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I. BANGLADESH
GDDS - DQAF View Balance of payments
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II. H.HEADER DATA
III. 0. PREREQUISITES
A. 0.2 Resources
0.2.1 Staff, facilities, computing resources, and financing (Encouraged)
[Staff, facilities, computing resources, and financing for statistical programs currently available as well as what would be required for programmed statistical outputs.]Presently there are four staff, including supervisors. Computing facilities are available.
IV. 2. METHODOLOGY
A. 2.1 Concepts and definitions
2.1.1 Concepts and definitions (Required)
[Degree to which the overall structure of concepts and definitions follows internationally accepted standards, guidelines, or good practices.]
Definition: The balance of payments in Bangladesh is defined in "Annual Balance of Payments" as a statistical statement for a given period showing: (a) transactions in goods, services, and income between the economy and the rest of the world; (b) changes in the economy's monetary gold, Special Drawing Rights (SDRs), and claims on and liabilities to the rest of the world; and (c) transfers and counterpart entries that are needed to balance, in the accounting sense, any entry for the foregoing transactions and changes that are not mutually offsetting.
Balance of payments data are compiled and disseminated on a monthly, quarterly, and annual basis by the Bangladesh Bank (BB) in accordance with the principles and methodology recommended in the fifth edition of the IMF "Balance of Payments Manual" (BPM5). Data are presented in millions of taka.
B. 2.2 Scope
2.2.1 Scope (Required)
2.2.1.1 Scope of the data
[Scope of the data.]The Balance of Payments data cover the full range of activities of the Bangladesh economy with the rest of the world with the following main exceptions: the non-trade activities of companies operating in the Export Processing Zones (EPZs) with the rest of the world are excluded (the imports and exports of these companies have been included in the data since 1992/93); the imports of equipment by Foreign Direct Investors are included starting in 1997-98.
Balance of payments transactions are classified into 4 main categories:1. Goods, services, and income2. Current transfers3. Capital and financial account4. Net errors and omissions
The quarterly data are added to obtain the annual data and these are presented on a fiscal year (July-June) basis.
The coverage of the data is the same for all periodicities, but the details that are disseminated differ. Monthly data are quite summarized, quarterly data contain debits and credits for all major accounts, and annual data present a detailed classification that meet the requirements of a comprehensive framework. Annual data are disseminated for the global balance of payments as also for regional balance of payments in respect of the following selected countries/regions/groupings: United Kingdom; USA; Canada; Japan; European Union; other European countries; member countries of the Organization of Islamic Conference; member countries of ASEAN; other Asian countries; and the rest of the world.
Monthly balance of payments data (on the basis of BPM5) are presented in a summarized form in the Bangladesh Bank monthly bulletin "Economic Trends". Summarized quarterly data are presented in accordance with BPM5 recommendations, as are detailed annual data.
2.2.1.2 Exceptions to coverage
[Exceptions to coverage.]Nil
2.2.1.3 Unrecorded activity
[Unrecorded activity.]No estimates are made for smuggling or other illegal flows.
C. 2.3 Classification/sectorization
2.3.1 Classification/sectorization (Required as relevant to data category)
[Broad consistency of classification/sectorization systems used with internationally accepted standards, guidelines, or good practices.]The balance of payments statement is organized, as far as possible, according to the recommendations of the fifth edition of the IMF "Balance of Payments Manual". The classification scheme is as follows:
A. Goods, services, and income
a) Goods
1. General merchandise; 2. Goods for processing; 3. Repairs on goods; 4. Goods procured in ports by carriers; 5. Nonmonetary gold; and 6. Other
b) Services
1. Transportation (1.1 passengers, 1.2 freight, 1.3 other); 2. Travel (2.1 business, 2.1 personal); 3. Communication; 4. Construction; 5. Insurance; 6. Financial; 7. Computer and information; 8. Royalties and license fees; 9. Other business services; 10. Entertainment, cultural and recreational services; and 11. Government services n.i.e.
c) Income
1. Compensation of employees and 2. Investment income (2.1 Direct investment, 2.2 portfolio investment, and 2.3 other investment)
B. Current transfers
1. General government and 2. Other sectors (2.1 Workers remittances and 2.2 Other transfers)
C. Capital and Financial Account
a) Capital account
1. Capital transfers (1.1 General government and 1.2 Other sectors)
b) Financial account (excluding reserves)
1. Direct investment 2. Portfolio investment (2.1 Assets and 2.2 Liabilities); 3. Other investment (3.1 Assets and 3.2 Liabilities-both assets and liabilities are broken down by trade credits, loans, currency and deposits, and other.)
c) Reserves
1. Monetary gold; 2. SDRs; 3. Reserve position in the Fund; 4. Foreign exchange; and 5. Other claims
D. Net errors and omissions
D. 2.4 Basis for recording
2.4.1 Valuation (Required as relevant to data category)
[Types of prices (market, historical, administrative, basic, purchasers’, producer, etc.) used to value flows and stocks.]Valuation: Exports and imports both are recorded on accrual basis and corresponding values are recorded in trade balance on f.o.b. basis;
2.4.2 Recording basis (Required as relevant to data category)
[Degree to which recording meets requirements for accrual accounting.]General accounting conventions: The transactions are recorded in the form of double-entry accounting with each credit entry balanced by an offsetting debit entry and vice versa. Credit entries indicate exports of goods and services and a decrease in holdings of foreign assets or an increase in foreign liabilities. Debit entries indicate imports of goods and services and an increase in holdings of foreign assets or a decrease in foreign liabilities. Current transfers and counterparts are shown as credits when the entries to which they provide the offsets are debits, and as debits when those entries are credits. Income received is treated as a credit and income paid is treated as a debit.
Conversion to unit of account: Transactions are converted to taka and U.S. dollars at the average exchange rate for the period (monthly, quarterly, annual) based on the number of working days in the period. The value of reserve positions are updated on daily basis . Gold is valued in 2 steps: on the basis of the US$ value of the gold troy ounce, and on the basis of the US$ versus the taka. The US$ value of the gold troy ounce is revalued daily using the rate in the London market, and the US$ versus taka value is revalued daily.
Time of recording: Merchandise exports are recorded on an accrual (shipment) basis. Most other entries are recorded on a cash basis as banking and exchange control records are the primary source of data.
2.4.3 Grossing/netting procedures (Encouraged)
[Broad consistency of grossing/netting procedures with internationally accepted standards, guidelines, or good practices.]The net position is derived by deducting debits from credits. For assets a positive (credit) figure represents a decrease in holdings, while a negative (debit) figure indicates an increase. The opposite applies in the case of liabilities.
V. 3. ACCURACY AND RELIABILITY
A. 3.1 Source data
3.1.1 Source data collection programs (Required)
[Comprehensiveness of source data from administrative and survey data collection programs, and appropriateness of the collection modality for country-specific conditions.]The primary source of data used to compile the balance of payments is the banking transaction records collected through the foreign exchange transactions reporting system (exchange control records) compiled by the Statistics Department of the Bangladesh Bank (BB).
Goods: Data on merchandise exports (valued f.o.b.) are provided by the Export Promotion Bureau (EPB) based on customs declarations. Data on merchandise imports are collected from the National Board of revenue on f.o.b. and c&f basis.
Services: These data are obtained from exchange control records. Services also include the freight against imports.
Primary Income: Income transactions for compensation of employees are derived from surveys of foreign embassies and those on investment income are derived from exchange control records. These data are supplemented by data on interest payments on loans furnished by the Economic Relations Division (ERD) of the Ministry of Finance and data on interest received by the BB. Data on reinvested earnings and undistributed branch profits (components of direct investment income) are collected through survey.
Secondary Income: Data on current transfers in the form of cash are obtained from exchange control records while detailed data on external assistance are furnished by the Economic Relations Division.
ERD data are based on internal accounting procedures as well as reports from donors.
Capital account: Capital transfers consist mainly of official project grants and Japan Debt Relief Grants details of which are provided by ERD.
Financial account: Data on foreign direct investment are collected through quarterly survey. Data on portfolio investments are collected through monthly survey. Data on other financial account transactions are obtained from exchange records and from ERD reports for multilateral loans.
Reserve assets: Data on reserve assets are obtained from the BB, supplemented by information from the IMF on Reserve Position in the Fund.
3.1.2 Source data definitions, scope, sectorization, classifications, valuation, and time of recording (Encouraged)
[Degree to which source data approximate definitions, scope, sectorization, classifications, valuation, and time of recording required (as described in 2.1.1-2.4.3).]Sectorization and classifications are done as per BPM6.
3.1.3 Source data timeliness (Encouraged)
[Source data timeliness relative to what is required for producing statistical outputs whose timeliness meets applicable data standard (SDDS requirements or GDDS recommendations).]In case of monthly data, all data are available within 2-3 weeks after the reference period.In case of quarterly data, all data are available within 6 weeks after the reference period
B. 3.2 Assessment of source data
3.2.1 Source data assessment (Encouraged)
[Routine assessment of source data—including censuses, sample surveys, and administrative records (e.g., for coverage, sample error, response error, and nonsampling error); whether assessment results are monitored; how results are used to guide statistical processes.]
Our data collection procedure is census not on the basis of sample survey. Some data, for example exports and imports are collected from two sources, namely custom records and banking records. In this case we check consistency between two sources of data.
C. 3.3 Statistical techniques
3.3.1 Source data statistical techniques (Required as relevant to data category)
[Statistical techniques in data compilation to deal with data sources (e.g., to align them with target concepts from 2.1.1).]Data are collected through Enterprise Data Warehouse (EDW). It is run by Oracle software. There are many Rationalized Input Templates (RIT) which are filled and uploaded by authorized dealers using central bank's website.
In case of imports, data of costs and freights are collected separately.
3.3.2 Other statistical procedures (Required as relevant to data category)
[Statistical techniques employed in other statistical procedures (e.g., data adjustments and transformations, and statistical analysis).]
D. 3.4 Data validation
3.4.1 Validation of intermediate results (Encouraged)
[Assessment and investigation of statistical discrepancies in intermediate data.]After getting outputs, all components are checked and data are validated in consultation with data providers.
3.4.2 Assessment of intermediate data (Encouraged)
[Assessment and investigation of statistical discrepancies in intermediate data.]
All discrepancies are removed in consultation with data providers.
3.4.3 Assessment of discrepancies and other problems in statistical outputs (Encouraged)
[Investigation of statistical discrepancies and other potential indicators of problems in statistical outputs.]Prior to dissemination we make sure that all outputs are correct.
E. 3.5 Revision studies
3.5.1 Revision studies and analyses (Encouraged)
[Periodicity with which studies and analyses of revisions and/or updates are carried out; whether and how they are used internally to inform statistical processes (see also 4.3.3).]If any revised data are available we prepare new outputs and make necessary corrections in Balance of Payments data.
VI. 4. SERVICEABILITY
A. 4.1 Periodicity and timeliness
4.1.1 Periodicity (Required)
[Periodicity of statistical outputs relative to applicable dissemination standard (SDDS requirement or GDDS recommendation).]Monthly, quarterly; and annually, with varying degrees of detail.
4.1.2 Timeliness (Required)
[Timeliness of statistical outputs relative to applicable dissemination standard (SDDS requirement or GDDS recommendation).]Data are disseminated within 6 weeks after the end of the reference month, quarter, or year and annual publication is disseminated no later than 9 weeks after the end of the reference period.
B. 4.2 Consistency
4.2.1 Internal consistency (Required as relevant to data category)
[Consistency of statistics within the dataset.]Prior to the introduction of data based on BPM6 for periods from 2011-12 to the present, data for the period from 1997-98 is based on BPM5, and data for the period from 1981-82 is based on BPM4.
BoP team check consistency of data with IIP and SRF formats.
4.2.2 Temporal consistency (Encouraged)
[Consistency or reconcilability of statistics over a reasonable period of time.]All data are presented as actual data, and are not seasonally adjusted.
4.2.3 Intersectoral and cross-domain consistency (Encouraged)
[Consistency or reconcilability of statistics with those obtained through other data sources and/or statistical frameworks.]Annual balance of payments data for the fiscal year (July to June) which follow the same format as the detailed quarterly data are disseminated in millions of taka in the "Annual Balance of Payments" publication. These annual data are disseminated for the global balance of payments, and separate balance of payments with selected countries/regions/groupings: United Kingdom; USA; Canada; Japan; European Union; other European countries; member countries of the Organization of Islamic Conference; member countries of ASEAN; other Asian countries; and the rest of the world. These detailed data can be cross-checked and verified with other economic data.
C. 4.3 Revision
4.3.1 Revision and/or update schedule (Required)
[Transparency and regularity of revision/update schedule.]Revisions are incorporated at the first available opportunity.
4.3.2 Identification of preliminary and/or revised/updated data (Required)
[Identification of preliminary and/or revised/updated data.]
4.3.3 Dissemination of revision studies and analyses (Encouraged)
[Dissemination of revision studies and analyses (see also 3.5.1).]
VII. 5. ACCESSIBILITY
A. 5.1 Data
5.1.1 Statistical presentation (Required)
[Statistics are presented in a way that facilitates proper interpretation and meaningful comparisons (layout and clarity of text, tables, and charts).] Balance of payments data are compiled and disseminated on a monthly, quarterly, and annual basis by the Bangladesh Bank (BB) in accordance with the principles and methodology recommended in the sixth edition of the IMF's "Balance of Payments Manual" (BPM6).
Balance of payments transactions are classified into 4 main categories:1. Goods, services, and income2. Current transfers3. Capital and financial account
4. Net errors and omissions
Data are presented in millions of taka.
5.1.2 Dissemination media and format (Required)
5.1.2.1 Hard copy - New release
[Hard copy - New release.]
5.1.2.2 Hard copy - Weekly bulletin
[Hard copy - Weekly bulletin.]
5.1.2.3 Hard copy - Monthly Bulletin
[Hard copy - Monthly Bulletin.]"Economic Trends", published by Bangladesh Bank
5.1.2.4 Hard copy - Quarterly bulletin
[Hard copy - Quarterly bulletin.]
"Bangladesh Bank Quarterly", published by Bangladesh Bank
5.1.2.5 Hard copy - Other
[Hard copy - Other.]
5.1.2.6 Electronic - On-line bulletin or data
[Electronic - On-line bulletin or data.]http://www.bb.org.bd/economic data
5.1.2.7 Electronic - Other
[Electronic - Other.]
5.1.5 Dissemination on request (Encouraged)
[Dissemination on request of unpublished but non-confidential statistics.]Detailed time series data are available on request.
B. 5.2 Metadata
5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques (Required)
[Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques, including annotation of differences from internationally accepted standards, guidelines.]Documentation of methodology, sources used in preparing the statistics, and an explanation of the types of transactions included in each of the data categories are published in "Annual Balance of Payments" publication.
VIII. 9. PLANS
A. 9.1 Recent
9.1.1 Plans for improvement - Recent improvements
[Plans for improvement - Recent improvements.]We are recently collecting imports data on f.o.b. basis. Previously it was on c.i.f. basis.Presently we conducting FDI survey on quarterly basis. Prior to this, it was six monthly survey.
B. 9.2 General
9.2.1 Plans for improvement - Short-term
[Plans for improvement - Short-term.]
9.2.2 Plans for improvement - Medium-term
[Plans for improvement - Medium-term.]
C. 9.3 Financial
9.3.1 Plans for improvement - TA/financing needs - Short-term
[Plans for improvement - TA/financing needs - Short-term.]
9.3.2 Plans for improvement - TA/financing needs - Medium-term
[Plans for improvement - TA/financing needs - Medium-term.]
IX. CONTACT PERSON(S):
[Please provide information below as relevant]
Contact 1Prefix/First Name/Last Name: Dr. Muhammad Amir HossainTitle: Deputy General ManagerDivision: Balance of PaymentsDepartment: Statistics DepartmentAgency: Bangladesh BankAddress1: P.O. Box 325Address2: MotijheelCity/State: Dhaka Postal Code: 1000Phone: Country Code /Number 008802
9530526
Fax: Country Code/Number Email: [email protected]
Contact 2Prefix/First Name/Last Name: Ms. Ashrafe AlamTitle: Joint DirectorDivision: Balance of PaymentsDepartment: Statistics DepartmentAgency: Bangladesh BankAddress1: MotijheelAddress2: City/State: Dhaka Postal Code: 1000Phone: Country Code /Number 008802
9530526
Fax: Country Code /Number Email: [email protected]
Contact 3Prefix/First Name/Last Name: Title: Division: Department: Agency: Address1: Address2: City/State: Postal Code: Phone: Country Code/Number Fax: Country Code/Number Email:
Contact 4Prefix/First Name/Last Name: Title: Division: Department: Agency: Address1: Address2: City/State:
Postal Code: Phone: Country Code/ Number Fax: Country Code/ Number Email: Go to Top
Table Of Contents
I. Bangladesh...........................................................................................................................................................1II. H.Header data......................................................................................................................................................1III. 0. Prerequisites...................................................................................................................................................1
A. 0.2 Resources.................................................................................................................................................10.2.1 Staff, facilities, computing resources, and financing (Encouraged)....................................................1
IV. 2. Methodology..................................................................................................................................................1A. 2.1 Concepts and definitions..........................................................................................................................1
2.1.1 Concepts and definitions (Required).....................................................................................................1B. 2.2 Scope........................................................................................................................................................2
2.2.1 Scope (Required)...................................................................................................................................22.2.1.1 Scope of the data...........................................................................................................................22.2.1.2 Exceptions to coverage..................................................................................................................22.2.1.3 Unrecorded activity.......................................................................................................................3
C. 2.3 Classification/sectorization......................................................................................................................32.3.1 Classification/sectorization (Required as relevant to data category)....................................................3
D. 2.4 Basis for recording...................................................................................................................................42.4.1 Valuation (Required as relevant to data category)................................................................................42.4.2 Recording basis (Required as relevant to data category)......................................................................42.4.3 Grossing/netting procedures (Encouraged)...........................................................................................5
V. 3. Accuracy and reliability..................................................................................................................................5A. 3.1 Source data...............................................................................................................................................5
3.1.1 Source data collection programs (Required).........................................................................................53.1.2 Source data definitions, scope, sectorization, classifications, valuation, and time of recording (Encouraged)..................................................................................................................................................63.1.3 Source data timeliness (Encouraged)....................................................................................................6
B. 3.2 Assessment of source data........................................................................................................................63.2.1 Source data assessment (Encouraged)..................................................................................................6
C. 3.3 Statistical techniques................................................................................................................................73.3.1 Source data statistical techniques (Required as relevant to data category)...........................................73.3.2 Other statistical procedures (Required as relevant to data category)....................................................7
D. 3.4 Data validation.........................................................................................................................................73.4.1 Validation of intermediate results (Encouraged)..................................................................................73.4.2 Assessment of intermediate data (Encouraged)....................................................................................73.4.3 Assessment of discrepancies and other problems in statistical outputs (Encouraged).........................8
E. 3.5 Revision studies........................................................................................................................................83.5.1 Revision studies and analyses (Encouraged)........................................................................................8
VI. 4. Serviceability.................................................................................................................................................8A. 4.1 Periodicity and timeliness........................................................................................................................8
4.1.1 Periodicity (Required)...........................................................................................................................84.1.2 Timeliness (Required)...........................................................................................................................8
B. 4.2 Consistency..............................................................................................................................................94.2.1 Internal consistency (Required as relevant to data category)................................................................94.2.2 Temporal consistency (Encouraged).....................................................................................................94.2.3 Intersectoral and cross-domain consistency (Encouraged)...................................................................9
C. 4.3 Revision....................................................................................................................................................94.3.1 Revision and/or update schedule (Required)........................................................................................94.3.2 Identification of preliminary and/or revised/updated data (Required)..................................................94.3.3 Dissemination of revision studies and analyses (Encouraged)...........................................................10
VII. 5. Accessibility...............................................................................................................................................10A. 5.1 Data........................................................................................................................................................10
5.1.1 Statistical presentation (Required)......................................................................................................105.1.2 Dissemination media and format (Required)......................................................................................10
5.1.2.1 Hard copy - New release.............................................................................................................105.1.2.2 Hard copy - Weekly bulletin.......................................................................................................115.1.2.3 Hard copy - Monthly Bulletin.....................................................................................................115.1.2.4 Hard copy - Quarterly bulletin....................................................................................................11
18
5.1.2.5 Hard copy - Other........................................................................................................................115.1.2.6 Electronic - On-line bulletin or data............................................................................................115.1.2.7 Electronic - Other........................................................................................................................12
5.1.5 Dissemination on request (Encouraged).............................................................................................12B. 5.2 Metadata.................................................................................................................................................12
5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques (Required)...........................................................................................................12
VIII. 9. Plans..........................................................................................................................................................12A. 9.1 Recent.....................................................................................................................................................12
9.1.1 Plans for improvement - Recent improvements..................................................................................12B. 9.2 General...................................................................................................................................................13
9.2.1 Plans for improvement - Short-term...................................................................................................139.2.2 Plans for improvement - Medium-term..............................................................................................13
C. 9.3 Financial.................................................................................................................................................139.3.1 Plans for improvement - TA/financing needs - Short-term................................................................139.3.2 Plans for improvement - TA/financing needs - Medium-term............................................................13
IX. Contact Person(s):...........................................................................................................................................13
