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Implementation of BPM6 in Turkey Yeşim Şişik Central Bank of the Republic of Turkey

Implementation of BPM6 in Turkey Yeşim Şişik Central Bank of the Republic of Turkey. The Workshop on the Implementation of the 2008 SNA and linkages with BPM6 and GFSM 2014 6 – 8 May 2015 İstanbul. Compilation System. Legal Framework Compilation System, Introduction

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Implementation of BPM6 in Turkey Yeşim Şişik Central Bank of the Republic of Turkey

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  1. Implementation of BPM6 in Turkey Yeşim Şişik Central Bank of theRepublic of Turkey The Workshop on theImplementation of the 2008 SNA andlinkageswith BPM6 and GFSM 2014 6 – 8 May 2015 İstanbul

  2. Compilation System Legal Framework Compilation System, Introduction Transition Method Changes Way Forward

  3. Legal Framework TheCentral Bank Law 1211 Official Statistical Program

  4. Compilation System ITRS Direct Reporting Turkish Statistical Institute, Turkstat

  5. CBRT ITRS DIRECT REPORTING ITRS SUPPLEMENTARY REPORTS Telecommunication ED Transactions of Banks TRIAL BALANCES Compilation System Transportation Transactions of Clients News Agency FDI Insurance Legal Consulting TURKSTAT DATA Foreing Trade Tourism Treasury Central Registry Agency Shuttle Trade Freight Ministry of Economy Freight Ins. Processing Custodian Bank Reports BIS Trade Credits Repairs Administrative Data

  6. Transition Method Map BPM5 to BPM6 Try to use existing data For remaining items Seek cooperation with Turkstat Collect new data

  7. Goods and Services Reclassifications Processing and Repairs introduced Data provided by Turkstat For processing, FTS are adjusted Repairs not included in FTS In 2014 Processing $72 million, Repairs $-254 million Before adjustment; Goods: $63,724 million After adjustment $63,542 million

  8. Goods and Services Reclassifications Merchanting Moved under Goods Postal and Courier Services Moved under Other Transportation Services

  9. Goods and Services Travel Supplementary Breakdown, obtained from Turkstat

  10. Income Nomenclature changes applied Primary Income Secondary Income Personal Transfers New data introduced, $254 million in 2014, in addition to $838 million Workers’ remittances Since 2008, personal $1,138 million since 2008) ($7,128 million since 2008)

  11. Capital Account Removal of Migrant’s Transfers

  12. Financial Account Sign convention adopted Direct Investment Asset / Liability Basis Intercompany Lending except financial institutions

  13. Financial Account ABROAD In TURKEY Turkish parent companies’ direct investment in their foreign affiliates Non resident parent companies’ direct investment in Turkey Foreign affiliates’ direct investment in their Turkish parents (Reverse Investment) Turkish Direct InvesmentCompanies’ direct investment in parents (Reverse Investment) Direct Inv’t: A / L instead of Directional ASSETS LIABILITIES Turkish parent companies’ direct investment in their foreign affiliates Non resident parent companies’ direct investment in Turkey Turkish Direct InvesmentCompanies’ direct investment in parents (Reverse Investment) Foreign affiliates’ direct investment in their Turkish parents (Reverse Investment)

  14. Financial Account New allocations of SDRs recorded as increases in gross reserve assets and, at the same time, in long-term debt liabilities of the general government as “Net Incurrences of Liabilities”.

  15. Reserve Assets: BOP Statistics and Government Data The Central Bank of Turkey is the fiscal agent and the treasurer of the Government. All the receipts and payments of the Treasury are conducted through the FX deposits of the Treasury maintained in the Central Bank. Foreign currency debt payment services conducted on behalf of the Treasury is one of the factors determining reserve management policies.

  16. Long-term Loans of Public Sector BOP Statistics and Government Data Long-term loans received from abroad by the public sector (central government+local governments+nonfinancial public corporations) are compared with the database of the Treasury starting from January 2008. Missing transactions that were not determined previously have been revised accordingly. In BOP, such transactions are recorded under OI / Loans / Net Inc. Of Liabilities / General Government and Other Sectors items.

  17. Other Issues The relation between BOP AND government data Grant revenues received from the EU and the World Bank are cross-checked with the records of the Treasury, and are classified under secondary income. The data on loans extended by and repaid to Turkish Government are monitored with other sources (the Treasury, the Official Gazette, newspapers, etc.). Regarding primary income account, Reserve Assets and FX Accounts held within the Central Bankare recorded on an accrual basis, in compliance with the balance of payments methodology. (Exceptions: income on Loans and Portfolio Investment of General Government)

  18. Way Forward FISIM Contacted with Turkstat Insurance Services Revision of Direct Reporting Forms

  19. Way Forward New Services Survey Conducted by Turkstat cooperation among Central Bank of Turkey Ministry of Economy Turkish Statistical Institutions

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