Central Bank of the Republic of Armenia 207. Statistical bulletin

Transcription

1 Central Bank of the Republic of Armenia 207 Statistical bulletin

2 Statistical Bulletin of the Central Bank of Armenia includes macroeconomic, fiscal and monetary data, as well as main indicators and prudential standards of the Armenian financial system and data on payment and settlement system. The source of data on real and external sectors is the National Statistics Service of Armenia. Monetary and financial statistics data have been calculated at the Central Bank of Armenia. The monetary and financial statistics include data on international reserves, monetary aggregates, commercial banks, credit organizations, insurance companies and pawnshops, data on financial market and exchange rates. The methodology of data compilation in the CBA Statistical Bulletin is presented in The description of the methodology of compilation of the CBA Statistical Bulletin published in The data calculation technique is presented in Guidelines to the CBA Statistical Bulletin published in The CBA Statistical Bulletin, as well as the other CBA publications are available on the Central Bank official web-site: 3

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4 CONTENT Real sector indicators... 6 External sector indicators State budget indicators Monetary indicators Financial market Loan investments Commercial banks deposits Main indicators and prudential standards of commercial banks and credit organizations Main indicators of insurance companies Armenian securities market indicators Payment and settlement system

5 REAL SECTOR INDICATORS MAIN MACROECONOMIC INDICATORS mln drams I n d i c a t o r s Q I Q II Q III Q IV Annual I. Real sector Gross domestic product (GDP) Real growth (%) Real growth (cumulative, %) GDP deflator (cumulative, %) GDP per capita 2 (in drams) Real growth (%) GDP per employee 2 (in drams) Real growth (%) Gross national income (GNI) 2, Real growth (%) GNI per capita 2,13 (in drams) Real growth (%) Gross national disposable income (GNDI) 2, Real growth (%) GNDI per capita 2,13 (in drams) Real growth (%) Gross national savings 2, Net lending (+) / attraction (-) 2, Money income of population Real growth (cumulative, %) Money expenditures of population Real growth (cumulative, %) Labor market (cumulative) Average nominal monthly wage per employee (in drams) Economically active population (thousand persons) Employed in economy (thousand persons) Officially registered unemployed (thousand persons) Unemployment rate (%) Inflation (%) 4 Monthly average Against the same period of previous year Against the previous period Against the end of previous period

6 R E A L S E C T O R I N D I C A T O R S II. Fiscal sector 5 Total income and grants Tax, non-tax and capital income o/w: tax income Total expenses Budget deficit (-) / surplus (+) Ratio in GDP (%) III. Monetary sector Broad money 6, Monetary base CBA net domestic assets (NDA) 7, Banking system net domestic assets (NDA) 7, Financial market (%) CBA repo interest rate Government bond yield Interbank interest rate Commercial banks deposit interest rate Commercial banks loan interest rate IV. External sector 13 AMD/USD exchange rate end of period period average Armenian dram real effective exchange rate (1997=100) CBA net foreign assets (mln drams) 7,12, Gross international reserves (mln US dollars) 7,14, Gross international reserves (mln drams) 7,14, Exports (FOB, mln US dollars) Imports (CIF, mln US dollars) Trade balance (mln US dollars) Current account ration in DGP (%) Current account ration in GDP (less official transfers) (%) Real growth is presented against the same period of the previous year. 2 The CBA calculations are based on the NSSA data. The indicator for net lending/attraction is calculated as national savings plus net capital transfers, minus gross investments. 3 Data of real sector and balance of payment for 2006 have been adjusted by the NSSA. 4 Quarterly figures are calculated by the CBA on the basis of data of the NSSA. 5 Data of the NSSA are the source of actual data for 2006 and 2007, and preliminary actual indicators of the MoFE of RA are the source of the forth quarter. 6 Broad money includes Armenian dram in circulation, dram demand and term deposits of residents and FX deposits. 7 As of the end of the period. 8 Includes weighted average yields on medium term coupon bonds with partial repayment of the last month of the period. In case of lack of allocations in the given month, the corresponding indicators of the previous month are shown. 9 Weighted average interest rates on interbank loans, deposits and repos in drams - of the last month of the period with maturity up to one year (except for demand deposits). 10 Weighted average interest rates on deposits (except for demand deposits) attracted from the RA economy (loans to) in drams - of the last month of the period with maturity up to one year. 11 Exchange rates are calculated by weights of against foreign trade total value of 9 main partner countries of Armenia, less humanitarian aid, petrol, natural gas and diamonds. 12 Less privatization accounts. Data include foreign assets in convertible currencies and foreign liabilities in convertible currencies and Armenian drams. NFA are calculated at program exchange rates: USD 1 = AMD , SDR 1 = USD , EUR 1 = USD , GBP 1 = USD Data on 2007 balance of payments and Armenian dram real effective exchange rate are preliminary. 14 Including the CBA closing entries. 15 Less privatization accounts. Reserves include only assets in convertible currencies and are calculated using actual exchange rates. 7

7 R E A L S E C T O R I N D I C A T O R S MAIN SECTORS OF ECONOMY mln drams I n d i c a t o r s Q I Q II Q III Q IV Annual 1. Industry o/w: Real growth a) production and distribution of electricity, gas and water Real growth b) Mining industry Real growth c) Manufacturing industry Real growth Agriculture Real growth o/w: a) Plant growing Real growth b) Cattle breeding Real growth Capital construction Real growth o/w: a) construction of industrial projects b) construction of non-industrial projects Retail trade turnover Real growth Services Real growth Freight turnover of general purpose transport, mln tons/km Real growth Some data of 2006 are adjusted by the NSSA. 2 Real growth of sectors is presented against the same period of the previous year and the indicators are cumulative. 3 Here and hereinafter: the indicators are calculated excluding VAT. 8

8 R E A L S E C T O R I N D I C A T O R S PRICE INDICES % Name D J F M A M J J A S O N D (as against the same period of the previous year, cumulative) GDP deflator Producer price index of industrial production Sale price index of agricultural products Price index of construction Freight transportation tariff index Consumer goods price index (as against December of the previous year) Consumer price index o/w: Foodstuff Non-foodstuff Services INFLATION % P e r i o d (as against the previous month) January February March April May June July August September October November December (as against the end of the previous period) Q-I Q-II Q-III Q-IV Annual (to previous December) Annual (to the previous year)

9 R E A L S E C T O R I N D I C A T O R S mln drams GDP Expenditure Components Dynamics I 02 II III IV I 03 II III IV I 04 II III IV I 05 II III IV I 06 II III IV I 07 II III IV Final consumption expenditures Gross accumulation Net exports Inflation (as against the previous month, %) J F M A M J J A S O N D Unemployment Rate and Real GDP Growth QI 04 QII 04 QI 05 QII 05 QI 06 QII 06 QI 07 QII Real GDP growth (%), cumulative (left scale) Unemployment rate (%), cumulative (right scale) 10

10 R E A L S E C T O R I N D I C A T O R S Nominal GDP and Broad Money Growth (as against the previous quarter, %) I 02 II III IV I 03 II III IV I 04 II III IV I 05 II III IV I 06 II III IV I 07 II III IV Nominal GDP growth (left scale) Broad money growth (period averange, right scale) Inflation and Broad Money Growth (as against the previous quarter, %) I 02 II III IV I 03 II III IV I 04 II III IV I 05 II III IV I 06 II III IV I 07 II III IV Broad money growth as against the previous quarter (period average, left scale) Inflation change as against the previous quarter (rignt scale) Seasonally Adjusted GDP* and Broad Money (mln drams) I 02 II III IV I 03 II III IV I 04 II III IV I 05 II III IV I 06 II III IV I 07 II III IV Seasonally adjusted nominal GDP (left scale) Broad money (period average, rignt scale) * Seasonal adjustment of nominal GDP is done using Census X12-Additive method of EViews 4.1 program package. 11

11 EXTERNAL SECTOR 1 I. EXTERNAL TRADE Name Q I Q II Q III Q IV Exports (FOB, mln US dollars) Imports (CIF, mln US dollars) Trade balance deficit (mln US dollars) Trade balance deficit ratio in GDP (%) Current account deficit (excluding official transfers) ration in GDP (%) II. BALANCE OF PAYMENTS (analytical presentation) mln US dollars Indicators Q I Q II Q III Q IV Current account Balance of goods Exports (credit) Exports (FOB) Other Imports (debit) Imports (FOB) Other Services credit debit Income credit debit Current transfers credit debit Capital account Financial account Direct investment (net) Portfolio investment (net) Equity securities Debt securities Other investment (net) Monetary authorities General government Banks Other sectors Errors and omissions (net) (Overall balance) Financial items Reserve assets Use of fund credit Exceptional financing The 2007 data provided by the NSSA are preliminary. The 2006 data differ from the respective ones of the 2006 CBA Statistical Bulletin, as these data were preliminary, and were adjusted by the NSSA. 12

12 E X T E R N A L S E C T O R mln US dollars Exports and Imports Dynamics I 03 II III IV I 04 II III IV I 05 II III IV I 06 II III IV I 07 II III IV Exports (FOB) Imports (CIF) Trade balance = 100 Real Effective Dram Exchange Rate* (growth indicates appreciation) I 03 II III IV I 04 II III IV I 05 II III IV I 06 II III IV I 07 II III IV * Calculated for total external trade of 9 main partners of Armenia, by weights for

13 ² ð î ² ø Æ Ü Ð ² î ì E² XÌTÆ E Rò Nà Aô L ò ² SÜ EÆ CÞ TÜ Oº Rð INDIVIDUALS TRANSFERS FOR NON-COMMERCIAL PURPOSES VIA THE ARMENIAN BANKING SYSTEM IN , BY COUNTRIES thousand US dollars Country 2006 Q-I 2007 Q-II Inflow Outflow Net inflow Inflow Outflow Net inflow Inflow Outflow Net inflow Russian Federation USA Kazakhstan Ukraine Germany Spain Great Britain UAE China Turkey Other countries Total Country 2007 Q-III Q-IV Total Inflow Outflow Net inflow Inflow Outflow Net inflow Inflow Outflow Net inflow Russian Federation USA Kazakhstan Ukraine Germany Spain Great Britain UAE China Turkey Other countries Total

14 E X T E R N A L S E C T O R ARMENIAN COMMERCIAL BANKS AND CREDIT ORGANIZATIONS INTERNATIONAL INVESTMENT POSITION IN 2007 mln US dollars Indicators 2006 Due to transactions Due to price changes Changes Due to exchange rate changes Due to other adjustments Total change Assets Direct investment abroad Equity capital Reinvested earnings Other capital Portfolio investment Shares Debt liabilities Other investment Loans Long-term Short-term Cash and deposits Cash Deposits Long-term Short-term Other assets Liabilities Direct investment in the RA Equity capital Reinvested earnings Other capital Portfolio investment Shares Other capital Portfolio investment Other capital Portfolio investment Loans Long-term Short-term Cash and deposits Long-term Short-term Other liabilities Long-term Short-term Net investment position

15 ² ð î ² ø Æ Ü Ð ² î ì E² XÌTÆ E Rò Nà Aô L ò ² SÜ EÆ CÞ TÜ Oº Rð ARMENIAN COMMERCIAL BANKS AND CREDIT ORGANIZATIONS EXTERNAL ASSETS AND LIABILITIES BY CURRENCY mln US dollars Indicators 2006 Foreign currency AMD USD EURO RUR Other Total Assets Equity securities Debt securities Cash Loans, including overdrafts and credit lines Deposits Other Liabilities Equity securities Debt securities Loans, including overdrafts and credit lines Deposits Other Net position Indicators 2007 Foreign currency AMD USD EURO RUR Other Total Assets Equity securities Debt securities Cash Loans, including overdrafts and credit lines Deposits Other Liabilities Equity securities Debt securities Loans, including overdrafts and credit lines Deposits Other Net position Unlike the commercial banks NFA in broad money, here the liabilities in Equity Securities include also non-convertible currency of commercial banks and foreign assets and liabilities of credit organizations. 16

16 E X T E R N A L S E C T O R STRUCTURE OF INTERNATIONAL RESERVES OF ARMENIA 1 mln US dollars J I n d i c a t o r s D F M 3 A M J 3 J A S 3 O N D 3 Gross international reserves excluding privatization accounts) Gross international reserves Gold SDR holdings with the IMF Foreign currency Calculatedat actual exchange rates using accrual method. 2 Includes only assets in convertible currencies. 3 Includes the CBA closing entries. mln US dollars J 04 FMAMJ J ASOND J FMAMJ J ASOND J FMAMJJ ASONDJFMAMJ J ASOND FX Structure of the International Reserves of Armenia SDR in IMF 17

17 STATE BUDGET INDICATORS STATE BUDGET INDICATORS mln drams State budget actual actual actual Q I actual Q II actual Q III actual Q IV actual Annual preliminary State budget revenues and grants State budget revenues Tax revenues and duties Non-tax and capital income Grants State budget expenditures Current expenditures Capital expenditures and net lending Capital expenditures Net lending Repayment of debt of previous years Budget deficit (conventional) , 2005, 2006 state budget indicators are based on data provided by the NSSA monthly statistical bulletins The RA Socio- Economic Situation. 2 The 2007 Q-I, Q-II and Q-III indicators are based on data provided by the NSSA monthly statistical bulletins The RA Socio-Economic Situation, where as the Q-IV indicators are preliminary actual indicators provided by the Ministry of Finance and Economy of the RA. 18

18 S T A T E B U D G E T I N D I C A T O R S State Budget Revenue Structure 100% 80% 60% 40% 20% 0% Q-I, 07 Q-II, 07 Q-III, 07 Q-IV, Tax revenues and duties Non-tax and capital income Grants State Budget Expenditures Structure 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q-I, 07 Q-II, 07 Q-III, 07 Q-IV, Current expenditures Capital expenditures Net lending 19

19 ä º î ² SÎ T² AÜ T E ÚBàUô Dæ Gº Æ E T ò Ià Nô Dò ² I CÜ AÆ TÞ OÜ Rº Sð THE CENTRAL BANK RELATIONS WITH THE TREASURY 1 mln drams Claims on the Government Accounts and deposits of the Government Period Treasury bills Treasury notes and treasury bonds Total Central government accounts and deposits in drams Central government accounts in FX PIU funds in drams PIU funds in FX Total Net claims on the Government 2006 December January February March April May June July August September October November December Calculations are based on accrual method. 2 Includes closing entries mln drams Net Claims of the CBA on the Government J FMAMJ J A SONDJ FMAMJ J ASOND J FMAMJ J ASONDJ F M A M J J A S O N D

20 MONETARY INDICATORS STRUCTURE OF MONETARY BASE 1 INDICATORS J 07 F M 5 A M J 5 J A S 5 O N D 5 (balance at the end of period) NET FOREIGN ASSETS 2, NET DOMESTIC ASSETS Government Banks including repo agreements CBA foreign currency swap (FX attraction) deposits (-) reverse repo (-) CBA foreign currency swap (FX allocation) (-) Securities issued by the CBA (-) Other assets, net MONETARY BASE (average) MONETARY BASE Currency outside the CBA Required reserves (in drams) Required reserves (in FX) Other accounts Other accounts (in drams) Other accounts (in FX) (changes against the previous period) NET FOREIGN ASSETS NET DOMESTIC ASSETS Government Banks including deposits (-) Securities issued by the CBA (-) Other assets, net MONETARY BASE (average) MONETARY BASE Currency outside CBA Required reserves (in drams) Required reserves (in FX) Other accounts Other accounts (in drams) Other accounts (in FX) (percentage changes against the previous period) NET FOREIGN ASSETS NET DOMESTIC ASSETS Government Banks Securities issued by the CBA (-) Other assets, net MONETARY BASE (average) MONETARY BASE Currency outside the CBA Required reserves (in drams) Required reserves (in FX) Other accounts Calculations are based on accrual method. 2 Excluding privatization funds. The NFA include foreign assets in convertible currency and foreign liabilities in convertible currency and Armenian drams. 3 NFA are calculated at program exchange rates: USD1 = AMD , SDR 1 = USD , EUR 1 = USD , GBP 1 = USD Monetary base is calculated as an average of the five days preceding the last day of the month and the first five days of the next month. 5 Includes the CBA closing entries. 21

21 M O N E T A R Y I N D I C A T O R S COMMERCIAL BANKS SURVEY mln drams I N D I C A T O R S D 06 J 07 F M A M J J A S O N D NFA (in convertible currency) Foreign assets in convertible currency Foreign liabilities in convertible currency Foreign liabilities in drams NDA Net claims on the Government Claims on the Government Liabilities to the Government Net claims on the CBA Claims on the CBA Liabilities to the CBA Economy Enterprises In drams In FX Securities Households In drams In FX Non-profit organizations In drams In FX Other financial institutions In drams In FX Other assets, net Foreign assets in drams Foreign assets (in non-convertible currency) Foreign liabilities (in nonconvertible currency) Investments in equity Interbank claims Other assets Interbank liabilities Securities issued by bank Capital accounts Other liabilities DEPOSITS Deposits in drams Demand deposits Time deposits Deposits in FX Demand deposits Time deposits

22 M O N E T A R Y I N D I C A T O R S STRUCTURE OF BROAD MONEY 1 mln drams INDICATORS D 06 6 J-07 F M 6 A M J 6 J A S 6 O N D 6 (balance at the end of period) NET FOREIGN ASSETS NET DOMESTIC ASSETS Government Economy of which: accrued interest Households of which: accrued interest Non-profit organizations of which: accrued interest of which: accrued interest Other financial institutions of which: accrued interest Other assets, net DRAM BROAD MONEY BROAD MONEY Currency in circulation Demand deposits in drams of which: accrued interest Time deposits in drams of which: accrued interest Deposits in FX Demand of which: accrued interest Time of which: accrued interest (changes against the previous period) NET FOREIGN ASSETS NET DOMESTIC ASSETS Government Economy Enterprises and organizations of which: accrued interest Households of which: accrued interest Non-profit organizations of which: accrued interest Other financial institutions of which: accrued interest Other assets, net DRAM BROAD MONEY BROAD MONEY Currency in circulation Demand deposits in drams of which: accrued interest Time deposits in drams of which: accrued interest Deposits in FX Demand of which: accrued interest Time of which: accrued interest

23 M O N E T A R Y I N D I C A T O R S (percentage changes against the previous period) NET FOREIGN ASSETS NET DOMESTIC ASSETS Government Economy Enterprises and organizations Households Non-profit organizations Other financial institutions Other assets, net DRAM BROAD MONEY BROAD MONEY Currency in circulation Demand deposits in drams Time deposits in drams Deposits in FX Demand Time Calculations are based on accrual method. 2 NFA include assets in convertible currency and foreign liabilities in convertible currency and Armenian drams. The NFA of the CBA are calculated at program exchange rates: USD 1 = AMD , SDR 1 = AMD , EUR 1 = USD , GBP 1 = USD NFA of commercial banks are calculated at actual exchange rates. 3 Includes Armenian dram in circulation, demand and time deposits of residents only in drams (including accrued interest). 4 Includes Armenian dram in circulation, demand and time deposits of residents in drams, deposits in FX (including accrued interest). 5 Includes accounts. 6 Includes the CBA closing entries. 24

24 M O N E T A R Y I N D I C A T O R S MONETARY AGGREGATES 1 mln drams Period Currency in circulation Demand deposits in drams M1 2 Time deposits in drams M2 3 Deposits in FX M2X December January February March April May June July August September October November December Deposits include accrued interest. 2 M1 includes Armenian dram in circulation and residents demand deposits (including accounts). 3 M2 is dram broad money, and includes M1 and residents term deposits in drams. 4 M2X is broad money, and includes M2 and residents deposits in FX (including accounts). 25

25 M O N E T A R Y I N D I C A T O R S Monetray Base Dynamics by Components mln drams J FMAMJ J ASOND J FMAMJ J ASONDJ FMAMJ J ASOND J FMAMJ J ASOND Currency outside the CBA Required reserves in drams Required reserves in FX Other accounts Structure of Broad Money mln drams J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASOND Currency in circulation Demand deposits in drams Time deposits in drams Deposits in FX % 55 Share of Currency in Circulation in Broad Money JFMAMJJASONDJ FMAMJJASONDJ FMAMJ JASOND JFMAMJ JASOND JFMAMJ JASOND JFMAMJJASONDJFMAMJ J ASOND % 85 Share of Currency in Circulation in Dram Broad Money JF MAM J J ASO NDJ FMAMJ JASONDJFMAMJJASONDJ FMAMJ JASONDJFMAMJJASONDJ FMAMJ JASONDJFMAMJJASOND

26 M O N E T A R Y I N D I C A T O R S 75% Level of Intermediation in the Armenian Banking System (share of deposits in broad money) 70% 65% 60% 55% 50% J 04 FMAMJ J ASOND J F M A M J J A S O N D J FMAMJ J ASOND J FMAMJ J ASOND Level of Dollarization (share of FX deposits in broad money) 55% 50% 45% 40% 35% 30% 25% 20% 15% J F M A M J J A S O N D J FMAMJ J ASONDJ F M A M J J A S O N D J FMAMJ J ASOND % Level of Dollarization (share of FX depsits in total deposits) 70% 60% 50% 40% 30% J 04 FMAMJ J A SOND J FMAMJ J ASONDJ FMAMJ JASONDJ FMAMJ J ASOND Broad Money and Dram Broad Money Dynamics mln drams J FMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND Broad money Dram broad money 27

27 M O N E T A R Y I N D I C A T O R S SEASONALLY ADJUSTED MONETARY AGGREGATES 1 (mln drams) Period Monetary base Currency in circulation M1 M2 M2X 2002 January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June July August September October November December

28 M O N E T A R Y I N D I C A T O R S 2005 January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June July August September October November December Monetary aggregates are seasonally adjusted. The methodology of adjustment is described in "Adjustment of Time Series Smoothing of the Monetary Aggregates of the Republic of Armenia" published in "CBA Courier", Q II, Monetary aggregates time series are subject to revision each year as seasonal coefficients for relevant months change along with new data. For this reason, the new seasonally adjusted monetary aggregates are published in the yearly issue of The CBA Statistical Bulletin". 29

29 M O N E T A R Y I N D I C A T O R S Actual and Smoothed Levels of Boaod Money mln drams J FMAMJJ ASONDJ FMAMJ J ASOND J FMAMJJASNODJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJJ ASOND Actual series of broad money Smoothed series of broad money mlnl drams Actual and Smoothed Levels of Currency outside the Banking System J FMAMJ JASONDJ FMAMJ J A SOND J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASOND Actual series of currency Smoothed series of currency mln drams Actual and Smoothed Series of Dram Broad Money J FMAMJ J A SOND J FMAMJ J ASONDJ FMAMJ J ASOND J FMAMJJASONDJFMAMJJ ASONDJ FMAMJ J ASOND Actual series of dram broad money Smoothed series of dram broad money mln drams Actual and Smoothed Series of Broad Money J FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASOND Actual series of broad money Smoothed series of broad money 30

30 M O N E T A R Y I N D I C A T O R S SUMMARY BALANCE SHEET OF THE CENTRAL BANK OF ARMENIA 1 mln drams INDICATORS J F M 6 A M J 6 J A S 6 O N D 6 (balance at the end of the month) Assets Foreign assets Convertible currency and gold, including Gold Reserve position at the IMF 0 0 SDR holdings Claims on non-resident banks Other convertible currency Non-convertible currency, including 0 0 Claims on non-resident banks 0 0 Other non-convertible currency 0 0 Foreign assets in drams Claims on the Government Claims on resident banks of which: reverse repo (-) deposits (-) foreign currency allocation swap (-) Claims on economy Other financial assets Accounts receivable Non-financial assets Total assets Liabilities Monetary base Currency outside the CBA Required reserves of resident banks Required reserves in drams Required reserves in FX Residents deposits in drams Residents deposits in FX Accounts for replenishment of banks' statutory capital Foreign liabilities In convertible currency of which: loans from the IMF In non-convertible currency 0 0 In Armenian drams Accounts and deposits of the Government Securities issued by the CBA Other liabilities Capital and reserves Total liabilities and capital All classifications are made according to the CBA "Monetary and Financial Statistics Manual". Foreign assets and liabilities are calculated at actual exchange rates. 2 Includes standard bullions of gold, deposits and correspondent accounts in gold with non-resident banks. 3 Deposits from commercial banks, reverse repo agreements and foreign currency allocation swap operations with them are netted against gross claims on banks 4 Excludes banks' time deposits, reverse repo agreements and foreign currency allocation swap operations with the CBA. 5 Includes also privatization account. 6 Includes the CBA closing entries. 31