## 1cpvea2021003 - 1. Priority Recommendations ## Source details **Canonical URL:** [1cpvea2021003 - 1. Priority Recommendations](https://www.imf.org/-/media/files/publications/cr/2021/english/1cpvea2021003.pdf) ## Other formats - [Markdown version](/-/media/files/publications/cr/2021/english/1cpvea2021003.pdf.md) - [Structured JSON version](/-/media/files/publications/cr/2021/english/1cpvea2021003.pdf.json) --- ### Mission summary and objectives - IMF STA remote TA mission took place during January 18-29, 2021. - Main objectives: - Reconcile monetary accounts disseminated by the BCV with monetary statistics submitted to STA for dissemination through International Financial Statistics and internal use (AFR). - Improve collection of data on sectoral distribution of credit by economic activity. - Implement the IMF’s 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). - Work facilitated by Bank of Cabo Verde (BCV) Statistics and Economic Studies Department (DEE). - Officials met listed in Appendix I of the source document. ### Priority recommendations (one-year action plan highlights) - June 2021 - Eliminate the discrepancies between the central bank survey disseminated by the BCV in its publications and the data sent to the IMF by adopting the methodology of the central bank survey compiled for the IMF, which is based on international statistical standards, such the MFSMCG. - Responsible institution: BCV - December 2021 - Use the new compilation system for ODC to eliminate the discrepancies between the ODC survey disseminated by the BCV in its publications and the data sent to the IMF. - Responsible institution: BCV - December 2021 - Improve data on credit by economic activity using the Classification by Economic Activity of the National Institute of Statistics (INE) of Cabo Verde. - Responsible institution: BCV ### Background and context - 2007 TA assisted BCV in compiling MFS using SRFs (SRF 1SR and 2SR); BCV uses these SRFs to report monetary data to STA. - Identified differences in key monetary aggregates (December 2019 reference) hampering IMF surveillance: - Net credit to central government by depository corporations: STA data 24,952 millions of escudos vs BCV analytical survey 21,065 millions of escudos — difference of 15.6 percent. - Credit to the private nonfinancial sector difference: 4.3 percent. - Broad money difference: 1.4 percent. ### Structure of the financial corporations sector (summary and key statistics) - Financial corporations total assets (September 2020): 456,662 millions of escudos (100 percent). - Depository corporations total assets: 357,909 millions of escudos (78 percent of financial corporations). - Banco de Cabo Verde: 84,674 millions of escudos (19 percent). - Other Depository Corporations (Onshore Banks): 273,235 millions of escudos (60 percent). - Other Financial Corporations total assets: 98,753 millions of escudos (22 percent). - Offshore banks: 88,079 millions of escudos (19 percent). - Insurance Companies: 7,443 millions of escudos (2 percent). - Other financial intermediaries and auxiliaries: 3,231 millions of escudos (1 percent). - All financial corporations supervised by BCV. - ODCs report aggregate monthly balance sheets for supervision and detailed monthly balance sheets for monetary statistics. - OFCs report aggregate monthly data for supervisory purposes; OFC data not included in monetary statistics compiled and disseminated by BCV. ### Detailed technical assessment and findings — Central Bank Survey (1SG vs BCV consolidated balance sheet) - Overall approach: MFS compilers agreed to eliminate differences by adopting IMF/MFSMCG methodology, including valuation of accrued interest to approximate fair value. - Main discrepancies (December 2019 reference): - Net foreign assets: IMF 71,869 vs BCV 72,814 millions of escudos. - Net claims on central government: IMF 4,007 vs BCV -3,889 millions of escudos. - Claims on other sector: IMF 1,000 vs BCV 565 millions of escudos. - Monetary base: IMF 68,733 vs BCV 68,710 millions of escudos. - Specific conceptual differences (highlights): - External assets: accrued interest on assets — Included (IMF) vs Not included (BCV). - External liabilities: accrued interest and SDR allocations — Included (IMF) vs Not included (BCV). - Net claims on central government: - Securities and loans (assets) — Included (IMF) vs Excludes some securities (TÍT. DIV. PUB. ESTADOS DE C.V. DETIDOS PELO BCV) and Excludes m/l credit to government and other minor items (BCV). - Deposits (liabilities) — Included (IMF) vs Not included (BCV). - Claims on other sectors: Shares and other equity (nonfinancial corporations) — Included (IMF) vs Not included (BCV). - Recommendation: - Eliminate discrepancies by adopting the IMF central bank survey methodology based on the MFSMCG. ### Detailed technical assessment and findings — Other Depository Corporations Survey (2SG vs ODC consolidated balance sheet) - New ODC compilation system discussed; should produce data consistent for national publications and IMF reporting. - New compilation system elements: 1. Detailed chart of accounts for banks based on IFRS principles. 2. Individual reporting of loans (loan-by-loan) and securities (security-by-security). 3. Individual reporting of deposit liabilities (deposit-by-deposit). - Main discrepancies (December 2019 reference): - Net foreign assets: IMF -1,086 vs BCV -2,100 millions of escudos. - Net claims on central bank: IMF 65,101 vs BCV 60,362 millions of escudos. - Net claims on central government: IMF -19,715 vs BCV -17,880 millions of escudos. - Claims on other sector: IMF 123,506 vs BCV 119,019 millions of escudos. - Broad money components: IMF 189,106 vs BCV 186,244 millions of escudos — composition (transferable vs other deposits) differs significantly. - Specific conceptual differences (highlights): - External assets: accrued interest, shares and other equity, other accounts receivable — Included (IMF) vs Not included (BCV). - External liabilities: accrued interest and other accounts payable — Included (IMF) vs Not included (BCV). - Claims on central bank: - Reserve deposits — Included (IMF) vs Not included (BCV) when they are security deposits (depósitos de caução). - Debt securities (Títulos do Banco Central (TIM e TRM)) — Banks record (valuation or time of recording issue) vs BCV record. - Net claims on central government: accrued interest on assets and liabilities — Included (IMF) vs Not included (BCV). - Claims on other sectors: use of ponderations for banks not reporting accurate sectorization — IMF uses ponderations; BCV does not (not needed in the new compilation system). - Broad money composition: Transferable deposits — Higher than BCV data (IMF); Other deposits — Lower than BCV data (IMF). Mostly reclassification issues between transferable and other deposits. - Recommendation: - Use the new ODC compilation system to eliminate discrepancies; follow IMF report form 2SR methodology in line with MFSMCG. ### Compilation of consolidated surveys and consistency recommendations - Depository Corporations (DC) survey (Síntese Monetária) should be compiled consistently by consolidating CB survey and ODC survey. - DC survey contains key aggregates for monetary analysis: broad money, external assets, and domestic credit by sector. - Recommendation: Key aggregates must be compiled with exact results both for national publications and international users (IMF/AFR). - Disaggregation: National publications may provide more granularity; IMF reporting may use different structures depending on intended use (International Financial Statistics vs internal AFR analysis). Different breakdowns should add up to the same figures. ### Other Financial Corporations (OFC) data and inclusion of offshore banks - OFCs are not required to report data for monetary statistics purposes, except insurance companies. - OFCs report quarterly analytical balance sheets for supervisory purposes; BCSTP annual report includes annual insurance company data. - MFS compilers compile data on insurance companies only. - Two main OFC types: offshore banks and insurance companies. - 2021 legislative change: Cabo Verde will no longer allow offshore banks to operate from Cabo Verde’s economic territory. - Offshore banks will no longer be allowed to operate from Cabo Verde’s economic territory; assets remaining in offshore banks are expected to become onshore and their assets and liabilities will be added to the ODC survey. - Offshore banks are not money issuers in Cabo Verde because they are not allowed by law to accept deposits from Cabo Verdean residents; therefore they have not been included in the category of ODC (i.e. in the SRF 2SR). - Consequently, offshore banks should be included in the SRF 4SR, together with other types of financial intermediaries such as insurance companies. - Calculation of growth rates for ODC external assets and liabilities: - Because the transformation of offshore banks into onshore entities will introduce assets and liabilities into the ODC survey that did not appear in the previous period, these reclassified assets/liabilities should not be treated as new acquisitions or incurrence of liabilities for the purpose of calculating growth rates between periods. - Recommendation: Take into consideration the reclassification of offshore bank and incorporation into the ODC survey for the calculation of growth rates. - Insurance corporations: - Insurance corporations are not included in the data shared with the IMF. - Their exclusion is of limited importance because their relative size is small (only two percent of the financial system). - MFS compilers are advanced in incorporating these corporations into the OFC survey (report form 4SR). - Recommendation: Disseminate data on insurance companies following the SRF 4SR, to be included in the OFC survey. ### Resources, technical assistance, and training - The BCV has adequate staff for compiling MFS, comprised of a balanced combination of very experienced and relative new MFS compilers. - Most staff have attended MFS courses provided by the IMF or other institutions, such as the Bank of Portugal. - Hands-on training was well received but limited; more comprehensive training is recommended to familiarize staff with the new MFSMCG-based reporting forms, which are expected to be required by the end of 2021. - Recommendation: Compile staff members who have not yet attended any MFS courses to do so in the coming opportunities, which may be online. ### DC Compilation System and Integrated Monetary Database (IMD) - Since 2007, STA and AFR have shared an integrated monetary database (IMD) used for publication and operational needs. - The mission discussed the importance of maintaining the IMD for Cabo Verde. - The current IMD contains the SRFs for the central bank and ODC, and the corresponding surveys. - The IMD contains data for December 2001 onward. ### Compilation of credit by economic activity - MFS compilers are implementing a data collection system for credit by economic activity using the 2008 Classification by Economic Activities of Cabo Verde of the National Institute of Statistics (INE). - According to INE, this classification was designed to preserve international statistical comparability, in a harmonized manner with the International Standard Classification of Economic Activities, Revision 4 (CITA-Rev.4) published by the United Nations Statistical Services (ST/ESA/STAT/SER.M/4/Rev.4). - Recommendation: Improve data on credit by economic activity using the Classification by Economic Activity of the INE. ### Action Plan — prioritized actions, milestones, and target completion dates Outcome Indicator: Data are compiled and disseminated using the concepts and definitions of the latest manual/guide - PR: Eliminate the discrepancies between the central bank survey disseminated by the BCV in its publications and the data sent to the IMF by adopting the methodology of the central bank survey compiled for the IMF, which is based on international statistical standards, such the MFSMCG. Target Completion Date: June 2021 - PR: Implement the new compilation system for ODC. Target Completion Date: December 2021 - PR: Use the new compilation system for ODC to eliminate the discrepancies between the ODC survey disseminated by the BCV in its publications and the data sent to the IMF. The new compilation system for ODC should follow the methodology of the current IMF report form 2SR, which is in line with the MFSMCG. Target Completion Date: December 2021 Outcome Indicator: Data are compiled and disseminated using the classification of financial instrument and institutional sectors following the latest manual/guide - H: Take into consideration the reclassification of offshore bank and incorporation into the ODC survey for the calculation of growth rates. Target Completion Date: March 2022 - H: Disseminate data on insurance companies following the SRF 4SR, to be included in the OFC survey. Target Completion Date: May 2021 - PR: Improve data on credit by economic activity using the Classification by Economic Activity of the INE. Target Completion Date: December 2021 ### Appendix I — Officials met during the mission (selected) - Bank of Cabo Verde: - Mrs. Ana Semedo, Director, Statistics and Economic Studies Department - Mrs. Suzy Brito, Director, Micro-prudential Supervision Department - Mrs. Susana Silva, Director, Governor and Board Offices - Mrs. Teresa Barbosa, Head of Monetary and Financial Statistics Unit, Statistics and Economic Studies Department - Ms. Nara Carvalho, Statistics Compiler and Analyst, Monetary and Financial Statistics Unit, Statistics and Economic Studies Department - Mr. Humberto Henriques, Statistics Compiler and Analyst, Monetary and Financial Statistics Unit, Statistics and Economic Studies Department - Ms. Alice Benchimol, Statistics Compiler and Analyst, Monetary and Financial Statistics Unit, Statistics and Economic Studies Department - Ms. Maria José Monteiro, Statistics Compiler and Analyst, Methodological Development Unit, Statistics and Economic Studies Department - Mr. Elton Pereira, Public Credit Registry, Unit, Statistics and Economic Studies Department - Ms. Karine Miranda, Statistics Compiler, Statistics Dissemination Unit, Statistics and Economic Studies Department - Ms. Carla Gonçalves, IT Analyst, Methodological Development Unit, DEE - Ms. Vânia Sousa, Analyst, Micro-prudential Supervision Department - Mr. Nilton Fernandes, Analyst, Micro-prudential Supervision Department - Ms. Lina Dias Lima, Analyst, Micro-prudential Supervision Department *Source: Banco de Cabo Verde and IMF mission report (January 18-29, 2021).* ### 1. Priority Recommendations _______________________________________________________________________ 5 ### 1cpvea2021003 - 1. Priority Recommendations ### Mission summary and objectives - IMF STA remote TA mission took place during January 18-29, 2021. - Main objectives: - Reconcile monetary accounts disseminated by the BCV with monetary statistics submitted to STA for dissemination through International Financial Statistics and internal use (AFR). - Improve collection of data on sectoral distribution of credit by economic activity. - Implement the IMF’s 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). - Work facilitated by Bank of Cabo Verde (BCV) Statistics and Economic Studies Department (DEE). - Officials met listed in Appendix I of the source document. ### Priority recommendations (one-year action plan highlights) - June 2021 - Eliminate the discrepancies between the central bank survey disseminated by the BCV in its publications and the data sent to the IMF by adopting the methodology of the central bank survey compiled for the IMF, which is based on international statistical standards, such the MFSMCG. - Responsible institution: BCV - December 2021 - Use the new compilation system for ODC to eliminate the discrepancies between the ODC survey disseminated by the BCV in its publications and the data sent to the IMF. - Responsible institution: BCV - December 2021 - Improve data on credit by economic activity using the Classification by Economic Activity of the National Institute of Statistics (INE) of Cabo Verde. - Responsible institution: BCV ### Background and context - 2007 TA assisted BCV in compiling MFS using SRFs (SRF 1SR and 2SR); BCV uses these SRFs to report monetary data to STA. - Identified differences in key monetary aggregates hampering IMF surveillance: - Example: Net credit to central government by depository corporations was 24,952 million of escudos (STA data) in December 2019 versus 21,065 million of escudos in the BCV analytical survey — a difference of 15.6 percent. - Credit to the private nonfinancial sector difference for the same period: 4.3 percent. - Broad money difference for the same period: 1.4 percent. ### Structure of the financial corporations sector (summary and key statistics) - Financial corporations total assets (September 2020): 456,662 millions of escudos (100 percent). - Depository corporations total assets: 357,909 millions of escudos (78 percent of financial corporations). - Banco de Cabo Verde: 84,674 millions of escudos (19 percent). - Other Depository Corporations (Onshore Banks): 273,235 millions of escudos (60 percent). - Other Financial Corporations total assets: 98,753 millions of escudos (22 percent). - Offshore banks: 88,079 millions of escudos (19 percent). - Insurance Companies: 7,443 millions of escudos (2 percent). - Other financial intermediaries and auxiliaries: 3,231 millions of escudos (1 percent). - All financial corporations supervised by BCV. - ODCs report aggregate monthly balance sheets for supervision and detailed monthly balance sheets for monetary statistics. - OFCs report aggregate monthly data for supervisory purposes; OFC data not included in monetary statistics compiled and disseminated by BCV. ### Detailed technical assessment and findings — Central Bank Survey (1SG vs BCV consolidated balance sheet) - Overall approach: MFS compilers agreed to eliminate differences by adopting IMF/ MFSMCG methodology, including valuation of accrued interest to approximate fair value. - Main discrepancies (December 2019 reference): - Net foreign assets: IMF 71,869 vs BCV 72,814 millions of escudos — minor difference. - Net claims on central government: IMF 4,007 vs BCV -3,889 millions of escudos — significant difference. - Claims on other sector: IMF 1,000 vs BCV 565 millions of escudos — minor difference. - Monetary base: IMF 68,733 vs BCV 68,710 millions of escudos — very minor difference. - Specific conceptual differences (Table 3 highlights): - External assets: accrued interest on assets — Included (IMF) vs Not included (BCV). - External liabilities: accrued interest and SDR allocations — Included (IMF) vs Not included (BCV). - Net claims on central government: - Securities and loans (assets) — Included (IMF) vs Excludes some securities (TÍT. DIV. PUB. ESTADOS DE C.V. DETIDOS PELO BCV) and Excludes m/l credit to government and other minor items (BCV). - Deposits (liabilities) — Included (IMF) vs Not included (BCV). - Claims on other sectors: Shares and other equity (nonfinancial corporations) — Included (IMF) vs Not included (BCV). - Recommendation: - Eliminate discrepancies by adopting the IMF central bank survey methodology based on the MFSMCG. ### Detailed technical assessment and findings — Other Depository Corporations Survey (2SG vs ODC consolidated balance sheet) - New ODC compilation system discussed; should produce data consistent for national publications and IMF reporting. - New compilation system elements: 1. Detailed chart of accounts for banks based on IFRS principles. 2. Individual reporting of loans (loan-by-loan) and securities (security-by-security). 3. Individual reporting of deposit liabilities (deposit-by-deposit). - Main discrepancies (December 2019 reference): - Net foreign assets: IMF -1,086 vs BCV -2,100 millions of escudos — minor difference. - Net claims on central bank: IMF 65,101 vs BCV 60,362 millions of escudos — significant difference. - Net claims on central government: IMF -19,715 vs BCV -17,880 millions of escudos — minor difference. - Claims on other sector: IMF 123,506 vs BCV 119,019 millions of escudos — minor difference. - Broad money components: IMF 189,106 vs BCV 186,244 millions of escudos — minor difference, but composition (transferable vs other deposits) differs significantly. - Specific conceptual differences (Table 4 highlights): - External assets: accrued interest, shares and other equity, other accounts receivable — Included (IMF) vs Not included (BCV). - External liabilities: accrued interest and other accounts payable — Included (IMF) vs Not included (BCV). - Claims on central bank: - Reserve deposits — Included (IMF) vs Not included (BCV) when they are security deposits (depósitos de caução). - Debt securities (Títulos do Banco Central (TIM e TRM)) — Banks record (valuation or time of recording issue) vs BCV record. - Net claims on central government: accrued interest on assets and liabilities — Included (IMF) vs Not included (BCV). - Claims on other sectors: use of ponderations for banks not reporting accurate sectorization — IMF uses ponderations; BCV does not (not needed in the new compilation system). - Broad money composition: Transferable deposits — Higher than BCV data (IMF); Other deposits — Lower than BCV data (IMF). Mostly reclassification issues between transferable and other deposits. - Recommendation: - Use the new ODC compilation system to eliminate discrepancies; follow IMF report form 2SR methodology in line with MFSMCG. ### Compilation of consolidated surveys and consistency recommendations - Depository Corporations (DC) survey (Síntese Monetária) should be compiled consistently by consolidating CB survey and ODC survey. - DC survey contains key aggregates for monetary analysis: broad money, external assets, and domestic credit by sector. - Recommendation: Key aggregates must be compiled with exact results both for national publications and international users (IMF/AFR). - Disaggregation: National publications may provide more granularity; IMF reporting may use different structures depending on intended use (International Financial Statistics vs internal AFR analysis). Different breakdowns should add up to the same figures. ### Other Financial Corporations (OFC) data and compilation - OFCs are not required to report data for monetary statistics purposes, except insurance companies. - OFCs report quarterly analytical balance sheets for supervisory purposes; BCSTP annual report includes annual insurance company data. - MFS compilers compile data on insurance companies only. - Two main OFC types: offshore banks and insurance companies. - Noted expectation: Historically important offshore banks expected to become onshore by the end of (text truncated in source). *Source: Banco de Cabo Verde and IMF mission report (January 18-29, 2021).* ### 2021. Due to a change in legislation, Cabo Verde will no longer allow offshore banks to operate ### 2021. Due to a change in legislation, Cabo Verde will no longer allow offshore banks to operate ### Inclusion of offshore banks in statistics - Offshore banks will no longer be allowed to operate from Cabo Verde’s economic territory; assets remaining in offshore banks are expected to become onshore and their assets and liabilities will be added to the ODC survey. - Offshore banks are not money issuers in Cabo Verde because they are not allowed by law to accept deposits from Cabo Verdean residents; therefore they have not been included in the category of ODC (i.e. in the SRF 2SR). - Consequently, offshore banks should be included in the SRF 4SR, together with other types of financial intermediaries such as insurance companies. ### Calculation of growth rates for ODC external assets and liabilities - Because the transformation of offshore banks into onshore entities will introduce assets and liabilities into the ODC survey that did not appear in the previous period, these reclassified assets/liabilities should not be treated as new acquisitions or incurrence of liabilities for the purpose of calculating growth rates between periods. - Recommendation: Take into consideration the reclassification of offshore bank and incorporation into the ODC survey for the calculation of growth rates. ### Insurance corporations - Insurance corporations are not included in the data shared with the IMF. - Their exclusion is of limited importance because their relative size is small (only two percent of the financial system). - MFS compilers are advanced in incorporating these corporations into the OFC survey (report form 4SR). - Recommendation: Disseminate data on insurance companies following the SRF 4SR, to be included in the OFC survey. ### Resources and technical assistance; training - The BCV has adequate staff for compiling MFS, comprised of a balanced combination of very experienced and relative new MFS compilers. - Most staff have attended MFS courses provided by the IMF or other institutions, such as the Bank of Portugal. - Hands-on training was well received but limited; more comprehensive training is recommended to familiarize staff with the new MFSMCG-based reporting forms, which are expected to be required by the end of 2021. - The mission recommends compiling staff members who have not yet attended any MFS courses to do so in the coming opportunities, which may be online. ### DC Compilation System and Integrated Monetary Database (IMD) - Since 2007, STA and AFR have shared an integrated monetary database (IMD) used for publication and operational needs. - The mission discussed the importance of maintaining the IMD for Cabo Verde. - The current IMD contains the SRFs for the central bank and ODC, and the corresponding surveys. - The IMD contains data for December 2001 onward. ### Compilation of credit by economic activity - MFS compilers are implementing a data collection system for credit by economic activity using the 2008 Classification by Economic Activities of Cabo Verde of the National Institute of Statistics (INE). - According to INE, this classification was designed to preserve international statistical comparability, in a harmonized manner with the International Standard Classification of Economic Activities, Revision 4 (CITA-Rev.4) published by the United Nations Statistical Services (ST/ESA/STAT/SER.M/4/Rev.4). - Recommendation: Improve data on credit by economic activity using the Classification by Economic Activity of the INE. ### Action Plan — prioritized actions, milestones, and target completion dates Outcome Indicator: Data are compiled and disseminated using the concepts and definitions of the latest manual/guide - PR: Eliminate the discrepancies between the central bank survey disseminated by the BCV in its publications and the data sent to the IMF by adopting the methodology of the central bank survey compiled for the IMF, which is based on international statistical standards, such the MFSMCG. Target Completion Date: June 2021 - PR: Implement the new compilation system for ODC. Target Completion Date: December 2021 - PR: Use the new compilation system for ODC to eliminate the discrepancies between the ODC survey disseminated by the BCV in its publications and the data sent to the IMF. The new compilation system for ODC should follow the methodology of the current IMF report form 2SR, which is in line with the MFSMCG. Target Completion Date: December 2021 Outcome Indicator: Data are compiled and disseminated using the classification of financial instrument and institutional sectors following the latest manual/guide - H: Take into consideration the reclassification of offshore bank and incorporation into the ODC survey for the calculation of growth rates. Target Completion Date: March 2022 - H: Disseminate data on insurance companies following the SRF 4SR, to be included in the OFC survey. Target Completion Date: May 2021 - PR: Improve data on credit by economic activity using the Classification by Economic Activity of the INE. Target Completion Date: December 2021 ### Appendix I — Officials met during the mission (selected) - Bank of Cabo Verde: - Mrs. Ana Semedo, Director, Statistics and Economic Studies Department - Mrs. Suzy Brito, Director, Micro-prudential Supervision Department - Mrs. Susana Silva, Director, Governor and Board Offices - Mrs. Teresa Barbosa, Head of Monetary and Financial Statistics Unit, Statistics and Economic Studies Department - Ms. Nara Carvalho, Statistics Compiler and Analyst, Monetary and Financial Statistics Unit, Statistics and Economic Studies Department - Mr. Humberto Henriques, Statistics Compiler and Analyst, Monetary and Financial Statistics Unit, Statistics and Economic Studies Department - Ms. Alice Benchimol, Statistics Compiler and Analyst, Monetary and Financial Statistics Unit, Statistics and Economic Studies Department - Ms. Maria José Monteiro, Statistics Compiler and Analyst, Methodological Development Unit, Statistics and Economic Studies Department - Mr. Elton Pereira, Public Credit Registry, Unit, Statistics and Economic Studies Department - Ms. Karine Miranda, Statistics Compiler, Statistics Dissemination Unit, Statistics and Economic Studies Department - Ms. Carla Gonçalves, IT Analyst, Methodological Development Unit, DEE - Ms. Vânia Sousa, Analyst, Micro-prudential Supervision Department - Mr. Nilton Fernandes, Analyst, Micro-prudential Supervision Department - Ms. Lina Dias Lima, Analyst, Micro-prudential Supervision Department *Source: 1cpvea2021003 - 2021. Due to a change in legislation, Cabo Verde will no longer allow offshore banks to operate* --- _Source: https://www.imf.org/-/media/files/publications/cr/2021/english/1cpvea2021003.pdf_