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Turkey's Balance of Payments Statistics: Legal Framework, Methodology, and Data Sources

This document outlines the legal framework, methodology, and major data sources used in compiling Turkey's balance of payments statistics. It provides information on the Central Bank of Turkey's authority to request information, the adoption of the IMF's Balance of Payments Manual, and the compilation method used. Key items such as goods, services, income, and current transfers are discussed, along with data sources for each. The document is in the process of adopting the 6th edition of the Balance of Payments Manual and is planned to be finalized in 2014.

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Turkey's Balance of Payments Statistics: Legal Framework, Methodology, and Data Sources

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  1. BALANCE OF PAYMENTS STATICTICS OF TURKEY Murat TOPKAYA National Seminar on Developing A Program for the Implementation of the2008 SNA and Supporting Statistics in Turkey 10 September 2013 STATISTICS DEPARTMENT BALANCE OF PAYMENTS DIVISION

  2. OUTLINE Legal Framework Methodology Compilation Method Major Data Sources Main Items Publications BPM6 Implementation

  3. LEGAL FRAMEWORK • CENTRAL BANK OF THE REPUBLIC OF TURKEY (CBRT) LAW • Law No: 1211 • Date of Acceptance: 14.1.1970 • PART IV- Authority to request information, the balance sheets and reports of banks • Article 43- (As amended by Law No. 4651 of April 25, 2001) • Paragraph 4: «… The Bank shall be authorized to directly request and collect, all statistical information relating to financial system and other statistical information that shall be deemed necessary for the surveillance of developments in the economy and the balance of payments, from banks, other financial institutions and persons. The aforesaid persons shall be obliged to submit these information accurately within the period and form to be determined by the Bank. The Bank shall be authorized to investigate and supervise the accuracy of these information at the concerned parties, and to request additional information and documents.» • Paragraph 5: «… The Bank may publish the statistical information that it deems necessary. However, the Bank shall not publish, disclose or submit the statistical information having a private and personal nature to an official authority or private body other than the Banking Regulation and Auditing Institution. These information shall not be used for purposes other than statistics and shall not be considered as evidence.»

  4. IMF Balance of Payments Manual 5th Edition (BPM5) • Studies are still in-progress for adopting the 6th Edition (Balance of Payments and International Investment Position – BPM6), planned to be finalized in2014. METHODOLOGY 2 Basic Principles • EconomicTerritory • Residency Accounting Principles • Doubleentry • Changeof ownership • Market value Conversion Unit of Account: USD

  5. COMPILATION METHOD International Transactions Reporting System - ITRS Foreign exchange transaction reports of the resident banks and the CBRT : “Monthly FX Reports” Direct Reporting Data provided through direct reporting of the related resident enterprises Administrative Records

  6. MAJOR DATA SOURCES - I • International Transactions Reporting System - ITRS: • “Monthly FX Reports” of thebanksandthe CBRT • Foreign trade statistics compiled by the Turkish Statistical Institute (Turkstat) • Credit and debit figures on freight and insurance regarding merchandise trade, provided by Turkstat • Thesurveys conducted by the Ministry of Culture and Tourism, Turkstat and the CBRT on travelrevenuesandreceipts • Data provided through direct reporting of the related resident enterprises • Stocks data on nonresidents’ portfolio investments provided from custodian banks • Annual direct investment survey • Financial press

  7. MAIN ITEMS • Current Account • Goods • Services • Income • Current Transfers • Capital and Financial Account • Direct Investment • Portfolio Investment • Other Investment • Reserve Assets • Net Errors and Omissions

  8. CURRENT ACCOUNT GOODS • Foreign Trade Statistics (Turkstat) • Exports f.o.b. basis • Imports c.i.f. basis • Imports adjusted as f.o.b. • Shuttle Trade: Survey conducted by Turkstat • Average Expenditure • Number of shuttle traders

  9. CURRENT ACCOUNT SERVİCES • Transportation • Freight • Other Transportation • Travel • Construction Services • Insurance Services • Financial Services • Other Business Services • Government Services • Other Services

  10. CURRENT ACCOUNT TRANSPORTATION-I • Freight • In the balance of payments statistics, freight services provided to nonresidents by resident transport operators regarding exports are recorded as credit, whereas freight services acquired from nonresident operators by residents regarding imports are recorded as debit. • Credit and debit figures for freight services are calculated within the framework of the results of a monthly study performed by Turkstat based on the invoices attached to customs declaration forms.

  11. CURRENT ACCOUNT TRANSPORTATION-II • Modes of Transport • 1-Sea Transport • 2-Air Transport • 3-Other Transport • Other Transportation / Credit – Debit • Passenger • Air (Source: Domestic and Foreign Airline Operators) • Other • Air (Source: Domestic and Foreign Airline Operators, • General Directorate of State Airports Authority) • Sea (Source: General Directorate of Coastal Safety)

  12. Travel: • Revenues : TURKSTAT DepartingForeignVisitorsSurvey • Expenditures: TURKSTAT Arriving Citizens Survey • Construction Services: • "Monthly FX Reports" of residentbanks • Insurance Services: • Surveysconductedwithinresidentinsurancecompanies • FreightinsuranceprovidedbyTurkstat • RemainingOther Services: • Monthly FX Reports of the resident banks andtheCBRT • Surveysconductedwithvariouscompanies CURRENT ACCOUNT SERVİCES

  13. CURRENT ACCOUNT INCOME & CURRENT TRANSFERS • CURRENT ACCOUNT/ INCOME: • Compensation of Employees: • Calculatedby data providedbytheMinistry of LaborandSocial Security foreignerswhohavebeengrantedworkpermits • InvestmentIncome: • Monthly FX Reports of the resident banks andtheCBRT • ReinvestedEarnings: Annual inwarddirect investment survey • CURRENT ACCOUNT/ CURRENT TRANSFERS: • Monthly FX Reports of the resident banks andtheCBRT

  14. Migrant’s Transfer: Official Records • Acquisition or Disposal of Non-produced and Non-financial Assets: • Turkish sport clubs which report revenues gained and expensesincurred from nonresident sports clubs for the transfer of a player. CAPITAL ACCOUNT

  15. FINANCIAL ACCOUNT DIRECT INVESTMENT • Equity Capital: Monthly FX Reports of the banks • Equity Capital/Non-cash transactions: Ministry of Economy • Reinvested earnings: Annual inward direct investment survey • Other Capital: Banks’ reports on a credit by credit basis • Real Estate: «Departing Visitors Survey» and administrative records of General Directorate of Land Registry and Cadastre • «The Daily Bulletins» of Borsa Istanbul and financial press are also used.

  16. FINANCIAL ACCOUNT • PORTFOLIO INVESTMENT • Assets • Monthly FX Reports of the banks and the CBRT • Liabilities • Equity Securities: Central Registry Agency of Turkey (CRA) • Debt Securities/Issued In International Markets: • Monthly FX Reports of the banks and the CBRT • Debt Securities/Issued Domestically and Purchased by Non-residents: • Issued by the General Government: Custodian banks, on a security by security basis • Issued by Banks and Other Sectors: CRA, on a security by security basis

  17. FINANCIAL ACCOUNT OTHER INVESTMENT-I • Assets • Trade Credits • Disbursements: Turkstat exports by type of payments data • Repayments: Estimated by an moving average method • Loans: Monthly FX Reports of the banks and the CBRT • Currency and Deposits • Banks: Monthly FX Reports and the trial balances of the banks • Other Sectors: BIS Locational Banking Statistics

  18. FINANCIAL ACCOUNT OTHER INVESTMENT-II • Liabilities • Trade Credits: • Disbursements: Turkstat imports figures for cash against goods and monthly FX Reports of the banks for the remaining types of payments • Repayments: Estimated by an moving average method • Loans: Monthly FX Reports of the banks and the CBRT • Private Sector External Debt Monitoring System (PS-EDMS): Short-term • loans of all sectors & long-term trade credits, loans and international • bond issues of the private sector on a credit by credit basis • Currency and Deposits: Monthly FX Reports of the banks and the CBRT • and banks’ trial balances

  19. FINANCIAL ACCOUNT RESERVE ASSETS Monthly FX Reports of the CBRT

  20. BALANCE OF PAYMENTS PUBLICATIONS • Balanceof PaymentsStatistics • International InvestmentPosition • Outstanding Loans Received From Abroad by Private Sector • Short-termExternalDebtStatistics • International Reserves/Foreign Currency Liquidity • Real Effective Exchange Rate • Bank For International Settlements (BIS) - Consolidated And Locational Banking Statistics

  21. BPM6 IMPLEMENTATION- I • Implementation of BPM6 standardswill be starting in 2014. • BOP data for 2002-2012 periodswereconvertedto BPM6 template. • TheODEN (Balance of Payments) Project wasimplemented. • Aims to reduce human intervention to a minimum • XML (eXtensibleMarkupLanguage) based report forms • Automated cross-checks • Flexible Data Compilation Process • Fully Integrated System

  22. BPM6 IMPLEMENTATION- II • Studieswithinthecontext of BPM6: • Manufacturingservices on physicalinputsownedbyothers (GoodsforProcessing) • Maintenanceandrepairservices(Repairs on Goods) arerecordedunder Services, wheretheseitemswererecordedundergoods in BPM5. Compiledwithin an on-goingstudybythe TURKSTAT andto be reflected in the BOP statistics of Turkey.

  23. BPM6 IMPLEMENTATION- III • Studieswithinthecontext of BPM6: • Taking into account the changes in the methodology of the tourism statistics by European Statistics Office (EUROSTAT) and United Nations World Tourism Organization (UNWTO), Turkish Statistical Institute (TURKSTAT)announced on February 14, 2013 with a Press Releasethat its tourism statistics methodology was revised. International Recommendations for Tourism Statistics (IRTS 2008) • It is recommended that tourism statistics should allow tourism related expenditure to be identified in “travel”and “international passenger transport” as a supplementary item to the standard components of the balance of payments.This is also a recommendation that is explicitly mentioned for the balance of payments compilation.

  24. BPM6 IMPLEMENTATION- IV • Revisions and expenditures included in tourism income: • International transportation expenditures of visitorsrealized by using domesticcompanies • Marina service expenditures of visitors such as rent, electricity, water etc. • GSM roaming expenditures of visitors • The revision of the ratio of the amount of package tourexpenditures remained in Turkey which is determined in 2001 • Revisions and expenditures included in tourism expenditures: • International transportation expenditures of Turkish citizens realized by using foreigncompanies • GSM roaming expenditures of Turkish citizens • The revision of the ratio of the amount of package tourexpenditures remained abroad which is determined in 2003

  25. BPM6 IMPLEMENTATION- V With the publication of January, 2013 balance of payments statistics, consistent with International Monetary Fund (IMF) Balance of Payments Manual 5th Edition (BPM5), since the items; * Current Account / Services / Transportation / Other Transportation and * Current Account / Services / Other Servies already covers “international transportation fees” and “GSM roaming fees”, only other revisions resulted from “updating the package tour ratio” and “marina services” has been reflected in “Current Account/Travel” item covering the period between 2003-2012.

  26. BPM6 IMPLEMENTATION- VI • Studieswithinthecontext of BPM6: • FISIM and other implicit financial services areplannedto be calculatedandincluded in services. • Insurance Services, namely, (a) Direct Insurance, (b) Reinsurance, (c) Auxiliaryinsuranceservices, (d) Pensionandstandardizedguaranteedservicesas defined in BPM6, areplannedto be recalculated to adjust for claim volatility, takingintoaccountalsothe premium supplements.

  27. BPM6 IMPLEMENTATION- VII • Studieswithinthecontext of BPM6: • A separate supplementary breakdown of travelwill be provided according to product group, namely:(a) goods,(b) local transport services,(c) accommodation services,(d) food-serving services, and(e) other services.Thisbreakdown is alreadyavailable in the TURKSTAT DepartingForeignVisitorsandArriving Citizens surveys. • Financial derivativestransactions

  28. BPM6 IMPLEMENTATION- VIII • Studieswithinthecontext of BPM6: • Followingthemeeting on ITS statisticsheld in November 2011 undertheco-ordination of theRepublic of TurkeyMinistry of Economyandwiththeparticipation of the CBRT and TURKSTAT officials: • A strategicaction plan wasadopted, • Workinggroupswereformedalsowiththeparticipation of therelatedregulatoryandsupervisoryinstitutions, • Meetingswereheldthroughout 2012 with a focus on thefollowingservicesitems: “Travel”, “Transportation”, “Construction”, “Audio-visual Services”, “Computer Services”, “Education Services” and “Health Services”. • Thework is still in progressforthisjointlong-termstudy.

  29. THANK YOU STATISTICS DEPARTMENT BALANCE OF PAYMENTS DIVISION

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