DATA COLLECTION THROUGH NON BANK INT. TRANSACTION DIRECT REPORTING (Case Indonesia)

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1 DATA COLLECTION THROUGH NON BANK INT. TRANSACTION DIRECT REPORTING (Case Indonesia) Regional Seminar on International Trade Statistics 3-6 November 2014, New Delhi, India

2 POINTS OF DISCUSSION: 1. ITRS-BANK INDONESIA 2. BACKGROUND & OBJECTIVE 3. DETAILS DIRECT REPORTING (DR) 4. CONSTRAINTS & CHALLENGES IN COMPILATION DATA 5. SOME INITIATIVES TO ENHANCE DATA QUALITY DR 2

3 International Transactions Reporting System (ITRS) Bank Indonesia Act No. 24 of1999 Foreign Exchange Activities & Exchange Rate System BANK (March 2000) Non Bank Financial Institution (Jan 2001) Non Financial Corporation (June 2002) Non Bank Direct Reporting (June 2011) 3

4 Background DR: a. Data gap due to some reasons: Inavailability of complete transactional information since the transaction has been indirectly reported. Data lag (1 month after reference quarter report) Threshold system applied (reporter based on total assets/gross sales equivalent to USD 10 million & for transaction above USD10 thousand) b. Eliminating redundancies on reporting and survey to nonbank institutions/corporations. 4

5 Objective: To collect information concerning movement of funds and its underlying transaction and Foreign Financial Assets/Liabilities Position Accommodating standard presentation based on BMP6: - Indonesia s Balance of Payments (BOP) Statistics - Indonesia s Int l Investment Position (IIP) Statistics Effective Economic and Monetary Policy 5

6 Non Bank International Transaction-Direct Reporting SIGNIFICANT CHANGES OF REPORTING P R E V I O U S LESS DETAILED (TO ACCOMMODATE BPM5) DO NOT COVER FDIS DATA MONTHLY AND QUARTERLY DIRECT REPORTING MORE DETAILED (TO ACCOMMODATE BPM6) COVER FDIS MONTHLY 6

7 Non Bank International Transaction-Direct Reporting PREVIOUS REPORTING DIRECT REPORTING ICA FOR NETTING (FLOW) GOODS, SERVICES, INCOME (FLOW) OCA (FLOW) FOREIGN FINANCIAL ASSET & LIABILITIES (LESS DETAILED) OFF BALANCE SHEET (EXCL CUSTODIAN) OCA (FLOW) FOREIGN FINANCIAL ASSET & LIABILITIES (MORE DETAILED) OFF BALANCE SHEET (INCL CUSTODIAN) CHANGES IN REPORTING TYPE 7

Reporters Loan Owned Corporations FDI Corporations Oil and Gas Corporations Listed

8 Details Direct Reporting Threshold Reporters Other Corporations Not Included Elsewhere Total Asset > IDR 100 bio, OR Annual sales > IDR 100 bio Non Threshold Reporters Loan Owned Corporations FDI Corporations Oil and Gas Corporations Listed Corporations Non Bank Financial Institutions State Owned Enterprises TYPE OF REPORTERS 8

Details Direct Reporting 1 2 3 4 5 Goods, Services, Income External Financial

9 Details Direct Reporting Goods, Services, Income External Financial Asset Direct Investment Liabilities Off Balance Sheet Custodian TYPE OF REPORTS 9

Pension Financial Intelectual Property Telecommunication OBS

10 Details Direct Reporting GOODS Exports Imports SERVICES Manufaturing Maintenance and Repair Transport Travel Construction Insurance and Pension Financial Intelectual Property Telecommunication OBS Government INCOME Primary Income Secondary Income GOODS, SERVICES, INCOME 10

11 Details Direct Reporting Land & Buildings Overseas Current Account Account Receivables Other Assets EXTERNAL FINANCIAL ASSETS Derivative Claims Investment Abroad 11

12 Details Direct Reporting Shareholder s Equity Retained Earnings Dividend Payable Direct Investment Liabilities 12

13 Details Direct Reporting Commitment Claims Commitment Liabilities Contingent Claims Contingent Liabilities OFF BALANCE SHEETS 13

14 Number of Reporters Non Bank-DR ITRS Reporters Number of Reporters Sept 2014 Non Bank Financial Institution Non Financial Corp Total

15 There is a gap between data DR and data published in the BOP (i.e. components of services account) Transportation - Passenger Transportation - Freight Communication services Construction services Financial services Computer & Information services 15

16 Gap exists between export services-dr and BOP Royalties & License fees Other business services 16 Personal, Cultural, & Recreational services

17 Gap exists between import services-dr and BOP Transportation - Others Communication services Construction services Insurance services Financial services Computer & Information services 17

18 Gap exists between import services-dr and BOP Royalties & License fees Other business services Personal, Cultural, & Recreational services Government services, n.i.e 18

19 Constraints & Challenges in Compilation Data-DR Ensuring the quality of the more detailed direct reporting Few respondents that represent major player in industry Reporters only focus on big value transaction (goods account) rather than small value transaction (services account) Human resources (2Q) Internal: lack of number of human resources & competency gap of Administrative Officer (AO) External: lack of understanding of reporter and high staff turnover of reporter 19

20 Some Initiatives to Enhance Data Quality of DR Providing internal Training for Trainer (ToT) for helpdesk officer and administrative officer Conducting socialization/fgd, external extensive training (Coaching & Clinic) and regular evaluation toward data submitted by nonbank. Encouraging firms to assign the right division/person to report DR Reminding the reporters regularly to submit DR report (by phone, and formal letter) 20

21 TERIMA KASIH THANK YOU 21

Table 1: Balance of Payments 1 - Second Quarters of 2017 and 2018, Rs million

Table 1: Balance of Payments 1 - Second Quarters of 2017 and 2018, Rs million Credits Debits Credits Debits CURRENT ACCOUNT 106,024 113,823-7,799 113,375 121,261-7,886 GOODS AND SERVICES 44,898 60,743-15,845