## sdds-decision-with-tenth-review-amendments — Coverage, periodicity, timeliness, observance, and foreign currency templates

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### Coverage, scope, and encouraged additional data
- SDDS focuses on basic data important to shed light on economic performance and policy in four sectors: real, fiscal, financial, and external.
- Subscribers are encouraged to disseminate additional (strictly voluntary metadata) items including:
  - practices on measuring core inflation, forward-looking indicators, sectoral balance sheets, general government gross debt, interest rates used as operating targets, financial soundness indicators, and gross outstanding external debt by remaining maturity.
- For each sector the SDDS provides:
  - (a) a comprehensive statistical framework — national accounts (real), government operations (fiscal), depository corporations survey (financial), and balance of payments accounts (external);
  - (b) data that permit tracking of principal measures in the comprehensive frameworks; and
  - (c) other relevant data, often prices (including interest rates and exchange rates).
- Prescribed comprehensive frameworks and tracking/price statistics (selected highlights):
  - Real sector: national accounts — nominal levels, real levels, and associated prices (deflators or price indices); a production index or selection of production indices as frequent GDP tracking; consumer price indices and producer/wholesale price indices prescribed.
  - Fiscal sector: comprehensive framework covers general government or public sector as relevant; central government indicators prescribed as more frequent/timely tracking; government debt prescribed in terms of central government debt.
  - Financial sector: comprehensive framework is the depository corporations survey (DCS) covering central bank and all other depository corporations (ODCs); central bank survey prescribed to track banking system data more timely; interest rates should include short- and long-term government securities as appropriate; financial soundness indicators with quarterly periodicity and timeliness are encouraged.
  - External sector: balance of payments is the prescribed comprehensive framework; tracking categories include official reserve assets, international reserves and foreign currency liquidity, and merchandise trade.

### Periodicity and timeliness: definitions and explicit timing rules
- Definitions:
  - Periodicity = frequency of compilation.
  - Timeliness = lapse of time between a reference date (or close of a reference period) and dissemination.
- Forms of dissemination include formal publications (news releases), making data available upon request, electronic databases, diskettes/tapes/CD-ROM, recorded telephone messages, facsimile services.
- Key prescribed and encouraged timing rules (explicit numeric specifications from the text):
  - Monthly official reserve assets (total and key components covering foreign currency reserves, IMF reserve position, SDRs, gold, and other reserve assets) are to be disseminated within one week.
  - The data template on international reserves and foreign currency liquidity (Table 2) is prescribed with monthly periodicity and timeliness; weekly periodicity and timeliness are encouraged.
  - Countries that wish their international reserves and foreign currency liquidity data included in the Fund’s database and re‑disseminated over the Fund’s external web site should report in the format of Table 2.
  - With respect to the international investment position (IIP):
    - Until end-September 2014, annual data are to be disseminated within three quarters after the end of the reference year; quarterly periodicity and timeliness are encouraged.
    - Quarterly IIP data with quarterly timeliness are prescribed beginning with IIP data observations for the first and second quarters of 2014 (and subsequent periods), for dissemination starting at the end of September 2014.
  - Exchange rates should be disseminated on a daily basis.
  - Forward exchange rates (three and six month rates) should be disseminated on an “as relevant” basis if a robust forward market exists.
  - External debt data for four sectors — (1) general government, (2) monetary authorities, (3) banking sector, and (4) all other sectors — are to be disseminated with quarterly periodicity and timeliness.
  - External debt data should be disaggregated by maturity — short- and long-term — on an original maturity basis and by instrument (see Table 3).
  - A simplified set of gross outstanding external debt by remaining maturity (Table 4) is encouraged, containing principal and interest payments due in one year or less, disaggregated by sector, with quarterly periodicity and quarterly timeliness.
  - SDDS encourages dissemination of more detailed supplementary information on future debt service payments on gross outstanding external debt, with principal and interest components separately identified, twice yearly for the first four quarters and the following two semesters ahead, with a lag of one quarter.
  - Dissemination of external debt data disaggregated by currency (domestic and foreign) with quarterly periodicity and timeliness is encouraged.

### Flexibility provisions and limits
- “As relevant” designation: a data category/component whose relevance should be taken into account; if Fund staff considers it not relevant, the subscriber is deemed in observance even if it does not produce/disseminate that data. Not to be invoked when specifications apply, markets exist, or instruments/arrangements are in use.
- Two flexibility options with respect to periodicity and timeliness:
  - First: For national accounts and balance of payments, quarterly periodicity must be met, but specified data may be issued on a less timely basis than prescribed if the tracking categories are disseminated with the periodicity and timeliness prescribed for the tracking categories.
  - Second: For any other two prescribed data categories (except international reserves and external debt), periodicity may be less frequent and/or the specified data may be issued on a less timely basis than prescribed.
- Limits on flexibility:
  - The extra allowance for compilation or dissemination under the flexibility options is usually not to exceed one reference period, and the data are to be disseminated no later than the next due date, unless indicated separately.
- Targeted flexibility option for monthly central government operations:
  - Available for subscribers disseminating, with a one-quarter lag, quarterly accrual-based general government operations (GGO) data in line with the Fund’s Government Finance Statistics Manual 2001 or an equivalent standard.
  - Allowed for the last month of the fiscal year (up to three months lag) and the first month of the new fiscal year (up to two months lag).
  - To use this option, a subscriber must begin disseminating quarterly GGO data for at least the last quarter of the fiscal year in which the option is exercised.

### Access, integrity, and quality requirements
- Access by the public:
  - SDDS prescribes advance dissemination of release calendars, with flexibility for distribution of release dates allowed until end-2017 for up to two data categories.
  - SDDS prescribes simultaneous release to all interested parties.
- Integrity (transparency of practices and advance notice):
  - Dissemination of terms and conditions under which official statistics are produced, including confidentiality provisions for individually identifiable information.
  - Identification of internal government access to data before release.
  - Identification of ministerial commentary on the occasion of statistical release.
  - Provision of information about revision and advance notice of major changes in methodology.
- Quality (documentation, detail, and data quality assessments):
  - Dissemination of documentation on methodology and sources used.
  - Dissemination of component detail, reconciliations with related data, and statistical frameworks supporting cross-checks.
  - Dissemination of deviations from internationally accepted statistical methodologies in the metadata (specified in the relevant indicators of the metadata posted on the DSBB). If clear metadata on deviations are not provided, SDDS nonobservance procedures in Section III.4 will apply.
  - Subscribers are encouraged to undertake and publish a data quality assessment using a recognized data quality assessment tool (examples: Fund’s Data Module of the Report on the Observance of Standards and Codes that uses the Data Quality Assessment Framework, Eurostat, or European Central Bank data quality monitoring frameworks).
  - Reassessments should take place at no more than seven-to-ten-year intervals.
  - Assessments (and reassessments) could be conducted by Fund staff, another subscriber, or an external agency via peer review.

### Implementation, DSBB, NSDP, and monitoring
- Subscription process:
  - Membership is voluntary.
  - Members wishing to subscribe should communicate intention to the Director of the Statistics Department with an undertaking to provide metadata, a draft national summary data page (NSDP), and an advance release calendar (ARC).
  - Fund staff will determine where practices stand relative to SDDS and identify needed changes; once practices meet all SDDS requirements after implementation, the member may inform the Secretary of the Fund of readiness to subscribe.
  - A member becomes a subscriber on the date of posting of its metadata on the DSBB.
- Dissemination Standards Bulletin Board (DSBB) and NSDP:
  - The Fund maintains an electronic DSBB identifying SDDS subscribers and providing access to members’ metadata.
  - Responsibility for accuracy of metadata and underlying statistics rests with subscribers.
  - Subscribers are required to establish an NSDP on the Internet linked to the DSBB containing the most recent observation and the next most recent observation for prescribed data categories, and hyperlinks to longer time series and more detailed data by end-2012. Responsibility for NSDP data rests with subscribers.
  - Annual certification: Subscribers must certify annually the accuracy of metadata posted on the DSBB by notifying Fund staff within one month after the end of each calendar year that either: (1) all metadata are fully accurate; or (2) certain metadata are inaccurate (in which case corrected metadata must be provided with the certification). The date of last certification will be posted on the DSBB.
  - If changes affecting metadata accuracy occur between certification dates, subscribers should inform Fund staff and amend affected metadata expeditiously (within the calendar quarter when changes occurred); a note may be posted pending revision.
- Automated monitoring arrangements — required standardized electronic reporting procedures:
  - (1) report advance release calendars to Fund staff;
  - (2) adopt formats for NSDPs that allow Fund staff to electronically capture information on NSDPs, including date of release and reference period of the most recently disseminated data for each prescribed category;
  - (3) certify annually the accuracy of metadata posted on the DSBB as prescribed; and
  - (4) report updated metadata to Fund staff.

### Observance, deviations, escalation, and removal from the DSBB
- Monitoring and serious deviations:
  - Fund staff will regularly monitor observance.
  - A deviation is considered a “serious deviation” when:
    - required data are not publicly disseminated;
    - incomplete data are publicly disseminated;
    - there are frequent delays in public dissemination of SDDS required data.
  - For data under the Reserves Template and External Debt categories, any delays relative to the periodicity or timeliness constitute a serious deviation.
  - Serious deviations could also arise when other compliance issues are identified but are not resolved through technical discussions within six months.
- Procedures to address deviations (Section III.4):
  - If a deviation is detected, Fund staff will promptly notify the SDDS coordinator and start technical discussions immediately.
  - Non-serious deviations are expected to be addressed through technical discussions.
  - If a deviation is considered serious and is not resolved through technical discussions within:
    - three months from the date of notification to the SDDS coordinator for monthly data, or
    - six months from such notification for quarterly and annual data,
    then, subject to Section III.5, the SDDS coordinator will be notified by staff of the initiation of the SDDS nonobservance procedures.
  - For other deviations that become serious only after not being resolved through technical discussions within six months, notification and initiation of nonobservance procedures will begin six months after identification.
  - Fund staff will request the SDDS coordinator to undertake necessary steps to resolve the deviation to Fund staff’s satisfaction.
- Escalation and public notification sequence:
  - If nonobservance remains unresolved after three months following notification of the SDDS coordinator, Fund staff will communicate with the subscriber’s Executive Director to seek assistance.
  - If after three months following communication with the Executive Director the nonobservance remains unresolved, the Managing Director will send a letter to the subscriber’s Governor for the Fund requesting assistance.
  - If nonobservance remains unresolved for up to three months following the Managing Director’s letter, a note on the nonobservance will be posted on the DSBB indicating:
    - the Fund staff’s determination that the subscriber is not in observance of its undertakings under the SDDS;
    - the type of nonobservance;
    - the period in which the nonobservance has remained unresolved;
    - the authorities’ reactions and plans, if any, to address the issue.
  - If the nonobservance remains unresolved after a period of twelve months from the posting of the note on the DSBB, the Managing Director will bring the case to the Executive Board with a proposal to address the nonobservance, which will include a recommendation to delete the subscriber’s metadata from the DSBB, effectively terminating the subscription.
  - The Executive Board will decide on means to address nonobservance, which could include approving deletion of the subscriber’s metadata from the DSBB.
  - Once metadata have been deleted and subscription terminated, the member can re-apply for subscription by following the procedures for new subscribers.
- Annual reporting:
  - Fund staff will issue and post on the DSBB an annual report assessing each subscriber’s observance of its SDDS undertakings.

### Effects of force majeure (Section 5) and transitional arrangements
- Force majeure determination:
  - Fund staff, in consultation with relevant parties, may determine a deviation is due to force majeure (extreme natural disaster, extreme civil unrest, war, or a public health disaster).
  - Where determined, staff may refrain from initiating nonobservance procedures for the deviation(s).
  - The determination shall be promptly communicated to the SDDS coordinator and a note posted on the DSBB within one week indicating:
    - the determination that the deviation is due to force majeure;
    - the initial duration of that decision;
    - the nature of the deviation; and
    - the date the deviation began.
  - The subscriber shall post an explanatory note on their NSDP and a revised advance release calendar to be approved by staff.
  - Determination initial duration: up to 12 months from communication to the SDDS coordinator; may be revisited and extended at intervals no longer than 12 months up to a total duration no more than 36 months.
  - Once staff determines a deviation is no longer due to force majeure, staff will promptly communicate this and initiate technical discussions in line with Section III.4 and update the DSBB note accordingly.
- Transitional arrangements (Section 6):
  - Any case of non-observance for which the SDDS Coordinator was notified by Fund staff of initiation of nonobservance procedures before September 1, 2012 will be dealt with under prior procedures set out in the annex to the Summing Up of the Acting Chairman of April 12, 1996.

### Review, revisions, and voluntary withdrawal (Section 7)
- Reviews of the SDDS will be conducted by the Fund at intervals determined by the Executive Board; revisions may be adopted after reviews.
- A member may withdraw its subscription at any time by sending a notification to the Managing Director; relevant metadata would be removed immediately from the DSBB. (SM/12/242, 09/11/12)

### Foreign currency templates and external debt tables — key reporting requirements
- I. Foreign currency loans, securities, and deposits (Section I / II items)
  - Template captures outflows (-) and inflows (+) separately for Principal and Interest.
  - Items include:
    - Foreign currency loans, securities, and deposits.
    - Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps):
      - (a) Short positions (-)
      - (b) Long positions (+)
    - Other inflows/outflows: repos (-), reverse repos (+), trade credit (-)/(+), other accounts payable (-), other accounts receivable (+).
  - Notes relevant to valuation and inclusion:
    - Note 1: Only instruments denominated and settled in foreign currency (or valuation directly dependent on the exchange rate and settled in foreign currency) are to be included in categories I, II, and III. Financial instruments denominated in foreign currency and settled in other ways are included as memo items under Section IV.
    - Note 2: Netting allowed only if same maturity, same counterparty, and a master netting agreement is in place; positions on organized exchanges could also be netted.
    - Note 6: Include interest payments due within the corresponding time horizons. Foreign currency deposits held by nonresidents with central banks should also be included here. Securities referred to are those issued by the monetary authorities and the central government (excluding social security).
- II. Contingent short-term net drains on foreign currency assets (Section III)
  - Aggregation and maturity breakdown required: Total; Up to one month; More than one month and up to three months; More than three months and up to one year.
  - Reportable items include:
    1. Contingent liabilities in foreign currency:
       - (a) Collateral guarantees on debt falling due within one year
       - (b) Other contingent liabilities
    2. Foreign currency securities issued with embedded options (puttable bonds) — Note: Only bonds with a residual maturity greater than one year should be reported under this item.
    3. Undrawn, unconditional credit lines — Provided by:
       - (a) other national monetary authorities, BIS, IMF, and other international organizations
         - —other national monetary authorities (+)
         - —BIS (+)
         - —IMF (+)
         - —other international organizations (+)
       - (b) banks and other financial institutions headquartered in the reporting country (+)
       - (c) banks and other financial institutions headquartered outside the reporting country (+)
       - Note 9: Distinguish potential inflows and potential outflows resulting from contingent lines of credit and report them separately.
    4. Undrawn, unconditional credit lines provided to:
       - (a) other national monetary authorities, BIS, IMF, and other international organizations with corresponding (-) entries, and similarly for (b) and (c) banks and other financial institutions.
    5. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency:
       - (a) Short positions: (i) Bought puts; (ii) Written calls.
       - (b) Long positions: (i) Bought calls; (ii) Written puts.
       - PRO MEMORIA stress-tests (encouraged, not prescribed): report In-the-money options at current exchange rates and under scenarios +5%, -5%, +10%, -10%, and Other (specify), separately for Short and Long positions.
       - Note 10: Options positions with residual maturity greater than one year that could be subject to margin calls should be reported separately under Section IV.
- III. Memo items (Section IV)
  - Standard periodicity and timeliness reporting for items including:
    - (a) short-term domestic currency debt indexed to the exchange rate;
    - (b) financial instruments denominated in foreign currency and settled by other means (derivatives, short positions, long positions, other instruments);
    - (c) pledged assets (included in reserve assets or other foreign currency assets);
    - (d) securities lent and on repo (with breakdowns by inclusion in Section I);
    - (e) financial derivative assets (net, marked to market) — forwards, futures, swaps, options, other;
    - (f) derivatives with residual maturity greater than one year — aggregate short and long positions in forwards/futures and options vis-à-vis the domestic currency.
  - Items to be disclosed at least once a year:
    - (a) currency composition of reserves (by groups of currencies): currencies in SDR basket; currencies not in SDR basket; by individual currencies (optional).
  - Relevant notes regarding valuation, notional values, market values, and identification of instruments are specified (Notes 12–16).
- IV. Gross External Debt tables (Tables 3 and 4)
  - Table 3 — Gross External Debt Position by Sector (end period):
    - Sectors: General Government; Monetary Authorities; Banks; Other Sectors; Direct Investment: Intercompany Lending; Gross External Debt.
    - Instrument breakdowns by Short-term and Long-term with categories: Money market instruments; Bonds and notes; Loans; Currency and deposits; Trade credits; Other debt liabilities*.
    - Notes:
      - * Other debt liabilities are other liabilities in the IIP statement.
      - ** Recommended that currency and deposits be included in short-term unless detailed information is available for attribution.
      - *** Direct investment intercompany lending preferably disseminated separately; alternatively reported under relevant sector.
      - **** Based on BPM5 categories; BPM6 basis data should be presented in equivalent detail.
  - Table 4 — Gross Outstanding External Debt: Principal and Interest Payments Due in One Year or Less (In millions of currency units):
    - By Sector: General Government; Monetary authorities; Banks; Other Sectors; Direct investment–Intercompany lending; Total — each with Principal / Interest breakdown.
    - Note: Based on BPM5 categories; BPM6 basis data should be presented in equivalent detail.

*Source: sdds-decision-with-tenth-review-amendments - 1. Coverage, periodicity, and timeliness of data; 4. Observance of the SDDS and removal from the DSBB; 1. Foreign currency*

### 1. Coverage,  periodicity,  and timeliness  of  data

### sdds-decision-with-tenth-review-amendments - 1. Coverage, periodicity, and timeliness of data

### Coverage: scope, frameworks, and encouraged additional data
- SDDS focuses on basic data most important to shed light on economic performance and policy in four sectors: real, fiscal, financial, and external.
- Subscribers are encouraged to disseminate other data (strictly voluntary metadata) to increase transparency, including practices on measuring core inflation, forward-looking indicators, sectoral balance sheets, general government gross debt, interest rates used as operating targets, financial soundness indicators, and gross outstanding external debt by remaining maturity.
- SDDS encourages adoption of the latest internationally accepted methodologies in compilation and dissemination.
- For each sector the SDDS provides:
  - (a) a comprehensive statistical framework — national accounts for the real sector, government operations for fiscal data, depository corporations survey for financial data, and balance of payments accounts for external transactions;
  - (b) data that permit tracking of the principal measures in the comprehensive frameworks; and
  - (c) other data relevant to the sector, often prices (including interest rates and exchange rates).
- Prescribed comprehensive frameworks and tracking/price statistics:
  - Real sector: national accounts consisting of nominal levels, real (price-adjusted) levels, and associated prices (deflators or price indices). A single production index or a selection of production indices is the tracking category for GDP on a more frequent basis. Consumer price indices and producer or wholesale price indices are prescribed.
  - Fiscal sector: comprehensive framework covers the general (central plus state or provincial and local) government or the public sector as relevant. Central government indicators are prescribed as more frequent and timely tracking indicators. Government debt data are prescribed in terms of central government debt.
  - Financial sector: comprehensive framework is the depository corporations survey (DCS), covering all depository corporations (central bank and all other depository corporations (ODCs)). ODCs cover resident financial corporations and quasi-corporations that mainly engage in financial intermediation and that issue liabilities included in the national definition of broad money. The central bank survey is prescribed to track banking system data more timely. Interest rates should include rates on short- and long-term government securities as appropriate. Financial soundness indicators with quarterly periodicity and timeliness are encouraged.
  - External sector: balance of payments is the prescribed comprehensive framework. Tracking categories for more frequent and timely monitoring include official reserve assets, international reserves and foreign currency liquidity, and merchandise trade.

### Periodicity and timeliness: definitions and key specifications
- Periodicity = frequency of compilation. Timeliness = lapse of time between a reference date (or close of a reference period) and dissemination.
- Forms of dissemination include formal publications (including news releases); making data available upon request; electronic databases; diskettes/tapes/CD-ROM; recorded telephone messages; facsimile services.
- SDDS specifications are summarized in attached tables (Table 1, Table 2 for international reserves and foreign currency liquidity, Tables 3 and 4 for external debt). Some data categories/components are designated “as relevant” or “encouraged.”
- “As relevant” designation: a data category/component whose relevance to an economy should be taken into account. If Fund staff considers it not relevant to a subscribing country, the subscriber is deemed in observance even if it does not produce/disseminate that data. Not to be invoked when specifications apply, markets exist, or instruments/arrangements are in use.
- “Encouraged” designation: feature is not binding but countries are encouraged to develop and disseminate such data categories in the indicated periodicity and timeliness.
- Key prescribed and encouraged timing rules (explicit numeric specifications from the text):
  - Monthly official reserve assets (total and key components covering foreign currency reserves, IMF reserve position, SDRs, gold, and other reserve assets) are to be disseminated within one week.
  - The data template on international reserves and foreign currency liquidity (Table 2) is prescribed with monthly periodicity and timeliness; weekly periodicity and timeliness are encouraged.
  - Countries that wish their international reserves and foreign currency liquidity data included in the Fund’s database and re‑disseminated over the Fund’s external web site should report in the format of Table 2.
  - With respect to the international investment position (IIP):
    - Until end-September 2014, annual data are to be disseminated within three quarters after the end of the reference year; quarterly periodicity and timeliness are encouraged.
    - Quarterly IIP data with quarterly timeliness are prescribed beginning with IIP data observations for the first and second quarters of 2014 (and subsequent periods), for dissemination starting at the end of September 2014.
  - Exchange rates should be disseminated on a daily basis.
  - Forward exchange rates (three and six month rates) should be disseminated on an “as relevant” basis if a robust forward market exists.
  - External debt data: four sectors covered — (1) the general government, (2) the monetary authorities, (3) the banking sector, and (4) all other sectors — are to be disseminated with quarterly periodicity and timeliness.
  - External debt data should be disaggregated by maturity — short- and long-term — on an original maturity basis and by instrument (see Table 3).
  - A simplified set of gross outstanding external debt by remaining maturity (Table 4) is encouraged, containing principal and interest payments due in one year or less, disaggregated by sector, with quarterly periodicity and quarterly timeliness.
  - SDDS encourages dissemination of more detailed supplementary information on future debt service payments on gross outstanding external debt, with principal and interest components separately identified, twice yearly for the first four quarters and the following two semesters ahead, with a lag of one quarter.
  - Dissemination of external debt data disaggregated by currency (domestic and foreign) with quarterly periodicity and timeliness is encouraged.

### Flexibility provisions for coverage, periodicity, and timeliness
- “As relevant” provision: a member that does not produce/disseminate categories/components designated “as relevant” by Fund staff is deemed in observance; provision not to be invoked when underlying conditions no longer apply.
- Two flexibility options with respect to periodicity and timeliness:
  - First: For national accounts and balance of payments, quarterly periodicity must be met, but specified data may be issued on a less timely basis than prescribed if the tracking categories are disseminated with the periodicity and timeliness prescribed for the tracking categories.
  - Second: For any other two prescribed data categories (except international reserves and external debt), periodicity may be less frequent and/or the specified data may be issued on a less timely basis than prescribed.
- Limits on flexibility:
  - The extra allowance for compilation or dissemination under the flexibility options is usually not to exceed one reference period, and the data are to be disseminated no later than the next due date, unless indicated separately.
- Targeted flexibility option for monthly central government operations:
  - Available for subscribers disseminating, with a one-quarter lag, quarterly accrual-based general government operations (GGO) data in line with the Fund’s Government Finance Statistics Manual 2001 or an equivalent standard.
  - Allowed for the last month of the fiscal year (up to three months lag) and the first month of the new fiscal year (up to two months lag).
  - To use this option, a subscriber must begin disseminating quarterly GGO data for at least the last quarter of the fiscal year in which the option is exercised.

### Access by the public: advance release calendars and simultaneous release
- Ready and equal access is a principal requirement for the public, including market participants.
- SDDS prescribes:
  - (a) advance dissemination of release calendars, with flexibility for distribution of release dates allowed until end-2017 for up to two data categories; and
  - (b) simultaneous release to all interested parties.

### Integrity: transparency of practices and advance notice
- To build confidence in official statistics, SDDS prescribes:
  - (a) dissemination of the terms and conditions under which official statistics are produced, including confidentiality provisions for individually identifiable information;
  - (b) identification of internal government access to data before release;
  - (c) identification of ministerial commentary on the occasion of statistical release; and
  - (d) provision of information about revision and advance notice of major changes in methodology.

### Quality: documentation, detail, and data quality assessments
- SDDS prescribes to assist users in assessing data quality:
  - (a) dissemination of documentation on methodology and sources used in preparing statistics;
  - (b) dissemination of component detail, reconciliations with related data, and statistical frameworks that support cross-checks and provide assurance of reasonableness; and
  - (c) dissemination of deviations from internationally accepted statistical methodologies in the metadata (specified in the relevant indicators of the metadata posted on the DSBB). If clear metadata on deviations are not provided, SDDS nonobservance procedures in Section III.4 will apply.
- SDDS subscribers are encouraged to undertake and publish a data quality assessment using a recognized data quality assessment tool (examples given: Fund’s Data Module of the Report on the Observance of Standards and Codes that uses the Data Quality Assessment Framework, Eurostat, or European Central Bank data quality monitoring frameworks).
- Reassessments should take place at no more than seven-to-ten-year intervals.
- Assessments (and reassessments) could be conducted by Fund staff, another subscriber, or an external agency via peer review.

### Implementation: subscription, DSBB, NSDP, and monitoring requirements
- Subscription:
  - Membership is voluntary.
  - Members wishing to subscribe should communicate intention to the Director of the Statistics Department with an undertaking to provide metadata, a draft national summary data page (NSDP), and an advance release calendar (ARC).
  - Upon receipt of necessary metadata, Fund staff will determine where practices stand relative to SDDS and identify needed changes. Once Fund staff informs the member that practices meet all SDDS requirements after implementation, the member may inform the Secretary of the Fund of readiness to subscribe.
  - A member becomes a subscriber on the date of posting of its metadata on the DSBB.
- Dissemination Standards Bulletin Board (DSBB):
  - The Fund maintains an electronic DSBB identifying SDDS subscribers and providing access to members’ metadata.
  - Responsibility for accuracy of metadata and underlying statistics rests with subscribers.
  - Subscribers are required to establish an NSDP on the Internet linked to the DSBB. The NSDP is to contain the most recent observation and the next most recent observation for prescribed data categories, and hyperlinks to longer time series and more detailed data by end-2012. Responsibility for NSDP data rests with subscribers.
  - Subscribers must certify annually the accuracy of metadata posted on the DSBB by notifying Fund staff within one month after the end of each calendar year that either: (1) all metadata are fully accurate; or (2) certain metadata are inaccurate (in which case corrected metadata must be provided with the certification). The date of last certification will be posted on the DSBB.
  - If a subscriber makes changes affecting metadata accuracy between certification dates, the subscriber should inform Fund staff and amend affected metadata expeditiously (within the calendar quarter when changes occurred). Pending revision, a note may be posted indicating metadata are being updated.
- Automated monitoring arrangements — subscribers are required to use standardized electronic reporting procedures to allow Fund staff to monitor observance. Under these procedures subscribers must:
  - (1) report advance release calendars to Fund staff;
  - (2) adopt formats for NSDPs that allow Fund staff to electronically capture information on NSDPs, including date of release and reference period of the most recently disseminated data for each prescribed category;
  - (3) certify annually the accuracy of metadata posted on the DSBB as prescribed; and
  - (4) report updated metadata to Fund staff.

*Source: sdds-decision-with-tenth-review-amendments - 1. Coverage, periodicity, and timeliness of data*

### 4. Observance of the SDDS and removal from the DSBB

### 4. Observance of the SDDS and removal from the DSBB

### Monitoring and definition of deviations
- Fund staff will monitor regularly the observance by subscribers of the requirements of the SDDS to determine whether any deviations arise.
- A deviation is considered by Fund staff as a “serious deviation” in the following cases:
  - when required data are not publicly disseminated;
  - incomplete data are publicly disseminated;
  - there are frequent delays in the public dissemination of SDDS required data.
- For data under the Reserves Template and External Debt categories, any delays relative to the periodicity or timeliness constitute a serious deviation.
- Serious deviations could also arise when other types of compliance issues are identified but are not resolved through technical discussions within six months.

### Procedures to address deviations (Section III.4)
- If a deviation is detected, Fund staff will promptly notify the SDDS coordinator.
- Technical discussions between staff and the SDDS coordinator will start immediately after a deviation is detected and notified to the SDDS coordinator.
- Non-serious deviations are expected to be addressed through these technical discussions.
- If a deviation is considered by Fund staff as a serious deviation and it is not resolved through technical discussions within:
  - three months from the date of notification to the SDDS coordinator for monthly data, or
  - six months from such notification for quarterly and annual data,
  then, subject to Section III.5, the SDDS coordinator will be notified by staff of the initiation of the SDDS nonobservance procedures.
- For other deviations that become serious only after they are not resolved through technical discussions within six months, and subject to Section III.5, notification of the SDDS coordinator and initiation of the SDDS nonobservance procedures will begin six months after identification of the compliance issue.
- Fund staff will request the SDDS coordinator to undertake the necessary steps to resolve the deviation to Fund staff’s satisfaction.

### Escalation and public notification sequence
- If the nonobservance remains unresolved after three months following the notification of the SDDS coordinator, Fund staff will communicate with the subscriber’s Executive Director to seek assistance.
- If after three months following the communication with the subscriber’s Executive Director the nonobservance remains unresolved, the Managing Director will send a letter to the subscriber’s Governor for the Fund describing the facts and requesting assistance.
- If the nonobservance remains unresolved for a period of up to three months following the issue of the letter by the Managing Director, a note on the nonobservance will be posted on the DSBB. The note will indicate:
  - the Fund staff’s determination that the subscriber is not in observance of its undertakings under the SDDS;
  - the type of nonobservance;
  - the period in which the nonobservance has remained unresolved;
  - the authorities’ reactions and plans, if any, to address the nonobservance issue.
- If the nonobservance remains unresolved after a period of twelve months from the posting of the note on the DSBB, the Managing Director will promptly bring the nonobservance case to the attention of the Executive Board explaining:
  - the facts originating the nonobservance;
  - the procedures followed by Fund staff to address the nonobservance;
  - the response from the subscriber’s authorities, if any;
  - a proposal to address the nonobservance, which will include a recommendation to delete the subscriber’s metadata from the DSBB, and thus, effectively terminating the subscription of the member from the SDDS.
- The Executive Board, in considering the subscriber’s nonobservance, will decide on the means to address such nonobservance, which could include a decision approving the deletion of the subscriber’s metadata from the DSBB.
- Once a subscriber’s metadata have been deleted from the DSBB and its subscription to the SDDS is effectively terminated, the member can re-apply for subscription to the SDDS by following the procedures set forth in Section III for new subscribers.

### Annual reporting
- An annual report that assesses each subscriber’s observance of its undertakings under the SDDS will be issued by Fund staff and posted on the DSBB.

### Effects of force majeure (Section 5)
- In the course of the technical discussions envisaged under Section III.4, Fund staff, in consultation with the relevant SDDS coordinator, the subscriber’s Executive Director, and the Managing Director, may determine that a deviation is the result of force majeure—i.e., exceptional circumstances such as extreme natural disaster, extreme civil unrest, war, or a public health disaster.
- Where such determination is made, Fund staff may refrain from initiating the non-observance procedures described in Section III.4 with respect to the deviation(s) under discussion.
- The determination that a deviation is the result of force majeure shall be promptly communicated to the SDDS coordinator. A note will be posted on the DSBB within one week of communicating this determination. The note will indicate:
  - the Fund staff’s determination that a deviation is due to force majeure;
  - the initial duration of that decision;
  - the nature of the deviation; and
  - the date the deviation began.
- The subscriber shall post an explanatory note on their own National Summary Data Page as well, and a revised advance release calendar to be approved by staff.
- Subscribers are encouraged to resolve deviations even under force majeure circumstances and to continue to engage in technical discussions with Fund staff.
- A determination that a deviation is due to force majeure may have an initial duration of up to 12 months from the time the determination is communicated to the SDDS coordinator but may be revisited at any time in consultation with the SDDS coordinator.
- If all deviations resulting from force majeure are not resolved within the initial duration, Fund staff, in consultation with the SDDS coordinator and the Managing Director, shall revisit the determination and may extend its application at intervals no longer than 12 months up to a total duration no more than 36 months.
- Once Fund staff determines that a deviation is no longer due to force majeure, staff will promptly communicate this to the SDDS coordinator and, to the extent any deviation remains, will initiate technical discussions in line with Section III.4 and update the note on the DSBB accordingly.

### Transitional arrangements (Section 6)
- Notwithstanding any other provision of this Decision, any case of non-observance for which the SDDS Coordinator for the relevant member was notified by Fund staff of the initiation of the nonobservance procedures before September 1, 2012 will be dealt with under the procedures set out in Section III.4 in the instrument on the Scope and Operational Characteristics of the Special Data Dissemination Standard annexed to the Summing Up of the Acting Chairman of April 12, 1996 (EBM/96/36, the procedures that were in effect immediately prior to the date of adoption of this Decision).

### Review, revisions, and withdrawal (Section 7)
- Reviews of the SDDS will be conducted by the Fund at intervals determined by the Executive Board of the Fund. At the completion of these reviews, revisions of the SDDS may be adopted.
- A member may withdraw its subscription to the SDDS at any time by sending a notification to the Managing Director of the Fund. The relevant metadata would be removed immediately from the DSBB. (SM/12/242, 09/11/12)

*Source: sdds-decision-with-tenth-review-amendments - 4. Observance of the SDDS and removal from the DSBB*

### 1. Foreign currency

### 1. Foreign currency

### I. Foreign currency loans, securities, and deposits (Section I / II items)
- Template captures outflows (-) and inflows (+) separately for:
  - Principal
  - Interest
- Items include:
  - Foreign currency loans, securities, and deposits (page marker "6")
  - Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps) (page marker "7")
    - (a) Short positions (-)
    - (b) Long positions (+)
- Other specific inflows/outflows to be reported under this heading:
  - outflows related to repos (-)
  - inflows related to reverse repos (+)
  - trade credit (-)
  - trade credit (+)
  - other accounts payable (-)
  - other accounts receivable (+)
- Notes relevant to valuation and inclusion:
  - Note 1: Only instruments denominated and settled in foreign currency (or valuation directly dependent on the exchange rate and settled in foreign currency) are to be included in categories I, II, and III. Financial instruments denominated in foreign currency and settled in other ways are included as memo items under Section IV.
  - Note 2: Netting of positions is allowed only if same maturity, same counterparty, and a master netting agreement is in place; positions on organized exchanges could also be netted.
  - Note 6: Including interest payments due within the corresponding time horizons. Foreign currency deposits held by nonresidents with central banks should also be included here. Securities referred to are those issued by the monetary authorities and the central government (excluding social security).

### II. Contingent short-term net drains on foreign currency assets (nominal value) — Section III
- Aggregation and maturity breakdown required (Total; Up to one month; More than one month and up to three months; More than three months and up to one year) (page marker "31").
- Reportable items:
  1. Contingent liabilities in foreign currency
     - (a) Collateral guarantees on debt falling due within one year
     - (b) Other contingent liabilities
  2. Foreign currency securities issued with embedded options (puttable bonds) (footnote "8")
     - Note 8: Only bonds with a residual maturity greater than one year should be reported under this item, as those with shorter maturities will already be included in Section II.
  3. Undrawn, unconditional credit lines (footnote "9")
     - Provided by:
       - (a) other national monetary authorities, BIS, IMF, and other international organizations
         - —other national monetary authorities (+)
         - —BIS (+)
         - —IMF (+)
         - —other international organizations (+)
       - (b) banks and other financial institutions headquartered in the reporting country (+)
       - (c) banks and other financial institutions headquartered outside the reporting country (+) (page marker "32")
     - Note 9: Reporters should distinguish potential inflows and potential outflows resulting from contingent lines of credit and report them separately in the specified format.
  4. Undrawn, unconditional credit lines provided to:
     - (a) other national monetary authorities, BIS, IMF, and other international organizations
       - —other national monetary authorities (-)
       - —BIS (-)
       - —IMF (-)
       - —other international organizations (-)
     - (b) banks and other financial institutions headquartered in the reporting country (-)
     - (c) banks and other financial institutions headquartered outside the reporting country (-)
  5. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency (footnote "10")
     - (a) Short positions
       - (i) Bought puts
       - (ii) Written calls
     - (b) Long positions
       - (i) Bought calls
       - (ii) Written puts
     - PRO MEMORIA: In-the-money options (footnote "11") (page marker "33–34")
       - (1) At current exchange rates
         - (a) Short position
         - (b) Long position
       - (2) +5% (depreciation of 5%)
         - (a) Short position
         - (b) Long position
       - (3) -5% (appreciation of 5%)
         - (a) Short position
         - (b) Long position
       - (4) +10% (depreciation of 10%)
         - (a) Short position
         - (b) Long position
       - (5) -10% (appreciation of 10%)
         - (a) Short position
         - (b) Long position
       - (6) Other (specify)
         - (a) Short position
         - (b) Long position
     - Note 10: In the event that there are options positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.
     - Note 11: These “stress-tests” are an encouraged, rather than a prescribed, category of information in the IMF’s Special Data Dissemination Standard (SDDS). Results of the stress-tests could be disclosed in the form of a graph. As a rule, notional value should be reported. However, in the case of cash-settled options, the estimated future inflow/outflow should be disclosed. Positions are “in the money” or would be, under the assumed values.

### III. Memo items (Section IV)
- Items to be reported with standard periodicity and timeliness (footnote "12") (page marker "34–35"):
  - (a) short-term domestic currency debt indexed to the exchange rate
  - (b) financial instruments denominated in foreign currency and settled by other means (for example, in domestic currency) (footnote "13")
    - —derivatives (forwards, futures, or options contracts)
    - —short positions
    - —long positions
    - —other instruments
  - (c) pledged assets (footnote "14")
    - —included in reserve assets
    - —included in other foreign currency assets
  - (d) securities lent and on repo (footnote "15")
    - —lent or repoed and included in Section I
    - —lent or repoed but not included in Section I
    - —borrowed or acquired and included in Section I
    - —borrowed or acquired but not included in Section I
  - (e) financial derivative assets (net, marked to market) (footnote "16")
    - —forwards
    - —futures
    - —swaps
    - —options
    - —other
  - (f) derivatives (forward, futures, or options contracts) that have a residual maturity of greater than one year:
    - —aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)
      - (a) short positions (-)
      - (b) long positions (+)
    - —aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency
      - (a) short positions
        - (i) bought puts
        - (ii) written calls
      - (b) long positions
        - (i) bought calls
        - (ii) written puts
- Items to be disclosed at least once a year (page marker "35"):
  - (a) currency composition of reserves (by groups of currencies)
    - —currencies in SDR basket
    - —currencies not in SDR basket
    - —by individual currencies (optional)
- Relevant notes:
  - Note 12: Distinguish between assets and liabilities, where applicable.
  - Note 13: Identify types of instrument; the valuation principles should be the same as in Sections I–III. The notional value of derivatives should be shown in the same format as for the nominal/notional values of forwards/futures in Section II and of options in Section III.
  - Note 14: Only assets included in Section I that are pledged should be reported here.
  - Note 15: Assets that are lent or repoed should be reported here, whether or not they have been included in Section I of the template, along with any associated liabilities (in Section II). Reported in two separate categories depending on whether or not they have been included in Section I. Securities that are borrowed or acquired under repo agreements should be reported as a separate item and treated symmetrically. Market values should be reported and the accounting treatment disclosed.
  - Note 16: Identify types of instrument. The main characteristics of internal models used to calculate the market value should be disclosed.

### IV. Gross External Debt tables (Tables 3 and 4)
- Table 3. Gross External Debt Position by Sector (page marker "37–38"):
  - Sectors and instrument breakdowns to be reported end period:
    - General Government
      - Short-term: Money market instruments; Loans; Trade credits; Other debt liabilities*
      - Long-term: Bonds and notes; Loans; Trade credits; Other debt liabilities*
    - Monetary Authorities
      - Short-term: Money market instruments; Loans; Currency and deposits**; Other debt liabilities*
      - Long-term: Bonds and notes; Loans; Currency and deposits**; Other debt liabilities*
    - Banks
      - Short-term: Money market instruments; Loans; Currency and deposits**; Other debt liabilities*
      - Long-term: Bonds and notes; Loans; Currency and deposits**; Other debt liabilities*
    - Other Sectors
      - Short-term: Money market instruments; Loans; Currency and deposits**; Trade credits; Other debt liabilities*
      - Long-term: Bonds and notes; Loans; Currency and deposits**; Trade credits; Other debt liabilities*
    - Direct Investment: Intercompany Lending***
      - Debt liabilities to affiliated enterprises
      - Debt liabilities to direct investors
    - Gross External Debt
  - Notes to Table 3:
    - * Other debt liabilities are other liabilities in the International Investment Position (IIP) statement.
    - ** It is recommended that all currency and deposits be included in the short-term category unless detailed information is available to make the short-term/long-term attribution.
    - *** Direct investment intercompany lending should preferably be disseminated separately from the four sectors. Alternatively, it should be reported under its relevant sector.
    - **** Based on BPM5 categories; BPM6 basis data should be presented in equivalent detail.
- Table 4. Gross Outstanding External Debt: Principal and Interest Payments Due in One Year or Less (In millions of currency units) (page marker "39"):
  - By Sector
    - General Government: Principal / Interest
    - Monetary authorities: Principal / Interest
    - Banks: Principal / Interest
    - Other Sectors: Principal / Interest
    - Direct investment–Intercompany lending: Principal / Interest
    - Total: Principal / Interest
  - Note: Based on BPM5 categories; BPM6 basis data should be presented in equivalent detail.

*Source: sdds-decision-with-tenth-review-amendments - 1. Foreign currency (PDF).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2023/english/sdds-decision-with-tenth-review-amendments.pdf_