. Maximum rate offered by commercial banks on time and Claims on Private Sector includes loans to public nonfinancial savings deposits. † Beginning in January 1997, weighted average corporations. rate offered by commercial banks on time and savings deposits. Holdings of domestic securities are valued at acquisition cost The rate is weighted by deposit amounts. rather than at current market price or fair value. Lending Rate: Depository Corporations: Maximum rate charged by commercial banks on loans. † See notes on central bank and other depository corporations. Beginning in January 1997, weighted average rate charged by commercial banks on loans. The rate is weighted by loan Monetary Aggregates: amounts.

Broad Money: Broad Money calculated from the liability data in the sections for the central bank and other depository corporations accords with

September 2007, International Monetary Fund : International Financial Statistics 47 Guyana 336

Date of Fund Membership: Data for life insurance companies, nonlife insurance companies, September 26, 1966 and pension funds are available only on a quarterly basis. Even though monthly data are available for the finance companies, Standard Sources: data for other financial corporations are shown only on a Bank of Guyana quarterly basis to maintain consistency in the institutional coverage. Exchange Rates: Financial assets and liabilities for which economic sectorization is unavailable are allocated to the economic sector having the Market Rate (End of Period and Period Average): largest volume of transactions in the category. Central Bank midpoint rate. Claims on Nonresidents and Liabilities to Nonresidents include some accounts in foreign currency with resident economic sectors. Central Bank: Claims on Other Financial Corporations and Claims on Private Sector Consists of the Bank of Guyana (BOG) only. include some portion of financial assets with nonresidents. Data are based on a standardized report form (SRF) for central Accrued interest is included in Other items (Net) rather than in the banks, which accords with the concepts and definitions of the outstanding amounts of the financial assets and liabilities. IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Account receivables and payables are included in Other Items Departures from the MFSM methodology are explained below. (Net) rather than in claims on and liabilities to the corresponding Financial assets and liabilities for which economic sectorization economic sectors. is unavailable are allocated to the economic sector having the Securities other than shares are valued at acquisition cost rather largest volume of transactions in the category. than at current market price or fair value. Some securities other than shares are valued at acquisition cost Valuation adjustments are included in Other Items (Net) rather rather than at current market price or fair value. than in Shares and Other Equity. Accrued interest is included in Other Items (Net) rather than in the outstanding amounts of the financial assets and liabilities. Financial Corporations: Loans are reported net of provisions. See notes on central bank, other depository corporations, and other financial corporations. Other Depository Corporations: Comprises commercial banks, new building societies, and trust Monetary Aggregates: companies. Data are based on a standardized report form (SRF) for other Broad Money: depository corporations, which accords with the concepts and Broad Money calculated from the liability data in the sections for definitions of the Monetary and Financial Statistics Manual the central bank and other depository corporations differs from (MFSM). For other depository corporations in Guyana, M2 described below as broad money includes the deposits of departures from the MFSM methodology are explained below. other financial corporations, state and local governments, public Financial assets and liabilities for which economic sectorization nonfinancial corporations, and private sector with commercial is unavailable are allocated to the economic sector having the banks, new building societies and trust companies. largest volume of transactions in the category. Claims on Nonresidents and Liabilities to Nonresidents include some Money (National Definitions): accounts in foreign currency with resident economic sectors. Base Money comprises currency issued by the BOG. Claims on Other Financial Corporations and Claims on Private Sector Reserve Money comprises currency issued and deposits of the include some portion of financial assets with nonresidents. commercial banks with the BOG including the External For December 2001 through November 2002, accrued interest is Payment Deposit Scheme. The external payment deposits were included in Other items (Net) rather than in the outstanding local currency deposits made by commercial banks on behalf of amounts of the financial assets and liabilities. importers when restrictions were imposed on foreign exchange Account receivables and payables are included in Other Items transactions. By depositing money in external payment deposits (Net) rather than in claims on and liabilities to the corresponding with commercial banks, resident importers could expect to economic sectors. receive foreign currency with which to make their payments. Securities other than shares are valued at acquisition cost rather Although this scheme was discontinued after 1990, those than at current market price or fair value. depositors that disagreed to take losses arising from the Valuation adjustments are included in Other Items (Net) rather discontinuation still keep the questioned amount in the account than in Shares and Other Equity for of the new building societies pending final settlement. and trust companies. M1 comprises currency in circulation, demand deposits in national currency of the private sector with commercial banks, Depository Corporations: and checks outstanding. See notes on central bank and other depository corporations. M2 comprises M1 and time and savings deposits in national currency of the private sector with commercial banks. Other Financial Corporations: Comprises finance companies, life insurance companies, nonlife Interest Rates: insurance companies, and pension funds. Beginning in Treasury Bill Rate: September 2005, the data include asset management companies. Average tender rate for three-month treasury bills. Data are based on a standardized report form (SRF) for other financial corporations, which accords with the concepts and Savings Rate: definitions of the Monetary and Financial Statistics Manual Rate offered by commercial banks on small savings deposits in (MFSM). For other financial corporations in Guyana, departures national currency. from the MFSM methodology are explained below.

48 September 2007, International Monetary Fund : International Financial Statistics Guyana 336

Deposit Rate: Lending Rate: Rate offered by commercial banks on three-month time Prime rate charged by commercial banks on loans to preferred deposits. customers.

September 2007, International Monetary Fund : International Financial Statistics 49 Haiti 263

Date of Fund Membership: Monetary Aggregates: September 8, 1953 Broad Money: Standard Source: Broad Money calculated from the liability data in the sections for Bank of the Republic of Haiti the central bank and other depository corporations accords with the concepts and definitions of the MFSM and is consistent with Exchange Rates: M3 described below.

Market Rate (End of Period): Money (National Definitions): Central bank average rate weighted by the volume of Monetary Base comprises currency in circulation; banker's transactions in the banking and informal markets. Since April correspondent and other accounts at the BRH; 1995, the Bank of the Republic of Haiti has operated a dollar commercial banks' investment in BRH securities; and clearinghouse. Commercial banks quote buying and selling rates transferable and time deposits in national and foreign currency for certain other currencies based on the buying and selling rates of state and local governments, public nonfinancial corporations, of the dollar in exchange markets abroad. The market is private sector, and other financial corporations with the BRH. dominated by commercial banks, with the money changers and Currency in circulation refers to notes and coins issued by the other informal market agents following this market. BRH less currency in the vaults of the BRH. M1 comprises currency in circulation and transferable deposits. Central Bank: Currency in circulation refers to notes and coins issued by the Consists of the Bank of the Republic of Haiti (BRH) only. BRH less the amount held by commercial banks. Transferable † Beginning in October 2006, data are based on a standardized deposits refer to the current account deposits in national report form (SRF) for central banks, which accords with the currency of the private sector with commercial banks. concepts and definitions of the IMF's Monetary and Financial M2 comprises M1, savings and time deposits, and securities Statistics Manual (MFSM), 2000. Departures from the MFSM other than shares issued by commercial banks in national methodology are explained below. currency held by the private sector. Time deposits refer to both Accrued interest on a small portion of financial instruments is conventional time deposits and bonds and debentures in included in Other Items (Net) rather than in the outstanding national currency of the private sector with commercial banks. amounts of the financial assets and liabilities. M3 comprises M2, and transferable, savings, and time deposits Insurance technical reserves are included in Other Items (Net). in foreign currency of the private sector with commercial banks. For December 2001 through September 2006, data in the SRF format are compiled from pre-SRF data not fully based on the Interest Rates: MFSM methodology. Central Bank Bond Rate: Other Depository Corporations: Rate on the last monthly issue of 91-day central bank bonds Comprises commercial banks. Data exclude cooperatives for auctioned by the BRH. savings and credit, which accept deposits. † Beginning in October 2006, data are based on a standardized Savings Rate: report form (SRF) for other depository corporations, which Average of minimum and maximum rates offered by accords with the concepts and definitions of the Monetary and commercial banks on savings deposits in national currency. Financial Statistics Manual (MFSM). For other depository corporations in Haiti, departures from the MFSM methodology Savings Rate (Foreign Currency): are explained below. Accrued interest on a small portion of Average rate offered by commercial banks on savings deposits financial instruments is included in Other Items (Net) rather than in foreign currency. in the outstanding amounts of the financial assets and liabilities.

Insurance technical reserves are included in Other Items (Net). Deposit Rate: The residency criterion is not applied uniformly by all other Average of minimum and maximum rates offered by depository corporations. Consequently certain financial commercial banks on time deposits in national currency. instruments are included in Foreign Assets or Foreign Liabilities Deposit Rate (Foreign Currency): rather than as claims on/liabilities to the corresponding domestic sector. Average rate offered by commercial banks on time deposits in For December 2001 through September 2006, data in the SRF foreign currency. format are compiled from pre-SRF data not fully based on the Lending Rate: MFSM methodology. Average of minimum and maximum rates charged by Depository Corporations: commercial banks on loans in national currency. † See notes on central bank and other depository corporations. Lending Rate (Foreign Currency): Average rate charged by commercial banks on non-preferential loans in foreign currency.

50 September 2007, International Monetary Fund : International Financial Statistics Hungary 944

Date of Fund Membership: 1998, comprises the monthly average of daily stocks of notes May 6, 1982 and coins issued, the average of daily stocks of other MFI's compulsory reserves during the last two weeks of the months, Standard Source: and the average of overnight deposits with the NBH during the National Bank of Hungary month. Beginning in September 1998, comprises the monthly average of notes and coins issued and other MFI's compulsory Exchange Rates: reserves and overnight deposits with the NBH during the month. Official Rate: (End of Period and Period Average): M2 comprises M1, time and savings deposits in national National bank midpoint rate. Beginning October 1991, a unified currency, and all foreign currency deposits of resident non-MFIs exchange rate pegged to a composite of currencies was other than central government with MFIs. Beginning in January introduced. 1993, M2 comprises M1 and deposits with agreed maturity up to two years of resident non-MFIs other than central Central Bank: government with MFIs. Consists of the National Bank of Hungary (NBH) only. M3 comprises M2 and securities issued by other MFIs (e.g., † Beginning in January 2003, data are compiled in accordance bonds, CDs, and other debt securities, as defined by the with the European Central Bank's framework for monetary Securities Act). Beginning in January 1993, M3 comprises M2, statistics using the national residency approach. money market fund shares/units, repurchase agreements, and For December 2001 to December 2002, data do not fully debt securities with original maturity of up to two years issued conform with the European Central Bank's framework for by MFIs to residents other than MFIs and central government. monetary statistics and are not strictly comparable to data for M4 comprises M3, government securities (bonds and treasury later periods. bills), and domestic NBH bills held by resident non-MFIs. Claims on Central Government includes debt of the central budget, owing to valuation differences previously included in Other Items Interest Rates: (Net). Other Liabilities to Other Depository Corporations includes foreign Discount Rate (End of Period): currency deposits, repurchase agreement deposits, syndicated Basic rate at which NBH offers loans with maturity of more loans, and noncallable deposits in national currency of other than one year to other MFIs. As of July 13, 2001, the base rate monetary financial institutions (other MFIs) with the NBH. and rate on two-week deposit facilities at the NBH are identical.

Other Depository Corporations: Treasury Bill Rate: † See notes on central bank and other depository corporations. Weighted average yield on 90-day Treasury bills sold at auctions. Monetary Aggregates: Deposit Rate: Broad Money: Simple arithmetic rate offered by banks on deposits with Broad Money is calculated from the liability data in the sections maturity of over one month and up to one year. † Beginning in for the central bank and other depository corporations. Broad January 1990, weighted average rate offered by banks on money differs from M3 described below because separate data deposits with maturity of over one month and up to one year. † on the issuance by MFIs of money market funds/shares and debt Beginning in January 1995, average rate offered by other MFIs securities with maturity up to two years to the money holding on deposits with maturity of up to one year to nonfinancial sectors are not currently available under the ECB reporting corporations, weighted by volume of new deposits received framework. during the last reporting month.

Money (National Definitions): Lending Rate: Monetary Base (line 19ma) comprises end-month stock of notes Average rate charged by other MFIs on loans with maturity of and coins issued, the average of daily stocks of other MFI's less than one year to nonfinancial corporations, weighted by compulsory reserve during the last two weeks of the month, volume of new credit extended during the last reporting month. and the average of other forint deposits, excluding overnight deposits, with the NBH during the month. Beginning in May

September 2007, International Monetary Fund : International Financial Statistics 51 Indonesia 536

Date of Fund Membership: Depository Corporations: April 15, 1954 See notes on central bank and other depository corporations. Withdrew from membership: August 17, 1965 Readmitted to membership: February 21, 1967 Monetary Aggregates:

Standard Sources: Broad Money: Bank Indonesia Broad Money calculated from the liability data in the sections for the central bank and other depository corporations accords with Exchange Rates: the concepts and definitions of the MFSM and is consistent with M2 described below. Market Rate (End of Period and Period Average): Central Bank midpoint rate. Money (National Definitions): Base Money comprises currency in circulation, transferable Central Bank: deposits in national and foreign currencies that other depository Consists of the Bank Indonesia (BI) only. corporations, and other deposits in national currency that other † Beginning in June 2004, data are based on a standardized depository corporations, other financial corporations, state and report form (SRF) for central banks, which accords with the local governments, and the private sector (other nonfinancial concepts and definitions of the IMF's Monetary and Financial corporations and other resident sectors), hold in the BI. Currency Statistics Manual (MFSM), 2000. in circulation is Rupiah currency notes and coins issued by the BI For December 2001 through May 2004, data in the SRF format less note and coin holdings of BI. are compiled from pre-SRF data not based on the MFSM M1 comprises currency outside depository corporations and methodology. Departures from the MFSM methodology are transferable deposits. Currency outside depository corporations is the explained below. amount of currency in circulation less the Rupiah currency note All deposits of other depository corporations are included in and coin holdings of other depository corporations. Transferable Liabilities to Other Depository Corporations in the absence of data deposits are current account deposits in national currency that separating the deposits included in and excluded from the other financial corporations, state and local governments, and monetary base. the private sector hold in the BI and other depository All certificates issued by the BI are included in Other Liabilities to corporations. Other Depository Corporations in the absence of data on an M2 comprises M1, quasi-money, and securities issued by other individual economic sector's holdings, recognizing that other depository corporations held by other financial corporations, depository corporations are the principal holders of BI state and local governments, public nonfinancial corporations, certificates. and the private sector. Quasi-money comprises time, savings, and Accrued interest is included in Other Items (Net) rather than in foreign-currency deposits that other financial corporations, state the outstanding amounts of the financial assets and liabilities. and local governments, public nonfinancial corporations, and the private sector hold in the BI and other depository corporations. Other Depository Corporations: Comprises commercial banks, which are grouped into state Interest Rates: banks, regional government banks, private domestic banks and foreign and joint venture banks. † Beginning in June 2004, the Discount Rate (End of Period): data include rural banks. Coverage excludes mutual funds (Reksa Rate on one-month Bank Indonesia Certificates (SBIs). Dana), which issue short-term liabilities. † Beginning in June 2004, data are based on a standardized Money Market Rate: report form (SRF) for other depository corporations, which Rate on one-day loans between commercial banks. accords with the concepts and definitions of the Monetary and

Financial Statistics Manual (MFSM). Deposit Rate: For December 2001 through May 2004, data in the SRF format Average rate offered by commercial banks on six-month time are compiled from pre-SRF data not based on the MFSM deposits. † Beginning in January 1990, weighted average rate methodology. Departures from the MFSM methodology are offered by commercial banks on three-month time deposits in explained below. national currency. Rate is weighted by deposit amounts. Financial derivatives are included in Other Items (Net). Deposit Rate (Foreign currency): Financial assets and liabilities not disaggregated by economic sector are allocated to the economic sector having the largest Weighted average rate offered by commercial banks on three- volume of transactions in the category. month time deposits in foreign currency. Rate is weighted by Claims on Central Government includes holdings of rupiah deposit amounts. denominated shares and other equity issued by other financial Lending Rate: corporations, public nonfinancial corporations, and nonresidents. Weighted average rate charged by commercial banks on loans to Holdings of securities issued by other financial corporations are the private sector for working capital in national currency. Rate not identified. is weighted by loan amounts. Securities Other than Shares Included in Broad Money are not Lending Rate (Foreign Currency): distinguished from Securities Other than Shares Excluded from Broad Money. Weighted average rate charged by commercial banks on loans to Loans to nonresidents are included in Other Items (Net). the private sector for working capital in foreign currency. Rate is Accrued interest is included in Other Items (Net) rather than in weighted by loan amounts. the outstanding amounts of the financial assets and liabilities.

52 September 2007, International Monetary Fund : International Financial Statistics Indonesia 536

Prices: Stock price index of the Jakarta Stock Exchange, base August 10, 1982. Share Prices:

September 2007, International Monetary Fund : International Financial Statistics 53 Ireland 178

Date of Fund Membership: liquidity shortages. Beginning in January 1999, central bank August 8, 1957 policy rates are discontinued. See Eurosystem policy rate series on the Euro Area page. Standard Sources: European Central Bank Money Market Rate: Central Bank of Ireland Rate on one-month fixed interbank deposits (data refer to closing rates). Exchange Rates: In January 1999, the pound became a participating currency Treasury Bill Rate: within the Eurosystem, and the euro market rate became Yield on 90-day exchequer notes. applicable to all transactions. In 2002, the pound was retired from circulation and replaced by euro banknotes and coins. For Deposit Rate: additional information, refer to the Introduction to this Rate offered by licensed banks on demand deposits in the range Supplement and the notes on the euro area page. of six to thirty thousand euro.

Central Bank: Deposit Rate (lines 60lhs and 60lcs): Consists of the Central Bank of Ireland, which is part of the See notes in the Introduction to this Supplement and Euro-area Eurosystem beginning in January 1999, only. For a description of Interest Rates. the accounts, refer the section on Central Bank - Euro Area in the Lending Rate: Introduction to this Supplement. Lower point of range of rates charged on short-term loans to Other Depository Corporations: large commercial customers by the associated banks. Prior to Comprises all resident units classified as other monetary 1991, data refer to the rate charged to AAA customers in the financial institutions (other MFIs), in accordance with 1995 ESA primary, manufacturing, and service sectors. standards, including money market funds. For a description of Lending Rate (lines 60phs, 60pns, 60phm, 60phn, the accounts, refer to the section on Other Depository Corporations 60pcs, and 60pcn): - Euro Area in the Introduction to this Supplement. See notes in the Introduction to this IFS Supplement and Euro-area Depository Corporations (National Residency): Interest Rates. For a description of the accounts and the methodology, refer to Government Bond Yield: Long-Term (line 61): the section on Depository Corporations (National Residency) - Euro Area in the Introduction to this Supplement. Representative yield on government securities with 15-year maturities. For additional information, refer to the section on Depository Corporations (Euro Area-wide Residency): interest rates in the Introduction to this Supplement and the notes For a description of the methodology and accounts, refer to the on the euro area page. section on Depository Corporations (Euro Area-wide Residency) in Prices: the Introduction to this Supplement. Share Prices: Interest Rates: Index of share prices, Irish Stock Exchange's equity index of all Discount Rate (End of Period): Official List and USM equities, excluding UK-registered Short-term facility rate charged by the Bank of Ireland on funds, companies, weights reference period: December 1987. up to a specified quota, lent to banks experiencing day-to-day

54 September 2007, International Monetary Fund : International Financial Statistics Italy 136

Date of Fund Membership: Treasury Bill Rate: March 27, 1947 Monthly average yield, before tax, on newly issued three- month, six-month, and twelve-month treasury bills, weighted Standard Sources: by the respective volumes of the three maturities. European Central Bank Bank of Italy Deposit Rate: Prior to August 1992, data referred to the average paid rate by Exchange Rates: banks on current accounts and savings accounts. † Beginning in August 1992, data refer to the rate paid by banks on current Market Rate (End of Period and Period Average): accounts, savings accounts, and certificates of deposits. In January 1999, the lira became a participating currency within the Eurosystem, and the euro market rate became applicable to Deposit Rate (lines 60lhs, 60lhn, and 60lcr): all transactions. In 2002, the lira was retired from circulation and See notes in the Introduction to this Supplement and Euro-area replaced by euro banknotes and coins. For additional Interest Rates. information, refer to the Introduction to this Supplement and the notes on the euro area page. Lending Rate: † Beginning in 1990, data refer to the average rate charged by Central Bank: credit institutions and specialized credit institutions on short- Consists of the Bank of Italy, which beginning in January 1999 is term loans. part of the Eurosystem, only. Currency Issued includes coins issued by the Treasury; also, beginning in January 1999, includes Lending Rate (lines 60phs, 60pns, 60phm, 60phn, the equity of the Italian Foreign Exchange Office. For a 60pcs, and 60pcn): description of the accounts, refer to the section on Central Bank - See notes in the Introduction to this Supplement and Euro-area Euro Area in the Introduction to this Supplement. Interest Rates.

Other Depository Corporations: Government Bond Yield: Long-Term (line 61): Comprises all resident units classified as other monetary Prior to April 1991, the data are average yields to maturity on financial institutions (other MFIs), as defined by 1995 ESA bonds with original maturities of 15 to 20 years, issued on standards, including money market funds. Positions with behalf of the Treasury by the Consortium of Credit for Public residents of San Marino and the Vatican City are treated as Works. Between April 1991 and December 1998, the data are nonresident positions. For a description of the accounts, refer to average yields to maturity on bonds with residual maturities the section on Other Depository Corporations - Euro Area in the between 9 and 10 years. From January 1999 onward, monthly Introduction to this Supplement. data are arithmetic averages of daily gross yields to maturity of the fixed-coupon ten-year treasury benchmark bond (last issued Depository Corporations (National Residency): bond beginning from the date when it becomes the most traded For a description of the accounts and the methodology, refer to issue among government securities with residual maturities the section on Depository Corporations (National Residency) - Euro between nine and ten years), based on prices in the official Area in the Introduction to this Supplement. wholesale market.

Depository Corporations (Euro Area-wide Residency): Medium-Term (line 61b): For a description of the methodology and accounts, refer to the Prior to January 1991, the data are average yields to maturity on section on Depository Corporations (Euro Area-wide Residency) in treasury bonds with maximum original maturities of nine years. the Introduction to this Supplement. Between January 1991 and December 1998, the data are average yields to maturity on bonds with residual maturity between Interest Rates: four and six years. From January 1999 onward, monthly data are Discount Rate (End of Period): arithmetic averages of daily gross yields to maturity of the fixed- Prior to January 1999, data refer to rate charged by the Bank of coupon five-year treasury benchmark bond (last issued bond Italy for rediscounts on commercial bills; the same rate was also beginning from the date when it becomes the most traded issue applied to the Bank of Italy's advances and was used as the base among government securities with residual maturities between for "extraordinary" advances, on which penalties were applied. four and five years), based on prices in the official wholesale Beginning in January 1999, central bank policy rates are market. For additional information, refer to the section on discontinued. See Eurosystem policy rate series on the euro area international liquidity in the Introduction to this Supplement and page. the notes on the euro area page.

Money Market Rate: Prices: Three-month interbank rate. Beginning in February 1990, data Share Prices: represent arithmetic averages of daily rates, which are weighted Data refer to the MIB index (base year 1975) calculated by the averages of rates based on the volume of transactions for the Milan Stock Exchange and are based on the quoted prices of all day (data were compiled by the Bank of Italy). stocks traded on that exchange.

September 2007, International Monetary Fund : International Financial Statistics 55 Jamaica 343

Date of Fund Membership: Accrued interest is included in Other items (Net) rather than in the February 21, 1963 outstanding amounts of the financial assets and liabilities.

Standard Sources: Depository Corporations: Bank of Jamaica See notes on central bank and other depository corporations.

Exchange Rates: Monetary Aggregates:

Market Rate (End of Period and Period Average): Broad Money: Midpoint rate in the foreign exchange market in Jamaica. Broad Money calculated from the liability data in the sections for the central bank and other depository corporations differs from Central Bank: M2 described below as broad money includes demand, time, Consists of the Bank of Jamaica (BOJ) only. and savings deposits of other resident sectors and other Data are based on a standardized report form (SRF) for central nonfinancial corporations in national currency with FIAs and banks, which accords with the concepts and definitions of the building societies and securities other than shares issued by the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. BOJ held outside other depository corporations. Data in the SRF format are compiled from pre-SRF data which are not fully based on the MFSM methodology. Departures Money (National Definitions): from the MFSM methodology are explained below. Base Money comprises currency issued, statutory cash reserves, Financial assets and liabilities for which economic sectorization and current accounts of commercial banks with the BOJ in is unavailable are allocated to the economic sector having the national currency. largest volume of transactions in the category. M1 comprises notes and coins in circulation outside commercial Overdrafts to the central government are subtracted from banks and demand deposits of other resident sectors and other Liabilities to Central Government rather than classified as loans to nonfinancial corporations in national currency with commercial central government. banks. Claim on Other Financial Corporations includes loans net of M2 comprises M1 and quasi money. Quasi money comprises provisions. time and savings deposits in national currency of other resident Securities Other than Shares Included in Broad Money includes all sectors and other nonfinancial corporations with commercial securities other than shares issued by the BOJ prior to January banks. 2004, irrespective of the holder. Shares and Other Equity includes the present value of excess Interest Rates: funds of the pension scheme for the BOJ staff. Money Market Rate: Accounts receivable and payable are included in Other Items (Net) Average rate on overnight interbank transactions in national rather than in the BOJ's claims on or liabilities to the currency. corresponding sectors. Accrued interest is included in Other items (Net) rather than in the Treasury Bill Rate: outstanding amounts of the financial assets and liabilities. Average yield of treasury bills issued during the month with maturities closest to 180 days. Other Depository Corporations: Comprises commercial banks, financial corporations established Savings Rate: under the Financial Institutions Act (FIAs), and building Minimum rate offered by commercial banks on savings societies. The FIAs comprise merchant banks, trust companies, deposits. and finance houses. Data are based on a standardized report form (SRF) for other Deposit Rate: depository corporations, which accords with the concepts and Weighted average rate offered by commercial banks on three- to definitions of the Monetary and Financial Statistics Manual six-month deposits. Rate is weighted by deposits amounts. (MFSM). Data in the SRF format are compiled from data contained in the balance sheet of other depository corporations Lending Rate: and are not fully based on the MFSM methodology. For other Weighted average rate offered by commercial banks on all loans, depository corporations in Jamaica, departures from the MFSM excluding staff loans. Rate is weighted by loan amounts. methodology are explained below. Financial assets and liabilities for which economic sectorization Prices: is unavailable are allocated to the economic sector having the largest volume of transactions in the category. Industrial Share Prices: Liabilities to Nonresidents includes a small portion of liabilities to Industrial share price index covering shares quoted in the residents in foreign currency. Jamaican Stock Exchange, base 1969. Accounts receivable and payable are included in Other Items (Net) rather than in the other depository corporations' claims on or liabilities to the corresponding economic sectors.

56 September 2007, International Monetary Fund : International Financial Statistics Japan 158

Date of Fund Membership: Accounts receivable and payable are included in Other Items (Net) August 13, 1952 rather than in the other depository corporations' claim on and liabilities to the corresponding sectors. Standard Sources: Valuation adjustment is included in Other Items (Net) rather than Bank of Japan in Shares and Other Equity.

Exchange Rates: Depository Corporations: See notes on central bank and other depository corporations. Market Rate (End of Period and Period Average): Midpoint rate in the interbank foreign exchange market in Other Financial Corporations: Tokyo. Comprises life insurance companies, nonlife insurance companies, mutual aid insurance companies, pension funds, Central Bank: securities investment trusts, finance companies, structured- Consists of the Bank of Japan (BOJ) only. financing special purpose companies and trusts, public financial Data in the SRF format are based on balance sheet data for the institutions, financial dealers and brokers, and financial central bank published in the Flow of Funds Accounts (FFA) and auxiliaries. other account information of the BOJ publicly available on a Data in the SRF format are based on balance sheet data for other monthly basis, which are not fully based on the Monetary and financial corporations published in the FFA, which are not fully Financial Statistics Manual (MFSM) methodology. Departures based on the Monetary and Financial Statistics Manual (MFSM) from the MFSM methodology are explained below. methodology. Departures from the MFSM methodology are Financial assets and liabilities for which economic sectorization explained below. is unavailable are allocated to the economic sector assumed to Data for other financial corporations are available only on a have a significant volume of transactions in the category. quarterly basis. Accrued interest is included in Other items (Net) rather than in the Financial assets and liabilities for which economic sectorization outstanding amounts of the financial assets and liabilities. is unavailable are allocated to the economic sector assumed Accounts receivable and payable are included in Other Items (Net) having a significant volume of transaction in the category. rather than in the BOJ's claims on and liabilities to the Accounts receivable and payable are included in Other Items (Net) corresponding sectors. rather than in the other financial corporations' claims on and Currency in circulation includes coins circulated by BOJ on behalf liabilities to the corresponding sectors. of the government. The counter entry of this amount is included Accrued interest is included in Other items (Net) rather than in the in Other Items (Net). outstanding amounts of the financial assets and liabilities. Shares and other equity comprises 100 million yen of funds Shares and other equity includes funds contributed by owners contributed by owners. The figure is not significant in the only. Retained earnings, current year result, general and special publication which is expressed in trillion of yen. reserves, and valuation adjustment are included in the Other Valuation adjustment is included in Other Items (Net) rather than Items (Net). in Shares and Other Equity. Financial Corporations: Other Depository Corporations: See notes on central bank, other depository corporations, and Comprises domestically licensed banks, foreign-owned banks in other financial corporations. Japan, financial institutions for agriculture, forestry, and fisheries (Norinchukin Bank, Credit Federation of Agricultural Monetary Aggregates: Cooperatives, agricultural cooperatives, Credit Federation of Fishery Cooperatives, Fisheries Cooperative Association), Broad Money: financial institutions for small business (National Federation of Broad Money calculated from the liability data in the section for Credit Associations, shinkin banks, Shoko Chukin Bank, the central bank and other depository corporations differs from Shinkumi Federation Bank, credit unions, Rokinren Bank, labor Broadly-defined Liquidity described below mainly because broad credit associations), postal savings, and collectively managed money (i) does not include pecuniary trusts other than money trusts. trusts, investment trusts, bank debentures, commercial paper Data in the SRF format are based on balance sheet data for other issued by financial institutions, repurchase agreements, depository corporations published in the FFA, which are not securities lending with cash collateral, government bonds, and fully based on the Monetary and Financial Statistics Manual foreign bonds, (ii) is on an end-of-month basis while Broadly- (MFSM) methodology. Departures from the MFSM defined Liquidity is on a month average basis, and (iii) is estimated methodology are explained below. for the intervening months between end of each quarter and the Data are available only on a quarterly basis. Data for the most current two months. intervening months are estimated by interpolation. Data for the Currency in Circulation outside Depository Corporation includes two months after the latest quarter are estimated by currency issued by the central government. extrapolation. Financial assets and liabilities for which economic sectorization Money (National Definitions): is unavailable are allocated to the economic sector that assumed M1 comprises notes and coins in circulation outside baking to have a significant volume of transactions in the category. institutions, checks and notes held by banking institutions and Commercial papers and bank debentures held by money holders demand and savings deposits of the private sector, local are included in Other Items (Net) rather than in Securities other than governments, public nonfinancial corporations, securities Shares Included in Broad Money. companies, securities finance companies, and Tanshi companies Accrued interest is included in Other items (Net) rather than in the with banking institutions in national currency. The banking outstanding amounts of the financial assets and liabilities. institutions surveyed for M1 include the BOJ, domestically licensed banks, foreign banks in Japan, foreign trust banks, and

September 2007, International Monetary Fund : International Financial Statistics 57 Japan 158

Shinkin Central Bank, Shinkin banks, Norinchukin Bank, and securities, and eligible commercial bills. This rate is considered Shoko Chukin Bank. the key indicator of the BOJ's discount policy. M2 plus CDs comprises M1 plus fixed and installment savings deposits, time deposits, and certificates of deposit of the private Money Market Rate: sector, local governments, public nonfinancial corporations, Lending rate for collateral and overnight loans in the Tokyo Call securities companies, securities finance companies, and Tanshi Money Market. companies with banking institutions in national and foreign currency and nonresident deposits with banking institutions in Financing Bill Rate: national currency. Average rate of yield on 13-week Financing Bills issued by M3 plus CDs comprises M2 plus CDs, deposits with Japan Post, government of Japan. other savings and fixed deposits with credit cooperatives, Labor Credit Associations, Agricultural Cooperatives, Fishery Deposit Rate: Cooperatives, and trust accounts held at domestically licensed Average interest rate on unregulated three-month time deposits, banks, and savings and fixed deposits with the Shinkumi ranging in size from three million yen to under ten million yen. Federation Bank, National Federation of Labor Credit Associations, Credit Federation of Agricultural Cooperatives, Certificates of Deposit Rate: and Credit Federation of Fishery Cooperatives of the private Average interest rate on 90-179 day certificate of deposit issued sector, local governments, public nonfinancial corporations, by domestically licensed banks. securities companies, securities finance companies, and Tanshi companies. Lending Rate: Broadly-defined Liquidity comprises M3 plus CDs, pecuniary Weighted arithmetic average of contracted interest rates charged trusts other than money trusts, investment by all banks on both short- and long-term loans, discounts, and trusts, bank debentures, commercial paper issued by financial overdrafts. institutions, repurchase agreements and securities lending with cash collateral, government bonds, and foreign bonds. Government Bond Yield: M1, M2 plus CDs, and M3 plus CDs are an end-of-month basis Arithmetic average yield on newly issued government bonds while Broadly-defined Liquidity is on a month average basis. with ten-year maturity.

Interest Rates: Prices:

Discount Rate (End of Period): Share Prices: Rate at which the BOJ discounts eligible commercial bills and The index, base January 4, 1968, refers to the average of daily loans secured by government bonds, specially designed closing prices for all shares listed on the Tokyo exchange.

58 September 2007, International Monetary Fund : International Financial Statistics Kazakhstan 916

Date of Fund Membership: Official rather than market exchange rates are used to convert July 15, 1992 foreign currency denominated accounts into tenge equivalents. A legal rather than an economic criterion is used to delineate Standard Sources: resident and nonresident units. National Bank of Kazakhstan The recording of syndicated lending is not consistent among commercial banks. Exchange Rates: For December 2001 through December 2002 data have less The tenge was introduced in November 1993. conformity with the MFSM methodology and therefore are not strictly comparable to data for later periods. Official Rate: (End of Period and Period Average): Holdings of securities for investment are valued at acquisition Prior to August 1995, the official rate was established at periodic cost rather than at market price or fair value. interbank auctions. Between August and December 1995, the Official rather than markets exchange rates are used to convert official rate was set at the beginning of each week by the central foreign currency denominated accounts into tenge equivalents. bank based on the auction rate for the previous week and taking A legal rather than an economic criterion is used to delineate into account market developments. Beginning in January 1996, resident and nonresident units. the official weekly rate is a weighted average, by volume, of the The recording of syndicated lending is not consistent among interbank rates established at daily foreign exchange auctions commercial banks. and in the market outside of the auctions. Monthly data are averages of weekly data. Depository Corporations: See notes on central bank and other depository corporations. Central Bank: Consists of the National Bank of Kazakhstan (NBK) only. Monetary Aggregates: † Beginning in January 2003, data are based on a standardized Broad Money: report form (SRF) for central banks, which accords with the Broad Money is calculated from the liability data in the sections concepts and definitions of the IMF's Monetary and Financial for the central bank and other depository corporations and is Statistics Manual (MFSM), 2000. consistent with M3 described below. For December 2001 through December 2002 data have less conformity with the MFSM methodology and therefore are not Money (National Definitions): strictly comparable to data for later periods. M1 comprises transferable deposits of households and nonbank Claims on Central Government and Liabilities to Central Government legal entities in national currency with commercial banks. refer to positions with the general government, which M2 comprises M1 and other deposits in national currency and comprises central and local government units and transferable deposits in foreign currency of households and extrabudgetary funds. nonbank legal entities with commercial banks. Claims on Private sector includes financial assets with claims on M3 comprises M2 and other deposits in foreign currency of public nonfinancial corporations. households and nonbank legal entities with commercial banks.

Other Depository Corporations: Interest Rates: Comprises commercial banks. † Beginning in January 2003, data are based on a standardized report form (SRF) for other Refinancing Rate (End of Period): depository corporations, which accords with the concepts and Annualized interest rate until June 1995; thereafter, compound definitions of the Monetary and Financial Statistics Manual annual rate, which is established as the minimum interest rate (MFSM). Departures from the MFSM methodology are for NBK auctions of credit to commercial banks. explained below. Holdings of securities for investment are valued at acquisition Treasury Bill Rate: cost rather than at current market price or fair value. Yield based on treasury bill prices established at the last auction of the month.

September 2007, International Monetary Fund : International Financial Statistics 59 Lesotho 666

Date of Fund Membership: Monetary Aggregates: July 25, 1968 Broad Money: Standard Sources: Broad Money calculated from the liability data in the sections for Central Bank of Lesotho the central bank and other depository corporations accords with the concepts and definitions of the MFSM and is consistent with Exchange Rates: M2 described below.

Official Rate: (End of Period and Period Average): Money (National Definitions): The loti is at par with the South African rand (see note on the M1 comprises notes and coins in circulation outside depository page for South Africa for a description of the exchange rates). corporations and demand and call deposits in national currency of other financial corporations, local governments, public Central Bank: nonfinancial corporations, and private sector with depository Consists of the Central Bank of Lesotho (CBL) only. corporations. Data are based on a standardized report form (SRF) for central Quasi-money comprises time and savings deposits in national banks, which accords with the concepts and definitions of the currency of other financial corporations, local governments, IMF's Monetary and Financial Statistics Manual (MFSM), 2000. public nonfinancial corporations, and private sector with Departures from the MFSM methodology are explained below. depository corporations. Held-to-maturity securities are valued at amortization cost M2 (Money Supply) comprises M1 and quasi-money. rather than current market price or fair value. Accrued interest is included in Other Items (Net) rather than in Interest Rates: the outstanding amounts of the financial assets and liabilities. Treasury Bill Rate: Other Depository Corporations: Average rate on treasury bills. † Beginning in April 1993 average Comprises commercial banks. rate of three issues of 91-day treasury bills. The rate is Data are based on a standardized report form (SRF) for other determined through securities auctions by the CBL. depository corporations, which accords with the concepts and definitions of the Monetary and Financial Statistics Manual Savings Rate: (MFSM). For other depository corporations in Lesotho, Maximum rate offered by commercial banks on savings departures from the MFSM methodology are explained below. deposits. Held-to-maturity securities are valued at amortization cost rather than current market price or fair value. Deposit Rate: Financial assets for which economic sectorization is unavailable Rate prevailing at or near the end of the month for 88-day are allocated to the economic sector having the largest volume deposits. of transactions in that category.

Accrued interest is included in Other Items (Net) rather than in Lending Rate: the outstanding amounts of the financial assets and liabilities. Rate charged by banks to most creditworthy customers at or near the end of the month. Depository Corporations: See notes on central bank and other depository corporations.

60 September 2007, International Monetary Fund : International Financial Statistics Lithuania 946

Date of Fund Membership: the non-central government, non-MFI resident sectors with April 29, 1992 resident MFIs. M3 comprise M2 and marketable instruments issued by MFIs, Standard Source: namely repurchase agreements contracted by MFIs with non- Bank of Lithuania central government non-MFI resident sectors, and money market fund shares/units and debt securities with maturity up to Exchange Rates: two years issued by MFIs to non-central government, non-MFI The talons replaced the ruble in October 1992 at the rate of RUB resident sectors. 1 = LTT 1. The litas replaced the talonas in June 1993 at the rate of LTT 100 = LTL 1. Interest Rates: Bank Rate (End of Period): Official Rate: (End of Period and Period Average): Bank of Lithuania rate on overnight repurchase agreements. The official exchange rate of the litas is set by resolution of the Bank of Lithuania's Board. Until February 1, 2002, the anchor Money Market Rate: currency of the litas was the U.S. dollar. Effective February 2, Average rate on interbank credit with maturities of up to one 2002, the litas are pegged to the euro. month. † Beginning in January 1998, average rate on one-day contracts between resident banks in national currency. Central Bank: Consists of the Bank of Lithuania only. Money Market Rate (Foreign Currency): † Beginning in March 2004, data are compiled in accordance Average rate on one-day contracts between resident banks in with the European Central Bank's framework for monetary foreign currency. statistics using the national residency approach. Prior to March 2004, data do not fully conform with the Savings Rate: European Central Bank's framework for monetary statistics and Average rate offered by banks on savings deposits in national are not strictly comparable to the data for later periods. currency.

Other Depository Corporations: Savings Rate (Foreign Currency): Comprises commercial banks, branches of foreign banks, and Average rate offered by banks on savings deposits in foreign credit unions. currency. † Beginning in March 2004, data are compiled in accordance with the European Central Bank's framework for monetary Treasury Bill Rate: statistics using the national residency approach. Prior to March Average auction rate on 91-day treasury bills. † Beginning in 2004, data do not fully conform with the European Central January 2000, average auction rate on one-year treasury bills. Bank's framework for monetary statistics and are not strictly comparable to the data for later periods. Deposit Rate: Average of rates offered by banks on time deposits of residents Depository Corporations: in national currency weighted by volume. † Beginning in † See notes on central bank and other depository corporations. January 2005, average of rates on new time deposits of households and nonfinancial corporations in national currency Monetary Aggregates: weighted by volume. Broad Money: Broad Money is calculated from the liability data in the sections Deposit Rate (Foreign Currency): for the central bank and other depository corporations. Average of rates offered by banks on time deposits of residents in foreign currency weighted by volume. † Beginning in January Money (National Definitions): 2005, average of rates on new time deposits of households and Base Money comprises currency in circulation and deposits of nonfinancial corporations in euros weighted by volume. resident sectors at the Bank of Lithuania excluding deposits of central and other general government. Lending Rate: M1 comprises currency held by the public and demand deposits Average of rates charged by banks on all loans and advances to of the private sector, public nonfinancial corporations, and other residents in national currency weighted by volume. † Beginning financial corporations with the Bank of Lithuania and other in January 2005, average of rates on new loans to households depository corporations. † Beginning in March 2004, M1 and nonfinancial corporations in national currency weighted by comprises currency in circulation and overnight deposits with volume. monetary financial institutions (MFIs) of the non-central Lending Rate (Foreign Currency): government, non-MFI resident sectors. M2 comprises M1 and time, savings, and foreign currency Average of rates charged by banks on loans and advances to deposits of the private sector, public nonfinancial corporations, residents in foreign currency, weighted by volume. † Beginning and other financial corporations with the Bank of Lithuania and in January 2005, average of rates on new loans to households other depository corporations. † Beginning in March 2004, M2 and nonfinancial corporations in euros weighted by volume. comprises M1and deposits with agreed maturity up to two years and deposits redeemable at notice up to three months of

September 2007, International Monetary Fund : International Financial Statistics 61 Luxembourg 137

Date of Fund Membership: Depository Corporations (Euro Area-wide Residency): December 27, 1945. For a description of the methodology and accounts, refer to the section on Depository Corporations (Euro Area-wide Residency) in Standard Sources: the Introduction to this Supplement. European Central Bank. Central Bank of Luxembourg. Interest Rates:

Exchange Rates: Deposit Rate: In January 1999, the Luxembourg franc became a participating Rate on savings deposits with the Banque et Caisse d'Epargne currency within the Eurosystem, and the euro market rate de l'Etat. became applicable to all transactions. In 2002, the Luxembourg franc was retired from circulation and replaced by euro Deposit Rate (lines 60lhs, 60lhn, 60lcs, and 60lcn): banknotes and coins. For additional information, refer to the See notes in the Introduction to this Supplement and Euro-area Introduction to this Supplement and the notes on the euro area Interest Rates. page. Lending Rate: Central Bank: Minimum rate on mortgage loans by the Banque et Caisse Consists of the Central Bank of Luxembourg, which beginning d'Epargne de l'Etat. in January 1999 is part of the Eurosystem, only. For a description of the accounts, refer to the section on Central Bank - Euro Area Lending Rate (lines 60phm, 60pcs, and 60pcn): in the Introduction to this Supplement. See notes in the Introduction to this Supplement and Euro-area Interest Rates. Other Depository Corporations: Government Bond Yield: Long-Term (line 61): Comprises all resident units classified as other monetary financial institutions (other MFIs), as defined in 1995 ESA Weighted average yield to maturity on all government bonds standards, including money market funds. For a description of quoted in the Luxembourg Stock Exchange. Prior to 1978, data the accounts, refer to the section on Other Depository Corporations referred to the average weighted yield to average maturity as - Euro Area in the Introduction to this Supplement. Central then calculated by the Luxembourg Stock Exchange. For Government Monetary Liabilities consists of post office deposit additional information, refer to the section on interest rates in liabilities, which beginning in 1999 are a component of euro the introduction to IFS and the notes on the euro area page. area monetary aggregates. Prices: Share Prices: Index (base 1967) covering share prices of national companies calculated by the Luxembourg Stock Exchange.

62 September 2007, International Monetary Fund : International Financial Statistics Malaysia 548

Date of Fund Membership: † Beginning in December 2002, data are based on a standardized March 7, 1958. report form (SRF) for other depository corporations, which accords with the concepts and definitions of the Monetary and Standard Sources: Financial Statistics Manual (MFSM). For other depository Bank Negara Malaysia. corporations in Malaysia, departures from the MFSM methodology are explained below. Exchange Rates: Financial assets and liabilities for which economic sectorization is unavailable are allocated to the economic sector having the Official Rate: (End of Period and Period Average): largest volume of transactions in the category. Closing interbank rate in Kuala Lumpur. Effective September 2, Foreign Assets and Foreign Liabilities include some claims on and 1998, the official rate of the ringgit was pegged to the U.S. dollar liabilities to other financial corporations, respectively. at a rate of RM 3.80 per dollar. On July 21, 2005, Malaysia Securities and shares held for trading are valued at the lower of adopted a managed float exchange rate regime whereby the acquisition cost and market price rather than at current market exchange rate of the ringgit would be managed against a basket price or fair value. Securities other than shares held for of currencies, reflecting the currencies of Malaysia's major investment are valued at either acquisition cost adjusted for trading partners. amortization/accretion of discount or acquisition cost plus earned discount rather than at market price or fair value. Shares Central Bank: and other equity held for investment are valued at acquisition Consists of the Bank Negara Malaysia (BNM) only. cost rather than at market price or fair value. Beginning in † Beginning in December 2002, data are based on a standardized January 2005, securities and shares for trading are valued at fair report form (SRF) for central banks, which accords with the value and any gain or loss arising from a change in the fair value concepts and definitions of the IMF's Monetary and Financial is recognized as a profit or loss. Held-to-maturity securities and Statistics Manual (MFSM), 2000. Departures from the MFSM shares are valued at the amortized cost using the effective methodology are explained below. interest method and a gain or loss is recognized when the Securities other than shares are valued at acquisition cost securities are derecognized or impaired and through the adjusted for any amortization of premium and accretion of amortization process. Other securities that are not held for discounts rather than at current market price or fair value and trading or held-to-maturity investments are measured at fair are revalued at the end of the fiscal year, only when market value. Investments in equity instruments that do not have a value is lower than acquisition cost. Foreign assets and foreign quoted market price in an active market and whose fair value liabilities are revalued quarterly rather than on a monthly basis. cannot be reliably measured are valued at acquisition cost and Accrued interest not disaggregated by economic sector is any gain or loss arising from a change in the fair value is allocated to the economic sector having the largest volume of recognized directly in equity through the statement of changes transactions in the category. in equity, except for impairment losses and foreign exchange For December 2001 through November 2002, data in the SRF gains and losses. format are compiled from pre-SRF data not based on the MFSM Accrued interest not disaggregated by economic sector is methodology. Departures from the MFSM methodology are allocated to the economic sector having the largest volume of explained below. transactions in the category. Financial derivatives are excluded from the data. For December 2001 through November 2002, data in the SRF Financial assets and liabilities not disaggregated by economic format are compiled from pre-SRF data not based on the MFSM sector are allocated to the economic sector having the largest methodology. Departures from the MFSM methodology are volume of transactions in the category. explained below. Claims on Public Nonfinancial Corporations includes some claims on Financial derivatives are excluded from the data. other financial corporations. Financial assets and liabilities for which economic sectorization Liabilities to Central Government includes some deposits of other is unavailable are allocated to the economic sector having the financial corporations. largest volume of transactions in the category. All bills issued by the BNM are included in Other Liabilities to Claims on Other Nonfinancial Corporations includes some holdings Other Depository Corporations in the absence of data on an of securities issued by other financial corporations. individual economic sector's holdings, recognizing that other Other Deposits Included in Broad Money includes some deposits of depository corporations are the principal holders of BNM bonds. the central government. Securities other than shares are valued at acquisition cost Securities and shares held for trading are valued at the lower of adjusted for any amortization of premium and accretion of acquisition cost and market price rather than at current market discounts rather than at current market price or fair value and price or fair value. Securities other than shares held for are revalued at the end of the fiscal year, only when market investment are valued at either acquisition cost adjusted for value is lower than acquisition cost. Foreign assets and foreign amortization/accretion of discount or acquisition cost plus liabilities are revalued quarterly rather than on a monthly basis. earned discount rather than at market price or fair value. Shares Accrued interest is included in Other Items (Net) rather than in and other equity held for investment are valued at acquisition the outstanding amounts of the financial assets and liabilities. cost rather than at market price or fair value. Accrued interest is included in Other Items (Net) rather than in Other Depository Corporations: the outstanding amounts of the financial assets or liabilities. Comprises commercial banks, finance companies, merchant banks, Islamic banks, and discount houses. Beginning in January Depository Corporations: 2006, the finance companies merged operations with † See notes on central bank and other depository corporations. commercial banks. Data exclude the housing credit institutions, savings institutions, deposit-taking development financial institutions, and cooperative societies, which issue deposits or substitutes of deposits to money holding sectors.

September 2007, International Monetary Fund : International Financial Statistics 63 Malaysia 548

Monetary Aggregates: governments, public nonfinancial corporations, and private sector with finance companies, merchant banks, and discount Broad Money: houses and foreign currency deposits of state and local Broad Money calculated from the liability data in the sections for governments, public nonfinancial corporations, and private the central bank and other depository corporations differs from sector, and foreign entities with finance companies, merchant M3 described below, because of the money holder/issuer banks, and discount houses. classification used for M3. Interest Rates: Money (National Definitions): Reserve Money comprises currency in circulation, bankers' Discount Rate (End of Period): required reserves, bankers' excess reserves, and deposits of the Rate of discount on three-month treasury bills. private sector. Currency in circulation refers to notes and coins issued by the BNM less the amount of notes and coins held by Money Market Rate: banking institutions (commercial banks, finance companies, Weighted average overnight interbank rate. Monthly rates refer merchant banks, Islamic banks, and discount houses). Required to the average for the trading days of the month. Daily rates are reserves refer to the amount placed by banking institutions, calculated as the average of interbank deposit rates for the day, except discount houses, with the BNM in compliance with the with individual rates weighted by the volume of transactions. Statutory Reserve Requirement. Excess reserves refer to cash in Treasury Bill Rate: vault of the banking institutions and their demand deposits with the BNM. Deposits of the private sector refer to the demand and Average discount rate on three-month treasury bills. time deposits placed by other financial corporations and public Savings Rate: agencies with the BNM. Beginning in April 1997, reserve money excludes deposits of the Weighted average rate offered by commercial banks on savings private sector. As part of performing the role of banker to the deposits in national currency. The rate is weighted by deposit government, the BNM had been providing retail banking amounts in single rate savings accounts as well as multi-tiered services to the other financial corporations and public agencies. savings accounts. In April 1997, the BNM ceased to provide these services. Deposit Rate: M1 comprises currency in circulation and transferable deposits. Currency in circulation refers to the notes and coins issued by Average rate offered by commercial banks on three-month time the BNM less the amount held by commercial banks and Islamic deposits to the private sector in national currency. banks. Transferable deposits refer to the current accounts in Lending Rate: national currency of state and local governments, public nonfinancial corporations, and private sector with commercial Weighted average rate offered by commercial banks on all loans banks and Islamic banks. in national currency. The rate is weighted by loan amounts. M2 comprises M1 and narrow quasi-money. Narrow quasi- Government Bond Yield: money refers to savings, time, and other deposits, negotiable Market yield to maturity on five-year government bonds. instruments of deposits, and repurchase agreements of state and local governments, public nonfinancial corporations, and private Prices: sector with commercial banks and Islamic banks and foreign currency deposits of state and local governments, public Share Prices: nonfinancial corporations, private sector, and foreign entities Composite stock price index of the Kuala Lumpur Stock with commercial banks and Islamic banks. Exchange, base 1977. The index is limited to 100 companies M3 comprises M2 and deposits placed with other banking although the actual component companies can change from institutions. Deposits with other banking institutions refer to time to time and weighted by market capitalization. The savings, time, and other deposits, negotiable instruments of monthly index is calculated from the average of the daily closing deposits, and repurchase agreements of state and local quotations.

64 September 2007, International Monetary Fund : International Financial Statistics Mauritius 684

Date of Fund Membership: Claims on Private Sector excludes financial derivatives and a September 28, 1968. significant portion of loans. Securities other than shares excluded from broad money, loans, and financial derivatives are Standard Sources: included in Other Items (Net). . Valuation adjustment and retained earnings are included in Other Items (Net) rather than in Shares and Other Equity. Exchange Rates: Depository Corporations Survey: Market Rate (End of Period and Period Average): † See notes on central bank and other depository corporations. Average of opening midpoint rates in the interbank foreign exchange market in Mauritius. Monetary Aggregates:

Central Bank: Broad Money: Consists of the Bank of Mauritius (BOM) only. Broad Money calculated from the liability data in the sections for † Beginning in June 2003, data are based on a standardized the central bank and other depository corporations. report form (SRF) for central banks, which accords with the concepts and definitions of the IMF's Monetary and Financial Money (National Definitions): Statistics Manual (MFSM), 2000. Departures from the MFSM M1 comprises notes and coins in circulation outside the banks methodology are explained below. and demand deposits of the private sector, local governments, Financial assets and liabilities not disaggregated by economic public nonfinancial corporations, and other financial sector are allocated to the economic sector having the largest corporations with the banks. volume of transactions in that category. M2 comprises M1, plus time, savings, and foreign currency † For December 2001 through May 2003, data in the SRF format deposits of the private sector, local governments, public are compiled from pre-SRF data not based on the MFSM nonfinancial corporations, and other financial corporations with methodology. Departures from the MFSM methodology are the banks. explained below. Broad Money comprises notes and coins in circulation outside the Monetary gold is included in Other Items (Net) rather than in depository corporations, transferable, time, and savings deposits Claims on Nonresidents. in national and foreign currency of the private sector, local Financial assets with the private sector are included in Other governments, public nonfinancial corporations, and other Items (Net) rather than in Claims on the Private Sector. financial corporations with the depository corporations, and Restricted deposits are included in Other Items (Net) rather than securities other than shares issued by other depository in Deposits Excluded from Broad Money. corporations held by the private sector, local governments, Valuation adjustment and general and special reserves are public nonfinancial corporations, and other financial included in Other Items (Net) rather than in Shares and Other corporations. Equity. Interest Rates:

Other Depository Corporations: Discount Rate (End of Period): Comprises state and private commercial banks, branches of Rate offered by the Bank of Mauritius on overnight foreign banks, and Mauritius Post Office Savings Bank. † collateralized loans to commercial banks. Beginning in June 2003, includes deposit-taking nonbank financial institutions which comprise leasing and finance Money Market Rate: corporations, Mauritius Housing Company Ltd., SICOM Interbank deposits at call. Financial Services Ltd., and Mauritius Civil Service Mutual Aid Association Ltd. In August 2003, the Mauritius Post Office Savings Rate: Savings Bank merged operations with the New Co-operative Minimum rate offered by commercial banks on savings Bank Ltd. a commercial bank. Data exclude the Mauritius deposits. Development Bank. † Beginning in June 2003, data are based on a standardized Deposit Rate: report form (SRF) for other depository corporations, which Maximum rate offered by commercial banks on three-month accords with the concepts and definitions of the Monetary and deposits. Financial Statistics Manual (MFSM). Departures from the MFSM methodology are explained below. Lending Rate: Financial assets and liabilities not disaggregated by economic Maximum rate charged by commercial banks on overdraft loans sector are allocated to the economic sector having the largest to prime customers. volume of transactions in that category. † For December 2001 through May 2003, data in the SRF format Prices: are compiled from pre-SRF data not based on the MFSM methodology. Departures from the MFSM methodology are Share Prices: explained below. Price index of the Stock Exchange of Mauritius, base July 5, Claims on other financial corporations and claims on state and 1989. Prices are the arithmetic average of each session's share local government are not separately identified. prices as quoted by the Stock Exchange Commission of Claims on Public Nonfinancial Corporations excludes a significant Mauritius. portion of loans, securities other than shares, and shares and other equity.

September 2007, International Monetary Fund : International Financial Statistics 65 Mexico 273

Date of Fund Membership: Monetary Aggregates: December 31, 1945. Broad Money: Standard Sources: Broad Money calculated from the liability data in the sections for Bank of Mexico. the central bank and other depository corporations accords with the concepts and definitions of the MFSM. Broad money differs Exchange Rates: from M2 described below as M2 includes securities issued by On January 1, 1993, the new peso, equal to 1,000 old pesos, was the entire public sector held by residents and other instruments introduced. The denomination “new” was transitory and was held by pension funds, while broad money includes only central used only on bills issued in January 1993 (series B) and in government bonds. Conversely, broad money includes deposits October 1994 (series C) but has been eliminated on bills issued of local governments and public nonfinancial corporations, beginning in 1996; therefore, the currency has been while M2 includes only deposits of the private sector. redenominated as pesos. Money (National Definitions): Market Rate (End of Period and Period Average): Base Money comprises bills and coins outside the Bank of On November 11, 1991, foreign exchange surrender Mexico and demand deposits of commercial and development requirements were eliminated, along with related exchange banks in the Bank of Mexico control measures that originated in the dual exchange system. M1 comprises banknotes and coins outside the depository Until October 31, 1991, the dual exchange market consisted of corporations system and deposits in checking and current (1) a controlled market rate that applied to specific transactions accounts, which can be withdrawn through debit cards, in amounting to about 70 percent of commercial and payments national and foreign currency of the private sector in other transactions, and (2) a free market rate that applied to the depository corporations. remaining transactions. As of November 1991, a more flexible M2 comprises M1 plus demand (other than deposits in checking exchange regime was introduced under which the peso and current accounts) and time deposits in national and foreign fluctuated within an intervention band. As of August 1, 1996, currency of the private sector in other depository corporations, the Bank of Mexico introduced a system for buying foreign public securities (federal government, Banco de Mexico, Institute exchange on the market, without abandoning its commitment for the Protection of Bank Savings (IPAB), other public sector to the floating exchange rate. Under this system, the Bank of institutions, and local governments) held by residents, and other Mexico organized monthly auctions of options that give instruments held by pension funds. financial institutions the right to sell U.S. dollars to the Bank of M3 comprises M2 plus demand and time deposits of Mexico in exchange for Mexican pesos. nonresidents in other depository corporations and public securities (federal government, Banco de Mexico, and IPAB) held Central Bank: by nonresidents. Consists of the Bank of Mexico only. M4 comprises M3 plus deposits of residents and nonresidents in Data are based on a standardized report form (SRF) for central branches abroad of domestic other depository corporations. banks, which accords with the concepts and definitions of the M4a comprises M4 plus deposits and instruments of the public IMF's Monetary and Financial Statistics Manual (MFSM), 2000. sector (federal, municipal, and state governments, nonfinancial public enterprises, and development trust funds). Other Depository Corporations: M4 National Currency comprises all the instruments denominated Comprises commercial banks, development banks, credit in national currency that are included in M4. unions, savings and loans associations, investment funds, M4 Foreign Currency comprises all the instruments denominated financial leasing companies, and specialized lending institutions. in foreign currency that are included in M4. Data are based on a standardized report form (SRF) for other depository corporations, which accords with the concepts and Interest Rates: definitions of the Monetary and Financial Statistics Manual Money Market Rate: (MFSM). Average of rates quoted by commercial banks on six-month bankers' acceptances. † Beginning in July 1988, average of rates Depository Corporations: quoted by commercial banks on three-month bankers' See notes on central bank and other depository corporations. acceptances. † Beginning in March 1995, weighted average rate on loans between financial corporations (TIIE). The rate is Other Financial Corporations: weighted by daily loan amounts. Comprises insurance companies, pension funds, guarantee corporations, general deposit warehouses, economic Treasury Bill Rate: development funds, and stock exchange houses. Average yield on 90-day treasury bills. † Beginning in January Data are based on a standardized report form (SRF) for other 1988, average yield on 28-day treasury bills, calculated from the financial corporations, which accords with the concepts and weighted average rate of discount on daily transactions among definitions of the Monetary and Financial Statistics Manual dealers on the Mexican Securities Exchange. For periods during (MFSM). which no auction of treasury bills were held, no data are published. Financial Corporations: See notes on central bank, other depository corporations, and Savings Rate: other financial corporations. Weighted average of gross rates agreed on operations during the month, payable to individuals.

66 September 2007, International Monetary Fund : International Financial Statistics Mexico 273

Deposit Rate: Lending Rate: Weighted average rate paid to individuals on 60-day time Lending rate indicator: Weighted average of amounts placed on deposits. the securities exchange at various terms with the yield curve calculated on commercial paper and stock certificates of Average Cost of Funds: qualified companies. Weighted average percentage cost of deposit-taking (CPP), including time bank deposits, promissory notes with yield Government Bond Yield: Long-Term (line 61): payable at maturity, other deposits (except sight and savings), Weighted average yield on development bonds of 728 days. † bankers' acceptances, and commercial paper with bank Beginning in January 2000, weighted average yield on three-year guarantees. † Beginning in February 1996, weighted cost of fixed rate government bonds. † Beginning in December 2001, deposit-taking (CPP), including time bank deposits, promissory weighted average yield on ten-year fixed rate government notes with yield payable at maturity, other deposits (except bonds. The yield is weighted by issuance amounts. sight and savings), bankers' acceptances, and commercial paper with bank guarantee. Prices: Share Prices: General share price index covering shares quoted on the Mexico City Stock Exchange, base October 1, 1978.

September 2007, International Monetary Fund : International Financial Statistics 67 Moldova 921

Date of Fund Membership: coins issued by the NBM less cash at the NBM's vaults. August 12, 1992 Bankers' reserves comprise required reserves and other deposits in national currency with the NBM and cash in the banks' Standard Sources: vaults. National Bank of Moldova M1 comprises currency in circulation and transferable deposits. Currency in circulation refers to notes and coins issued by the Exchange Rates: NBM less cash at the NBM's vaults and currency held by other depository corporations. Transferable deposits refer to current Official Rate: (End of Period and Period Average): account deposits in national currency of other financial The official rate is the rate used by the National Bank of corporations, public nonfinancial corporations, and private Moldova. Effective June 30, 2002, the exchange regime has been sector with the NBM and other depository corporations. reclassified to the category managed floating with no pre- M2 comprises M1, time deposits, and money market announced path for the exchange rate. instruments. Time deposits include time and savings deposits in national currency of other financial corporations, public Central Bank: nonfinancial corporations, and private sector with the NBM and Consists of the National Bank of Moldova (NBM) only. other depository corporations. Money market instruments † Beginning in July 2005, data are based on a standardized report comprise securities other than shares issued by other depository form (SRF) for central banks, which accords with the concepts corporations in national currency held by other financial and definitions of the IMF's Monetary and Financial Statistics corporations, public nonfinancial corporations, and private Manual (MFSM), 2000. Departures from the MFSM sector. methodology are explained below. M3 comprises M2 and foreign currency deposits of other Claims on Private Sector includes some positions with public financial corporations, public nonfinancial corporations, and nonfinancial corporations. private sector with other depository corporations. For December 2001 through June 2005, data in the SRF format are compiled from pre-SRF data not based on the MFSM Interest Rates: methodology. Departures from the MFSM methodology are explained below. Refinancing Rate: Claims on Private Sector includes some positions with public Weighted average rate at which the NBM makes loans and nonfinancial corporations. advances to commercial banks. The rate is determined through credit auctions conducted by the NBM. Other Depository Corporations: Comprises commercial banks. Money Market Rate: † Beginning in July 2005, data are based on a standardized report Weighted average rate on funds obtained by commercial banks form (SRF) for other depository corporations, which accords in the interbank market in national currency. The rate is with the concepts and definitions of the Monetary and Financial weighted by loan amounts. Statistics Manual (MFSM). Departures from the MFSM methodology are explained below. Money Market Rate (Foreign Currency): Claims on Private Sector includes some positions with public Weighted average rate on funds obtained by commercial banks nonfinancial corporations. in the interbank market in foreign currency. The rate is For December 2001 through June 2005, data in the SRF format weighted by loan amounts. are compiled from pre-SRF data not based on the MFSM methodology. Departures from the MFSM methodology are Treasury Bill Rate: explained below. Weighted average rate on all treasury bills. The rate is Claims on Private Sector includes some positions with public determined through securities auctions conducted by the NBM. nonfinancial corporations. Provisions for loan losses are included in Shares and Other Equity Deposit Rate: rather than in Other Items (Net). Weighted average rate offered by commercial banks on all newly accepted deposits in national currency. The rate is Depository Corporations: weighted by deposit amounts. † See notes on central bank and other depository corporations. Deposit Rate (Foreign Currency): Monetary Aggregates: Weighted average rate offered by commercial banks on all newly accepted deposits in foreign currency. The rate is Broad Money: weighted by deposit amounts. Broad Money calculated from the liability data in the sections for the central bank and other depository corporations accords with Lending Rate: the concepts and definitions of the MFSM and is consistent with Weighted average rate charged by commercial banks on new M3 described below. loans to customers in national currency. The rate is weighted by loan amounts. Money (National Definitions): Reserve Money comprises currency in circulation, bankers' Lending Rate (Foreign Currency): reserves, and transferable deposits of other financial Weighted average rate charged by commercial banks on new corporations, public nonfinancial corporations, and private loans in foreign currency. The rate is weighted by loan amounts. sector with the NBM. Currency in circulation refers to notes and

68 September 2007, International Monetary Fund : International Financial Statistics Montserrat 351

Date of Fund Membership: Transferable Deposits Included in Broad Money includes all deposits Montserrat is not a member of the IMF. Montserrat is a British of the private sector denominated in foreign currency. overseas territory member of the Eastern Caribbean Currency Accounts receivable and payable are included in Other Items (Net) Union (ECCU). rather than in other depository corporations' claims or liabilities to the corresponding economic sectors. Standard Sources: Accrued interest on transactions with nonresidents is included in East Caribbean Central Bank. Other Items (Net) rather than in the outstanding amount of foreign assets and liabilities. Exchange Rates: Depository Corporations: Official Rate: (End of Period and Period Average): See notes on central bank and other depository corporations. The official rate is pegged at EC$2.70 to US$1.00 since July 1976. Monetary Aggregates:

Central Bank: Broad Money: Data are based on a standardized report form (SRF) for central Broad Money is calculated from the liability data in the sections banks, which accords with the concepts and definitions of the for the central bank and other depository corporations. Broad IMF's Monetary and Financial Statistics Manual (MFSM), 2000. money differs from M2 described below as broad money Departures from the MFSM methodology are explained below. includes the deposits of money holding sectors with the ECCB Data refer to accounts in the balance sheet of the East Caribbean attributable to Montserrat and deposits of other financial Central Bank (ECCB) attributable to Montserrat. corporations, state and local government, and public Financial derivatives are excluded from the data. nonfinancial corporations in national and foreign currencies with Claims on Nonresident comprises estimates of Montserrat's commercial banks. notional share of the ECCB's foreign assets. Claims on Other Depository Corporations comprises the portion of Money (National Definitions): the ECCB's claims on resident other depository corporations M1 comprises notes and coins held by the public and demand attributable to Montserrat. deposits in national currency of the private sector with Claims on Central Government and Liabilities to Central Government commercial banks. comprise the portion of the ECCB's claims on and liabilities to M2 comprises M1 plus time, savings, and foreign currency the central government attributable to Montserrat. deposits of the private sector with commercial banks. Financial assets with other financial corporations, state and local governments, public nonfinancial corporations, and private Interest Rates: sector attributable to Montserrat are not included in the data in Discount Rate (End of Period): the absence of a country of these accounts in the balance sheet Rate charged by the ECCB on loans of last resort to commercial of the ECCB. banks. Currency in circulation comprises the portion of currency in circulation attributable to Montserrat less vault cash held by Money Market Rate: other depository corporations. Fixed rate on loans between commercial banks. The rate Some portion of other deposits to other depository corporations includes the commission charged by the ECCB as agent. The and interest accrued from these deposits are included in Other rate is weighted by loans amounts. Items (Net). Share and other equity is not applicable to the member countries Savings Rate: of the ECCU because the shares and other equity in the balance Maximum rate offered by commercial banks on savings deposits sheet of the ECCB exclusively belong to the ECCB. in national currency. † Beginning in June 2003, weighted average rate offered by commercial banks on savings deposits in national Other Depository Corporations: currency. The rate is weighted by deposit amounts. Comprises commercial banks. Data exclude building societies and credit unions, which accept deposits. Deposit Rate: Data are based on a standardized report form (SRF) for other Maximum rate offered by commercial banks on three-month depository corporations, which accords with the concepts and time deposits. The rate is weighted by deposit amounts. definitions of the Monetary and Financial Statistics Manual (MFSM). For resident other depository corporations in the Deposit Rate (Foreign currency): member countries of the ECCU, departures from the MFSM Weighted average rate offered by commercial banks on deposits methodology are explained below. in foreign currency. The rate is weighted by deposit amounts. Financial derivatives and insurance technical reserves are excluded from the data. Lending Rate: Financial assets and liabilities for which economic sectorization Maximum rate charged by commercial banks on prime loans. is unavailable are allocated to the economic sector having the The rate is weighted by loan amounts. largest volume of transactions in the category.

September 2007, International Monetary Fund : International Financial Statistics 69 688

Date of Fund Membership: foreign currency and to residents when denominated in national September 24, 1984. currency. The sectorization of financial assets and liabilities between Standard Sources: public nonfinancial corporations and other nonfinancial . corporation is estimated based on information collected from a representative sample. Accrued interest on these assets and Exchange Rates: liabilities was allocated following the same criteria. For December 2001 through November 2002, data in the SRF Principal Rate (End of Period and Period Average): format are compiled from pre-SRF data not based on the MFSM Before April, 1992, the market rate referred to the official rate methodology. Departures from the MFSM methodology are set by the central bank and covered most transactions. Between explained below. 1992 and January 5, 2005, rate refers to the average buying and Financial assets and liabilities for which economic sectorization selling exchange rates of commercial banks' transactions with is unavailable are allocated to the economic sector having the the public. Beginning on January 5, 2005 the exchange rate is largest volume of transactions in the category. Where data for determined as the weighted average of buying and selling other depository corporations were not directly distinguished exchange rates of all transactions of commercial banks and from data for other financial corporations, separation of the data foreign exchange dealers, including interbank transactions, and was based on the characteristics of the financial asset or liability. any transactions in foreign exchange auctions undertaken by the Accrued interest is included in Other Items (Net) rather than in Bank of Mozambique. the outstanding amounts of the financial assets and liabilities.

Central Bank: Depository Corporations: Comprises the Bank of Mozambique (BOM) only. † See notes on central bank and other depository corporations. † Beginning in December 2002, data are based on a standardized report form (SRF) for central banks, which accords with the Monetary Aggregates: concepts and definitions of the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Departures from the MFSM Broad Money: methodology are explained below. Broad Money calculated from the liability data in the sections for Financial assets and liabilities for which economic sectorization the central bank and other depository corporations mainly is unavailable are allocated to the economic sector having the differs from M2 described below as M2 excludes accrued largest volume of transactions in the category. interest. Financial assets and liabilities are not valued at market prices or fair values. Money (National Definitions): Accrual accounting is not yet fully applied to other assets and Base Money comprises notes and coins in circulation outside the liabilities. Beginning in April 2004, securities other than shares BOM and other depository corporations' deposits with the are recorded on an accrual basis. BOM in national currency, including central bank securities. For December 2001 through November 2002, data in the SRF M1 comprises notes and coins in circulation outside the format are compiled from pre-SRF data not based on the MFSM depository corporations and transferable deposits of the other methodology. Departures from the MFSM methodology are financial corporations, local governments, public nonfinancial explained below. corporations, and other residents in national and foreign Financial assets and liabilities of the resident sector for which currency with the depository corporations. the currency of denomination is unavailable are allocated to the M2 comprises M1 and time and saving deposits in national and national currency. foreign currency of the other financial corporations, local Financial assets and liabilities for which economic sectorization governments, public nonfinancial corporations, and other is unavailable are allocated to the economic sector having the residents with the depository corporations. largest volume of transactions in the category. Accrual accounting is not applied and financial assets and Interest Rates: liabilities are not valued at market prices or fair values. Discount Rate (End of Period): Where data for other depository corporations were not directly Rate at which the BOM lends in national currency to distinguished from data for other financial corporations, commercial banks. separation of the data was based on the characteristics of the financial asset or liability. Money Market Rate: Average loan rate on loans up to seven days in national currency Other Depository Corporations: between commercial banks. Comprises commercial banks, one credit cooperative, and one leasing company. Treasury Bill Rate: †Beginning in December 2002, data are based on a standardized Average yield on 91-day treasury bills denominated in national report form (SRF) for other depository corporations, which currency. accords with the concepts and definitions of the Monetary and Financial Statistics Manual (MFSM). For other depository Deposit Rate: corporations in Mozambique, departures from the MFSM Average rate offered by commercial banks on deposits of up to methodology are explained below. 365 days in national currency. Financial derivatives are excluded from the data. Financial assets and liabilities for which the residency is Lending Rate: unavailable are allocated to nonresidents when denominated in Average rate charged by commercial banks on loans of up to 365 days in national currency.

70 September 2007, International Monetary Fund : International Financial Statistics 728

Date of Fund Membership: Financial assets and liabilities not disaggregated by economic September 25, 1999. sector are allocated to the economic sector having the largest volume of transactions in that category. Standard Sources: Securities than other than shares issued and loans received by . other depository corporations are included in Other items (Net). Holdings of domestic securities are recorded at book value Exchange Rates: (principal plus accrued interest) rather than at market prices or fair value. Official Rate: (End of Period and Period Average): Some loans are reported net of provisions. The Namibian dollar is at par with the South African rand (see note on the page for South Africa for a description of the Depository Corporations: exchange rates). † See notes on central bank and other depository corporations.

Central Bank: Monetary Aggregates: Consists of the Bank of Namibia (BON) only. † Beginning in April 2002, data are based on a standardized Broad Money: report form (SRF) for central banks, which accords with the Broad Money calculated from the liability data in the sections for concepts and definitions of the IMF's Monetary and Financial the central bank and other depository corporations. Statistics Manual (MFSM), 2000. Departures from the MFSM methodology are explained below. Money (National Definitions): Accrued interest on financial assets is included in Claims on M1 comprises notes and coins in circulation outside the Nonresidents. depository corporations and transferable deposits in national For December 2001 through March 2002, data in the SRF format and foreign currency of the other financial corporations, state are compiled from pre-SRF data not based on the MFSM and local governments, public nonfinancial corporations, other methodology. Departures from the MFSM methodology are nonfinancial corporations, and other resident sectors with the explained below. depository corporations. Financial assets with the private sector are included in Other M2 comprises M1 and other deposits in national currency of the Items (Net) rather than in Claims on Private Sector. other financial corporations, state and local governments, public Accrued interest is included in Other Items (Net) rather than in nonfinancial corporations, other nonfinancial corporations, and the outstanding amounts of the financial assets and liabilities. other resident sectors with the depository corporations.

Other Depository Corporations: Interest Rates: Comprises commercial banks, Namibia Post Office Savings BON Overdraft Rate: Bank, Agricultural Bank of Namibia, and National Housing Rate charged by the BON on overdrafts to commercial banks. Enterprise. Beginning in August 2003, data include the SWABOU Building Society which merged operations with a Money Market Rate: commercial bank. Average rate on loans between banks. † Prior to 1996 refers to † Beginning in April 2002, data are based on a standardized the rate charged in the South Africa interbank market. report form (SRF) for other depository corporations, which accords with the concepts and definitions of the Monetary and Treasury Bill Rate: Financial Statistics Manual (MFSM). For other depository Tender rate on three-month treasury bills. corporations in Namibia, departures from the MFSM methodology are explained below. Deposit Rate: For April 2002 through May 2003, financial assets and liabilities Weighted average rate offered by other depository corporations not disaggregated by economic sector are allocated to the on three-month time deposits. Rate is weighted by deposit economic sector having the largest volume of transactions in amounts. that category. Holdings of domestic securities are recorded at book value Lending Rate: (principal plus accrued interest) rather than at market prices or Weighted average rate charged by other depository corporations fair value. on loans. Rate is weighted by loan amounts. Some loans are reported net of provisions. For December 2001 through May 2002, data in the SRF format Government Bond Yield: Long-Term (line 61): are compiled from pre-SRF data not based on the MFSM Yield on five-year government bonds. † Beginning in April 2002, methodology. Departures from the MFSM methodology are yield on 15-year government bonds. explained below.

September 2007, International Monetary Fund : International Financial Statistics 73 Netherlands 138

Date of Fund Membership: Interest Rates: December 27, 1945. Bank Rate (End of Period): Standard Sources: Interest rate charged by the Netherlands Bank on advances to European Central Bank credit institutions. Beginning in January 1999, central bank Netherlands Bank policy rates are discontinued. See Eurosystem policy rate series on the Euro Area page. Exchange Rates: Money Market Rate: Market Rate (End of Period and Period Average): Average market rate paid on bankers' call loans. In January 1999, the guilder became a participating currency with the Eurosystem, and the euro market rate became Deposit Rate: applicable to all transactions. In 2002, the guilder was retired Interest rate on savings deposits with minimum balance of five from circulation and replaced by euro banknotes and coins. For thousand euros. † Prior to December 1993, interest offered by additional information, refer to the Introduction to this banks on time deposits with three months' notice. Supplement and the notes on the euro area page. Deposit Rate (lines 60lhs, 60lhn, 60lcs, and 60lcn): Central Bank: See notes in the Introduction to this Supplement and Euro-area Consists of the Netherlands Bank, which is part of the Interest Rates. Eurosystem beginning in January 1999, only. Currency Issued includes coins issued by the general government. For a Lending Rate: description of the accounts, refer to the section on Central Bank - Prior to January 1999, referred to midpoint of the minimum and Euro Area in the Introduction to this Supplement. maximum interest charged on current account advances. Beginning in January 1999, represents base rate charged by Other Depository Corporations: commercial banks on advances. Comprises all resident units classified as other monetary financial institutions (other MFIs), as defined in 1995 ESA Lending Rate (lines 60phs, 60pns, 60phm, 60phn, standards, including money market funds. For a description of 60pcs, and 60pcn): the accounts, refer to the section on Other Depository Corporations See notes in the Introduction to this Supplement and Euro-area - Euro Area in the Introduction to this Supplement. Interest Rates.

Depository Corporations (National Residency): Government Bond Yield: For a description of the methodology and accounts, refer to the The data refer to the most recent 10-year government bond. For section on Depository Corporations (National Residency) - Euro Area additional information, refer to Introduction to this Supplement in the Introduction to this Supplement. and the notes on the euro area page.

Depository Corporations (Euro Area-wide Residency): Prices: For a description of the methodology and accounts, refer to the

section on Depository Corporations (Euro Area-wide Residency) in Share Prices: the Introduction to this Supplement. The index, base 1983, covers 25 shares quoted on the Amsterdam Exchange and refers to the average of daily quotations.

Share Prices: Manufacturing: The index, base 1985, comprises a sample of 127 shares (this index was discontinued end-2002).

74 September 2007, International Monetary Fund : International Financial Statistics Nicaragua 278

Date of Fund Membership: (MFSM). For other financial corporations in Nicaragua, March 14, 1946. departures from the MFSM methodology are explained below. The lack of proper sectorization due to insufficient detail in the Standard Sources: source data of other financial corporations, mainly for claims Central Bank of Nicaragua. and deposits of the nonfinancial public sector)-i.e., central government, local government, and public nonfinancial Exchange Rates: corporations-detract from the ability to accurately compile the On February 15, 1988 the new córdoba, equal to 1,000 old net credit to central government and the rest of the nonfinancial córdobas, was introduced. A new currency unit called córdoba public sector. oro, equivalent to one U.S. dollar, was introduced as a unit of Financial assets and liabilities are valued at market prices, if account on May 1, 1990 and began to be circulated in August possible, otherwise, at the acquisition cost. 1990. On March 4, 1991, the gold córdoba was devalued to US$0.2 per gold córdoba, equal to five million old córdobas. On Monetary Aggregates: April 30, 1991 the córdoba completely replaced the gold and the Broad Money: old córdoba as the sole legal tender. Broad Money calculated from the liability data in the sections for the central bank and other depository corporations accords with Principal Rate (End of Period and Period Average): the concepts and definitions of the MFSM. Broad money differs The córdoba is pegged to the U.S. dollar. from M3A described below as M3A includes deposits of the For the purpose of calculating effective exchange rates (lines nec central government with other depository corporations. and rec), a weighted average exchange rate index for U.S. dollars per córdoba is based on trade at the rates applicable for Money (National Definitions): exports and imports. Base money comprises notes and coins in circulation and deposits in national currency of other depository corporations with the Central Bank: CBN. Consists of the Central Bank of Nicaragua (CBN) only. M1 comprises notes and coins in circulation outside the banking Data are based on a standardized report form (SRF) for central system and demand deposits in national currency of the private banks, which accords with the concepts and definitions of the sector with other depository corporations. IMF's Monetary and Financial Statistics Manual (MFSM), 2000. M1A comprises M1 and demand deposits in national currency of Departures from the MFSM methodology are explained below. the nonfinancial public sector with other depository Financial instruments that cannot be valued at market prices are corporations. valued at acquisition cost-as in the case of CBN securities. M2 comprises M1 and savings and time deposits in national For December 2001 to August 2003, accrued interest is included currency of the private sector with other depository in Other Items (Net) rather than in the outstanding amounts of corporations. the financial assets and liabilities. Beginning in September 2003, M2A comprises M2 and savings and time deposits in national the open market operations system (OMAS) allows the regular currency of the nonfinancial public sector with other depository calculation of accrued interest. corporations. M3 comprises M2 and foreign currency deposits of the private Other Depository Corporations: sector with other depository corporations. Comprises commercial banks and finance companies. Data M3A comprises M3 and foreign currency deposits of the exclude credit unions, which accept deposits. nonfinancial public sector with other depository corporations. Data are based on a standardized report form (SRF) for other depository corporations, which accords with the concepts and Interest Rates: definitions of the Monetary and Financial Statistics Manual (MFSM). For other depository corporations in Nicaragua, Discount Rate (End of Period): departures from the MFSM methodology are explained below. Rediscount rate charged by the CBN on short-term loans to The lack of proper sectorization due to insufficient detail in the commercial banks. source data of other depository corporations, mainly for claims and deposits of the nonfinancial public sector)-i.e., central Savings Rate: government, local government, and public nonfinancial Rate offered by commercial banks on savings deposits in corporations-detract from the ability to accurately compile the national currency. † Beginning in January 1999, weighted net credit to central government and the rest of the nonfinancial average rate offered by commercial banks on savings deposits in public sector. national currency. The rate is weighted by deposit amounts. Financial assets and liabilities are valued at market prices, if possible, otherwise, at the acquisition cost. Savings Rate (Foreign Currency): Rate offered by commercial banks on savings deposits in foreign Depository Corporations: currency. † Beginning in January 1999, weighted average rate See notes on central bank and other depository corporations. offered by commercial banks on savings deposits in foreign currency. The rate is weighted by deposit amounts. Other Financial Corporations: Consists of the Financiera Nicaragüense de Inversiones Deposit Rate: (Nicaraguan Investment Fund) only. Average rate offered by commercial banks on one-month Data are based on a standardized report form (SRF) for other deposits in national currency. † Beginning in January 1999, financial corporations, which accords with the concepts and weighted average rate offered by commercial banks on one- definitions of the Monetary and Financial Statistics Manual month deposits in national currency. The rate is weighted by deposit amounts.

September 2007, International Monetary Fund : International Financial Statistics 75 Nicaragua 278

Deposit Rate (Foreign currency): weighted average rate charged by commercial banks on loans of Average rate offered by commercial banks on one-month up to 18 months in national currency. The rate is weighted by deposits in foreign currency. † Beginning in January 1999, loan amounts. weighted average rate offered by commercial banks on one- month deposits in foreign currency. The rate is weighted by Lending Rate (Foreign Currency): deposit amounts. Average rate charged by commercial banks on loans of up to 18 months in foreign currency. † Beginning in January 1999, Lending Rate: weighted average rate charged by commercial banks on loans of Average rate charged by commercial banks on loans of up to 18 up to 18 months in foreign currency. The rate is weighted by months in national currency. † Beginning in January 1999, loan amounts.

76 September 2007, International Monetary Fund : International Financial Statistics Panama 283

Date of Fund Membership: with a resident unit are classified as if in national currency (the March 14, 1946 U.S. dollar is assumed to be the national currency for officially dollarized countries in IFS). Departures from the MFSM Standard Sources: methodology are explained below. Superintendency of Banks Assets and liabilities denominated in foreign currencies other National Bank of Panama than the U.S. dollar cannot be identified and are included as if in national currency. Exchange Rates: Claims on Central Government and Liabilities to Central Government generally include assets and liabilities with the state or local Official Rate: (End of Period and Period Average): governments, respectively. Rates are based on a fixed relationship to the U.S. dollar. Assets and liabilities with nonfinancial public corporations are generally not separately identified and included as with other Central Bank: nonfinancial corporations. Consists of the National Bank of Panama (NBP) only. The NBP Assets and liabilities with other depository corporations include performs some central banking functions, i.e., fiscal agent for the those with commercial banks only. Positions with the rest of Government, a clearing house for commercial banks, and holder other depository corporations are classified as with other of international reserves and positions vis-à-vis the IMF. financial corporations. † Beginning in December 2002, data are based on a standardized Other Deposits Included in Broad Money and Securities Other than report form (SRF) for central banks, which accords with the Shares Included in Broad Money include long-term deposits and concepts and definitions of the IMF's Monetary and Financial securities other than shares, respectively. Statistics Manual (MFSM), 2000. All assets and liabilities with a Held-to-maturity securities are valued at acquisition cost rather resident unit are classified as if in national currency (the U.S. than at current market price or fair value. dollar is assumed to be the national currency for officially Holdings of equity shares not traded in active markets are dollarized countries in IFS). Departures from the MFSM valued at acquisition cost rather than at market price or fair methodology are explained below. value. Assets and liabilities denominated in foreign currencies other For December 2001 through November 2002, data have less than the U.S. dollar cannot be identified and are included as if in conformity with the MFSM methodology and therefore are not national currency. strictly comparable to data for later periods. Claims on Central Government and Liabilities to Central Government generally include assets and liabilities with the state or local Depository Corporations: governments, respectively. † See notes on central bank and other depository corporations. Assets and liabilities with nonfinancial public corporations are generally not separately identified and included as with other Interest Rates: nonfinancial corporations. Assets and liabilities with other depository corporations include Money Market Rate: those with commercial banks only. Positions with the rest of Rate on funds obtained by commercial banks on one-month other depository corporations are classified as with other deposits in the interbank market. † Beginning in February 2006, financial corporations. the rate is calculated as an average of the rates paid during the Deposits Included in Broad Money and Securities Other than Shares month. Included in Broad Money include long-term deposits and securities other than shares, respectively. Held-to-maturity securities are Savings Rate: valued at acquisition cost rather than at current market price or Rate offered by commercial banks on savings deposits to fair value. nonfinancial corporations. Holdings of equity shares not traded in active markets are valued at acquisition cost rather than at market price or fair Deposit Rate: value. Average rate offered by domestic banks on six-month time For December 2001 through November 2002, data have less deposits. † Beginning in December 1992, weighted average rate conformity with the MFSM methodology and therefore are not offered by domestic banks on six-month time deposits. The rate strictly comparable to data for later periods. is weighted by deposit amounts.

Other Depository Corporations: Lending Rate: Comprises commercial banks. Data exclude credit unions, Average rate charged by banks on one- to five-year loans for money market mutual funds, and savings and loans mortgage trading activities. † Beginning in June 1990, weighted average associations. rate charged by banks on one- to five-year loans for trading † Beginning in December 2002, data are based on a standardized activities. † Beginning in December 2000, weighted average rate report form (SRF) for other depository corporations, which charged by domestic banks on one- to five-year loans for trading accords with the concepts and definitions of the IMF's Monetary activities. The rate is weighted by loan amounts. and Financial Statistics Manual (MFSM). All assets and liabilities

September 2007, International Monetary Fund : International Financial Statistics 77 Papua New Guinea 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 Papua New Guinea Depository Corporations: Exchange Rates: See notes on central bank and other depository corporations.

Market Rate (End of Period and Period Average): Monetary Aggregates: Prior to 1994, central bank midpoint rate. Beginning in 1994, closing rate set at the foreign exchange auction in which Broad Money: 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. Data exclude the rest of the microfinance companies, which Interest Rates: 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 Port Moresby Stock Exchange. Beginning in March 2006, the KSi includes debt securities.

September 2007, International Monetary Fund : International Financial Statistics 79 Paraguay 288

Date of Fund Membership: M2 comprises M1, savings and time deposits in national December 28, 1945 currency of the private sector with commercial banks and finance companies, and savings certificates issued by Standard Sources: commercial banks and finance companies held by the private Central Bank of Paraguay sector. M3 comprises M2, deposits in foreign currency of the private Exchange Rates: sector with commercial banks and finance companies, and savings certificates in foreign currency issued by commercial Market Rate (End of Period and Period Average): banks and finance companies held by the private sector. From early 1988 onwards, the exchange rate is operated as a M4 comprises M3 and bonds and other securities in circulation managed float. Prior to that, the exchange rate was determined issued by commercial banks held by the private sector. freely in the market. The exchange rate is determined as the M5 comprises M4 and trust funds and mutual funds of the average of sales and purchases weighted by the volume of private sector in commercial banks. transactions of the main banks and exchange houses. For the purpose of calculating effective exchange rates (lines nec Interest Rates: and rec), a weighted average exchange rate index for U.S. dollars per guarani is based on trade for non-oil imports. Discount Rate (End of Period): Rediscount rate charged by the CBP. † Beginning in September Central Bank: 1990, rate charged by the CBP for short-term liquidity loans to Consists of the Central Bank of Paraguay (CBP) only. commercial banks. Data are based on a standardized report form (SRF) for central banks, which accords with the concepts and definitions of the Money Market Rate: IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Average rate on loans between financial corporations in national currency. Other Depository Corporations: Comprises commercial banks, finance companies, and savings Savings Rate: and loans associations. Beginning in January 2006, the two Rate offered by commercial banks on savings deposits in remaining savings and loan associations were absorbed by national currency. † Beginning in January 1994, weighted finance companies. Data exclude credit unions, which account average rate paid by commercial banks on savings deposits in for around twenty percent of deposits and loans of the other national currency. depository corporations subsector. Data exclude banks and finance companies in liquidation. Savings Rate (Foreign Currency): Data are based on a standardized report form (SRF) for other Weighted average rate paid by commercial banks on savings depository corporations, which accords with the concepts and deposits in foreign currency. definitions of the Monetary and Financial Statistics Manual Deposit Rate: (MFSM). Rate offered by commercial banks on 180-day certificates of Depository Corporations: deposits in national currency. † Beginning in March 1998, See notes on central bank and other depository corporations. weighted average rate paid by commercial banks on 90- to 180- day time deposits in national currency. The rate is weighted by Monetary Aggregates: deposit amounts.

Broad Money: Deposit Rate (Foreign Currency): Broad Money calculated from the liability data in the sections for Weighted average rate paid by commercial banks on 90- to 180- the central bank and other depository corporations accords with day time deposits in foreign currency. The rate is weighted by the concepts and definitions of the MFSM. Broad money differs deposit amounts. from M5 described below as M5 does not include deposits with the CBP, nor deposits of local governments and public Lending Rate: nonfinancial corporations with other depository corporations. Rate charged by commercial banks on loans in national currency. † Beginning in January 1994, weighted average rate Money (National Definitions): charged by commercial banks on commercial, developmental, Base money comprises notes and coins in circulation and legal personal, and various loans in national currency. The rate is reserve requirements and demand deposits in national currency weighted by loan amounts. of commercial banks and finance companies with the CBP. M1 comprises notes and coins held by the public and demand Lending Rate (Foreign Currency): deposits in national currency of the private sector with Weighted average rate charged by commercial banks on commercial banks. commercial, developmental, personal, and various loans in foreign currency. The rate is weighted by loan amounts.

80 September 2007, International Monetary Fund : International Financial Statistics Portugal 182

Date of Fund Membership: period for the month on which an announcement or auction March 29, 1961 took place. Beginning in January 1999, the central bank rates are discontinued. Refer to Eurosystem policy rate series on the euro Standard Sources: area page. European Central Bank Banco de Portugal Money Market Rate: † Prior to 1986, weighted average rate for interbank deposits up Exchange Rates: to three days. From 1986 to 1991, weighted average rate for interbank deposits up to five days. † Beginning in 1992, Market Rate (End of Period and Period Average): weighted monthly average rate for interbank overnight In January 1999, the escudo became a participating currency transactions. within the Eurosystem, and the euro market rate became applicable to all transactions. In 2002, the escudo was retired Treasury Bill Rate: from circulation and replaced by euro banknotes and coins. For Weighted monthly average rate on three-month treasury bills in additional information, refer to the Introduction to this the primary market, excluding underwriting by the Banco de Supplement and the notes for the euro area page. Portugal (when it was allowed). † Prior to 1986, average rate of all treasury bills issued. Central Bank: Consists of the Banco de Portugal, which is part of the Deposit Rate: Eurosystem beginning in January 1999, only. Currency Issued † Prior to 1990, administrative minimum rate offered by includes coins issued by the Treasury. For a description of the commercial banks on time deposits with maturities of 180 days accounts, refer to the section on Central Bank - Euro Area in the to one year. Beginning in January 1990, weighted monthly Introduction to this Supplement. average rate offered by commercial banks on time deposits with maturities of 181 days to one year. Other Depository Corporations: Comprises all resident units classified as other monetary Deposit Rate (lines 60lhs, 60lhn, 60lcs, and 60lcn): financial institutions (other MFIs), defined in accordance with See notes in the Introduction to this Supplement and Euro-area 1995 ESA standards. Deposit accounts of emigrants that can be Interest Rates. accessed by residents are classified as deposits of residents in Demand Deposits or Other Deposits. For a description of the Lending Rate: accounts, refer to the section on Other Depository Corporations - † Prior to January 1990, administrative maximum rate on 91- to Euro Area in the Introduction to this Supplement. 180-day loans. Beginning in January 1990, weighted monthly average rate charged by commercial banks on 91- to 180-day Depository Corporations (National Residency): loans and advances to nonfinancial private enterprises. For a description of the methodology and accounts, refer to the section on Depository Corporations (National Residency) - Euro Area Lending Rate (lines 60phs, 60pns, 60phm, 60phn, in the Introduction to this Supplement. 60pcs, and 60pcn): See notes in the Introduction to this Supplement and Euro-area Depository Corporations (Euro Area-wide Residency): Interest Rates. For a description of the methodology and accounts, refer to the section on Depository Corporations (Euro Area-wide Residency) in Government Bond Yield: the Introduction to this Supplement. † Prior to July 1993, weighted monthly average of daily yields on floating rate bonds. Beginning in July 1993, simple monthly Interest Rates: average of daily yields on floating rate bonds. For additional information, refer to Introduction to this Supplement and notes

Discount Rate (End of Period): on the euro area page. † Prior to 1987, the end-of-year rate on first tranche rate at which the Banco de Portugal rediscounted the financial claims Prices: held by the banking system. From 1987 until May 1991, first tranche rate at which the Banco de Portugal rediscounted the Share Prices: financial claims held by the banking system. From May 1991 to Beginning January 1988, data refer to the Lisbon Stock Exchange January 1999, the rate on regular provision of liquidity Share Prices Index including all shares listed on the official announced by the Banco de Portugal. For months when no market. Prior to this date, data refer to the Bank of Portugal announcements were made, the rate corresponded to the Share Prices Index calculated on the basis of shares having an weighted average of various auction rates for repurchase average monthly trading value of over 30 million escudos and a agreements used for provision of liquidity by the Banco de trading frequency index greater than 90 percent. Portugal. Data were those from the last reserve maintenance

September 2007, International Monetary Fund : International Financial Statistics 81 Romania 968

Date of Fund Membership: Accrued interest is included in Other Items (Net) rather than in December 15, 1972 the outstanding amounts of the financial assets and liabilities. Market traded securities are valued at acquisition cost rather Standard Sources: than at the current market price or fair value. National Bank of Romania Other Deposits included in Broad Money include deposit liabilities of banks in liquidation. Exchange Rates: On July 1, 2005, the new currency leu (RON), equal to 10,000 Depository Corporations: units of the old currency leu (ROL) was introduced. See notes on central bank and other depository corporations.

Market Rate: Monetary Aggregates: In February 1991 an interbank rate was implemented, which Broad Money: was applicable to an increasing number of commercial and Broad Money is calculated from the liability data in the sections individual transactions. Effective November 1991, the principal for the central bank and other depository corporations. rate and secondary rate were eliminated, and all foreign exchange transactions are effected through the free market. Money (National Definitions): M1* comprises currency outside depository corporations and Central Bank: demand deposits in national currency of resident non-bank non- Consists of the National Bank of Romania (NBR) only. central government sectors. Data are based on a standardized report form (SRF) for central M2* comprises M1 and demand deposits in foreign currency, banks, which accords with the concepts and definitions of the and time and saving deposits in national and foreign currency of IMF's Monetary and Financial Statistics Manual (MFSM), 2000. resident non-bank non-central government sectors. Deposits Departures from the MFSM methodology are explained below. with banks in liquidation are also included in M2*. Accrued interest is included in Other Items (Net) rather than in the outstanding amounts of the financial assets and liabilities. Interest Rates:

Other Depository Corporations: Bank Rate (End of Period): Comprises commercial banks and banks in liquidation. Structural Credit Rate, which is the predominant rate on central Beginning in May 2003, the data include credit cooperatives . bank loans to commercial banks. Since February 2002, reference Data are based on a standardized report form (SRF) for other rate is calculated as a weighted average of the interest rates on depository corporations, which accords with the concepts and NBR's deposit-taking and reverse-repo operations in the month definitions of the Monetary and Financial Statistics Manual prior to that of the announcement. (MFSM). For other depository corporations, departures from the MFSM methodology are explained below. Treasury Bill Rate: Rate on 91-day Treasury bills.

82 September 2007, International Monetary Fund : International Financial Statistics Russia 922

Date of Fund Membership: Money (National Definitions): June 1, 1992 Broad Money Base comprises currency issued by the CBR (excluding cash in its vaults), other depository corporations' Standard Source: required reserves and correspondent accounts in national currency with the CBR, CBR bonds held by other depository corporations valued at sale price, and other funds on operations Exchange Rates: of other depository corporations with the CBR. Reserve Money comprises currency issued by the CBR (excluding Official Rate: (End of Period and Period Average): cash in its vaults), other depository corporations' required The official exchange rate of the Central Bank of Russia is based reserves and correspondent accounts with the CBR in national on the weighted average rate of foreign currency against the and foreign currency, CBR bonds held by other depository Russian ruble on the Unified Trading Session (UTS) of Interbank corporations valued at redemption (face) value, other funds on Currency Exchanges. operations of other depository corporations with the CBR, and demand deposits of financial and nonfinancial corporations in Central Bank: national currency with the CBR. Consolidates the accounts of the Central Bank of Russia (CBR) Money comprises currency in circulation and demand deposits in and monetary authority functions conducted by the central national currency of other financial corporations, public government. nonfinancial corporations, private nonfinancial corporations, and Data are based on a standardized report form (SRF) for central households with the CBR and other depository corporations. banks, which accords with the concepts and definitions of the M2 comprises currency in circulation and demand, time, and IMF's Monetary and Financial Statistics Manual (MFSM), 2000. savings deposits in national currency of other financial Data in the SRF format are compiled from pre-SRF data which corporations, public nonfinancial corporations, private are not fully based on the MFSM methodology. Departures nonfinancial corporations, and households with the CBR and from the MFSM methodology are explained below. other depository corporations. Claims on Central Government and Liabilities to Central Government Money Supply comprises currency in circulation and demand, include positions with local governments and their time, and savings deposits in national and foreign currency, extrabudgetary funds. including accrued interest on deposits, of other financial Current year result, retained earnings, and gold and other corporations, public nonfinancial corporations, private unrealized revaluations are included in Other Items (Net) rather nonfinancial corporations, and households with the CBR and than in Shares and Other Equity. other depository corporations. Accrued interest is included in Other Items (Net) rather than in the outstanding amounts of the financial assets and liabilities. Interest Rates: CBR bonds issued are valued at the redemption (face) price rather than at current market price or fair value. Refinancing Rate (End of Period): Rate used by the CBR to influence interbank market rates and Other Depository Corporations: other depository corporations lending and deposit rates and also Comprises commercial banks (including branches of foreign used for extending overnight secured credits to other depository banks) and Vneshekonombank. corporations. Data are based on a standardized report form (SRF) for other depository corporations, which accords with the concepts and Money Market Rate: definitions of the Monetary and Financial Statistics Manual Weighted average rate on one-day loans in national currency of (MFSM). Data in the SRF format are compiled from pre-SRF the Moscow interbank market. The rate is weighted by loan data not fully based on the MFSM methodology. For other amounts. depository corporations in the Russian Federation, departures from the MFSM methodology are explained below. Treasury Bill Rate: Claims on Central Government and Liabilities to Central Government Weighted average rate on government short-term obligations include positions with local governments and their (“GKO”) with maturities of up to 90 days. extrabudgetary funds. Beginning in September 2004, the “GKO” don't circulate in the Accrued interest is included in Other Items (Net) rather than in market. the outstanding amounts of the financial assets and liabilities. CBR bonds held are valued at the acquisition price rather than at Deposit Rate: current market price or fair value. Prevailing rate for one-month time deposits in denominations of more than Rub 300,000. † Beginning in January 1997, weighted Depository Corporations: average rate offered by other depository corporations on See notes on central bank and other depository corporations. deposits of households in national currency with maturity of up to one year. The rate is weighted by deposit amounts. Monetary Aggregates: Lending Rate:

Broad Money: Weighted average rate on various regional commercial banks' Broad Money calculated from the liability data in the sections for loans of up to one year in national currency to legal entities the central bank and other depository corporations accords with (companies and organizations). † Beginning in January 1997, the concepts and definitions of the MFSM and is consistent with weighted average rate charged by other depository corporations Money Supply described below. on loans to nonfinancial institutions in national currency with maturity of up to one year. The rate is weighted by loan amounts.

September 2007, International Monetary Fund : International Financial Statistics 83 Russia 922

Government Bond Yield: The Russian Trading System (RTS) index is the ratio of the Average yield on 15-year government bonds. aggregate effective capitalization of the stocks included in the index calculation list to the aggregate effective capitalization of Prices: the same stocks as of the initial trading date multiplied by the index value as of the initial trading date and a correction factor Share Prices: for changes made to the stock index calculation list. The effective capitalization-weighted market index of Russian issuers' most liquid stocks listed on the MICEX stock exchange.

84 September 2007, International Monetary Fund : International Financial Statistics St. Kitts and Nevis 361

Date of Fund Membership: Accrued interest on transactions with nonresidents is included in August 15, 1984. Other Items (Net) rather than in the outstanding amount of foreign assets and liabilities. Standard Sources: East Caribbean Central Bank. Depository Corporations: See notes on central bank and other depository corporations. Exchange Rates: Monetary Aggregates: Official Rate: (End of Period and Period Average): The official rate is pegged at EC$2.70 to US$1.00 since July Broad Money: 1976. Broad Money is calculated from the liability data in the sections for the central bank and other depository corporations. Broad Central Bank: money differs from M2 described below as broad money Data are based on a standardized report form (SRF) for central includes the deposits of money holding sectors with the ECCB banks, which accords with the concepts and definitions of the attributable to St. Kitts and Nevis and deposits of other financial IMF's Monetary and Financial Statistics Manual (MFSM), 2000. corporations, state and local government, and public Departures from the MFSM methodology are explained below. nonfinancial corporations in national and foreign currencies with Data refer to accounts in the balance sheet of the East Caribbean commercial banks. Central Bank (ECCB) attributable to St. Kitts and Nevis. Financial derivatives are excluded from the data. Money (National Definitions): Claims on Nonresident comprises estimates of St. Kitts and Nevis' M1 comprises notes and coins held by the public and demand notional share of the ECCB's foreign assets. deposits in national currency of the private sector with Claims on Other Depository Corporations comprises the portion of commercial banks. the ECCB's claims on resident other depository corporations M2 comprises M1 plus time, savings, and foreign currency attributable to St. Kitts and Nevis. deposits of the private sector with commercial banks. Claims on Central Government and Liabilities to Central Government comprise the portion of the ECCB's claims on and liabilities to Interest Rates: the central government attributable to St. Kitts and Nevis. Discount Rate (End of Period): Financial assets with other financial corporations, state and local Rate charged by the ECCB on loans of last resort to commercial governments, public nonfinancial corporations, and private banks. sector attributable to St. Kitts and Nevis are not included in the data in the absence of a country of these accounts in the balance Money Market Rate: sheet of the ECCB. Fixed rate on loans between commercial banks. The rate Currency in circulation comprises the portion of currency in includes the commission charged by the ECCB as agent. The circulation attributable to St. Kitts and Nevis less vault cash held rate is weighted by loans amounts. by other depository corporations. Some portion of other deposits to other depository corporations Treasury Bill Rate: and interest accrued from these deposits are included in Other Rate on three-month treasury bills. Items (Net). Share and other equity is not applicable to the member countries Savings Rate: of the ECCU because the shares and other equity in the balance Maximum rate offered by commercial banks on savings deposits sheet of the ECCB exclusively belong to the ECCB. in national currency. † Beginning in June 1993, weighted average rate offered by commercial banks on savings deposits in national Other Depository Corporations: currency. The rate is weighted by deposit amounts. Comprises commercial banks. Data exclude finance companies and credit unions, which accept deposits. Savings Rate (Foreign Currency): Data are based on a standardized report form (SRF) for other Weighted average rate offered by commercial banks on savings depository corporations, which accords with the concepts and deposits in foreign currency. The rate is weighted by deposit definitions of the Monetary and Financial Statistics Manual amounts. (MFSM). For resident other depository corporations in the member countries of the ECCU, departures from the MFSM Deposit Rate: methodology are explained below. Maximum rate offered by commercial banks on three-month Financial derivatives and insurance technical reserves are time deposits. The rate is weighted by deposit amounts. excluded from the data. Financial assets and liabilities for which economic sectorization Lending Rate: is unavailable are allocated to the economic sector having the Maximum rate charged by commercial banks on prime loans. largest volume of transactions in the category. The rate is weighted by loan amounts. Transferable Deposits Included in Broad Money includes all deposits of the private sector denominated in foreign currency. Lending Rate (Foreign Currency): Accounts receivable and payable are included in Other Items (Net) Weighted average rate charged by commercial banks on loans in rather than in other depository corporations' claims or liabilities foreign currency. The rate is weighted by loan amounts. to the corresponding economic sectors.

September 2007, International Monetary Fund : International Financial Statistics 85 St. Lucia 362

Date of Fund Membership: Accrued interest on transactions with nonresidents is included in November 15, 1979. Other Items (Net) rather than in the outstanding amount of foreign assets and liabilities. Standard Sources: East Caribbean Central Bank Depository Corporations: See notes on central bank and other depository corporations. Exchange Rates: Monetary Aggregates: Official Rate: (End of Period and Period Average): The official rate is pegged at EC$2.70 to US$1.00 since July Broad Money: 1976. Broad Money is calculated from the liability data in the sections for the central bank and other depository corporations. Broad Central Bank: money differs from M2 described below as broad money Data are based on a standardized report form (SRF) for central includes the deposits of money holding sectors with the ECCB banks, which accords with the concepts and definitions of the attributable to St. Lucia and deposits of other financial IMF's Monetary and Financial Statistics Manual (MFSM), 2000. corporations, state and local government, and public Departures from the MFSM methodology are explained below. nonfinancial corporations in national and foreign currencies with Data refer to accounts in the balance sheet of the East Caribbean commercial banks. Central Bank (ECCB) attributable to St. Lucia. Financial derivatives are excluded from the data. Money (National Definitions): Claims on Nonresident comprises estimates of St. Lucia' notional M1 comprises notes and coins held by the public and demand share of the ECCB's foreign assets. deposits in national currency of the private sector with Claims on Other Depository Corporations comprises the portion of commercial banks. the ECCB's claims on resident other depository corporations M2 comprises M1 plus time, savings, and foreign currency attributable to St. Lucia. deposits of the private sector with commercial banks. Claims on Central Government and Liabilities to Central Government comprise the portion of the ECCB's claims on and liabilities to Interest Rates: the central government attributable to St. Lucia. Discount Rate (End of Period): Financial assets with other financial corporations, state and local Rate charged by the ECCB on loans of last resort to commercial governments, public nonfinancial corporations, and private banks. sector attributable to St. Lucia are not included in the data in the absence of a country of these accounts in the balance sheet of Money Market Rate: the ECCB. Fixed rate on loans between commercial banks. The rate Currency in circulation comprises the portion of currency in includes the commission charged by the ECCB as agent. The circulation attributable to St. Lucia less vault cash held by other rate is weighted by loans amounts. depository corporations. Some portion of other deposits to other depository corporations Treasury Bill Rate: and interest accrued from these deposits are included in Other Rate on three-month treasury bills. † Beginning in January 2004, Items (Net). rate on one-year treasury bills. Share and other equity is not applicable to the member countries of the ECCU because the shares and other equity in the balance Savings Rate: sheet of the ECCB exclusively belong to the ECCB. Maximum rate offered by commercial banks on savings deposits in national currency. † Beginning in June 2003, weighted average Other Depository Corporations: rate offered by commercial banks on savings deposits in national Comprises commercial banks. Data exclude finance companies, currency. The rate is weighted by deposit amounts. mortgage companies, and credit unions, which accept deposits. Data are based on a standardized report form (SRF) for other Deposit Rate: depository corporations, which accords with the concepts and Maximum rate offered by commercial banks on three-month definitions of the Monetary and Financial Statistics Manual time deposits. The rate is weighted by deposit amounts. (MFSM). For resident other depository corporations in the member countries of the ECCU, departures from the MFSM Deposit Rate (Foreign currency): methodology are explained below. Weighted average rate offered by commercial banks on deposits Financial derivatives and insurance technical reserves are in foreign currency. The rate is weighted by deposit amounts. excluded from the data. Financial assets and liabilities for which economic sectorization Lending Rate: is unavailable are allocated to the economic sector having the Maximum rate charged by commercial banks on prime loans. largest volume of transactions in the category. The rate is weighted by loan amounts. Transferable Deposits Included in Broad Money includes all deposits of the private sector denominated in foreign currency. Lending Rate (Foreign Currency): Accounts receivable and payable are included in Other Items (Net) Weighted average rate charged by commercial banks on loans in rather than in other depository corporations' claims or liabilities foreign currency. The rate is weighted by loan amounts. to the corresponding economic sectors.

86 September 2007, International Monetary Fund : International Financial Statistics St. Vincent & Grens. 364

Date of Fund Membership: Accrued interest on transactions with nonresidents is included in December 28, 1979. Other Items (Net) rather than in the outstanding amount of foreign assets and liabilities. Standard Sources: East Caribbean Central Bank Depository Corporations: See notes on central bank and other depository corporations. Central Bank: Data are based on a standardized report form (SRF) for central Monetary Aggregates: banks, which accords with the concepts and definitions of the Broad Money: IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Broad Money is calculated from the liability data in the sections Departures from the MFSM methodology are explained below. for the central bank and other depository corporations. Broad Data refer to accounts in the balance sheet of the East Caribbean money differs from M2 described below as broad money Central Bank (ECCB) attributable to St. Vincent and the includes the deposits of money holding sectors with the ECCB Grenadines. attributable to St. Vincent and the Grenadines and deposits of Financial derivatives are excluded from the data. other financial corporations, state and local government, and Claims on Nonresident comprises estimates of St. Vincent and the public nonfinancial corporations in national and foreign Grenadines' notional share of the ECCB's foreign assets. currencies with commercial banks. Claims on Other Depository Corporations comprises the portion of the ECCB's claims on resident other depository corporations Money (National Definitions): attributable to St. Vincent and the Grenadines. M1 comprises notes and coins held by the public and demand Claims on Central Government and Liabilities to Central Government deposits in national currency of the private sector with comprise the portion of the ECCB's claims on and liabilities to commercial banks. the central government attributable to St. Vincent and the M2 comprises M1 plus time, savings, and foreign currency Grenadines. deposits of the private sector with commercial banks. Financial assets with other financial corporations, state and local governments, public nonfinancial corporations, and private Interest Rates: sector attributable to St. Vincent and the Grenadines are not included in the data in the absence of a country of these Discount Rate (End of Period): accounts in the balance sheet of the ECCB. Rate charged by the ECCB on loans of last resort to commercial Currency in circulation comprises the portion of currency in banks. circulation attributable to St. Vincent and the Grenadines less vault cash held by other depository corporations. Money Market Rate: Some portion of other deposits to other depository corporations Fixed rate on loans between commercial banks. The rate and interest accrued from these deposits are included in Other includes the commission charged by the ECCB as agent. The Items (Net). rate is weighted by loans amounts. Share and other equity is not applicable to the member countries of the ECCU because the shares and other equity in the balance Treasury Bill Rate: sheet of the ECCB exclusively belong to the ECCB. Rate on three-month treasury bills.

Other Depository Corporations: Savings Rate: Comprises commercial banks. Data exclude finance companies, Maximum rate offered by commercial banks on savings deposits mortgage companies, and credit unions, which accept deposits. in national currency. † Beginning in June 2003, weighted average Data are based on a standardized report form (SRF) for other rate offered by commercial banks on savings deposits in national depository corporations, which accords with the concepts and currency. The rate is weighted by deposit amounts. definitions of the Monetary and Financial Statistics Manual (MFSM). For resident other depository corporations in the Deposit Rate: member countries of the ECCU, departures from the MFSM Maximum rate offered by commercial banks on three-month methodology are explained below. time deposits. The rate is weighted by deposit amounts. Financial derivatives and insurance technical reserves are excluded from the data. Deposit Rate (Foreign currency): Financial assets and liabilities for which economic sectorization Weighted average rate offered by commercial banks on deposits is unavailable are allocated to the economic sector having the in foreign currency. The rate is weighted by deposit amounts. largest volume of transactions in the category. Transferable Deposits Included in Broad Money includes all deposits Lending Rate: of the private sector denominated in foreign currency. Maximum rate charged by commercial banks on prime loans. Accounts receivable and payable are included in Other Items (Net) The rate is weighted by loan amounts. rather than in other depository corporations' claims or liabilities to the corresponding economic sectors. Lending Rate (Foreign Currency): Weighted average rate charged by commercial banks on loans in foreign currency. The rate is weighted by loan amounts.

September 2007, International Monetary Fund : International Financial Statistics 87 , Republic of 942

Date of Fund Membership: valued at face value rather than at the current market price or December 14, 1992 fair value. For December 2001 through November 2003, data have less Standard Sources: conformity with the MFSM methodology and therefore are not National Bank of Serbia strictly comparable to data for later periods.

Exchange Rates: Depository Corporations: † See notes on central bank and other depository corporations. Official Rate: (End of Period and Period Average): From October 2000, the dinar exchange rate is set within the Monetary Aggregates: managed float regime. The dinar exchange rate against the euro is formed at the fixing session organized every business day by Broad Money: the commercial banks in Serbia and the National Bank of Serbia. Broad Money calculated from the liability data in the sections for The mid-point between the buy and sell rate formed at the the central bank and other depository corporations accords with session is the official dinar/euro mid-point exchange rate. The the concepts and definitions of the MFSM and is consistent with official exchange rates for the dinar against other currencies are the M3 described below. computed using the dinar/euro rate and the cross rates for the euro against other currencies as provided by the Reuters service. Money (National Definitions): Prior to October 2000, data are based on the fixed exchange rate M1 comprises currency in circulation and dinar-denominated of the dinar against the deutsche mark. demand deposits of resident nonbank non-central government sectors with the commercial banks. Central Bank: M2 comprises M1 and dinar-denominated time deposits of Consists of the National Bank of Serbia (NBS) only. resident nonbank non-central government sectors with the † Beginning in December 2003, data are based on a standardized commercial banks. report form (SRF) for central banks, which accords with the M3 comprises M2 and foreign currency deposits of resident concepts and definitions of the IMF's Monetary and Financial nonbank non-central government sectors with the commercial Statistics Manual (MFSM), 2000. Departures from the MFSM banks. methodology are explained below. Claims on and Liabilities to Central Government include positions with the federal Interest Rates: government of the former State Union of Serbia and Bank Rate (End of Period): . Average monthly rate on the 14-day NBS repurchase agreements Holdings of securities and equity shares that are not actively weighted by volume. † During the period March 2001-January traded are valued at acquisition cost rather than at current 2005 data refer to the monthly average rate on the NBS bills of market price or fair value. Securities issued by the NBS are all maturities weighted by volume. valued at face value rather than at the current market price or fair value. Money Market Rate: For December 2001 through November 2003, data have less Average monthly rate on the three-month interbank deposits conformity with the MFSM methodology and therefore are not (three-months Belgrade Interbank Offer Rate (BELIBOR)) strictly comparable to data for later periods. weighted by volume.

Other Depository Corporations: Treasury Bill Rate: Comprises commercial banks. Average monthly yield on three-month Treasury bills weighted † Beginning in December 2003, data are based on a standardized by volume. report form (SRF) for other depository corporations, which accords with the concepts and definitions of the IMF's Monetary Deposit Rate: and Financial Statistics Manual (MFSM). Departures from the Average monthly rate on the dinar-denominated household and MFSM methodology are explained below. enterprise time and savings deposits weighted by outstanding Claims on and Liabilities to Central Government include positions amount. with the federal government of the former State Union of Serbia and Montenegro. Lending Rate: Claims on Central Government includes claims for frozen foreign- Average monthly rate on new dinar-denominated short-term currency deposits. Restricted deposits include frozen foreign- loans to households and enterprises weighted by volume. currency deposits of the households; in July 2002 the liability for these deposits was assumed by the central government. Prices: Holdings of securities and equity shares that are not actively traded are valued at acquisition cost rather than at current Share Price Index: market price or fair value. Securities issued by the banks are BELEX-15 index of the Belgrade Stock Exchange (end of period), base October 10, 2005.

88 September 2007, International Monetary Fund : International Financial Statistics Seychelles 718

Date of Fund Membership: Holdings of central government securities are valued at June 30, 1977 acquisition cost or face value rather than at market price or fair value. Holdings or other securities are valued at the lower of Standard Source: acquisition cost or market value rather than at market price or Central Bank of Seychelles fair value.

Exchange Rates: Monetary Aggregates:

Official Rate: (End of Period and Period Average): Broad Money: The Seychelles' exchange rate regime is a peg system which Broad Money calculated from the liability data in the sections for since May 1996 has been the Seychelles Trade and Tourism the central bank and other depository corporations accords with Weighted Basket (STTWB). On July 1, 2003 an appreciation the concepts and definitions of the MFSM and is consistent with limit of 1US$=R5.50 became applicable. The STTWB was M2(p) described below. revised and is composed of only the three most dominant currencies. Beginning of October 9, 2006 their respective Money (National Definitions): weights are as follows: euro (59.1%), UK Sterling (30.2%), and M1 comprises currency in circulation and transferable deposits. US dollar (10.7%). The appreciation limit of 1US$=R5.50 is no Currency in circulation refers to notes and coins issued by the longer applicable. CBS less the amount held by the CBS and commercial banks. Transferable deposits refer to the current account deposits in Central Bank: national and foreign currency of public nonfinancial Consists of the Central Bank of Seychelles (CBS) only. corporations and private sector with commercial banks. Data are based on a standardized report form (SRF) for central M2 comprises M1 and other deposits in national and foreign banks, which accords with the concepts and definitions of the currency of public nonfinancial corporations and private sector IMF's Monetary and Financial Statistics Manual (MFSM), 2000. with commercial banks. Departures from the MFSM methodology are explained below. M2(p) comprises M2 and pipeline deposits (rupee deposits held Accrued interest on holdings of central government securities is at the CBS by other nonfinancial corporations to be withdrawn included in Other Item (Net) rather than in Claims on Central in foreign currency). Government. Holdings of treasury bills, both foreign and domestic, and other Interest Rates: central government securities are valued at acquisition cost or Discount Rate (End of Period): face value rather than at market price or fair value. Rate charged by the CBS on temporary advances to other depository corporations for liquidity purposes using treasury Other Depository Corporations: bills, treasury bonds, and government stocks as collateral. The Comprises commercial banks.{Seychelles Savings Bank is now a rate for the advances against treasury bills is the simple average commercial bank}. Data exclude the Seychelles Credit Union. of the outstanding treasury bills plus five points whilst the rate Data are based on a SRF for other depository corporations, on treasury bonds and government stocks is the same as that which accords with the concepts and definitions of the Monetary payable on the securities against which the advance is made. and Financial Statistics Manual (MFSM). Departures from the MFSM methodology are explained below. Treasury Bill Rate: Accrued interest on holdings of central government securities is Average rate on 91- and 365-day treasury bills. included in Other Item (Net) rather than in Claims on Central Government. Savings Rate: Accrued interest on the deposits with commercial banks are Weighted average rate offered by other depository corporations included in Other Items (Net) rather than in the outstanding on savings deposits in national and foreign currency. The rate is amounts of the deposits. weighted by deposit amounts. Holdings of central government securities are valued at acquisition cost or face value rather than at market price or fair Deposit Rate: value. Holdings or other securities are valued at the lower of Weighted average rate offered by other depository corporations acquisition cost or market value rather than at market price or on three-month time deposits in national and foreign currency. fair value. The rate is weighted by deposit amounts.

Depository Corporations: Lending Rate: See notes on central bank and other depository corporations. Weighted average rate charged by other depository corporations on loans in national and foreign currency. The rate is weighted Other Financial Corporations: by loan amounts. Comprises the Development Bank of Seychelles. Data are based on a SRF for other financial corporations, which accords with Government Bond Yield: the concepts and definitions of the Monetary and Financial Average yield on one-, two-, three-, five-, seven-, and ten-year Statistics Manual (MFSM). Departures from the MFSM government bonds. methodology are explained below. Accrued interest on holdings of central government securities is included in Other Item (Net) rather than in Claims on Central Government.

September 2007, International Monetary Fund : International Financial Statistics 89 Slovak Republic 936

Date of Fund Membership: Money (National Definitions): January 1, 1993 M1 comprises currency outside banks and demand deposits of households, enterprises, and insurance companies with Standard Sources: commercial banks. Beginning in January 2003, comprises National Bank of Slovakia currency outside banks and overnight deposits of resident non- MFI, noncentral government sectors with MFIs. Exchange Rates: M2 comprises M1 and quasi-money. Quasi-money consists of time and savings deposits of households, enterprises, and Official Rate: (End of Period and Period Average): insurance companies and foreign currency deposits of National Bank of Slovakia's midpoint rate. households and enterprises with commercial banks. Beginning in January 2003, comprises M1, deposits with agreed maturity Central Bank: up to two years, and deposits redeemable at notice up to three Consists of the National Bank of Slovakia months of resident non-MFI, noncentral government sectors only. with MFIs. † Beginning in August 2003, data are M3 comprises M2, repurchase agreements contracted by MFIs compiled in accordance with the European with other (non-MFI, nongovernmental) resident sectors, money Central Bank's framework for monetary market fund shares/units, and debt securities issued by statistics using the national residency commercial banks with maturity up to two years. approach. For December 2001 to July 2003, data do not fully conform with Interest Rates: the European Central Bank's framework for monetary statistics and are not strictly comparable to data for later periods. Bank Rate (End of Period): National Bank of Slovakia's main policy rate. Starting in May Other Depository Corporations: 2001, the data refer to the rate on two-week repurchase Comprises commercial banks including branches of agreements. Prior to May 2001, the data refer to the discount foreign banks. Beginning in January 2004, comprises all rate. resident units classified as other monetary financial institutions (other MFIs) in accordance with 1995 ESA Money Market Rate: standards, including money market funds. Rate on one-month interbank deposits. † Beginning in August 2003, data are compiled in accordance with the European Central Bank's Deposit Rate: framework for monetary statistics using the national Beginning in January 2005, weighted average interest rate residency approach. offered on short-term (up to one year) deposits of non-financial For December 2001 to July 2003, data do not fully conform with corporations (S.11). From January 1996 to December 2004, the European Central Bank's framework for monetary statistics weighted average interest rate offered on short-term (up to one and are not strictly comparable to data for later periods † year) deposits of the private sector during the reference period. Beginning in January 2003, data are based on an improved During 1993-95, weighted average rate offered by commercial classification of accounts due to availability of more detailed banks on all accepted deposits. information. Prior to January 2003 Claims on Central Government and Liabilities to Central Government include positions with local Lending Rate: governments and the National Property Fund. Beginning in January 2005, weighted average interest rate on short-term loans drawn by non-financial corporations (S.11). Depository Corporations: From January 1995 to December 2004, weighted average See notes on central bank and other depository corporations. † interest rate on short-term loans granted to the private corporate Prior to January 2003, Net Claims on Central Government, Claims sector during the reference period. During 1993-94, weighted on Central Government, and Liabilities to Central Government include average rate charged by commercial banks on all outstanding positions with local governments and the National Property credits. Fund. Government Bond Yield: Monetary Aggregates: Monthly average of yields on 10-year government bonds. Broad Money: Broad Money is calculated from the liability data in the sections for the central bank and other depository corporations.

90 September 2007, International Monetary Fund : International Financial Statistics Slovenia 961

Date of Fund Membership: Depository Corporations (Euro Area-wide Residency): December 14, 1992 See notes on central bank and other depository corporations. For a description of the methodology and accounts, refer to the Standard Sources: section on Depository Corporations (Based on Euro Area -wide European Central Bank Residency) in the Introduction to this Supplement. Bank of Slovenia Money (National Definitions): Exchange Rates: Beginning in January 2007, national monetary aggregates series were discontinued. The euro area aggregates are presented on Market Rate (End of Period and Period Average): the euro area page. In January 2007, the Slovenian tolar became a participating M1 comprises currency in circulation and demand deposits, currency within the Eurosystem, and the euro market rate including demand deposits of the central government, became applicable to all transactions. In 2007, the tolar was enterprises, and non-monetary financial institutions with the retired from circulation and replaced by euro banknotes and Bank of Slovenia. Currency in circulation is equal to currency coins. For additional information, refer to the Introduction to issued by the central bank less currency in the central bank this Supplement and the notes on the euro area page. Prior to vault. † Beginning in January 2005, M1 comprises currency in January 2007, midpoint of the official tolar/U.S. dollar exchange circulation and overnight deposits of non-central government, rate, which was computed using the official tolar/Euro exchange non-MFI resident sectors with resident MFIs. rate and the market Euro/U.S. dollar exchange rate. The official M2 comprises M1, securities in tolar, central government time tolar/Euro exchange rate was calculated daily by the Bank of deposits at Bank of Slovenia, and tolar time deposits of non- Slovenia using a moving average of the daily market rates on the central government non-bank residents at commercial banks and foreign exchange market over the preceding 60 days' interval. Bank of Slovenia. † Beginning in January 2005, M2 comprises M1, deposits with agreed maturity up to two years, and Central Bank: deposits redeemable at notice up to three months of non-central Consists of the Bank of Slovenia only, which beginning in government, non-MFI resident sectors with resident MFIs. January 2007 is part of the Eurosystem (for a description of M3 comprises M2, foreign currency deposits at commercial accounts refer to the section on Central Bank - Euro Area in the banks, and foreign currency securities issued by commercial Introduction to this Supplement). Currency Issued includes coins banks and held by non-banks. †Beginning in January 2005, M3 issued by the Treasury. Beginning in January 2007, Currency comprises M2, repurchase agreements contracted with other Issued comprises euro banknotes and coins and unretired tolars. (non-MFI) resident sectors, money market fund shares/units, Prior to January 2007, the contra-entry to Treasury coin issue and debt securities with maturity up to two years issued to non- was included in Claims on General Government. From January central government, non-MFI resident sectors. 2007 onward, the contra-entry is included in Other Items (Net). † Beginning in January 2004, data are compiled in accordance Interest Rates: with the European Central Bank's framework for monetary statistics; however, presentation of data during January 2004– Central Bank Rate (End of Period): December 2006 is based on the national residency approach Rate on one-day lombard loans by Bank of Slovenia to banks, only. For a description of accounts refer to the section on Central with the Bank of Slovenia bills or government securities used as Bank - Euro Area in the Introduction to this Supplement. collateral. In January 2007, the central bank rate was Prior to January 2004, data do not fully conform with the discontinued. See Eurosystem policy rate series on the euro area European Central Bank's framework for monetary statistics and page. are not strictly comparable to data for later periods. Money Market Rate: Other Depository Corporations: Average interest rate in the Slovenian interbank market on the Comprises commercial banks. Beginning in January 2004, unsecured tolar deposits with a maturity up to 30 days, comprises all resident units classified as other monetary weighted by turnover. Beginning in January 2007, data refer to financial institutions (other MFIs), in accordance with 1995 ESA EURIBOR1M rate. standards, including money market funds. † Beginning in January 2004, data are compiled in accordance Treasury Bill Rate: with the European Central Bank's framework for monetary Rate on three-month treasury bills. statistics; however, presentation of data during January 2004– December 2006 is based on the national residency approach Deposit Rate (line 60l): only. For a description of accounts, refer to the section on Other Prior to January 2007, period average rate on 31- to 90-day time Depository Corporations - Euro Area in the Introduction to this deposits at commercial banks, weighted by stocks. Beginning in Supplement. January 2007, rate on new deposits redeemable at notice with Prior to January 2004, data do not fully conform with the maturity up to three months calculated in accordance with the European Central Bank's framework for monetary statistics and ECB's methodology. are not strictly comparable to data for later periods. Deposit Rate (lines 60lhs, 60lhn, 60lcs, and 60lcn): Depository Corporations (National Residency): See notes in the Introduction to this Supplement and Euro-area See notes on central bank and other depository corporations. For Interest Rates. a description of the methodology and accounts, refer to the section on Depository Corporations (Based on National Residency) - Lending Rate (line 60p): Euro Area in the Introduction to this Supplement. Prior to January 2007, period average rate on short-term commercial bank loans weighted by stocks. Beginning in January 2007, rate on new loans of up to EUR 1 million to non-

September 2007, International Monetary Fund : International Financial Statistics 91 Slovenia 961 financial corporations with maturity up to one year calculated in Government Bond Yield: accordance with the ECB's methodology. Average yield on government bonds with a 10-year residual maturity. Lending Rate (lines 60phs, 60pns, 60phm, 60phn, 60pcs, and 60pcn): Prices: See notes in the Introduction to this Supplement and Euro-area Interest Rates. Share Prices: Data refer to the Slovenian Stock Exchange Index (SBI 20) of the Ljubljana Stock Exchange.

92 September 2007, International Monetary Fund : International Financial Statistics South Africa 199

Date of Fund Membership: accords with the concepts and definitions of the Monetary and December 27, 1945 Financial Statistics Manual (MFSM). For other depository corporations in South Africa, departures from the MFSM Standard Sources: methodology are explained below. South Africa Reserve Bank. Financial assets and liabilities not disaggregated by economic sector are estimated based on information available from other Exchange Rates: sources, including from other financial corporations, or allocated to the economic sector having the largest volume of transactions Principal Rate (End of Period and Period Average): in that category. A dual exchange rate system, consisting of a commercial rand For December 2001 through May 2002, data in the SRF format rate and a financial rand rate, was in effect until February 7, are compiled from pre-SRF data not based on the MFSM 1983 and again between September 1985 and March 1995. The methodology. Departures from the MFSM methodology are exchange rate of the commercial rand was determined in a explained below. managed floating system and applied to all current transactions. Financial derivatives are excluded form the data. The financial rand applied to the local sale or redemption Financial assets and liabilities not disaggregated by economic proceeds of South African securities and other investments in sector are allocated to the economic sector having the largest South Africa owned by nonresidents (other than former volume of transactions in that category. residents of South Africa), capital remittances by emigrants and Securities issued by the SARB held by other depository immigrants, and approved outward capital transfers by corporations and loans to the SARB are included in Other Items residents. The exchange rate of the financial rand was (Net). determined freely by the supply and demand for financial rand Some loans to other financial corporations and securities other balances. Beginning March 13, 1995, the government abolished than shares excluded from broad money issued by other the financial rand system and repealed all exchange control depository corporations held by the CPD are included in Other restrictions on the free convertibility and repatriation of the local Items (Net). sale proceeds on investments in South Africa owned by General and special reserves are included in Other Items (Net) nonresidents. Thus, beginning March 13, 1995, a unitary rather than in Shares and Other Equity. exchange rate that applies to both current and capital The assets and liabilities of the other depository corporations transactions between residents and nonresidents is in effect. are recorded on an aggregated rather than consolidated basis. Data prior to that date refer to the commercial rand rate. Depository Corporations: Central Bank: † See notes on central bank and other depository corporations. Consolidates the South Africa Reserve Bank (SARB) and the Corporation for Public Deposits (CPD), a full subsidiary of Other Financial Corporations: SARB. The CPD is a specialized financial institution that pools Comprises insurance companies (short- and long-term insurers), short-term public sector deposits and invests mainly in short- pension and provident funds, , the Public Investment term government paper, public corporations paper, and bank Corporation (PIC), finance companies, and collective investment instruments. Although a full subsidiary of the SARB it produces schemes (money market unit trusts, non-money market unit its own set of financial statements. trusts, property unit trusts, and participation bond schemes). † Beginning in June 2002, the data are based on a standardized Data are based on a standardized report form (SRF) for other report form (SRF) for central banks, which accords with the financial corporations, which accords with the concepts and concepts and definitions of the IMF's Monetary and Financial definitions of the Monetary and Financial Statistics Manual Statistics Manual (MFSM), 2000. (MFSM). Data are compiled on a quarterly basis and data for the For December 2001 through May 2002, data in the SRF format intermediate months are maintained constant from the previous are compiled from pre-SRF data not based on the MFSM quarter. For other financial corporations in South Africa, methodology. Departures from the MFSM methodology are departures from the MFSM methodology are explained below. explained below. Financial assets and liabilities not disaggregated by economic Financial assets and liabilities not disaggregated by economic sector are estimated based on counterpart data available from sector are allocated to the economic sector having the largest the other depository corporations or allocated to the economic volume of transactions in that category. sector having the largest volume of transactions in that category. Holdings of securities issued by other depository corporations Accrued interest of collective investment schemes is included in held by the CPD are included in Other Items (Net). Other Items (Net) rather than in the outstanding amounts of the Some claims on the central government are included in Other financial assets or liabilities. Items (Net). Deposits excluded form broad money are included in Other Items Financial Corporations: (Net). † See notes on central bank, other depository corporations, and General and special reserves are included in Other Items (Net) other financial corporations. rather than in Shares and Other Equity. The assets and liabilities of the SARB and CPD are recorded on Monetary Aggregates: an aggregated rather than consolidated basis. Broad Money: Other Depository Corporations: Broad Money calculated from the liability data in the sections for Comprises private banking institutions (including the former the central bank and other depository corporations. commercial banks, discount houses, and equity building societies), mutual banks, the Land Bank, and the Postbank. † Beginning in June 2002, data are based on a standardized report form (SRF) for other depository corporations, which

September 2007, International Monetary Fund : International Financial Statistics 93 South Africa 199

Money (National Definitions): Money Market Rate: M0 comprises notes and coins in circulation outside the SARB Rate on loans between banks. † Beginning in March 1976, and other depository corporations' deposits with the SARB in predominant quoted rate on interbank deposits at call. † national currency. Beginning in September 2001, refers to the South African M1A comprises notes and coins in circulation outside the overnight interbank average rate (SAONIA) which is the depository corporations and check and transferable deposits of weighted average rate of unsecured interbank overnight households, local governments, public and private nonfinancial transactions at market rates in national currency. The rate is corporations, and other financial corporations (including the PIC weighted by loan amounts. † Beginning in March 2007, the beginning in January 1996) with the depository corporations. SAONIA rate was discontinued and replaced by the South M1 comprises M1A and other demand deposits of households, African Benchmark Overnight Rate (SABOR). SABOR is the local governments, public and private nonfinancial corporations, volume-weighted average of interbank funding at a rate other and other financial corporations (including the PIC beginning in than the current repo rate and the twenty highest rates paid by January 1996) with the depository corporations. banks on their overnight and call deposits, plus a five percent M2 comprises M1, other short- and medium-term deposits of weight for funding through foreign exchange swaps. households, local governments, public and private nonfinancial corporations, and other financial corporations (including the PIC Treasury Bill Rate: beginning in January 1996) with the depository corporations, Tender rate on 91-day treasury bills in national currency. and negotiable certificates of deposits and promissory notes Monthly data are averages of each Friday of the month. issued by other depository corporations held by households, local governments, public and private nonfinancial corporations, Savings Rate: other financial corporations (including the PIC beginning in Weighted average rate offered by banks on savings deposits in January 1996), and nonresidents. Short- and medium-term (up to national currency. The rate is weighted by deposit amounts. six month's unexpired maturity) deposits include time and savings deposits and savings bank certificates issued by the Deposit Rate: Postbank. Predominant quoted rate on wholesale 88-91 day time deposits M3 comprises M2 and long-term deposits of households, local with clearing banks in national currency. † Beginning in January governments, public and private nonfinancial corporations, and 2001, weighted average rate offered by banks on wholesale 88- other financial corporations (including the PIC beginning in 91 day time deposits in national currency. The rate is weighted January 1996) with the depository corporations, and negotiable by deposit amounts. certificates of deposits and promissory notes (more than six month's unexpired maturity) issued by other depository Lending Rate: corporations held by households, local governments, public and Predominant prime overdraft rate charged by banks. private nonfinancial corporations, other financial corporations (including the PIC beginning in January 1996), and nonresidents. Government Bond Yield: Long-Term (line 61): Long-term deposits include national savings certificates issued Yield on bonds with maturities of ten years and longer traded on by the Postbank. the bond exchange.

Interest Rates: Prices:

Discount Rate (End of Period): Share Prices: Lowest rate at which the SARB discounts treasury bills to Weighted index of monthly average prices of all ordinary shares commercial banks.† Beginning in March 1998, rate determined listed on the JSE Limited, base 2000. by the SARB on repurchase agreements in national currency between the SARB and banks.

94 September 2007, International Monetary Fund : International Financial Statistics Spain 184

Date of Fund Membership: the interest rate on loans granted to the banking system, September 15, 1958 through auction, by the Bank of Spain. Data were for the last day of the month in which an auction took place. Beginning in Standard Sources: January 1999, central bank policy rate series are discontinued. European Central Bank See Eurosystem policy rate series on the euro area page. Bank of Spain Money Market Rate: Exchange Rates: Daily average rate on interbank operations effected through the In January 1999, the peseta became a participating currency Bank of Spain's cable service. within the Eurosystem, and the euro market rate became applicable to all transactions. In 2002, the peseta was retired Treasury Bill Rate: from circulation and replaced by euro banknotes and coins. For Prior to July 1987, the discount rate on three-month treasury additional information, see the Introduction to this Supplement bills. Beginning in July 1987, the discount rate on one-year and the notes for the euro area page. treasury bills.

Central Bank: Deposit Rate: Consists of the Bank of Spain, which is part of the Eurosystem Rate offered by banks on six- to 12-month time deposits. beginning in January 1999, only. Currency Issued includes coins issued by the government. For a description of the accounts, Deposit Rate (lines 60lhs, 60lhn, 60lcs, 60lcn, and refer to the section on Central Bank - Euro Area in the 60lcr): Introduction to this Supplement. See notes in the Introduction to this Supplement and Euro-area Interest Rates. Other Depository Corporations: Comprises all resident units classified as other MFIs, defined in Lending Rate: accordance with 1995 ESA standards, including money market Rate charged by banks to discount three-month commercial funds and the Instituto de Crédito Oficial (ICO). For a bills. description of the accounts, refer to the section on Other Lending Rate (lines 60phs, 60pns, 60phm, 60phn, Depository Corporations - Euro Area in the Introduction to this Supplement. 60pcs, and 60pcn): See notes in the Introduction to this Supplement and Euro-area Depository Corporations (National Residency): Interest Rates. For a description of the methodology and accounts, refer to the section on Depository Corporations (National Residency) - Euro Area Government Bond Yield: in the Introduction to this Supplement. Simple monthly average of daily yields on bonds with over two years maturity included in the government's Sistema de Depository Corporations (Euro Area-wide Residency): Anotaciones de Cuenta de Deuda del Estado (SACDE). For For a description of the methodology and accounts, refer to the additional information, refer to the Introduction to this section on Depository Corporations (Euro Area-wide Residency) in Supplement and on the notes on the euro area page. the Introduction to this Supplement. Prices:

Interest Rates: Share Prices: Discount Rate (End of Period): Index of Madrid Stock Exchange share prices, base December Prior to September 1977, rate at which the Bank of Spain 1970. † Beginning January 1986, data refer to base December discounted financial paper for commercial and saving banks. 1985. From September 1977 to January 1999, the weighted average of

September 2007, International Monetary Fund : International Financial Statistics 95 Suriname 366

Date of Fund Membership: Claims on Nonresidents and Liabilities to Nonresidents include all April 27, 1978 domestic credit and deposits in foreign currency. Deposits of other depository corporations at the CBS, except Standard Sources: correspondent accounts and reserve requirements, are included Central Bank of Suriname in Other Items (Net).

Exchange Rates: Depository Corporations: On January 1, 2004, the Surinamese dollar, equal to 1,000 See notes on central bank and other depository corporations. Surinamese guilders, replaced the guilder as the currency unit. Monetary Aggregates:

Official Rate: (End of Period and Period Average): Broad Money: Central bank midpoint rate. Beginning July 1994, the Central Broad Money calculated from the liability data in the sections for Bank midpoint exchange rate was unified and became market the central bank and other depository corporations accords with determined. Beginning in March 2002, data reported correspond the concepts and definitions of the MFSM. Broad money differs to the official rate. from M3 described below as M3 excludes foreign currency deposits. Central Bank: Consists of the Central Bank of Suriname (CBS) only. Money (National Definitions): † Beginning in May 2002, data are based on a standardized M1 comprises banknotes and coins in circulation, treasury notes, report form (SRF) for central banks, which accords with the and national currency demand deposits, other than central concepts and definitions of the IMF's Monetary and Financial government deposits. Statistics Manual (MFSM), 2000. M2 comprises M1 plus national currency time deposits, other For December 2001 through April 2002, data in the SRF format than central government, with a maturity of less than one year, are compiled from pre-SRF data. 10 percent of national currency savings deposits, other than central government deposits, and gold certificates held by the Other Depository Corporations: public. Comprises commercial banks, a finance company, and two trust M3 comprises M2 plus national currency time deposits, other companies. Finance and trust companies are wholly owned by than central government, with a maturity of more than one year the commercial banks, on whom they almost exclusively rely to and 90 percent of national currency savings deposits, other than finance their operations. Data exclude credit unions, which central government deposits. accept deposits. † Beginning in May 2002, data are based on a standardized Interest Rates: report form (SRF) for other depository corporations, which accords with the concepts and definitions of the Monetary and Money Market Rate: Financial Statistics Manual (MFSM). Simple average of rates at which commercial banks borrow For December 2001 through April 2002, data in the SRF format funds in national currency in the interbank market. are compiled from pre-SRF data not based in the MFSM methodology. Departures from the MFSM methodology are Deposit Rate: explained below. Weighted average rate offered by commercial banks on all Loans and deposits are disaggregated into only three sectors: savings and time deposits in national currency. central government, banks, and others. Claims on Private Sector includes loans to public nonfinancial Lending Rate: corporations. Weighted average rate charged by commercial banks on all loans in national currency.

96 September 2007, International Monetary Fund : International Financial Statistics Swaziland 734

Date of Fund Membership: Monthly data on the sectorization of deposit liabilities are September 22, 1969 estimated based on data available on a quarterly basis. Some accrued interest is included in Other Items (Net) rather than Standard Sources: in the outstanding amounts of the financial assets and liabilities. Central Bank of Swaziland Depository Corporations: Exchange Rates: See notes on central bank and other depository corporations.

Official Rate: (End of Period and Period Average): Monetary Aggregates: The lilangeni is at par with the South African rand (see note on the page for South Africa for a description of the exchange Broad Money: rates). Broad Money calculated from the liability data in the sections for the central bank and other depository corporations accords with Central Bank: the concepts and definitions of the MFSM. Consists of the Central Bank of Swaziland only. † Beginning in August 2004, the data are based on a Money (National Definitions): standardized report form (SRF) for central banks, which accords M1 comprises notes and coins in circulation outside the with the concepts and definitions of the IMF's Monetary and depository corporations, other financial corporations' deposits Financial Statistics Manual (MFSM), 2000. Departures from the with the CBS in national currency, and demand deposits in MFSM methodology are explained below. national and foreign currency of the private sector, local Some accrued interest is included in Other Items (Net) rather than authorities and town councils, nonfinancial public corporations, in the outstanding amounts of the financial assets and liabilities and other financial corporations with depository corporations. For December 2001 through July 2004, data in the SRF format M2 comprises M1 plus time and savings deposits in national and are compiled from pre-SRF data not based on the MFSM foreign currency of the private sector, local authorities and town methodology. Departures from the MFSM methodology are councils, nonfinancial public corporations, and other financial explained below. corporations with depository corporations. Financial assets and liabilities not disaggregated by economic sector are allocated to the economic sector having the largest Interest Rates: volume of transactions in the category. Discount Rate (End of Period): Some accrued interest is included in Other Items (Net) rather than Lowest rate at which the CBS discounts treasury bills to in the outstanding amounts of the financial assets and liabilities. commercial banks.

Other Depository Corporations: Money Market Rate: Comprises commercial banks. Interbank call deposit rate. † Beginning in August 2004, data are based on a standardized report form (SRF) for other depository corporations, which Treasury Bill Rate: accords with the concepts and definitions of the Monetary and Yield on treasury bills with 91-days maturity auctioned by the Financial Statistics Manual (MFSM). For other depository CBS. corporations in Swaziland, departures from the MFSM methodology are explained below. Savings Rate: Some accrued interest is included in Other Items (Net) rather than Midpoint rate offered by banks on savings deposits. in the outstanding amounts of the financial assets or liabilities. For December 2001 through July 2004, data in the SRF format Deposit Rate: are compiled from pre-SRF data not based on the MFSM Mid-point rate offered by commercial banks on three-month methodology. Departures from the MFSM methodology are fixed term deposits. explained below. Financial assets for which economic sectorization is unavailable Lending Rate: are allocated to the economic sector having the largest volume Rate charged by banks to most creditworthy customers on of transactions in the category. short-term loans.

September 2007, International Monetary Fund : International Financial Statistics 97 Sweden 144

Date of Fund Membership: Interest Rates: August 31, 1951 Bank Rate (End of Period): Standard Sources: Beginning in July 2002, data refer to the reference rate set by the Sveriges Riksbank Riksbank at six-monthly intervals, and is based on the repurchase agreement rate applying at the end of the previous Exchange Rates: six-month period, rounded up to the nearest whole or half percentage point. Prior to July 2002, data refer to the official Official Rate: (End of Period and Period Average): discount rate which was based on the average rate on six-month Since November 19, 1992, midpoint rate in the Stockholm and five-year securities fixings during the previous quarter foreign exchange market at the time of the fixing of exchange minus 2.5 percent. † Before March 1992, rate charged by the quotations each business day. During the period May 17, 1991- Riksbank to commercial banks on short-term loans. November 18, 1992, the official rate was pegged to the European currency unit (ECU). Prior to May 17, 1991, the Repurchase Rate: official rate was pegged to an index of a basket comprising 15 † Prior to June 1994, data refer to the marginal rate charged by currencies. the Riksbank on the loans to banks. Beginning June 1994, the marginal rate has been replaced by the repurchase rate. Central Bank: Consists of the Sveriges Riksbank only. Money Market Rate: Data are compiled in accordance with the European Central Relates to the monthly average of daily rates for day-to-day Bank's framework for monetary statistics using the national interbank loans. residency approach. Treasury Bill Rate: Other Depository Corporations: Rate on three-month treasury discount notes. Comprises all resident units classified as other monetary financial institutions (other MFIs) in accordance with 1995 ESA Deposit Rate: standards. From March 2000 onward, end-quarter average deposit rate of Data are compiled in accordance with the European Central 11 largest commercial banks. † From December 1992 through Bank's framework for monetary statistics using the national February 2000, end-quarter average deposit rate at six largest residence approach. banks. † Prior to December 1992, end-quarter average rate on savings deposits at deposit money banks. Depository Corporations: See notes on central bank and other depository corporations. Lending Rate: From March 2000 onward, end-quarter average lending rate of Monetary Aggregates: 11 largest commercial banks. † From December 1992 through February 2000, rate on six largest banks' total lending, at end Broad Money: quarter. † Prior to December 1992, average rate on lending to Broad Money calculated from the liability data in the sections for households, at end-quarter. the central bank and other depository corporations. Government Bond Yield:

Money (National Definitions): Until December 1986, data refer to yields on government bonds M0 comprises currency outside monetary financial institutions maturing in 15 years; from January 1987 data refer to yields on (MFIs), which is equal to currency in circulation minus currency bonds maturing in 10 years. Monthly data are mid-month held by MFIs. yields; quarterly and yearly data are averages of monthly data. M1 comprises M0 and Swedish crown and foreign currency demand deposits in MFIs from Swedish non-MFI, noncentral Prices: government sectors. M2 comprises M1 and other Swedish crown and foreign Share Prices: currency deposits in MFIs from Swedish non-MFI, noncentral The general index (base December 28, 1979) refers to prices of government sectors. Other deposits include time, savings, and all shares on the Stockholm Exchange as of the end of the other deposits with restrictions. month. The other series are components of the general index. M3 comprises M2, repurchase agreements, money market fund Industrials share price index (base December 29, 1995) covers shares, and debt securities with maturity less than 2 years issued industrial conglomerates, vehicles and machinery, wholesalers, by MFIs held by Swedish nonbank public. printing and office supplies, transportation, technical consultants, and miscellaneous industry subsectors. † Prior to December 1995, data refer to machinery/engineering industries share price index (base December 28, 1979), whose coverage differs from that of the industrials share price index.

98 September 2007, International Monetary Fund : International Financial Statistics Thailand 578

Date of Fund Membership: Industrial Finance Corporation of Thailand merged with the May 3, 1949. Thai Military Bank Public Company Ltd, a commercial bank. Data exclude the savings cooperatives and money market Standard Sources: mutual funds, which have small amounts of short-term Bank of Thailand. liabilities. † Beginning in January 2003, data are based on a standardized Exchange Rates: report form (SRF) for other depository corporations, which accords with the concepts and definitions of the Monetary and Official Rate: (End of Period and Period Average): Financial Statistics Manual (MFSM). For other depository Average midpoint rate of all commercial banks. † Effective July corporations in Thailand, departures from the MFSM 2, 1997, the Bank of Thailand started operating a managed float methodology are explained below. for the baht exchange rate. Financial derivatives are excluded from the data. Held-to-maturity securities are valued at acquisition cost rather Central Bank: than at current market price or fair value. Holdings of equity Consolidates the Bank of Thailand (BOT), Exchange shares not traded in active markets are valued at acquisition cost Equalization Fund (EEF), and Financial Institutions Development rather than at current market price or fair value. Fund (FIDF). The EEF manages the foreign currency transactions For December 2001 through December 2002, data in the SRF of the BOT, and the FIDF is a fund managed by the BOT. The format are compiled from pre-SRF data not based on the MFSM contra-entry to EEF foreign assets is included in line 16d. † methodology. Departures from the MFSM methodology are Beginning in January 2003, the data are for the BOT only, explained below. inclusive of the EEF. Financial assets and liabilities for which economic sectorization † Beginning in January 2003, data are based on a standardized is unavailable are allocated to the economic sector having the report form (SRF) for central banks, which accords with the largest volume of transactions in the category. concepts and definitions of the IMF's Monetary and Financial Though data for other depository corporations were not directly Statistics Manual (MFSM), 2000. Departures from the MFSM distinguished from data for other financial corporations, methodology are explained below. separation of the data was based on the characteristics of the Financial derivatives are excluded from the data. financial asset or liability. Claims on Other Financial Corporations Held-to-maturity securities are valued at acquisition cost rather includes some claims on other depository corporations. than at current market price or fair value. Holdings of equity Securities Other than Shares Included in Broad Money are not shares that are not actively traded are valued at acquisition cost distinguished from Securities Other than Shares Excluded from rather than at current market price or fair value. Broad Money. For December 2001 through December 2002, data in the SRF Accrued interest is included in Other Items (Net) rather than in format are compiled from pre-SRF data not based on the MFSM the outstanding amounts of the financial assets or liabilities. methodology. Departures from the MFSM methodology are explained below. Depository Corporations: Financial assets and liabilities not disaggregated by economic † See notes on central bank and other depository corporations. sector are allocated to the economic sector having the largest volume of transactions in the category. Monetary Aggregates: Small amounts of foreign currency holdings are included along with BOT holdings of national currency. These holdings are Broad Money: deducted in the calculation of Currency in Circulation. Broad Money calculated from the liability data in the sections for Though other depository corporations' claims on the BOT were the central bank and other depository corporations accords with not directly distinguished from other financial corporations' the concepts and definitions of the MFSM. Broad money claims on the BOT, separate data in some cases could be includes currency issued by the central government. Broad obtained on the basis of type of financial asset underlying a money (line 59m) differs from broad money (line 59mea) as line claim. 59m includes small holdings of currency by the central All bonds issued by the BOT are included in Other Liabilities to government. Other Depository Corporations in the absence of data on an individual economic sector's holdings, recognizing that other Money (National Definitions): depository corporations are the principal holders of BOT bonds. Narrow Money comprises currency outside depository Gold holdings are revalued annually rather than on a monthly corporations and transferable deposits of other financial basis. corporations, local governments, public nonfinancial Accrued interest is included in Other Items (Net) rather than in corporations, and private sector with other depository the outstanding amounts of the financial assets and liabilities. corporations. The liability account for Shares and Other Equity includes Broad Money comprises currency outside depository provisions for loan losses. corporations, including the currency issued by the government; FIDF assets, mostly claims on financial and nonfinancial transferable and other deposits of other financial corporations, corporations, are included in Other Items (Net). local governments, public nonfinancial corporations, and private sector with other depository corporations; and securities issued Other Depository Corporations: by finance companies and held by other financial corporations, Comprises commercial banks, Government Savings Bank, Bank local governments, public nonfinancial corporations, and private for Agriculture and Agricultural Cooperatives, Industrial Finance sector. Corporation of Thailand, Government Housing Bank, finance companies, and Export-Import Bank of Thailand. † Beginning in January 2003, the data include the Small and Medium Enterprises Bank of Thailand. Beginning in September 2004, the

September 2007, International Monetary Fund : International Financial Statistics 99 Thailand 578

Interest Rates: Lending Rate: Minimum rate charged by commercial banks on loans to prime Discount Rate (End of Period): customers. Discount rate offered by the BOT. Government Bond Yield: Money Market Rate: Maximum coupon rate on bonds allotted to other depository Rate on loans between commercial banks. † Beginning in corporations and other financial corporations. January 1989, daily average of commercial banks' overnight rates for interbank lending. Prices:

Treasury Bill Rate: Share Prices: Average rate on the total of accepted treasury bills sold at Composite stock price index of the Stock Exchange of Thailand, tender. base April 30, 1975. The index covers common stocks and is weighted by market capitalization. The monthly index is Deposit Rate: calculated from the average of the daily closing quotations. Maximum rate offered by commercial banks on three- to six- month savings deposits.

100 September 2007, International Monetary Fund : International Financial Statistics Turkey 186

Date of Fund Membership: strictly comparable to data for later periods. Departures from March 11, 1947 the MFSM methodology are explained below. Accrued interest is included in Other Items (Net) rather than in Standard Sources: the outstanding amounts of the financial assets and liabilities. Central Bank of the Republic of Turkey Provisions for losses are included in Shares and Other Equity rather than in Other Items (Net). Exchange Rates: Held-to-maturity securities are valued at acquisition cost rather On January 1, 2005, the New Turkish Lira (YTL), equal to than at market price or fair value. 1,000,000 Turkish lira, was introduced. Depository Corporations: Market Rate (End of Period and Period Average): See notes on central bank and other depository corporations. Official midpoint rate. Monetary Aggregates: Central Bank: Broad Money: Comprises the Central Bank of the Republic of Turkey, inclusive Broad Money calculated from the liability data in the sections of of transactions with the IMF undertaken by the Government of the central bank and other depository corporations the Republic of Turkey. Contra-entries to the Government's accords with the concepts and definitions of the MFSM. Broad transactions with the IMF are made to Other Items Net, in line money differs from M2 described below because M2 with the IMF's Monetary and Financial Statistics Manual (MFSM), includes coins issued by the Government. 2000. † Beginning in December 2002, data are based on a standardized Money (National Definitions): report form (SRF) for central banks, which accords with the M2 comprises currency in circulation outside depository concepts and definitions of the MFSM. corporations and transferable and other deposits in national and For December 2001 through November 2002, data have less foreign currency of resident non-central government sectors conformity with the MFSM methodology and therefore are not with depository corporations. strictly comparable to data for later periods. Departures from M3 consists of M2 and some deposits of general government the MFSM methodology are explained below. (“official deposits”) with depository corporations. Accrued interest is included in Other Items (Net) rather than in the outstanding amounts of the financial assets and liabilities. Interest Rates: Provisions for losses are included in Shares and Other Equity rather than in Other Items (Net). Discount Rate (End of Period): Held-to-maturity securities are valued at acquisition cost rather Rate at which the central bank lends to eligible banks and state than at market price or fair value. economic enterprises.

Other Depository Corporations: Interbank Money Market Rate: Comprises commercial banks and investment and development Weighted average annualized rate in the overnight interbank banks. money market. † Beginning in December 2002, data are based on a standardized report form (SRF) for other depository corporations, which Treasury Bill Rate: accords with the concepts and definitions of the IMF's Monetary Weighted average auction rate on three-month Treasury bills. and Financial Statistics Manual (MFSM). For December 2001 through November 2002, data have less Deposit Rate: conformity with the MFSM methodology and therefore are not Rate on three-month time deposits denominated in national currency.

September 2007, International Monetary Fund : International Financial Statistics 101 Ukraine 926

Date of Fund Membership: Money (National Definitions): September 3, 1992. Reserve Money comprises notes and coins issued by the NBU and demand deposits of other depository corporations and the Standard Sources: private sector at the NBU in national currency. National Bank of Ukraine. M0 comprises notes and coins issued by the NBU, excluding holdings of the NBU and other depository corporations. Exchange Rates: M1 comprises M0 and transferable deposits in national currency. Transferable deposits comprise liabilities of depository Official Rate: (End of Period and Period Average): corporations on demand deposits (current account deposits and The official rate is determined by the National Bank of Ukraine settlement accounts) in national currency of other financial and is set equal to the rate established at the Ukrainian corporations, nonfinancial corporations, households and interbank exchange market one day before the last business day nonprofit institutions serving households. of the period. Effective January 1, 2002, the exchange M2 comprises M1, transferable deposits in foreign currency, and arrangement of Ukraine has been reclassified to the category other deposits in both national and foreign currency with the conventional pegged arrangement. NBU and other depository corporations. Other deposits comprise liabilities of depository corporations on other demand Central Bank: deposits (target deposits, deposits on clearing accounts, deposits Consists of the National Bank of Ukraine (NBU) only. on accounts of VAT taxpayers), time deposits and deposits on † Beginning in December 2002, data are based on a standardized registered saving certificates which belong to other financial report form (SRF) for central banks, which accords with the corporations, nonfinancial corporations, households and concepts and definitions of the IMF's Monetary and Financial nonprofit institutions serving households. Statistics Manual (MFSM), 2000. M3 comprises M2 and securities other than shares in both For December 2001 through November 2002, data in the SRF national and foreign currency. Securities other than shares format are compiled from pre-SRF data not fully based on the included in M3 comprise liabilities of deposit corporations on MFSM methodology. Departures from the MFSM methodology time debt securities and bearer saving (deposit) certificates, are explained below. obtained by other financial corporations, nonfinancial Shares and Other Equity includes provisions for loan losses. corporations, households and nonprofit institutions serving Financial derivatives are not separately identified. households. Holdings of government securities are valued at acquisition cost rather than at market price or fair value. Interest Rates:

Other Depository Corporations: Refinancing Rate (End of Period): Comprises state, joint-stock, and private commercial banks and Basic rate at which the NBU extends refinancing loans to banks the Savings Bank. for a specified period. † Beginning in December 2002, data are based on a standardized report form (SRF) for other depository corporations, which Money Market Rate: accords with the concepts and definitions of the Monetary and Weighted average rate on loans in national currency at the Financial Statistics Manual (MFSM). interbank market. The rate is weighted by daily loan amounts. For December 2001 through November 2002, data in the SRF format are compiled from pre-SRF data not fully based on the Money Market Rate (Foreign Currency): MFSM methodology. Departures from the MFSM methodology Weighted average rate on loans in foreign currency at the are explained below. interbank market. The rate is weighted by daily loan amounts. Accounts of depository corporations in liquidation are not included. Deposit Rate: Shares and Other Equity includes provisions for loan losses. Weighted average rate offered by commercial banks on deposits Financial derivatives are not separately identified. in national currency. The rate is weighted by deposit amounts. Holdings of government securities are valued at acquisition cost rather than at current market price or fair value. Deposit Rate (Foreign currency): Weighted average rate offered by commercial banks on deposits Depository Corporations: in foreign currency. The rate is weighted by deposit amounts. † See notes on central bank and other depository corporations. Lending Rate: Monetary Aggregates: Weighted average rate charged by commercial banks on loans in national currency. The rate is weighted by loan amounts. Broad Money: Broad Money calculated from the liability data in the sections for Lending Rate (Foreign Currency): the central bank and other depository corporations accords with Weighted average rate charged by commercial banks on loans in the concepts and definitions of the MFSM. foreign currency. The rate is weighted by loan amounts.

102 September 2007, International Monetary Fund : International Financial Statistics United States 111

Date of Fund Membership: Data are based on a standardized report form (SRF) for other December 27, 1945. depository corporations, which accords with the concepts and definitions of the Monetary and Financial Statistics Manual Standard Sources: (MFSM). Data in the SRF format are compiled from the data Board of Governors of the Federal Reserve System, Statistical contained in the FOF which are not fully based on the MFSM Supplement to the Federal Reserve Bulletin (Bulletin) and Flow of methodology. For other depository corporations in the United Funds Accounts of the United States (FOF). States, departures from the MFSM methodology are explained below. Exchange Rates: Data are available only on a quarterly basis. Financial derivatives and accounts payable/receivable are Market Rate (End of Period and Period Average): excluded from the data. The value of the US dollar per SDR is calculated and announced Financial assets and liabilities for which economic sectorization daily by the IMF on the basis of a basket of currencies with each is unavailable are allocated to the economic sector based on an currency being assigned a weight in the determination of that estimate. The estimate is calculated using FOF data as follows: value. The currencies in the basket are valued at their market the volume of a financial instrument recorded in the balance exchange rates for the U.S. dollar, which are summed to yield sheet of the other depository corporations multiplied by the the rate of the SDR in terms of the U.S. dollar. As of January 1, percentage share of economic sectors recorded in balance sheet 2001, the weights assigned to each currency in the basket are 45 of the financial instruments. percent to U.S. dollar, 29 percent to the euro, 15 percent to the Claim on Central Government includes a small portion of claims on Japanese yen, and 11 percent to pound sterling. For weights for public nonfinancial corporations. previous periods, refer to the section on the SDR value in the Claims on State and Local Government includes a significant introduction to IFS. portion of claims on public nonfinancial corporations. The euro rate refers to the noon rate in the London foreign Shares and other equity comprises funds contributed by owners exchange market. When the London market is closed, the only. exchange rates used are those in New York market at noon, or The reported discrepancy between the total volume of assets the fixing rates from the European Central Bank if the New York and liabilities is included in Other items (Net). market is also closed. Securities other than shares are valued at acquisition cost rather than at current market price or fair value. Central Bank: Consists of the Federal Reserve Banks (FED) only. Depository Corporations: Data are based on a standardized report form (SRF) for central See notes on central bank and other depository corporations. banks, which accords with the concepts and definitions of the IMF's Monetary and Financial Statistics Manual (MFSM), 2000. Other Financial Corporations: Data in the SRF format are compiled from pre-SRF data derived Comprises property-casualty insurance companies, life from the Bulletin which are not fully based on the MFSM insurance companies, private pension funds, state and local methodology. Departures from the MFSM methodology are government employee retirement funds, federal government explained below. retirement funds, mutual funds, closed-end and exchange-traded Financial derivatives are excluded from the data. funds, government-sponsored enterprises (GSE), agency-and Shares and other equity includes funds contributed by owners and GSE-backed mortgage pools, issuers of asset-backed securities, retained earnings. finance companies, mortgage companies, real estate investment For December 2001 through July 2003, Currency in circulation was trust, security brokers and dealers, and funding corporations. estimated. Data are based on a standardized report form (SRF) for other Liabilities to Other Sectors includes some accounts with financial corporations, which accords with the concepts and nonresidents. definitions of the Monetary and Financial Statistics Manual Accounts receivable and payable are included in Other Items (Net) (MFSM). Data in the SRF format are compiled from data rather than in the FED's claims on or liabilities to the contained in the FOF which are not fully based on the MFSM corresponding economic sectors. methodology. For other financial corporations in United States, Accrued interest is included in Other items (Net) rather than in the departures from the MFSM methodology are explained below. outstanding amounts of the financial assets and liabilities. Data are available only on a quarterly basis. Securities other than shares issued by the US Government and Financial derivatives are excluded from the data. Federal agencies are valued at acquisition cost rather than at Financial assets and liabilities for which economic sectorization current market price or fair value. is unavailable are allocated to the economic sector based on an Exchange rate revaluation account, which reflects the daily estimate. The estimate is calculated using the FOF data as revaluation at mid-day market exchange rates of foreign follows: the volume of a financial instrument recorded in the currency denominated position, is included in Other items (Net) balance sheet of the other financial corporations multiplied by rather than in Shares and Other Equity. the percentage share of economic sectors recorded in balance sheet of the financial instruments. Other Depository Corporations: Claim on Central Government includes a small portion of claims on Comprises commercial banks, savings institutions, credit unions, public nonfinancial corporations. and money market mutual funds. Commercial banks include Claims on State and Local Government includes a significant U.S.-chartered commercial banks, foreign banking offices in the portion of claims on public nonfinancial corporations. U.S., bank holding companies, and banks on U.S.-affiliated areas Shares and other equity comprises funds contributed by owners and exclude international banking facilities. Savings institutions only. include savings and loan associations, mutual savings banks, The reported discrepancy between the total volume of assets federal savings banks, and Massachusetts cooperative banks. and liabilities is included in Other items (Net).

September 2007, International Monetary Fund : International Financial Statistics 103 United States 111

Securities other than shares are recorded at acquisition cost Interest Rates: rather than at current market price or fair value. Discount Rate (End of Period): Financial Corporations: Rate at which the Federal Reserve Bank of New York discounts See notes on central bank, other depository corporations, and eligible paper and makes advances to member banks. other financial corporations. Establishment of the discount rate is at the discretion of each Federal Reserve bank but is subject to review and determination Monetary Aggregates: by the Board of Governors in Washington every fourteen days; these rates are publicly announced. Borrowing from a Federal Broad Money: Reserve bank is a privilege of being a member of the Federal Broad Money includes estimates of currency issued by the central Reserve system. Borrowing may take the form either of government. Broad money calculated from the liability data in discounts of short-term commercial, industrial, and other the sections for the central bank and other depository financial paper or of advances against government securities and corporations differs from M2 described below as broad money other eligible collateral; most transactions are in the form of excludes traveler's checks of nonbank issuers and does not advances. Federal Reserve advances to or discounts for member exclude cash items in the process of collection, Federal Reserve banks are usually of short maturity up to fifteen days. Federal float, and individual retirement account (IRA) and Keogh Reserve banks do not discount eligible paper or make advanced balances at other depository corporations. In addition, deposits to members banks automatically. Ordinarily, the continuous use included in broad money may be overstated due to the of Federal reserve credit by a member bank over a considerable estimates to allocate these deposits to money holding sectors period of time is not regarded as appropriate. The volume of described in the note on the other depository corporations. discount is consequently very small. † Effective January 9, 2003, the rate charged for primary credit replaces that for adjustment Money (National Definitions): credit. Primary credit, which is broadly similar to credit Monetary Base comprises (1) total reserves, (2) required clearing programs offered by many, which is broadly similar to credit balances and adjustments to compensate for float at Federal programs offered by many other central banks, is made available Reserve Banks, (3) the currency component of the money stock, by the Federal Reserve Bank for short terms as a backup source and (4) for all quarterly reporters on the "Report of Transaction of liquidity to depository institutions that are in sound financial Accounts, Other Deposits and Vault Cash" and for all those condition. weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the Federal Funds Rate: amount applied to satisfy current reserve requirements. Weighted average rate at which banks borrow funds through Currency and vault cash figures are measured over computation New York brokers. Monthly rate is the average of rates of all periods ending on Mondays. Seasonally adjusted monetary base, calendar days, and the daily rate is the average of the rate3s on a break-adjusted monetary base consists of (1) seasonally given day weighted by the volume of transaction. adjusted, break-adjusted total reserves, (2) the seasonally adjusted currency component of the money stock, and (3), for all Commercial Paper Rate: quarterly reporters on the "Report of Transaction Accounts, Rate on three-month commercial paper of nonfinancial firms. Other Deposits and Vault Cash" and for all those weekly Rates are quoted on a discount basis and interpolated from data reporters whose vault cash exceeds their required reserves, the on certain commercial paper trades settled by the Depository seasonally adjusted, break-adjusted difference between current Trust Company. The trades represent sales of commercial paper vault cash and the amount applied to satisfy current reserve by dealers or direct issuers to investors. requirements. M1 comprises (1) currency outside the U.S. Treasury, Federal Treasury Bill Rate: Reserve Banks, and the vaults of depository institutions; (2) Weighted average yield on multiple-price auctions of 13-week traveler's checks of nonbank issuers; (3) demand deposits at treasury bills. Monthly averages are computed on an issue-date commercial banks (excluding those amounts held by depository basis. Beginning on October 28, 1998, data are stop yields from institutions, the U.S. government, and foreign banks and official uniform-price auctions. institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), Certificate of Deposit Rate: consisting of negotiable order of withdrawal (NOW) and Average of dealer offering rates on nationally traded certificates automatic transfer service (ATS) accounts at depository of deposits. institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is Lending Rate: constructed by summing currency, traveler's checks, demand Base rate charged by banks on short-term business loans. deposits, and OCDs, each seasonally adjusted separately. Monthly rate is the average of rates of all calendar days and is M2 comprises M1 plus (1) savings deposits (including money posted by a majority of the top 25 insured U.S. chartered market deposit accounts); (2) small-denomination time deposits commercial banks. (time deposits in amounts of less than $100,000), less IRA and Keogh balances at depository institutions; and (3) balances in Mortgage Rate: retail money market mutual funds, less IRA and Keogh balances Contract rate on 30-year fixed-rate first mortgages. at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination Government Bond Yield: Long-Term (line 61): time deposits, and retail money funds, each seasonally adjusted Yield on actively traded treasury issues adjusted to constant separately, and adding this result to seasonally adjusted M1. maturities. Yield on treasury securities at constant maturity are interpolated by the U.S. Treasury from the daily yield curve. This curve, which relates the yield on a security to its time to

104 September 2007, International Monetary Fund : International Financial Statistics United States 111 maturity, is based on the closing market bid yields on actively capitalization-weighted index covering domestic and traded treasury securities in the over-the-counter market. These international-based common stocks, ordinary shares, American market yields are calculated from composites of quotations Depository Receipts (ADRs), shares of beneficial interest, REITs, obtained by the Federal Reserve Bank of New York. Medium- Tracking Stocks and Limited Partnerships and excluding Term rate refers to three-year constant maturities. Long-term exchange traded funds, structured products, convertible rate refers to ten-year constant maturities. debentures, rights, units, warrants and preferred issues. The S&P Industrials (base 41-43=10) is a Laspeyres-type index based on Prices: daily closing quotations for companies in the Industrials on the New York Exchange. The AMEX Average (base August 31, Share Prices: 1973) is a total-market-value-weighted index that covers all Price-weighted monthly average covering 30 blue chip stocks common shares, warrants, and (ADRs) listed. quoted in the Dow Jones Industrial Average (DJIA). The NASDAQ Composite Index (base February 5, 1971) is a market

September 2007, International Monetary Fund : International Financial Statistics 105 Zambia 754

Date of Fund Membership: Transferable Deposits Included in Broad Money and Other Deposits September 23, 1965. Included in Broad Money include some deposits of the central government in national currency. Standard Sources: Accrued interest on treasury bills is included in Other Items (Net) . rather than in the outstanding amounts of the securities.

Exchange Rates: Depository Corporations: † See notes on central bank and other depository corporations. Official Rate: (End of Period and Period Average): Bank of Zambia base rate. Prior to July 2003, the average rate Monetary Aggregates: was determined in the auction market, with a 1.6 percent spread between buying and selling rates. Afterwards, it is calculated as Broad Money: the midpoint between the simple average of the primary dealers Broad Money calculated from the liability data in the sections of bid and offer rates. the central bank and other depository corporations accords with the concepts and definitions of the MFSM. Broad money differs Central Bank: slightly from M3 described below as M3 also includes bills Consists of the Bank of Zambia (BOZ) only. payable. † Beginning in January 2003, data are based on a standardized report form (SRF) for central banks, which accords with the Money (National Definitions): concepts and definitions of the IMF's Monetary and Financial M1 comprises currency in circulation outside depository Statistics Manual (MFSM), 2000. Departures from the MFSM corporations plus demand deposits in national currency, other methodology are explained below. than those of the central government, with the BOZ and other Overdrafts are netted against the deposits, rather than presented depository corporations, and bills payable. as loans to/from the corresponding economic sector. M2 comprises M1 plus savings and time deposits in national For December 2001 through December 2002, data in the SRF currency and demand deposits in foreign currency, other than format are compiled from pre-SRF data not based in the MFSM those of the central government, with other depository methodology. Departures from the MFSM methodology are the corporations. same as the ones detailed for January 2003 onwards. M3 comprises M2 plus savings and time deposits in foreign currency, other than those of the central government, with Other Depository Corporations: commercial banks. Comprises commercial banks (including three banks in liquidation), building societies, and the National Savings and Interest Rates: Credit Bank. Discount Rate (End of Period): † Beginning in January 2003, data are based on a standardized Rate charged by the BOZ on loans to commercial banks. report form (SRF) for other depository corporations, which accords with the concepts and definitions of the Monetary and Treasury Bill Rate: Financial Statistics Manual (MFSM). Departures from the MFSM Average rate on treasury bills. methodology are explained below. Claims on Private Sector includes a large amount of loans to other Savings Rate: financial corporations. Rate offered by commercial banks on savings deposits. Transferable Deposits Included in Broad Money and Other Deposits Included in Broad Money include deposits of the central Deposit Rate: government in foreign currency. Rate offered by commercial banks on three- to six-month Some other depository corporations record repurchase deposits. agreements as the outright buying or selling of the securities, rather than as collateralized loans. Lending Rate: For December 2001 through December 2002, data in the SRF Rate charged by commercial banks on overdrafts. format are compiled from pre-SRF data not based in the MFSM methodology. Departures from the MFSM methodology, other Prices: than those detailed for January 2003 onwards, are explained below. Share Prices: General index covering shares quoted in the Lusaka Stock Exchange, base January 1997.

106 September 2007, International Monetary Fund : International Financial Statistics