## _cr1156 — Data Quality Assessment Framework (DQAF July 2003) — Summary Results ## Source details **Canonical URL:** [_cr1156 — Data Quality Assessment Framework (DQAF July 2003) — Summary Results](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1156.pdf) ## Other formats - [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1156.pdf.md) - [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1156.pdf.json) --- ### Overall assessment — major findings - Report type: Reassessment using the IMF’s Data Quality Assessment Framework (DQAF July 2003) of the ROSC—Data Module prepared in October 2003. - Covered datasets and compilers: - National accounts (NA), Consumer Price Index (CPI), Producer Price Index (PPI): Federal State Statistics Service (Rosstat). - Government finance statistics (GFS): Ministry of Finance (MOF) and Federal Treasury (Treasury). - Monetary and financial statistics (MFS) and international accounts: Central Bank of the Russian Federation (CBR). - Legal/institutional milestones: - Adoption of a Statistics Law on November 29, 2007 (Federal Law No. 282 F3). - Resolution No. 420 issued on June 2, 2008. - Rosstat given formal coordinating mandate; Federal Plan of Statistical Operations prepared. - SDDS: - Russia subscribed to the Special Data Dissemination Standard (SDDS) on January 31, 2005 and began posting metadata on the DSBB on the same date. - Russia is in observance of the SDDS; often exceeds periodicity and timeliness; uses flexibility option for timeliness of central government operations. - Key capacity note: - "The number of Rosstat staff for the compilation of national accounts is inadequate." - Integrity: - Agencies uphold high standards of professionalism, transparency, and ethics; practical technical independence of Rosstat is weakened by administrative subordination to the Ministry of Economic Development. - Methodological alignment and notable deviations: - Generally follows 1993 SNA, CPI and PPI manuals, GFSM 2001, MFSM 2000, BPM5. - Deviations: output of illegal activities excluded; PPI excludes sales for export; CPI excludes owner-occupied housing and has not adopted COICOP fully; debt classified by currency not residency; GFS presentation not in GFSM 2001 tables; valuation issues in monetary statistics; some BOP/IIP flows recorded due-for-payment rather than accrual; phased BPM6 implementation by end-2012. - Serviceability & timeliness: - Price statistics, MFS, and international accounts rated excellent across elements. - Revisions: "Revisions of the quarterly data of the current year should be introduced." - Treasury began posting monthly expenditures by economic classification on July 8, 2010. - Accessibility: - Datasets and metadata publicly available on Rosstat, MOF, Treasury, and CBR websites. - User requests: Excel-format data and improved website search; GFS difficult to access and limited English metadata; PPI weight data not published—recommended publication. ### DQAF summary ratings (symbols preserved) - Key to symbols: O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; NA = Not Applicable - Representative element highlights (from Table 1): - 0.1 Legal and institutional environment: mostly O across datasets. - 0.2 Resources: National Accounts LO; CPI O; PPI O; GFS O; MFS O; BOP O. - 1.1 Professionalism: National Accounts LNO; CPI LNO; PPI LNO; GFS O; MFS O; BOP O. - 2.2 Scope and 2.3 Classification: mixed with LO/LNO entries for NA, CPI, PPI, GFS. - 3.3 Statistical techniques: National Accounts LO; GFS LO; others O. - 4.1 Periodicity and timeliness: all O except GFS LO. - 5.1 Data accessibility: GFS LNO; CPI/PPI LO for some elements. ### Targeted weaknesses and recommended actions (summary) - National accounts: - Address inadequate Rosstat staff for NA compilation (NA Department currently employs 55 persons). - Introduce revisions of quarterly data of the current year. - Incorporate output of illegal activities if aligning with international scope recommendations. - Compile and disseminate revised imputed rental of owner-occupied dwellings based on internationally recommended methodology (experimental 2008 calculations imply an upward revision of GDP level for 2008 in the order of nine percent). - Improve quarterly benchmarking (recommendation: Denton method), update chain-link reference period (current reference = 2003), develop indices to deflate intermediate consumption and consumption of fixed assets. - Price statistics (CPI and PPI): - CPI: adopt COICOP; include owner-occupied housing (recommend rental equivalence component); publish continuous detailed time series; publish CPI weights historically (weights published since 2006). - PPI: expand coverage to include export goods for price collection; publish detailed PPI weight data (current and historic) on Rosstat website and PPI bulletins; produce continuous detailed time series. - Source/collection specifics: - HBS sample size: 47,800 households; approximately 560,000 prices collected each month (other figure reported: approximately 617,400 price quotations collected monthly in later sections); CPI monthly publication on the fourth and sixth workday after month end (Express Release on fourth workday; detailed on sixth). - PPI: approximately 30,000 prices collected each month from 8,500 establishments; PPI disseminated within 10 days after reference month end; PPI provisional on first release, revisable up to end-December; final in January following year. - Government finance statistics (GFS): - Improve presentation to align with GFSM 2001 (accrual basis and consolidation). - Produce consolidated central government monthly/annual cash and accrual reports. - Reclassify debt by residency as appropriate. - Correct statistical errors in the period they occurred (not only when detected). - Improve MOF and Treasury websites; expand English-language dissemination; publish methodological notes; provide a contact person and a catalogue of statistical products and services. - Notable actions by authorities: reports on GFS published on Federal Treasury website since July 2010 (Order No. 130 of June 3, 2010); consolidated central government monthly information provided beginning with reports as of July 2010; legal amendments to consolidation effective January 1, 2011. - Monetary and financial statistics (MFS): - Separately identify contra-entries for government monetary authorities’ functions (as "of which" lines). - Collect and include financial derivatives data at end-period market/fair value. - Reclassify CBR’s valuation adjustment and current year result accounts into shares and other equity. - Value securities held to maturity and shares at market/fair value where appropriate. - CBR began disseminating currency breakdown in banking survey in July 2010. - Balance of payments and IIP: - Record transactions and positions on an accrual basis where currently recorded on due-for-payment (notably other investment income flows and government loan liabilities). - Include all types of financial derivatives in international accounts. - Complete phased BPM6 implementation by end-2012; develop quarterly IIP covering all sectors. - Cross-cutting: - Provide Rosstat the technical independence to implement methodological improvements without Ministry of Economic Development approval. - Expand English-language Rosstat website to include all data and metadata available in Russian and update more frequently. - Regularly update metadata on the DSBB and post data on the National Summary Data Page as soon as data are released. - Compile and disseminate comprehensive instrument, currency, and maturity breakdown of assets and liabilities in CBR and other depository corporations surveys. ### SDDS coverage, periodicity, and timeliness — selected entries (exact values preserved) - National accounts: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — Q; SDDS timeliness — 1Q; Russian Federation timeliness — 3M. - Production index/indices: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 6W (1M encouraged); Russian Federation timeliness — 4W. - Consumer price index: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 4W. - Producer price index: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 4W. - Central government operations: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 2M. Note: "Russia is availing itself of a flexibility option on the timeliness of the central government operations data." - Balance of payments: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — Q; SDDS timeliness — 1Q; Russian Federation timeliness — 1Q. - Official reserve assets: Coverage — Yes; SDDS periodicity — M (W encouraged); Russian Federation periodicity — W; SDDS timeliness — 1W; Russian Federation timeliness — 1W. - International investment position: Coverage — Yes; SDDS periodicity — A (Q encouraged); Russian Federation periodicity — A; SDDS timeliness — 3Q (1Q encouraged); Russian Federation timeliness — 2Q. - Reserves template: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 20D. - Merchandise trade: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 8W (4–6W encouraged); Russian Federation timeliness — 6W. - Interest rates and stock market timeliness: Russian Federation timeliness — 1D for key money market and treasury rates; stock market share price index timeliness — 1D. ### Authorities' response — overview and commitments (dated February 18, 2011) - Responding parties: MOF, Federal Treasury, CBR, and Rosstat. - Core messages: - Gratitude for IMF analysis; recognition of "indisputable progress" since 2003. - Attribution of progress to joining SDDS and incorporation of its provisions. - Assurance that ministries/agencies "will continue the process of adapting the Russian statistical methodology to current international standards." - Legal/procedural clarifications: - Statistics Law principles cited on coordination, unified standards, and formation/approval of official statistical methodology "formed by official statistical reporting entities and approved by them in coordination with federal executive bodies authorized by the Government of the Russian Federation." - Rosstat prepared draft administrative rules for developing/approving official statistical methodology; forwarded to Ministry of Economic Development for reconciliation. - Authorities counter the Report’s wording that "approval of the Ministry’s technical staff" undermines Rosstat's technical independence. ### Users’ survey — summary (36 responses) - Overall perception: users consider quality of Russia’s macroeconomic statistics good. - Majority satisfied with methodological soundness, coverage, timeliness, and accessibility—especially monetary/financial and BOP statistics. - Main user needs: - More information about revisions to official statistics. - Availability of metadata for all macroeconomic datasets. - Improvements in coverage, level of detail, and timeliness of national accounts and government finance statistics. - More user-friendly websites. - Majority view: Russia’s official statistics same or better quality than peers in region. ### Staff’s priority recommendations (selected, exact wording preserved) - Institutional: - "Rosstat should be provided the technical independence to implement methodological improvements and changes without the approval of the Ministry of Economic Development." - Expand and update English-language Rosstat website to include all data and metadata available on Russian site. - Cross-cutting: - Update DSBB metadata regularly; post data on NSDP as soon as data released. - Vulnerability analysis support: - Compile and disseminate comprehensive instrument, currency, and maturity breakdown of CBR and credit institutions’ assets and liabilities. Note: "In July 2010, the CBR has begun disseminating the currency breakdown in the banking survey." - National accounts: - "Revisions of quarterly GDP for the current year should be compiled and disseminated every time data for a new quarter is released." - "Caution users not to make use of the first preliminary annual data to derive estimates for the last quarter of the year..." - "Compile and disseminate a revised series of imputed rental of owner-occupied dwellings based on the internationally recommended methodology." - CPI: - "Include a rental equivalence component in the CPI market basket..." - "Adopt COICOP to classify all items in the CPI..." - "Compile and disseminate a continuous time series of data at a detailed level." - PPI: - "Expand coverage of PPI to include export goods for price collection." - "Disseminate PPI weight data at a detailed level (both current and historic) on the Rosstat website and in PPI bulletins." - GFS (selected): - "Disseminate the monthly cash based economic classification of expense table." - "Compile and disseminate budget execution data for the consolidated central government." - "Compile and disseminate monthly GFS summary statements and detail tables... in accordance with GFSM 2001 guidelines." - "Use the residency criterion to classify debt as either domestic or foreign debt." - "Introduce a dedicated fiscal data dissemination page..." - "Disseminate methodological notes... on the MOF and the Treasury websites." - "Make public a contact person and contact details..." - "Make available ... a list of the statistical products and services provided..." - Monetary statistics: - "Separately identify contra-entries to data on government’s monetary authorities functions..." - "Collect and include ... positions on financial derivatives, at end-referenced period market prices/fair values." - "Reclassify CBR’s valuation adjustment and current year result accounts in shares and other equity." - "Value securities held to maturity and shares for investment at market price or market price equivalent." - International accounts: - "Use account accrual method for recording (i) other investment income flows (interest) of other sectors; and (ii) position data on government loans and the nontradable debt of other sectors." - "Include in the international accounts, data on all types of financial derivatives." - "Develop quarterly IIP covering all sectors." ### Selected exact numeric and procedural details (preserved) - Rosstat NA staff: 55 persons. - HBS sample: 47,800 households; two-stage sampling; weights reflect expenditures during October–September reference period. - CPI price collection: "approximately 560,000 prices collected each month from over 50,000 outlets in 266 urban areas" (summary section) and "approximately 617,400 price quotations... collected for 489 items from over 58,000 outlets in 266 urban areas" (detailed section). - PPI price collection: approximately 30,000 prices each month from 8,500 establishments. - PPI publication timing: within 10 days after reference month end; provisional then revisable up to end-December; final in January following year. - NA quarterly GDP first estimate: normally disseminated 80 days after quarter end; preliminary production-based first estimate 50 days after quarter in some references; expenditure-based disseminated 90 days after quarter end. - SDDS subscription date: January 31, 2005. - Key law dates: Federal Law No. 282 F3 — November 29, 2007; Resolution No. 420 — June 2, 2008; Federal Law On the Central Bank — July 10, 2002 (with amendments referenced); Federal Law On Banks and Banking Activity — December 2, 1990 (with amendments). - Treasury posting: monthly expenditures by economic classification on a cash basis began July 8, 2010. - Authorities’ response date heading: February 18, 2011. - CBR BPM6 implementation plan: by end-2012. - Inventory/NOE: 2008 NOE estimates represent 14.4 percent of total value added; activity-specific NOE shares: agriculture 55.9 percent; hotels and restaurants 44.9 percent. - Experimental owner-occupied dwellings effect: preliminary 2008 calculations imply upward revision of GDP level for 2008 "in the order of nine percent." - PPI historical series: (i) 1996–2004 (1995 base) and (ii) 2001–present (2000 base). *Source: Russia — Report on the Observance of Standards and Codes (ROSC)—Data Module, Data Quality Assessment Framework (DQAF July 2003) — summary results (_cr1156 PDF).* ### 1. DQAF July 2003—Summary Results ....................................................................................8 ### 1. DQAF July 2003—Summary Results ### Overall assessment — major findings - Report type: Reassessment using the IMF’s Data Quality Assessment Framework (DQAF July 2003) of the ROSC—Data Module prepared in October 2003. - Covered datasets and compilers: - National accounts (NA), Consumer Price Index (CPI), Producer Price Index (PPI): Federal State Statistics Service (Rosstat). - Government finance statistics (GFS): Ministry of Finance (MOF) and Federal Treasury (Treasury). - Monetary and financial statistics (MFS) and international accounts: Central Bank of the Russian Federation (CBR). - Legal and institutional improvements: - Adoption of a Statistics Law on November 29, 2007 (Federal Law No. 282 F3, On Official Statistical Accounting and State Statistics System in the Russian Federation). - Resolution No. 420 of the Russian Federation, Provisions on the Federal State Statistics Service, issued on June 2, 2008. - Rosstat given formal coordinating mandate; Federal Plan of Statistical Operations prepared detailing datasets, responsible agencies, and release dates. - SDDS subscription and observance: - Russia subscribed to the Special Data Dissemination Standard (SDDS) on January 31, 2005 and began posting metadata on the DSBB on the same date. - Russia is in observance of the SDDS; in many cases exceeds requirements for periodicity and timeliness. Uses a flexibility option for timeliness of central government operations data. - Capacity and resources: - Human, physical, and computer resources are generally adequate except for national accounts: "The number of Rosstat staff for the compilation of national accounts is inadequate." - Rosstat expressed difficulty recruiting and retaining young professionals due to low salaries. - Integrity and institutional independence: - Agencies uphold high standards of professionalism, transparency, and ethics. - Practical technical independence of Rosstat is weakened by administrative subordination to the Ministry of Economic Development; changes to CPI, PPI, and NA methodologies require ministry approval. - Methodological soundness and deviations: - Macroeconomic statistics generally follow international standards: 1993 SNA, CPI and PPI manuals, GFSM 2001, MFSM 2000, BPM5. - Noted methodological deviations: - Output of illegal activities excluded from Russian national accounts. - PPI excludes sales of production for export. - CPI excludes owner-occupied housing and has not adopted COICOP fully. - Budget execution data: monthly and annual cash-based reports exist for subsectors but not consolidated central government; expenditures by economic classification compiled monthly on cash basis but disseminated annually on an accrual basis. - Debt classified by currency per budget legislation, not by residency. - GFS presentation does not follow GFSM 2001 tables/statements. - Monetary statistics: valuation of securities held to maturity and shares in investment portfolio not at market/fair value; financial derivatives and classification refinements recommended. - International accounts: some flows and positions recorded on due-for-payment basis rather than accrual; phased BPM6 implementation by end-2012. - Accuracy, reliability, and sources: - Rosstat has comprehensive monthly, quarterly, and annual enterprise surveys; source data for GDP and price statistics are adequate. - Two statistical technique concerns for GFS: (i) statistical errors corrected only in period detected (not period they occurred), and (ii) consolidation does not follow GFSM 2001 approach. - CBR widened collections after 2008 crisis to capture more derivative transactions; work underway to improve coverage for goods, reinvested earnings, and direct investment under production-sharing agreements. - Serviceability and timeliness: - Price statistics, MFS, and international accounts receive excellent assessments across elements. - Periodicity and timeliness meet or often exceed SDDS except for timeliness of central government operations (SDDS flexibility used). - Revision policy in national accounts needs improvement: "Revisions of the quarterly data of the current year should be introduced." - Treasury began posting monthly expenditures by economic classification on a cash basis beginning July 8, 2010. - Accessibility and user needs: - All datasets and metadata are publicly available on Rosstat, MOF, Treasury, and CBR websites. - Users requested data in Excel format and improved website search functionality. - GFS accessibility issues: (i) data on Treasury and MOF websites are difficult to access; (ii) limited data in English; (iii) limited metadata posted; (iv) limited assistance to users. - Price statistics dissemination gaps: continuous time series at detailed level for CPI and PPI not disseminated; CPI weight data published since 2006; PPI weights not published—recommend publishing detailed PPI weight data (current and historic) on Rosstat website and include in PPI bulletins. ### Assessment by DQAF dimensions — summary ratings (symbols preserved) - Key to symbols: O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; NA = Not Applicable - Representative ratings from Table 1 (by dataset and DQAF elements): - 0. Prerequisites of quality - 0.1 Legal and institutional environment: National Accounts O; Consumer Price Index O; Producer Price Index O; Government Finance Statistics O; Monetary Statistics O; Balance of Payments Statistics O - 0.2 Resources: National Accounts LO; CPI O; PPI O; GFS O; MFS O; BOP O - 0.3 Relevance and 0.4 Other quality management: mixed ratings (e.g., National Accounts LO for relevance; CPI O for relevance; other entries include LO and O) - 1. Assurances of integrity - 1.1 Professionalism: National Accounts LNO; CPI LNO; PPI LNO; GFS O; MFS O; BOP O - 1.2 Transparency: mostly O with PPI LO - 1.3 Ethical standards: all O - 2. Methodological soundness - 2.1 Concepts and definitions: majority O; Government Finance Statistics LO - 2.2 Scope: National Accounts LO; CPI LO; PPI LO; GFS LNO; MFS O; BOP O - 2.3 Classification/sectorization: mixed, including LNO entries - 2.4 Basis for recording: mostly O with some LO - 3. Accuracy and reliability - 3.1 Source data: all O except BOP LO - 3.2 Assessment of source data: all O - 3.3 Statistical techniques: National Accounts LO; GFS LO; others O - 3.4 Assessment and validation of intermediate data and statistical outputs: all O - 3.5 Revision studies: National Accounts LO; CPI O; others O - 4. Serviceability - 4.1 Periodicity and timeliness: all O except GFS LO - 4.2 Consistency: all O except GFS LO - 4.3 Revision policy and practice: National Accounts LO; CPI O; GFS NA; others O - 5. Accessibility - 5.1 Data accessibility: National Accounts O; CPI LO; PPI LO; GFS LNO; MFS O; BOP O - 5.2 Metadata accessibility: mostly O with GFS LO - 5.3 Assistance to users: GFS LNO; others O ### Targeted weaknesses and recommended actions (summarized from report findings) - National accounts: - Address inadequate Rosstat staff for NA compilation to support developmental work and timely revision practices. - Introduce revisions of quarterly data of the current year. - Incorporate output of illegal activities if aligning with international scope recommendations. - Price statistics: - Adopt COICOP fully for CPI classification. - Include owner-occupied housing in CPI coverage. - Publish detailed PPI weight data (current and historic) on Rosstat website and include in PPI bulletins. - Government finance statistics: - Improve presentation to align with GFSM 2001 (accrual basis and consolidation). - Produce consolidated central government monthly/annual cash and accrual reports. - Reclassify debt by residency as appropriate for some presentations. - Correct statistical errors in the period they took place (not only when detected). - Improve accessibility of MOF and Treasury data and metadata, expand English-language dissemination, and enhance user assistance. - Monetary and financial statistics: - Separate contra-entries for government monetary authorities’ functions. - Collect and include data on financial derivatives at end-period market price/fair value. - Reclassify the CBR’s valuation adjustment and current year result accounts in shares and other equity. - Value securities and shares at market/fair value where appropriate. - Balance of payments and international investment position: - Record transactions and positions on an accrual basis where currently recorded on due-for-payment (notably other investment income flows and government loan liabilities). - Complete phased BPM6 implementation by end-2012. ### Additional procedural and user-related notes - CBR quality management: - MFS and international accounts undergo quality reviews by CBR senior management; CBR maintains formal consultation processes with external users of monetary statistics. - Rosstat quality practices: - Scientific and Methodological Council used for consultation on quality and methodological improvements. - Rosstat maintains a written manual detailing data quality procedures. - User requests and dissemination format enhancements: - Users surveyed requested Excel-format data and better website search engines given large volumes of data. *Source: Russia — Report on the Observance of Standards and Codes (ROSC)—Data Module, Data Quality Assessment Framework (DQAF July 2003) — summary results.* ### 0. Prerequisites of quality 1. Assurances of integrity ### _cr1156 - 0. Prerequisites of quality 1. Assurances of integrity ### Ministry of Finance and Treasury — budget execution data and GFS - Legal and institutional environment: - Responsibility for compiling and disseminating budget execution data and GFS are clearly specified in laws and regulations. - Only budget execution data are disseminated domestically; GFS are also compiled but are only reported to the IMF. - Compilation and dissemination tasks are assigned to various MOF and Treasury units with close communication among them. - Confidentiality of information is protected by law. - Adequate legal and administrative provisions exist for collecting information necessary for budget execution reports and GFS. - Resources: - Human, physical, and computer resources allocated to compiling budget execution data and GFS are adequate. - Relevance: - Budget execution data and GFS compiled by the Treasury are the main sources for design, monitoring, and assessment of tax and budget policy. - No systematic arrangements exist to obtain feedback from external users of fiscal statistics. - Other quality management: - MOF and Treasury emphasize data quality regularly; particular attention placed on accounting data. - Formal processes to monitor data quality exist. - A program for budget reform is well advanced, including changing accounting standards and procedures to meet international standards and best practice. - Professionalism: - Independence in compilation and dissemination is not supported by specific laws, but an MOF executive order establishes functions, responsibilities, and rights of compiling units. - The executive order establishes that fiscal statistics are to be based on accounting data and must be compiled in accordance with international standards. - Statisticians are free of political influence in choice of data sources, methods, and statistical procedures for compiling budget execution data and GFS. - Compilers are authorized to provide expert advice on technical aspects of budget execution reports. - Press releases are issued in cases of misinterpretation of data by external users. - Transparency: - Laws and regulations governing compilation and dissemination are available to the public. - No official or public agency outside the MOF and the Treasury has access to budget execution data and GFS prior to general dissemination. - Budget execution data are released simultaneously to the general public through the MOF’s and the Treasury’s websites. - Tables disseminated by the MOF and the Treasury identify the department responsible for their compilation; tables by other agencies identify their source. - Ethical standards: - Compilation and dissemination are governed by legislation that establish standards of behavior. - Staff are reminded periodically of the provisions of the legislation. ### Central Bank of the Russian Federation (CBR) — monetary and balance of payments statistics - Legal and institutional environment: - CBR has necessary legal mandate based on the Constitution of Russia Federation and the Federal Law on the Central Bank of Russia (July 10, 2002, with amendments). - Credit institutions are required to report to the CBR as established by the Federal Law on Banks and Banking Activity (December 2, 1990, with amendments). - Federal Law On Information, Information Technology, and Protection of Information (July 27, 2006) establishes requirements for protection of information, confidentiality, and penalties. - Specific confidentiality requirements are stipulated in the Federal Law on the Central Bank of Russia and Federal Law on Banks and Banking Activity. - Data sharing and coordination within the CBR and with other agencies is effective; information flows are documented in internal guidelines and agreements. - Resources: - Staff, financial, and computing resources are adequate for current statistical programs and plans. - Staff have attended IMF courses and participate in seminars by other central banks and international organizations. - Measures are in place to foster efficiency in resource use. - Relevance: - Relevance of monetary statistics is assessed through regular consultations with CBR departments involved in monetary policy. - Several fora for nongovernment users enable feedback; a user survey is posted on the CBR’s website for both monetary and international accounts statistics. - Other quality management: - Quality awareness is high; internal and external audits underpin compliance with accounting regulations. - Outputs undergo quality reviews by CBR senior management. - Reported information undergoes validation checks at collection and processing stages with follow-up as needed. - Timeliness is vital; estimates/preliminary data are disseminated as necessary. - Professionalism: - Compilation decisions reflect statistical considerations and are supported by legal provisions. - Professionalism of staff is high; hiring and promotion policies are based on professional competence as reflected in CBR Provision 235P (July 25, 2003, with amendments) and the Model Qualification Standards of Staff of the Central Bank of Russia. - Staff participate in international working groups (e.g., IMF’s Committee on Balance of Payments Statistics and the Experts Group to Review the MFSM 2000) and attend conferences. - CBR conducts regional training programs in external sector statistics and MFS. - The CBR tracks media use of its data and seeks corrections when cases of misinterpretation or misuse arise. - Transparency: - Terms and conditions for statistical work are stated in CBR publications, including its website. - No government access to data prior to release; release is not accompanied by ministerial commentary. - CBR General Economic Department’s responsibility for compiling statistics is clearly stated; statistics compiled by other agencies carry appropriate attribution. - Major changes in monetary statistics methodology are announced in advance via press release on the CBR’s website. - Advance notice of major changes in balance of payments methodology and source data are provided. - CBR has informed users of plans to implement BPM6 by end-2012. - Ethical standards: - Rules of ethical conduct set out in CBR Provision 235P (July 25, 2003, with amendments). - Articles 90–92 of the Federal Law On the Central Bank of the Russian Federation regulate activities to rule out conflicts of interest. ### National Accounts — methodological soundness, accuracy, serviceability, accessibility - Methodological soundness: - Compiled based on the 1993 SNA conceptual framework. - Output of illegal activities is not in scope. - Sequence of accounts up to the capital account compiled annually for the total economy and by institutional sector. - Annual supply and use tables are compiled. - Quarterly GDP is calculated based on production and expenditure approaches at current prices and as volume measures (reference period = 2003). - Delimitation of units, production boundary, and asset boundary are broadly in accordance with 1993 SNA. - Classifications use 1993 SNA; economic activities and product classifications based on European Community classifications (NACE Rev. 2, CPA). - Household budget survey (HBS) classified on COICOP, but household consumption estimates still based on a national classification; plans to introduce COICOP with revised national accounts in August 2010. - Government consumption classified using Classification of the Functions of Government categories. - Most transactions recorded on an accrual basis; government cash data adjusted to accrual. - Valuation principles align with 1993 SNA. - Accuracy and reliability: - Source data comprehensive: regular quarterly enterprise reports, government records, primary agriculture data, administrative records. - Enterprise surveys cover all activities; large- and medium-sized enterprises surveyed on a census basis; small enterprises via random samples. - Annual and quarterly HBS conducted, but household consumption mainly based on retail trade data and service enterprise surveys. - Enterprise surveys collect investment and inventory data; exports/imports data available from balance of payments. - Sampling and non-sampling errors routinely assessed; techniques used to address non-response, mainly affecting small enterprise samples. - Automated checks used to detect errors and inconsistencies. - Statistical techniques and validation: - Quarterly production accounts compiled at highly disaggregated industrial classification levels (148 main activities and 312 "pure" activities). - Output of owner-occupied dwellings not estimated according to internationally recommended methodology. - Volume measures generally use adequate methods, but improvements needed in trade margins, taxes and subsidies on products, general government consumption, and changes in inventories. - Quarterly deflators of imports and exports of services need improvement. - Techniques to achieve consistency between quarterly and annual data are not adequate. - Output from enterprise surveys assessed against other sources including HBS data. - Consistency between GDP approaches achieved during annual supply and use compilation. - Revisions and timeliness: - Rosstat does not conduct systematic revision studies; data normally revised only for the last two years. - Revisions are explained at release; less frequent revisions imply thorough review before release. - First quarterly GDP estimates normally disseminated 80 days after quarter end, meeting SDDS timeliness; exception in Q2 2009 when quarterly GDP was not released on time. - Consistency and revision policy: - Discrepancies between production and expenditure GDP estimates are kept at reasonably low levels. - National accounts series based on same methodology available from 1995 (GDP by production based on same classification only from 2003). - For chain-linked volume measures, discrepancy between total and sum of components has become significant and may require changing the reference period. - Revision practice: no revisions of quarters of the current year before March of the following year; quarters of previous years become final in the third year after reference year. - This practice can introduce temporary inconsistencies between national accounts and source data subject to more frequent revisions. - Accessibility: - Long-term series of quarterly GDP in nominal and volume measures are posted on Rosstat’s website and accessible in Excel format. - English version of Rosstat website contains less information and is updated less frequently. - Metadata: a document on sources and methods is available only in Russian and in hardcopy; notes in publications and on website explain concepts and methodology and note discrepancies with international standards. - Assistance: detailed contact information and a catalog of publications are provided on the website and updated annually. ### Consumer Price Index (CPI) — methodological soundness, accuracy, serviceability, accessibility - Methodological soundness: - Concepts and definitions generally reflect international standards in CPI manual, CPI handbook, and 1993 SNA. - Owner-occupied housing excluded from CPI. - CPI represents all households in Russia; measures change over time in prices of a fixed basket representative of households across the Federation. - CPI classified according to All-Russian Classification of Products, not COICOP; Ministry of Economic Development denied Rosstat’s request to implement COICOP in 2008. - Prices correspond to market prices paid by consumers (deducting discounts and rebates, including VAT, excise, sales tax, and other indirect taxes). - Source data and scope: - Items and weights derived from HBS data collected annually from 48,700 private households of all socio-economic groups. - Approximately 560,000 prices collected each month from over 50,000 outlets in 266 urban areas. - Assessment and techniques: - Price and product specification data and expenditure data are verified and processed using internationally recommended procedures. - Missing prices (including seasonal items) imputed using observed price changes of other varieties in the same group. - Replacement items/varieties introduced as needed; quality adjustments made using the overlap method where possible. - Elementary aggregates calculated using geometric means; upper-level aggregates using the Two-Stage (Modified) Laspeyres. - Validation and revisions: - Intermediate data validated as needed. - CPI is final when first released; studies assess effect of weight revisions and substitution on the index. - Periodicity and timeliness: - CPI published monthly on the fourth and sixth workday after month end, meeting SDDS requirements. - An Express Release is issued on the fourth workday; detailed data available on the sixth workday. - Consistency and accessibility: - CPI is internally consistent. - Market basket items and weights updated annually with revised weights introduced in January each year; revisions explained to users. - Detailed time series not produced; data disseminated monthly in detail through monthly publications and electronic means (website, diskette, CD-ROM, e-mail). - To meet SDDS, a continuous index series on a common reference base (2000 = 100) is produced for the All Items index at the national level only. - Metadata: detailed CPI metadata available via Rosstat website or by request in hardcopy. - Assistance: publications identify how users can obtain details; detailed staff contact lists, telephone numbers, and e-mail addresses available on the Rosstat website; a call center and a public bookstore and library at headquarters are available to users. ### Producer Price Index (PPI) — methodological soundness, accuracy, serviceability, accessibility - Methodological soundness: - Concepts and definitions reflect international standards in the PPI manual and 1993 SNA. - Production of export goods is not included in the PPI as recommended by the PPI Manual. - PPI covers industries in mining, manufacturing, and utilities and goods manufactured in the Russian Federation sold on the domestic market. - Economic activities classified using NACE Rev. 1.1; products classified using CPA. - Factory gate prices obtained from monthly producer survey; prices do not include taxes, transportation, insurance, and trade margins. - Source data and scope: - Weights based on value of sales at current prices from annual industry surveys. - Representative products selected by PPI staff at headquarters and regional authorities. - Approximately 30,000 prices collected each month from 8,500 establishments. - Assessment and techniques: - Source price data constantly reviewed for consistency. - Missing prices imputed using observed price changes of other varieties in same group. - Replacement items/varieties introduced as needed; quality adjustments via overlap method where possible. - Elementary aggregates via geometric means; upper-level aggregates via Two-Stage (Modified) Laspeyres. - Validation and revisions: - PPI validated by comparison with corresponding CPI index data. - Studies conducted on magnitude of change between preliminary and final PPI data and on effect of weight revisions and substitution. - Monthly PPI disseminated within 10 days after reference month end, exceeding SDDS requirements. - PPI data are provisional when first released; can be revised up to end of December of the current year; all data final in January of the following year. Revised data are footnoted and explained. - Accessibility: - Detailed PPI weight data are not published; international best practices recommend that detailed weight data (current and historic) should be published and made available to all users. - Data disseminated monthly in detail through various monthly publications and electronic means (website, diskette, CD-ROM, e-mail). - English-language Rosstat website contains less content and is updated less frequently. - To meet SDDS, a continuous index series on a common reference base (2000 = 100) is produced for All Items index at national level only; time series data are not produced at a detailed level. - Metadata and user assistance availability similar to CPI (detailed descriptions via website or by request; contact information and public bookstore/library available). *Source: _cr1156 - 0. Prerequisites of quality 1. Assurances of integrity (PDF).* ### 2. Methodological soundness ### _cr1156 - 2. Methodological soundness ### Government finance statistics — Methodological soundness, accuracy, serviceability, accessibility - Concepts and definitions: - Budget execution data are compiled in accordance with national concepts and definitions, which can be linked to those of the GFSM 2001. - The GFS reported to the IMF are compiled in accordance with the guidelines of the GFSM 2001. - Scope: - There are monthly and annual cash based budget execution reports for the general government and its subsectors, but not for the consolidated central government. - Information on expenditures by economic classification is compiled monthly (cash basis) but only disseminated in an annual report on an accrual basis. - Debt is classified by currency in accordance with budget legislation and not by residency. - Classification/sectorization: - The budget classifications for revenues, expenditures, financing, and debt follow national concepts and definitions. - The data can be converted to GFSM 2001 format, but this requires knowledge of the methodology and access to some information not publicly available. - Basis for recording: - Transactions are recorded on a modified cash basis. - Source data: - Comprehensive and timely source data covering the full range of flows and stocks are provided from administrative and accounting systems for all levels of government. - Assessment of source data: - There are no material gaps in the coverage or completeness of data collection. - The accuracy of accounting data is continuously assessed. - Statistical techniques: - Errors are corrected in the period detected, not in the period they took place. - Consolidation does not follow the GFSM 2001 approach. - Assessment and validation of intermediate data and statistical outputs: - The information reported by general government units is cross-checked with bank statements and other information in a regular manner. - Revision studies: - There are no revisions to budget execution data and GFS, because they are based on final data. - Revisions to final budget execution data are rare, and occur only when an accounting error is detected. - No studies of revisions are needed. - Periodicity and timeliness: - The periodicity and timeliness of fiscal statistics meet or exceed SDDS requirements, except for the timeliness of statistics on central government operations for which a flexibility option is taken. - Consistency: - There is full consistency in budget execution data and GFS within the dataset, but not over time. - Previous series are not adjusted to account for discontinuities. - Budget execution data and GFS are consistent with other macroeconomic datasets at the source data level, but should also be reconciled at the output level. - Revision policy and practice: - The dissemination of the statistics follows a regular cycle known to users, and in several cases follows a schedule established by law. - No studies of revisions are conducted because data are not revised. - Data accessibility: - Data on the MOF’s and the Treasury’s websites are difficult to access, and limited data are available in English. - The budget execution data and GFS are presented in a way that allows major aggregates and balancing items to be identified and related to detailed underlying data. - Metadata accessibility: - Concepts, scope and classifications are only available from legislation; no methodological notes are posted on the MOF website. - Methodological differences with internationally accepted standards are not identified. - There is a link in the MOF website to SDDS metadata. - Assistance to users: - Assistance to users is limited. - No contact person for budget execution data, or catalogue of statistical products and services. - Only the contact person for SDDS data is publicized on the IMF’s DSBB. ### Monetary statistics — Methodological soundness, accuracy, serviceability, accessibility - Concepts and definitions: - The analytical framework used for compiling monetary statistics is consistent with MFSM 2000. - Scope: - The coverage of the depository corporations survey comprises monetary authorities (consolidation of the CBR accounts and the data on monetary authorities functions undertaken by the central government) and all other depository corporations (including those with revoked licenses). - Classification/sectorization: - Classification and sectorization is largely consistent with MFSM 2000, except for: - financial derivatives are excluded from monetary data; - contra-entries to data on government’s monetary authorities’ functions are not separately identified; - the CBR’s current year result (profit/loss) and valuation adjustment accounts are misclassified. - Basis for recording: - The basis for recording largely follows MFSM 2000 recommendations except that securities held to maturity and shares in the investment portfolio are not valued at market price or fair value. - Accrued interest is incorporated in the outstanding amount of financial asset or liability. - Source data: - Accounting records of the CBR, data on the monetary authority functions undertaken by central government, and the accounting statements reported to the CBR by credit institutions form the basis for monetary statistics. - Data are available on a timely basis and with sufficient detail for compiling monetary accounts that meet MFSM 2000 recommendations. - Assessment of source data: - Automated and manual assessments and validations of source data, as well as of the statistical outputs, are performed. - Data issues are investigated. - Statistical techniques: - Data compilation is fully automated to minimize processing errors. - Assessment and validation of intermediate data and statistical outputs: - Automated and manual assessment of intermediate data is performed. - Procedures are in place to investigate discrepancies in the intermediate data, classification, and sectorization errors. - Data issues are investigated. - Revision studies: - Monetary statistics are based on accounting records that are not subject to estimation. - Revision studies are routinely undertaken to examine the cause and magnitude of differences between preliminary, revised, and final data. - It has been found that such differences are relatively small. - Periodicity and timeliness: - Data for the analytical accounts of monetary authorities and the analytical accounts of banking sector meet the SDDS requirements for periodicity and timeliness. - Consistency: - Statistics are largely consistent within the dataset. - Consistency checks at the level of accounting data are routinely carried out with government finance data, international investment position, and the balance of payments data. - Revision policy and practice: - The revisions policy and practice for monetary statistics are made public. - Preliminary data are clearly identified, and reasons for revisions if due to methodological changes are explained. - Data accessibility: - Monetary statistics are disseminated through the CBR’s monthly Bulletin of Banking Statistics (BBS, available from the Publications page on the CBR’s website) and also, by specific survey type, in web-based printable and Excel file formats, retrievable from the Statistics/Monetary and Financial Statistics page on the CBR’s website. - Monetary statistics are presented in clearly structured tables which, in BBS, are supplemented with charts and graphs. - Data from the Statistics page can be retrieved for the various user-selectable periods. - Monetary statistics are released simultaneously to all users in accordance with the advance release calendar. - Unpublished but nonconfidential data are provided to users upon request with the CBR management’s approval. - Metadata accessibility: - Comprehensive methodological notes are published in BBS and on the Statistics page of the CBR’s website. - A link to the IMF’s DSBB is also provided and is clearly identified on the CBR’s website. - Assistance to users: - A contact point is provided on the Statistics /Monetary and Financial Statistics page for sending questions to the General Economic Department concerning monetary data. - A user survey questionnaire is also posted there. - The BBS contains telephone number and e-mail address for such contact. - The CBR website also identifies staff responsible for answering questions about SDDS data. - Publications, documents, and unpublished but non-confidential data are provided free of charge. - A list of publications is posted on the CBR’s website. ### Balance of payments and international accounts — Methodological soundness, accuracy, serviceability, accessibility - Concepts and definitions: - The international accounts are compiled according to the methodological standards of the IMF’s BPM5. - Scope: - The balance of payments and International Investment Position (IIP) broadly cover all transactions and positions of resident institutional units vis-à-vis the rest of the world. - Classification/sectorization: - Classification is in broad conformity with BPM5. - The classification of services is broadly in line with the Manual on Statistics of International Trade in Services. - Under other investment (in the national data presentation), breakdowns include line items that accord with national requirements (including to estimate capital flight). - Basis for recording: - The accrual principle for recording transactions and positions is not fully met. - Other investment income flows of other sectors (nongovernment, nonfinancial), and the positions of government debt liabilities and nontradable debt of other sectors are recorded on a due-for-payment basis. - Source data: - Broadly sufficient and under continuous review to ensure that the collection program remains comprehensive. - Source data on financial derivatives are limited to foreign exchange derivatives; procedures are in train to expand the scope of reporting by banks. - Since 2003, additional data sources have been developed to enhance the quality of data on direct investment, securities, and remittances. - The coverage of customs-based foreign trade statistics remains an issue, and the CBR uses adjustment techniques. - Assessment of source data: - Coverage of bank reporting stays current because it is integrated with the register maintained by the bank supervisory authorities. - Completeness of the closed-type International Transactions Reporting System provides for comparison of reported transactions with changes in bank balances. - Statistical techniques: - Rigorous standards for minimizing coding, editing, and data processing errors are in place. - Statistical techniques are used to enhance coverage in areas including goods, reinvested earnings, and the direct investment flows and positions of enterprises under production sharing agreements. - Assessment and validation of intermediate data and statistical outputs: - Results are checked against partner-country data, and are assessed for plausibility against domestic, regional and global economic trends. - Revision studies: - The source and magnitude of revisions are tracked and are used to fine tune the compilation of estimates and preliminary data, and to refine data collection programs. - Periodicity and timeliness: - Balance of payments meets SDDS periodicity and timeliness requirements. - IIP data meet SDDS periodicity and exceed SDDS timeliness. - Consistency: - Balance of payments data are internally consistent as annual data is the aggregate of quarterly data. - Consistency is achieved with the IIP, and reconciliation tables are published for the full IIP (annual), and for international reserves and external debt (quarterly). - Consistent BPM5-based time series dating back to 1994 are available. - Revision policy and practice: - The revisions policy and practice for all SDDS external sector data are made public. - Preliminary data are clearly identified, and reasons for revisions are explained. - A history of the revisions to international reserves data are posted on the CBR website. - Data accessibility: - International accounts data, along with related data sets including direct investment, international reserves, external debt, and trade in goods and services are available in formats that meet diverse user needs. - Most series provide additional information, including geographical and sectoral breakdowns. - External sector statistics are announced on a pre-announced schedule in line with the SDDS. - Metadata accessibility: - The CBR has recently published a methodological publication on external sector statistics which should address user concerns that information on sources and methods are fragmented across the CBR website and hard copy publications. - A link to the IMF’s DSBB is also provided and is clearly identified on the CBR’s website. - CBR statistical publications also include detailed notes. - Assistance to users: - A contact point is provided on the Statistics page for sending questions to the CBR concerning the international accounts. - The CBR website identifies staff responsible for answering questions on SDDS external sector data, and an online user survey is also posted there. - Publications, documents, and unpublished but non-confidential data are provided free of charge. - A list of publications is posted on the CBR’s website. ### Users’ survey — summary findings - The users’ survey generated 36 responses. - Overall, users consider the quality of Russia’s macroeconomic statistics good. - A majority of the users are satisfied with the methodological soundness, coverage, timeliness, and accessibility of official statistics, especially monetary and financial and balance of payments statistics. - Users expressed a general need for improvement in: - information about revisions to official statistics; - availability of metadata for all macroeconomic datasets. - Additional needs identified: - improvements in the coverage, level of detail, and timeliness of national accounts and government finance statistics; - more user-friendly websites. - A large majority of respondents consider Russia’s official statistics to be of the same or better quality than those from other countries in the region. ### Staff’s recommendations (priority and cross-cutting) - Institutional: - Rosstat should be provided the technical independence to implement methodological improvements and changes without the approval of the Ministry of Economic Development. - Expand the data and metadata available on the English-language version of the Rosstat website to include all data and metadata available on the Rosstat’s main Russian-language website. - Update the English-language version of the Rosstat website on a more regular and frequent basis to include the most current data available. - Cross-cutting: - Update regularly the metadata on the DSBB, and post data on the National Summary Data Page as soon as data are released. - Support for vulnerability and sustainability analysis: - Compile and disseminate the comprehensive instrument, currency, and maturity breakdown of the assets and liabilities in the CBR and credit institutions’ (other depository corporations) surveys. - Note: "In July 2010, the CBR has begun disseminating the currency breakdown in the banking survey." - National accounts: - Revisions of quarterly GDP for the current year should be compiled and disseminated every time data for a new quarter is released. - Caution users not to make use of the first preliminary annual data to derive estimates for the last quarter of the year, thus avoiding misuse of the data. - Compile and disseminate a revised series of imputed rental of owner-occupied dwellings based on the internationally recommended methodology. - Improve quarterly benchmarking techniques; the use of the Denton method is recommended. - Calculate volume measure estimates of general government consumption expenditure as the sum of the cost component of production compiled in volume measures. - Develop specific indices to deflate intermediate consumption and consumption of fixed assets. - Update the reference period of the chain-linked volume measures and indices to a more recent period. - Consumer price index: - Include a rental equivalence component in the CPI market basket to represent the cost of owner-occupied housing. - Adopt COICOP to classify all items in the CPI to enhance international comparability of Russia’s CPI. - Compile and disseminate a continuous time series of data at a detailed level. - Producer price index: - Expand coverage of PPI to include export goods for price collection. - Disseminate PPI weight data at a detailed level (both current and historic) on the Rosstat website and in PPI bulletins. - Compile and disseminate a continuous time series of data at a detailed level. - Government finance statistics: - Disseminate the monthly cash based economic classification of expense table. - Compile and disseminate budget execution data for the consolidated central government. - Compile and disseminate monthly GFS summary statements and detail tables (including time series) in accordance with GFSM 2001 guidelines for the general government and its subsectors. - Use the residency criterion to classify debt as either domestic or foreign debt. - Make the MOF and the Treasury websites more user-friendly; users should be able to access and download data with ease. - Introduce a dedicated fiscal data dissemination page that brings together all budget-related data and documents. - Disseminate methodological notes, detailing concepts, sources, and methods used in the compilation of budget execution data and GFS on the MOF and the Treasury websites. - Make public a contact person and contact details for users interested in requesting information on budget execution data. - Make available to the public a list of the statistical products and services provided by the MOF and the Treasury. - Monetary statistics (recommended actions): - Separately identify contra-entries to data on government’s monetary authorities functions (as "of which" lines under the aggregates that include the contra-entries). - Collect and include in monetary statistics data on central bank and the other depository corporations’ positions on financial derivatives, at end-referenced period market prices/fair values. - Reclassify CBR’s valuation adjustment and current year result accounts in shares and other equity. - Value securities held to maturity and shares for investment at market price or market price equivalent. - International accounts (recommended actions): - Use account accrual method for recording (i) other investment income flows (interest) of other sectors; and (ii) position data on government loans and the nontradable debt of other sectors. - Include in the international accounts, data on all types of financial derivatives. - Develop quarterly IIP covering all sectors. *Source: _cr1156 - 2. Methodological soundness* ### Appendix I. Russia: Practices Compared to the SDDS Coverage, Periodicity, and Timeliness of Data ### Appendix I. Russia: Practices Compared to the SDDS Coverage, Periodicity, and Timeliness of Data ### SDDS coverage, periodicity, and timeliness — selected entries - National accounts: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — Q; SDDS timeliness — 1Q; Russian Federation timeliness — 3M. - Production index/indices: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 6W (1M encouraged); Russian Federation timeliness — 4W. - Forward-looking indicators (encouraged data category): SDDS periodicity — M or Q; Russian Federation periodicity — M or Q; Russian Federation timeliness — 4W. - Employment: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — M; SDDS timeliness — 1Q; Russian Federation timeliness — 4W. - Unemployment: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — M; SDDS timeliness — 1Q; Russian Federation timeliness — 4W. - Wages/earnings: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — M; SDDS timeliness — 1Q; Russian Federation timeliness — 4W. - Consumer price index: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 4W. - Producer price index: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 4W. - General government operations: Coverage — Yes; SDDS periodicity — A; Russian Federation periodicity — A; SDDS timeliness — 2Q; Russian Federation timeliness — 2Q. - Central government operations: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 2M. - Timeliness Notes: "Russia is availing itself of a flexibility option on the timeliness of the central government operations data." - Central government debt: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — Q; SDDS timeliness — 1Q; Russian Federation timeliness — 1Q. - Analytical accounts of the banking sector: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 1M. - Analytical accounts of the central bank: Coverage — Yes; SDDS periodicity — M (1W encouraged); Russian Federation periodicity — M (1W encouraged); SDDS timeliness — 2W; Russian Federation timeliness — 2W. - Interest rates: Coverage — Yes; SDDS periodicity — D; Russian Federation periodicity — D; SDDS timeliness — ...; Russian Federation timeliness — 1D for money market and treasury securities market rates, refinancing rate, and REPO and the CBR's bond rate. - Stock market: share price index: Coverage — Yes; SDDS periodicity — D; Russian Federation periodicity — D; SDDS timeliness — ...; Russian Federation timeliness — 1D. - Balance of payments: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — Q; SDDS timeliness — 1Q; Russian Federation timeliness — 1Q. - Official reserve assets: Coverage — Yes; SDDS periodicity — M (W encouraged); Russian Federation periodicity — W; SDDS timeliness — 1W; Russian Federation timeliness — 1W. - Reserves template: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 1M; Russian Federation timeliness — 20D. - Merchandise trade: Coverage — Yes; SDDS periodicity — M; Russian Federation periodicity — M; SDDS timeliness — 8W (4–6W encouraged); Russian Federation timeliness — 6W. - International investment position: Coverage — Yes; SDDS periodicity — A (Q encouraged); Russian Federation periodicity — A; SDDS timeliness — 3Q (1Q encouraged); Russian Federation timeliness — 2Q. - External debt: Coverage — Yes; SDDS periodicity — Q; Russian Federation periodicity — Q; SDDS timeliness — 1Q; Russian Federation timeliness — 1Q. - Exchange rates: Coverage — Yes; SDDS periodicity — D; Russian Federation periodicity — D; SDDS timeliness — ...; Russian Federation timeliness — 1D. - Addendum: Population: Coverage — Yes; SDDS periodicity — A; Russian Federation periodicity — A; SDDS timeliness — ...; Russian Federation timeliness — 7M. - Note on periodicity and timeliness definitions provided in source: (D) daily; (W) weekly or with a lag of no more than one week from the reference data or the closing of the reference week; (M) monthly or with a lag of no more than one month; (Q) quarterly or with a lag of no more than one quarter; (A) annually; and (...) not applicable. Italics indicate encouraged categories. ### Authorities' response — overview and commitments - Parties responding: Ministry of Finance of the Russian Federation (MinFin of Russia), the Federal Treasury, the Central Bank of the Russian Federation (Bank of Russia), and the Federal State Statistics Service (Rosstat). - Date of response heading: February 18, 2011. - Core messages: - Expression of gratitude for the IMF mission’s analysis and recognition of "indisputable progress" since 2003. - Attribution of progress to Russia's joining the Special Data Dissemination Standard and incorporation of its provisions into Russian statistical practice. - Assurance: relevant ministries and agencies "will continue the process of adapting the Russian statistical methodology to current international standards." - Specific comment topics raised by authorities: 1. Description of standards and cooperation between Rosstat and the Ministry of Economic Development, and provisions of Federal Law No. 282-FZ "On Official Statistical Reporting in the System of State Statistics in the Russian Federation," dated November 29, 2007 (Statistics Law). 2. Assessments of the quality of the Russian Federation’s government finance statistics and monetary statistics. ### Legal and procedural points on statistical methodology - Statistics Law principles cited: - "Coordination of actions among official statistical reporting entities;" - "The application of unified standards in using information technologies and Russia-wide classifiers of technical and economical and social information to create and operate the system of state statistics in the interests of making it compatible with other state information systems." - Statistics Law statement: "official statistical methodology shall be formed by official statistical reporting entities and approved by them in coordination with federal executive bodies authorized by the Government of the Russian Federation." - Regulatory context: - Regulation on the Federal State Statistics Service: approved by Resolution No. 420 of the Government of the Russian Federation, dated June 2, 2008. - Regulation on the Ministry of Economic Development: approved by Resolution No. 437 of the Government of the Russian Federation, dated June 5, 2008. - Rosstat has prepared draft administrative rules to define procedures for developing, approving, and reconciling official statistical methodology; these rules have been forwarded to the Ministry of Economic Development for reconciliation. - Authorities' interpretation: reconciliation among multiple official statistical reporting entities (including Rosstat, Finance Ministry, Federal Customs Service, etc.) is required to ensure unified classifiers, standards, and methods and internal consistency; the Report's wording that "approval of the Ministry’s technical staff" undermines Rosstat's technical independence is countered by authorities noting the law does not require such staff-level approval. ### Government finance statistics — table of comments on IMF mission recommendations (selected entries) - Item 2.1.1 — "Post government finance statistics (GFS) that are sent to the IMF on the Treasury website." - Comment: "reports on the government finance statistics of the Russian Federation have been published on the Federal Treasury’s official website since July 2010, under Order No. 130 of the Federal Treasury, dated June 3, 2010, 'On Approving the Content and Intervals for Posting Information on Budget Execution in the Budget System of the Russian Federation on the Official Internet Website of the Federal Treasury'." - Item 2.2.1 — "Ensure compilation and dissemination of data on budget execution for the consolidated central government." - Comment: "Pursuant to Order No. 130, information on the execution of the consolidated budget of the central government of the Russian Federation... are provided on a monthly basis beginning with the reports as of July 2010." - Items 2.2.1 / 2.3.1 / 3.3.2 — Various recommendations on dissemination of monthly and quarterly budget execution data, publication of monthly tables on expenditures on a cash basis according to economic classification, and using the GFSM 2001 approach when performing consolidation. - Comment on consolidation (3.3.2): "corresponding amendments have been made to legal regulatory acts of the Russian Federation in the area of budget reports and are to become effective as of January 1, 2011." - Item 4.2.3 — "Ensure regular reconciliation of macroeconomic datasets not only at the source data level, but the output data level as well." - Comment: "Work on comparing fiscal data of various compilers (Rosstat, Central Bank of the Russian Federation, Federal Treasury) has been carried out in the Russian Federation since 2010." - Item 5.1.1 — "Ensure publication of summary tables and graphs to make it easier for users to interpret changes in budget statistics." - Comment: "The Federal Treasury plans to publish analytical tables and graphs on the official website in 2011." - Item 5.1.1 — "Increase the volume of budget execution data disseminated in English." - Comment: Since July 1, 2010, Federal Treasury publishes information in English, with a separate section "The information on execution of budgets (English version)" and subsections including "Government finance statistics reporting of the Russian Federation." - Item 5.1.2 — "Make the websites of the Treasury and Finance Ministry more user-friendly." - Comment: "The experience of external users in working with information posted on the Federal Treasury’s official site indicates no difficulties... corroborated by the absence of corresponding remarks or suggestions." - Item 5.1.5 — "Ensure the publication of information on data that are not disseminated, and information on the procedure for submitting requests to obtain such data." - Comment: "Available non-confidential information is published... When necessary and upon request by external users, additional analytical information is provided on budget reporting indicators." Procedures and orders cited: Order No. 23n of Minfin of Russia, dated March 11, 2010; Order No. 3n of the Federal Treasury, dated August 6, 2007. - Item 5.2.1 — "Publish methodological notes on the websites of the Minfin and Treasury, indicating the concepts, sources, and methods used in compiling data on budget execution and GFS." - Comment: "Legal regulatory acts... are published on the official site of the Ministry of Finance. A link to the 2001 Instruction on State Finance Statistics, published on the official site of the International Monetary Fund, is found on the official website of the Federal Treasury... methodological explanations are currently being developed and will be published in 2011." - Item 5.3.1 — "Publish the name of a contact person and their contact information for users wishing to send requests for budget execution information." - Comment: A "Requests by Individuals and Organizations" section on the Federal Treasury's website includes contact information for officials responsible for handling requests. - Item 5.3.2 — "Disseminate a list of statistical products and services provided by the Ministry of Finance and Treasury." - Comment: Since August 1, 2010 the Federal Treasury's official website includes a section "List of published information on budget execution in the budgetary system of the Russian Federation" providing a complete list (catalog of statistical services). ### Monetary statistics — selected comment - Item 2.3.1 — "Publish data on the fair value of derivative financial instruments among monetary statistical indicators on the central bank and other deposit corporations." - Comment: "Bank of Russia is preparing amendments to the accounting rules for the banking system of the Russian Federation, ensuring that derivative financial instruments (derivatives) will be declared at their fair value in the balance sheet of organizations as a distinct financial instrument. This will make it possible to use accounting data on derivatives to compile monetary statistics, and will ensure that the information submitted conforms to the requirements of the Monetary and Financial Statistics Manual (MFSM)." ### DQAF (Data Quality Assessment Framework) — document contents and tables - The ROSC Data Module contains a Detailed Assessment Using the DQAF prepared by the Statistics Department, approved February 18, 2011. - Main chapters/datasets assessed (as listed in contents): - I. National Accounts - II. Price Statistics (Consumer Price Index) - III. Price Statistics (Producer Price Index) - IV. Government Finance Statistics - V. Monetary Statistics - VI. Balance of Payments Statistics - Tables listed in contents (exact titles and numbering): 1. Data Quality Assessment Framework: Summary of Results for National Accounts ......32 2. Data Quality Assessment Framework: Summary of Results for Price Statistics (Consumer Price Index) ...................................................................................................................57 3. Data Quality Assessment Framework: Summary of Results for Price Statistics (Producer Price Index) ...................................................................................................................81 4. Data Quality Assessment Framework: Summary of Results for Government Finance Statistics ......................................................................................................................100 5. Data Quality Assessment Framework: Summary of Results for Monetary Statistics ...126 6. Data Quality Assessment Framework: Summary of Results for Balance of Payments Statistics ......................................................................................................................153 7. List of Report Forms Underlying Russia‘s Balance of Payments Compilation ............154 - Appendices listed (exact titles and numbering): - I. Summary of the Special Data Dissemination Standard (SDDS) ...................................157 - II. Data Quality Assessment Framework—Generic Framework ........................................158 - III. Users‘ Survey .................................................................................................................161 - Additional text tables referenced: - "Structure of the Financial System, in billions of rubles (June 2010)" (appears in chapter indexing) - "Basic for Recording" *Source: _cr1156 - Appendix I. Russia: Practices Compared to the SDDS Coverage, Periodicity, and Timeliness of Data* ### Appendix II), was used to prepare the summary assessment of data quality elements, based ### I. NATIONAL ACCOUNTS ### 0. Prerequisites of quality — 0.1 Legal and institutional environment - The Federal State Statistics Service (Rosstat) is the official body entrusted by law for coordinating and overseeing the production and dissemination of the official statistics of the country. - Rosstat’s organizational structure reflects the administrative structure of the country, which now includes 83 Federal Subjects, with Rosstat offices in the capital cities of each region. - Key legal documents: - Resolution No. 399 of the government of the Russian Federation “Provisions on the Federal State Statistics Service” issued on July 30, 2004 (latest update Resolution No. 420, issued on June 2, 2008). - Federal Law No. 282 F3 “On Official Statistical Accounting and State Statistics System in the Russian Federation” issued on November 29, 2007. - Article 1 (Resolution) and Article 2 and Article 5 (Statistical Law) define Rosstat’s functions and official statistical information, and require compliance with the Federal Plans of Statistical Operations. - The Federal Plan of Statistical Operations: - Is drafted by Rosstat in consultation with other government institutions. - Must be approved by the Russian government. - Assigns responsibility for compiling and disseminating official statistics, including national accounts and price indices. - Rosstat issues official orders establishing methodology and classifications and monitors compliance with the federal plan. - Article 5, Section 9 of Law No. 282-F3 allows official entities to obtain information from administrative sources and respondents without limitations while requiring confidentiality in compliance with Russian legislation. ### 0.1.2 Data sharing and coordination among data-producing agencies - Rosstat coordinates official statistical accounting through the Federal Plan of Statistical Operations and monitors compliance with compilation and dissemination deadlines. - Bilateral agreements exist between Rosstat and other government entities (examples listed: Federal Customs Service, Central Bank of the Russian Federation, Federal Tax Service, Ministry of Communications, Pension Funds). - Working meetings with other compiling agencies are conducted as needed to discuss data requirements. ### 0.1.3 Confidentiality of individual reporters’ data - Primary legislation guaranteeing confidentiality: - Law on Personal Data (FZ-152) — stipulates all data are confidential and to be used solely for statistical purposes. - Law on Information, Information Technology, and Data Collection (FZ-149) — provides for protection and safe storage of collected data. - Survey questionnaires state that all information will be kept confidential and used for statistical purposes only; questionnaires do not explicitly reference the relevant laws. - Rosstat staff releasing confidential data may be subject to prosecution; statutes do not define penalties for breaches—courts decide appropriate penalties case-by-case. - Internal safeguards at Rosstat: - Limited access to confidential documents, secured premises, password-protected programs, procedures for secure storing and destroying confidential data. - Regular regional office meetings to reinforce confidentiality procedures. - Unit head reviews data prior to release and signs off. - Aggregation and micro-data release practices: - Procedures exist to aggregate individual responses to prevent disclosure; in national accounts a minimum of three respondents is required for aggregation within a specific activity, otherwise aggregation is done at the next highest level. - Price programs producing index data are not subject to the three-respondent aggregation rule. - Rosstat releases micro-data upon request only after removal of personally identifiable data; instructions exist guiding staff on anonymization. - Recommendation: Make explicit references to the Law providing for the confidentiality of the data in the questionnaires of statistical surveys. ### 0.1.4 Legal mandate and measures to encourage response - Federal Law No. 282-2 (Article 5) establishes that subjects of official statistical accounting shall obtain primary statistical data and administrative data from respondents; covers legal entities and individuals. - Article 8: Individuals residing in Russia not conducting business provide information on a voluntary basis unless otherwise stipulated; individuals are obliged to respond in population censuses. - Non-compliance can lead to administrative sanctions and monetary fines imposed by regional Rosstat offices; proceeds transferred to the Treasury. Fines historically not high enough to deter non-compliance but respondent confidence has improved. - Rosstat encourages reporting by: - Considering reporting burden and avoiding duplication through coordination. - Providing detailed instructions and contact telephone numbers on forms. - Sending explanatory letters prior to first-time data collection. - Conducting regional seminars to explain data collection purposes. ### 0.2 Resources — 0.2.1 Staff, facilities, computing resources, and financing - Staffing constraints: - The National Accounts Department currently employs 55 persons. - Approximately one third of the staff have been working with the department for more than 20 years. - Another third have been working between 10 and 20 years. - Turnover among young professionals has been very high during normal times; situation improved since the 2008 economic crisis. - All national accounts staff have university degrees (mainly in economics or statistics), a legal requirement. - Recruiting and retaining young professionals is challenging due to government salaries being significantly lower than the private sector. - Workload and capacity implications: - Staff numbers are inadequate to implement the regular work program and undertake developmental work (financial accounts, balance sheets, improvements to GDP by production and expenditure). - Staff currently work overtime, including weekends. - Regional staffing varies by resource availability; some regions have dedicated national accounts staff while others allocate staff part-time. - Computing resources: - Adequate; more computers available than filled positions. - Hardware and software updated with adequate frequency; Internet access and local network connectivity provided. - Physical facilities: - Under extensive renovation; current working space limited and many employees share rooms. - Air conditioners often outdated or non-working. - Physical office space expected to improve after renovations. - Recommendation: Implement measures to retain young professionals with good potential (examples provided: professional development opportunities, participation in international meetings and training abroad, administrative measures to commit staff to a minimum period after participation in selected training programs). ### 0.2.2 Measures to ensure efficient use of resources - Staff performance reviewed continuously by managers; a system of monthly bonuses is based on performance achievements. - Mandatory refresher training every three years for all staff. - Efficiency sought during planning of statistical activities; unified methodologies and classifications prescribed by Rosstat. - Finance Department reviews resources to ensure efficient allocation and spending; budgeting procedures used. ### 0.3 Relevance — 0.3.1 Monitoring relevance and practical utility - The Scientific Methodological Council of Rosstat: - Provides structured consultation on usefulness/quality of statistics and methodological improvements. - Composed of economists and statisticians from inside and outside Rosstat and major data users, co-chaired by the head of Rosstat and the head of the Higher School of Economics. - Meets approximately four times each year and focuses mainly on methodological and data quality issues. - Rosstat is not obligated to accept recommendations but generally finds compromise in case of disagreement. - Rosstat organizes working groups with data users (examples listed: Ministry of Finance, Russian Academy of Sciences) and has established an email channel on its website for public feedback. - Relevance is discussed in preparing the Federal Plan of Statistical Operations; Rosstat staff participate in international statistical meetings and are in the process of joining the OECD which requires compilation in accordance with its standards. - Recommendation: Enhance processes to obtain feedback from users by conducting periodic user surveys and hold press conferences at the time quarterly accounts are released to increase awareness. ### 0.4 Other quality management — 0.4.1 Processes to focus on quality - Rosstat maintains established procedures to analyze data quality prior to dissemination and has a manual for quality control. - International organizations (Eurostat, OECD) conduct reviews of national accounts statistics. - Staff training and re-training emphasize the importance of data quality. ### 0.4.2 Processes to monitor the quality of the statistical program - National Accounts Department does not collect basic data directly; source-data departments monitor non-response rates and maintain survey design. - National Accounts Department authorizes forms used by departments producing basic statistics. - All data inputs and outputs of national accounts are analyzed before use/release; staff have access to individual respondent data to address source-data problems. - Established schedules of revisions balance timeliness and quality. - GDP estimates are compiled using production and expenditure approaches serving as cross-checks. ### 0.4.3 Quality considerations in planning - Response rates and revisions to national accounts are continuously monitored by managers and corrective measures are taken when planning the statistical program. *Excerpted and summarized from the IMF document provided in the content unit.* ### 1. Assurances of integrity ### 1. Assurances of integrity ### 1.1 Professionalism - Legal and institutional framework - Statistics are produced under the terms and conditions stipulated by resolution on the Federal Statistics Service adopted by Decree of the Government of the Russian Federation No. 399 issued on July 30, 2004 and its updates. - Article 5.4 of this decree states that the Federal Statistics Service shall develop the official statistical methodology ensuring consistency with international standards. - The Statistics Law emphasizes professional independence and integrity of staff; it refers to the "national agents responsible for statistics," which includes Rosstat. - Rosstat is subordinated to the Ministry of Economic Development, which may create potential conflict of interest because the ministry is responsible for forecasts of the same statistics (e.g., GDP and inflation) produced by Rosstat. - The Ministry of Economic Development plays a strong role in decisions to introduce methodological changes across Rosstat compilations (example: revisions to output of owner-occupied dwellings were postponed due to lack of agreement from the ministry). The intervention is noted to be based on statistical methodological grounds. - Appointments, recruitment, and staff development - Head of Rosstat and deputies are appointed by the government; these positions are usually held for extended periods by experienced professionals promoted internally. - Staff are prohibited by law from joining or participating in any political party. - The Statistical Plan protects Rosstat from external interference in compilation/dissemination; any update/change to the Statistical Plan must be agreed by all statistical agencies and approved by the prime minister. - Staff recruitment is competitive; vacancies are announced on the Rosstat website; promotions are merit based. - New hires participate in a mentoring program pairing them with experienced staff; duration varies by individual competency demonstration. - Ongoing skills development includes Rosstat classroom and computer-based programs, Public Service Academy courses, short-term university courses, post-graduate study leave, seminars by the Russian Academy of Sciences, and English language courses. - Research and analysis are encouraged and published internally and externally (monthly bulletin "Issues of Statistics"). - Recommendation - The Rosstat should be provided the independence to implement improvements and changes of a statistical nature without approval of the Ministry of Economic Development. ### 1.1.2 Sources, techniques, and dissemination - The choice of source data and statistical techniques for national accounts is determined solely by statistical considerations. - Dissemination timing is predetermined in an advance release calendar posted on the agency website at the beginning of each year, with exact dates provided a quarter in advance. - Rosstat disseminates national accounts in conformity with the periodicity and timing prescribed by the SDDS. ### 1.1.3 Commenting on misuse or erroneous interpretation - Rosstat is entitled to respond to erroneous interpretation and misuse; actions include press communiqués, press conferences, TV interviews, and press statements. - Examples: Public responses to criticisms of GDP figures for Q4 2009 and Q1 2010; a Rosstat deputy chairman participated in a press conference by a consulting firm criticizing the data and provided clarifications. - Internal identification of comments on statistics uses a clipping service circulated among relevant departments. - Recommendation - The Rosstat should play a more active role in responding to criticisms of its data on national accounts. Special communiqués should be released to the media with Rosstat’s comments. ### 1.2 Transparency - Terms and conditions availability - Relevant legal documents are posted on the agency website. - Questionnaires reference the statistical law and confidentiality. - Statistical publications reference where more information can be found. - A catalog of publications is available on the website. - Pre-release internal government access - There are no established procedures for internal governmental access to statistics prior to public release. - Identification of statistical products - Data released are clearly identified as produced by the agency; Rosstat uses the official government seal in publications and requests attribution when its statistics are used. - Rosstat recognizes data produced by other institutions in its publications. - Advance notice of major methodological changes - News releases are disseminated on the website in advance of changes to methodology, source data, and statistical techniques; timing of advance notice depends on importance: - For changes in classification of economic activities, notice was provided more than a year in advance. - Less significant changes are publicized a few weeks before release or at the time of release. ### 1.3 Ethical standards - Code of conduct and staff awareness - Staff are made aware of the code of conduct; commitment must be signed at employment acceptance and on contract changes. - The job description includes ethical standards. - Mentoring emphasizes ethical standards; regional office staff receive written procedures for representative conduct. - A strong culture of professionalism and ethical standards is said to preclude political interference. --- ### 2. Methodological soundness ### 2.1 Concepts and definitions - The Russian national accounts follow the conceptual framework of the System of National Accounts 1993 (1993 SNA). ### 2.2 Scope - Coverage and compilations - Rosstat compiles and disseminates all accounts and tables the Inter-Secretariat Working Group on National Accounts (ISWGNA) considers minimum for 1993 SNA implementation. - GDP is compiled annually based on production and expenditure approaches at current prices and volume measures. - The complete sequence of accounts, except the financial account, is compiled annually for the total economy and by institutional sector; estimates are available for the period 1995–2009. - Russian national accounts include annual supply and use tables and quarterly GDP estimates (recommended by ISWGNA). - Rosstat compiles and disseminates annual regional GDP estimates. - Quarterly GDP estimates use production and expenditure approaches at current prices and in volume measures. - Benchmark detailed input-output tables were compiled for 1995. From 1995 up to 2003 input-output tables are available with a breakdown of 110 economic activities and published at the level of 25 activities. - New classification introduced and supply and use tables compiled and disseminated for 2004, 2005, and 2006 (15 groups of products and 15 economic activities). Work on supply and use tables was temporarily suspended until 2011 when a new benchmark estimate is scheduled at disaggregated level based on comprehensive source data. - Delimitation of units and residence - Residence concept consistent with 1993 SNA and BPM5. - Included in the economy: - Territorial enclaves in the rest of the world (e.g., economic activities in the Baikonur base in Kazakhstan). - Free zones/bonded warehouses/factories operated by offshore enterprises under customs control (e.g., free zone of Kaliningrad included). - Workers who work part of the year in another country are considered residents (consistent with balance of payments treatment by the Central Bank of the Russian Federation (CBR)). - Production and assets boundaries - Production boundary broadly according to 1993 SNA; included output items: - Own-account production of all goods for own final consumption. - Research and development on own-account is distinguished as output, though no complete production account due to intermediate consumption data reported only at enterprise level. - Output of capital goods for own-use included though separate data not always available from surveys; difficulties distinguishing some government capital expenditures from current expenses. - Mineral exploration. - Production of entertainment, literary, and artistic originals (based on purchases and production). - In-house production of computer software included although data not always distinguished; reporting form changes planned next year to better capture output. - Output of illegal activities is not included. - Assets boundary broadly conforms to 1993 SNA; included assets: - Tangible: defense-related assets usable for civilian purposes; valuables; agricultural work-in-progress for animal breeding and agriculture production (except perennial crops). - Intangible: mineral exploration (successful or not); systems and standard applications computer software and databases (purchased or built in-house); entertainment, literary, or artistic originals; patented entities (included in scope but not in practice due to lack of information). - Excluded: historical monuments and leases and other transferable contracts (such as purchased goodwill). ### 2.3 Classification/sectorization - Follow 1993 SNA recommendations for transactions and institutional unit classification. - Since 2008, separate data for financial corporations and non-financial corporations are available (improvement from 2003 ROSC findings where they were grouped together). - Institutional sectors: general government, households, non-profit institutions serving households, non-financial corporations, and financial corporations. - Classification of economic activities: All Russian Classification of Branches of the National Economy (OKVED), based on NACE Rev. 2; applied from 2003. - Since 2009, goods and services classified based on OKVED, compatible with CPA. - Annual household consumption expenditure estimates use COICOP starting with 2004 data, but release was postponed until August 2010 concurrent with a historical revision of national accounts series based on new source data and methodology. - Since 2005, Ministry of Finance introduced COFOG; general government consumption estimates compiled and disseminated using COFOG categories. - Foreign trade data classified by Foreign Economic Activity Nomenclature based on the International Harmonized Commodity Description and Coding System. ### 2.4 Basis for recording - Valuation at market prices - Market prices used for valuation of all transactions and flows. - Market output is valued at basic prices per 1993 SNA principles. - Production for own-use valued at equivalent basic market prices or sum of cost components. - Intermediate consumption measured at market purchaser's prices (including distribution margins and taxes on goods and services used as inputs). Refundable VAT on goods and services purchased for intermediate consumption is not included. - Final consumption expenditures valued at purchaser's price (price paid by households, including taxes). - General government and nonprofit institutions consumption recorded at cost including estimate of consumption of fixed assets. - Gross fixed capital formation recorded at purchaser's prices when purchased and at basic prices (estimated by cost components) when own-produced. - Exports and imports of goods recorded on f.o.b. basis. - Imputed rents of owner-occupied dwellings: recorded estimates are not based on equivalent market prices, but reflect only a fraction of their value. - Experimental calculations based on the "cost approach" implemented for 2008 using OECD-recommended methodology; results under assessment and discussion with main users, mainly the Ministry of Economic Development, because methodological change will significantly affect GDP level. - Preliminary data show revised figures for output of owner-occupied dwellings will imply an upward revision of GDP level for 2008 in the order of nine percent. - Recommendation - Disseminate promptly the revised series of imputed rental of owner-occupied dwellings based on the internationally recommended methodology. - Accrual recording - Most transactions and flows recorded on an accrual basis per 1993 SNA. - Source data for general government income and expenditures are on a cash basis; National Account Department makes adjustments to approximate accrual (allocation of compensation to period work was performed, adjustments for arrears and purchases of utilities). - Agriculture output of perennial crops registered at harvest, not as work in progress. - Grossing/netting procedures - Transactions between establishments within the same enterprise generally are not recorded on a gross basis because observation unit is the enterprise. - Separate output data collected for each kind of economic activity ("pure activity") undertaken by an enterprise. - When establishments of the same enterprise are located in different regions, transactions between them are recorded on a gross basis for regional GDP compilation. *Source: _cr1156 - 1. Assurances of integrity* ### 3. Accuracy and reliability ### 3. Accuracy and reliability ### 3.1 Source data — enterprise statistics - Rosstat operates a comprehensive system of regular enterprise surveys with monthly, quarterly, and annual frequency. A dedicated department within the Rosstat is responsible for collection and processing (sampling design, sample selection, collection of raw data, processing, and tabulation). - Surveys cover all economic activities except the financial sector, which is covered by a special report prepared by the CBR. The target population is the universe of legal entities. - Annual structural surveys: - Conducted on a census basis for all large units; medium-sized, small enterprises, and micro-enterprises are surveyed by sample. - Random sampling methods are used and estimates for the total population are obtained by grossing-up the sample values with weights implicit in the sampling design. - Surveys collect output for homogeneous (―pure‖) activity, and for large- and medium-sized enterprises data on inventories (beginning and end of period, and by type), capital formation, employment, and selected financial indicators. No data on inventories are collected for small enterprises. - Approximately 108,000 large- and medium-sized enterprises are covered by the enterprise surveys. - Quarterly surveys: - Cover enterprises of all sizes except micro-enterprises (micro-enterprises are surveyed only annually). - Census basis for large enterprises; random sampling for medium and small enterprises. - A unified questionnaire is used; quarterly questionnaire is less detailed than the annual one; simplified questionnaires for small enterprises. - Legal and register frameworks: - Collection of enterprise data is regulated by the "Federal Law on the Development of Small and Medium Businesses in the Russian Federation." Federation Law No. 209 issued on July 24, 2007 stipulates full scale censuses of small and medium-sized enterprises every five years. - A statistics register, based mainly on an administrative register from the Federal Tax Service, serves as the main sampling frame. The administrative register has records for approximately 4.3 million enterprises and around 4.0 million entrepreneurs (distinguishing legal entities and individual entrepreneurs). - The administrative register contains official registration number, identification code, property type code, legal form code, name of legal founders, capital structure, share of founders in capital, date of registration, and includes active and non-active entities. - The statistical register augments the administrative register with survey information. Main indicators include number of employees, income, size, economic activity, institutional sector and subsector (based on 1993 SNA), form of accounting, active or not active, etc. Around two-thirds of the enterprises in the register are active. - The register is updated once a year at the beginning of each calendar year, prepared for each region and for the country as a whole. - Rosstat staffing for the register: headquarters methodology staff 7; Computing Center staff 70; regions employ on average 10 staff to deal with the register. ### 3.1 Source data — household and other surveys - Household Budget Survey (HBS): - Conducted each year during the period October to September. - Sample survey collecting expenditures via a diary (two-week period) and a journal for all expenditures (recurring, durable goods, other goods/services); enumerators collect household demographics, dwelling characteristics, access/distance to public services, and income. Participation is voluntary. - Sample of 47,800 households selected using a sampling frame based on the 2002 population census and represents approximately 0.1 percent of the total population. - Two-stage sampling: geographic areas first, households second; stratified systematic sampling at both stages. Rosstat oversamples to account for non-response. - Standard errors are calculated for the entire country and the regions; only those for Russia are published and used for survey planning. - General government data: - Income and expenditure data obtained from budget execution reports. From data related to 2007, consolidated reports (all levels of government and extra-budgetary funds) are obtained from the Federal Treasury. - Annual data available based on the COFOG and economic classifications; quarterly data available based on the COFOG classification only. - Operations of extra-budgetary funds are collected through regional statistical surveys. - Defense-related expenses are detailed enough to identify acquisition of assets usable for civilian purposes, allowing inclusion in capital formation, but there are problems with the economic classification of Treasury expenses requiring compilers to examine and adjust source data. - Lack of an economic classification of quarterly source data means some quarterly estimates are based on indicators (e.g., indices of employment in the government sector). Rosstat staff work closely with Treasury staff to address shortcomings. - Footnote: "From July 8, 2010, the Treasury began posting on its website monthly information on expenditures by economic classification on a cash basis." - Data on the general government‘s strategic inventories are not available; changes in these inventories are not included in the national accounts. - Balance of payments and price indices: - Balance of payments statistics are received timely from the CBR with necessary breakdowns for national accounts; used for GDP by expenditure and the Rest of the World account with one exception: exports and imports by migrants are not included in national accounts estimates (this exclusion does not affect GDP levels nor the current external balance, but creates discrepancies on levels of imports and exports of goods between macroeconomic statistics). - Main price indices: CPI, PPI, and unit value indices of exports and imports of goods (monthly periodicity). Other indices: Price Index of Agriculture Products and Price Index of Investment. - Paasche-type quarterly unit value indices of exports and imports are available after a recent revision of Federal Custom Service methodology. - Surveys covering non-profit institutions serving households (NPISHs) are conducted every two years. ### Recommendations related to source data - Collect information on strategic inventories and include the estimates of changes in these inventories in the national accounts data. - Include transfers in kind made by migrants in total imports and exports of goods for complete consistency with the balance of payments statistics. - Footnote context: "Negative entries in consumption in the same period when the export is recorded will cancel off their effect in the level of GDP (transactions should be registered net, that is, consumption is the sum of acquisitions less disposals of consumer goods by households)." ### 3.1.2 Source data — conformity with definitions and classifications - Enterprise statistics are collected and compiled using the definitions, concepts, and valuation principles of the 1993 SNA. - Questionnaires and instructions are examined by the National Accounts Department (main internal user). - Output is reported at basic prices; intermediate consumption data are available at market purchaser‘s prices for national accounts compilation. - Economic activity classification is the same for production statistics and national accounts; statistics are compiled at highly disaggregated levels (170 activities). ### 3.1.3 Timeliness - All data are received on a timely basis. Deadlines in the Federal Plan of Statistical Operations and Rosstat‘s annual plan are strictly adhered to by data suppliers. - Bilateral information-sharing agreements support timely data receipt. ### 3.2 Assessment of source data - Enterprise surveys are routinely assessed for non-response; appropriate techniques are used for sampling-based surveys. - Response to surveys by large and middle-sized enterprises is practically complete; low response rates occur in small enterprise surveys. - Adjustments for missing observations are made in each region by activity. - When the rate of non-response is higher than 20 percent, a replacement sample randomly selected is used. Otherwise (in cases where the response rate is less than 20 percent) imputations are implicitly made by correcting the grossing-up factors. - Footnote: "There are cases were the non-response rate is higher than 30 percent." - Coefficients of variation are calculated for all variables to assess accuracy. - Questionnaires are revised every year; data are subjected to automated checks for arithmetic accuracy, comprehensiveness, and logical consistency, documented in a detailed manual. Inconsistencies are clarified with respondents. - Temporal consistency and consistency with related source data are checked by branch statistics departments and national accounts compilers. - Revisions of source data are rare; annual accounts may be revised up to two years after the end of the reference period. Quarterly estimates are revised only after a new annual estimate is available, which can desynchronize revisions between source data and national accounts estimates (noted for producer price index and industrial price index revisions during the current year). ### 3.3 Statistical techniques - Data compilation: - Rigorous procedures minimize data processing errors. - Automatic checks for consistency at detailed and aggregated levels. - Estimates based on random samples are computed using grossing-up factors derived from the sample design. - Adjustments for the non-observed economy (NOE): - NOE estimates are compiled by branch statistics departments using a case-by-case approach. Techniques include the labor input method and balances of resources and uses, depending on activity. - In 2008, NOE estimates represent 14.4 percent of total value added. - Activity-specific NOE shares: agriculture 55.9 percent; hotels and restaurants 44.9 percent. - NOE estimates are made for both production and expenditure approaches to GDP. - Other adjustments: - Foreign trade adjustments for non-recorded exports and imports are made by CBR balance of payments compilers. - Adjustments for consumption of goods are implicit in adjustments to retail trade turnover used for household consumption expenditure estimates. - Production approach: - Output estimates compiled at highly disaggregated levels: annual estimates for 370 pure activities and 156 main activities; quarterly estimates for 312 pure activities and 148 main activities. - Intermediate consumption and value added are calculated annually and quarterly at the level of the main activity (156 and 148 activities, respectively). - Limited use of outdated fixed coefficients; in some cases coefficients from the previous year are used to fill recent-period information gaps. - Specific compilation issues: - Owner-occupied dwellings: - Output of owner-occupied dwellings is not measured according to internationally recommended methodology. Published estimates are significantly undervalued because only a fraction of cost is used for imputation instead of imputing rental services based on market values or using a full cost approach. Experimental cost-approach calculations were compiled for 2008; no decision has been taken to revise the series. - Work-in-progress: - Work-in-progress is recorded for output with production processes extending beyond one accounting period, important for quarterly accounts. Output of construction projects under contractors is allocated to periods when work was put in place. Output of standing timbers, animal breeding, and crops (except perennial crops) are allocated to quarters proportionally to allocation of expenses on production in each sub-period of the year. Allocation coefficients used were derived from benchmark estimates. *Source: _cr1156 - 3. Accuracy and reliability* ### 1995. Updating the coefficients for the inter-annual allocation of production requires ### 1995. Updating the coefficients for the inter-annual allocation of production requires ### Inventory valuation adjustment - Methodology aims to eliminate holding gains from reported book values of inventories and is "in accordance with internationally recommended methodology". - No specific deflators for each kind of inventories have been developed. - Inventory valuation adjustments are applied in calculations of output and intermediate consumption in accordance with internationally recommended practices. - Quality of the adjustment can be improved by developing more specific deflators to derive valuation adjustments. - The volume measures of changes in inventories use adequate methods, but the deflators are not representative of all types of inventories because the same component of the producer price index is used for each type of inventory within a specific economic activity. ### Procedures for the compilation of volume measures of GDP - Single indicator method is used for compilation of GDP. - Volume indexes of output are the most commonly used indicator for extrapolation of intermediate consumption on a quarterly and annual basis. - Direct deflation of value added has been applied only in a few cases. - Volume measures of output are compiled at the same highly disaggregated levels as current price output estimates and used for extrapolation of intermediate consumption and value added due to lack of data on intermediate consumption at the level of pure activity. - Volume measures for annual and quarterly GDP estimates are compiled at average prices of the previous year, chain-linked to produce series at the fixed reference period of 2003. - Discrepancies between chain-linked totals and sum of components have increased over time in Russia, suggesting a possible need to change the base reference period to a more recent year. ### Trade, taxes, and subsidies in volume measures - Output of the trade industry: extrapolation of the trade margin of the previous year by the volume index of trade turnover; separate estimates for retail and wholesale trade industries but extrapolated only at the level of the total for each activity. - Estimates of volume measures of taxes on products are made separately for each type of tax but often compiled at aggregated levels. - Volume measure estimates: - Value added tax on imported goods: extrapolation of total taxes levied in the previous year using the total volume index of imports of goods (prices of the previous year). - Export duties: compiled separately for energy-related commodities. - Excise taxes: estimated by product. - Value added taxes on domestically produced goods: extrapolated from previous year’s data with the volume index of value added for the total economy. - Subsidies: deflated by the CPI. - Improvements require extrapolation of taxes at more disaggregated levels and ideally based on the use matrix of the supply and use table. ### Expenditure approach procedures and volume measures of components of final uses - Each component of final uses is estimated independently; discrepancy between GDP by production and GDP by expenditure is shown explicitly. - GDP by production is considered more accurate; discrepancy shown in GDP by expenditure. - Household consumption: - Compiled using COICOP classification but published figures provided only for total consumption. - Series with COICOP classification scheduled for release in October 2010, when other changes to GDP series are introduced. - Household consumption expenditure includes expenditures of resident households abroad and excludes consumption of non-residents in the domestic territory (source data from balance of payments compiled by the CBR). - Expenditures on valuables are included in the accounts. - General government consumption expenditure: - Disseminated using COFOG classification. - Equal to own-production plus purchases distributed free or at nominal price less incidental sales. - No breakdown available for gross fixed capital formation due to lack of suitable source data, particularly for small enterprises. - Volume measure estimates should be compiled as the sum of volume measures of cost components of production; intermediate consumption and consumption of fixed assets should be deflated by specific indices. - Deflation/indices: - Household final consumption expenditure estimates are based on deflation of 30 groups of consumption using corresponding CPI components; new COICOP-based estimates are being produced at more disaggregated levels. - Volume measures of general government consumption expenditures based on extrapolation of own-produced output, index of employment, and deflation of purchases by specific price indices. - Exports and imports of goods: deflated by Paasche-type unit value indices of exports and imports, respectively. - No adequate index used for deflation of export and import of services. ### Specific quarterly compilation techniques - Quarterly national accounts data are aligned to annual estimate by distributing the difference proportionally to the distribution of unadjusted quarterly data; this introduces a step problem (distortion between last quarter of a year and first quarter of next year). - Recommendation to use the Denton method for benchmarking quarterly estimates to annual figures. - Russian national accounts compiled based on original data; seasonally adjusted and trend estimates compiled and disseminated for total GDP, for 15 activities, and main components of aggregate demand. - Seasonally adjusted data disseminated in absolute values; seasonal adjustment made using X-12 software; seasonal adjustment factors recalculated every time new quarter data are introduced. ### Assessment and validation of intermediate data and statistical outputs (3.4) - 3.4.1: Intermediate results validated against other information when available (e.g., output estimates compared with export data or household budget survey expenditures; implicit deflators compared with available price indices). - 3.4.2: Discrepancies in intermediate data are routinely assessed and corrected as needed. - 3.4.3: Supply and use tables compiled up to the year 2006; a new benchmark estimate scheduled for 2011. Partial balances of resources and uses used to assess consistency quarterly and annually. - The discrepancy between production-based GDP and expenditure-based GDP has never exceeded two percentage points. ### Revision studies (3.5) - Rosstat does not conduct systematic revision studies. - Normally, estimates are not revised beyond the last two years. - Revisions and causes are explained in publications; more detailed explanations provided when important methodological changes are introduced (infrequent). ### Serviceability: periodicity, timeliness, and consistency (4.1–4.2) - 4.1.1: Russia meets SDDS periodicity; quarterly GDP estimates at current prices and in volume measures are compiled and disseminated. - 4.1.2 Timeliness: - Quarterly production-based GDP estimates normally disseminated 80 days after end of reference quarter. - Quarterly expenditure-based GDP estimates disseminated 90 days after end of reference quarter. - Quarterly volume index of GDP by production disseminated 30 days after end of reference period. - First preliminary quarterly GDP estimate by production released 50 days after end of reference period. - Exception: second quarter of 2009 quarterly GDP data were not released on time. - 4.2.1: Quarterly GDP estimates are consistent with respective annual estimates; discrepancy between production and expenditure estimates is shown explicitly and is small. - 4.2.2: Consistent series: - Expenditure-based GDP available from data starting in 1995. - Production-based GDP available from 2002 (earlier years not recalculated with new classification). - 4.2.3: National accounts consistent with balance of payments except for minor item: migrant transfers in kind not included in exports and imports. Coverage of financial sector is same in monetary and financial statistics and national accounts. CBR compiles production accounts of financial intermediaries, including FISIM. Same source data used for government finance statistics and national accounts for general government, though discrepancies exist in economic and functional classifications. ### Revision policy and practice (4.3) - 4.3.1: Russia has a clearly established dissemination policy; exact dissemination dates of revisions posted on Rosstat website in Russian. - A preliminary annual GDP estimate for the preceding year (production approach) is disseminated on January 30. - Revised annual estimates for the same year published in March and December that follows the end of the reference period and in March and December one year later. - Quarterly estimates for current year are not revised within the year; historical series of quarterly GDP are revised only with annual estimates in March each year. - Shortcomings of current revision policy: - (i) Different timing of revisions between national accounts and some source data (e.g., balance of payments, industrial production index) causes discrepancies during the year and confuses users. - (ii) Dissemination of a preliminary annual estimate without simultaneous release of revised quarterly data for the same year causes confusion and misinterpretation. - Rosstat policy: most source data are not revised during the year; preliminary annual reports used for January 30 estimates differ from quarterly data sources, and users are warned that quarterly data lack consistency with the new annual figures. - Recommendations: - Revise quarterly GDP estimates for the current year every time data for a new quarter is released. - Educate users not to make use of the first preliminary annual data to derive estimates for the last quarter of the year, thus avoiding misuse of the data. - 4.3.2: Release dates stated each time data are disseminated; data are not marked as revised or preliminary with conventional symbols but revisions are explained in accompanying text. - 4.3.3: Number of revisions described in Federal Plans of Statistical Operations; explanations provided only for important data revisions (new classification or methodology). ### Accessibility (5) - 5.1.1: Dissemination practices generally good. Long-term data series disseminated on website in nominal values, volume measure levels, and indices. Detail corresponds to maximum available. Some charts and methodological text available. Annual publication contains complete sequence of accounts by institutional sector. 1993 SNA codes used for classification. Seasonally adjusted data and trend values disseminated in values and charts. - 5.1.2: Dissemination format very good; tables downloadable in Excel format from Rosstat website. - 5.1.3: Advance release calendar posted; exact dates made public three months in advance. All national accounts information kept up-to-date on Rosstat website only in Russian; English version less frequently updated and contains less information. - 5.1.4: Statistics made available to all users simultaneously through the Internet. - 5.1.5: Statistics disseminated with maximum available detail; requests for additional unpublished data are not common. - 5.2.1–5.2.2: Documentation on methodology and concepts available; annual national accounts publication provides summary of methodology updated every year; other methodological publications (e.g., NOE methodology) available. Simple methodological notes posted with data. - 5.3.1–5.3.2: Contact points publicized in publications and online; questions promptly answered; internet service for user queries recently introduced. Catalog of publications available online and updated yearly; printed publications distributed free to mailing list and available free via Internet; website contains announcements of new data. ### Key recommendations (extracted) - Update the coefficients used for the intra-annual allocation of work in progress of agriculture product. - Improve estimates of changes in inventories by developing specific deflators for goods held as inventories of raw materials; derive breakdown by main group of products used in production by each activity from the most recent input-output table. - Compile estimates of the volume measures of the trade margin at more disaggregated levels. - Compile estimates of volume measures of taxes and subsidies on products based on calculations at disaggregated levels. - Compile volume measure estimates of general government consumption expenditure as the sum of the cost components of production compiled in volume measures; develop specific indices to deflate intermediate consumption and consumption of fixed assets. - Adopt more adequate quarterly benchmarking techniques; the use of the Denton method is recommended. - Update the reference period of the chain-linked volume values and indices to a more recent year. - Revise quarterly GDP estimates for the current year every time data for a new quarter is released. - Educate users not to use the first preliminary annual data to derive estimates for the last quarter of the year. *Source: 1995. Updating the coefficients for the inter-annual allocation of production requires* ### 0. Prerequisites of quality ### 0. Prerequisites of quality ### 0.1 Legal and institutional environment - Checklist items: - 0.1 Legal and institutional environment: X - 1.1 Professionalism: X (see Assurances of integrity) - 1.2 Transparency: X - 1.3 Ethical standards: X - 0.1.1 The responsibility for collecting, processing, and disseminating the statistics is clearly specified. - Institutional framework and legal basis: - The Federal State Statistics Service (Rosstat) is the official body entrusted by law for coordinating and overseeing the production and dissemination of the official statistics of the country. - The country now includes 83 subjects of the federation (oblasts) with their own administrative structure, each subordinated to the corresponding central institution in the capital city. - Key legal documents: resolution No. 399 (Provisions on the Federal State Statistics Service, issued on July 30, 2004; latest update Resolution 420, issued on June 2, 2008) and Federal Law No. 282 F3, On Official Statistical Accounting and State Statistics System in the Russian Federation (issued on November 29, 2007). - Article 1 of the provisions: Rosstat authorized to approve regulatory and legal acts in state statistical activity and to oversee preparation of official statistical information. - Article 2 of the Statistical Law: defines official statistical information as summarized aggregated documented information compiled in compliance with official statistical methodology. - Article 5: official statistical accounting exercised in compliance with the Federal Plans of Statistical Operations prepared by the federal executive authority; Rosstat drafts the Federal Plan of Statistical Operations in consultation with other institutions and the plan should be approved by the Russian government. - Rosstat prepares a separate annual plan detailing forms, processing technology, level of aggregation, dissemination formats. - Rosstat has authority to issue official orders establishing methodology and classifications and to monitor compliance with the federal plan. - Article 5, Section 9 of Law No. 282-F3: official entities can obtain information from administrative sources and respondents without limitations while ensuring security of information in compliance with Russian legislation. - Data sharing and coordination: - Checklist: 0.1.2 Data sharing and coordination among data-producing agencies are adequate: X - Rosstat is self-sufficient in producing the CPI and the annual household income and expenditure survey; no other agencies are involved in CPI compilation. - Rosstat coordinates working meetings with other data producing agencies to avoid duplication and reduce respondent burden. - Confidentiality and data protection: - Checklist: 0.1.3 Individual reporters’ data are to be kept confidential and used for statistical purposes only: X - Primary confidentiality laws: The Law on Personal Data (FZ-152) and The Law on Information, Information Technology, and Data Collection (FZ–149). - Survey questionnaires state that information will be kept confidential and used for statistical purposes only, but confidentiality statements fail to reference the relevant laws. - Breaches: Rosstat staff responsible for releasing confidential data may be subject to prosecution; statutes do not define specific penalties, administrative courts assess penalties. - Internal safeguards: limited access to confidential documents, secured premises, password-protected programs, procedures for secure storing and destroying confidential data, regular regional meetings on confidentiality, head of prices unit signs off releases. - Aggregation policies: Rosstat aggregates to prevent disclosure (e.g., national accounts require minimum of three respondents for aggregation) but this policy does not apply to price programs; Rosstat may disseminate indices from which individual information can be derived. - Micro-data: released upon request only after removal of personally identifiable data; specific instructions drafted to anonymize records. - Recommendation: Amend the confidentiality statement on data collection questionnaires to include a reference to the relevant laws providing the safeguarding of data. - Reporting mandate and compliance: - Checklist: 0.1.4 Statistical reporting is ensured through legal mandate and/or measures to encourage response: X - Federal Law No. 282-2 (Article 5): subjects of official statistical accounting shall obtain primary statistical data and administrative data from respondents; covers legal entities and individuals. Article 8: individuals not conducting business provide information voluntarily, except when federal laws stipulate otherwise; population censuses oblige response. - Sanctions: Lack of compliance subject to administrative sanctions and monetary fines imposed by regional Rosstat offices; proceeds transferred to the Treasury. Historically fines were not high deterrents; situation improved as respondents gained confidence in data protection. - Measures to encourage reporting: consideration of reporting burden, coordination to avoid duplication, forms include detailed instructions and contact telephone numbers, explanatory letters sent prior to first-time data collection, seminars in regions to explain purposes of data collection. ### 0.2 Resources - Checklist items: - 0.2 Resources: X - 0.2.1 Staff, facilities, computing resources, and financing are commensurate with statistical programs: X - 0.2.2 Measures to ensure efficient use of resources are implemented: X - Staffing and organization: - The CPI section within the Division of Price and Financial Statistics consists of 12 staff members, all with a university degree; five of the twelve staff joined within the last five years. - There are 1,596 full-time staff engaged in CPI work at regional and local office levels. - Average age of the Rosstat workforce is 52 years old. - Low salaries relative to other ministries produce high turnover; recruitment is not difficult and vacancies are quickly filled. - All staff participate in mandatory refresher training every three years; staff may also attend Rosstat training facility seminars. - IT, processing, and continuity: - Computing equipment and IT support at headquarters and regional/local levels are sufficient; every staff member is assigned a desktop computer with needed software. - Direct internet access from desktops is restricted to the head and deputy head of the division and those requiring it; at least three room computers have internet access for other staff; web-based training participants are granted direct internet access for course duration. - A central Rosstat computer center processes and securely stores all price data on a central database; regular backups performed. - Continuity plans exist to enable CPI compilation and release from an off-site location in event of disaster. - Physical facilities and resources: - Physical facilities under extensive renovation; staff displaced, limited working space, many employees sharing rooms; air conditioners outdated or non-working; improvements planned after renovations. - Enumerators are provided sufficient resources and reimbursed for transportation expenses under procedures implemented in the last two years. - Financing: - Funding for CPI is reasonably secure for timely compilation and dissemination. - A three-year budget cycle was implemented beginning in 2007; the 2008 financial crisis forced a return to an annual budget cycle in 2009 and 2010. It is planned that the three-year budget cycle will return in 2011. - The financial crisis resulted in a 30 percent reduction in the 2009 budget of the Rosstat; the agency absorbed cuts by delaying capital improvement expenditures and did not reduce budgets for statistical programs. - Efficiency measures: - Staff performance reviewed monthly; evaluations used for merit-based performance bonuses. - Mandatory refresher training every three years; accreditation on completion used for promotion, suspension, or separation decisions. - Consistent methodologies and classification systems across departments reduce need for frequent reviews. - Survey instruments streamlined to capture information required by multiple departments, reducing number of surveys and respondent burden. - Finance Department reviews resource allocation and budgeting procedures to ensure efficient spending. ### 0.3 Relevance - Checklist items: - 0.3 Relevance: X - 0.3.1 The relevance and practical utility of existing statistics in meeting users’ needs are monitored: X - User engagement and feedback mechanisms: - The Scientific and Methodological Council of the Rosstat provides a structured venue for consulting on usefulness/quality of statistics and emerging data requirements; members include internal and external economists/statisticians and major data users; co-chaired by head of Rosstat and head of the Higher School of Economics; meets approximately four times each year; focuses on methodological and data quality issues. - Rosstat organizes working groups with data users (Ministry of Finance, Russian Academy of Sciences, others) to discuss needs and elicit feedback. - Rosstat has established an e-mail mechanism on its website for the general public to address concerns; comments and queries are monitored and considered in planning. - Relevance is discussed in consultations for the Federal Plan of Statistical Operations. - Rosstat staff interact with foreign partners and participate in international meetings and training to align methods with international best practices; bilateral cooperation supports adherence to international recommendations. - Russia is in the process of joining the OECD, which requires compilation of statistics in accordance with OECD standards. - Methodological reviews and studies: - Staff compiling price statistics have undertaken studies to identify new and emerging data requirements. - A technical task force has been convened to conduct a comprehensive review of CPI methods. - Other studies reviewed household budget survey coverage to enhance representativeness and reviewed the conceptual basis of the CPI. - Gaps in user-consultation practice: - Checklist note: No regular users‘ surveys are conducted; no press conferences are conducted. (Listed under 0.3 Relevance with X) ### Other quality management and methodological soundness (summary of checklist and key issues) - Checklist items: - 0.4 Other quality management: X - 2. Methodological soundness: X - 2.1 Concepts and definitions: X - 2.2 Scope: X - 2.3 Classification/sectorization: X - 2.4 Basis for recording: X - 3. Accuracy and reliability: X - 3.1 Source data: X - 3.2 Assessment of source data: X - 3.3 Statistical techniques: X - 3.4 Assessment and validation of intermediate data and statistical outputs: X - 3.5 Revision studies: X - 4. Serviceability: X - 4.1 Periodicity and timeliness: X - 4.2 Consistency: X - 4.3 Revision policy and practice: X - 5. Accessibility: X - 5.1 Data accessibility: X - 5.2 Metadata accessibility: X - 5.3 Assistance to users: X - Noted methodological limitations and practices: - Scope: Output of illegal activities is not in the scope of the accounts. For practical reasons, own-account research and development and output of capital goods are not always separately distinguished. - Statistical techniques and benchmarking: Although estimates are compiled at very detailed levels of the industrial classification, inadequate benchmarking procedures of the quarterly national accounts are applied. Calculation of taxes and subsidies on products, volume measures of the trade industry, the estimates of changes in inventories, and general government consumption, do not follow best practices. - Revisions: Quarters of the current year are usually not revised within the year. Only limited explanation of revisions are provided to users. No systematic studies of revisions are conducted. - Serviceability: No regular users‘ surveys and no press conferences are conducted (see 0.3 note). - Accessibility and assistance: Checklist indicates data accessibility, metadata accessibility, and assistance to users are marked X; specific practices detailed elsewhere in the full document. *Source: _cr1156 - 0. Prerequisites of quality (Price Statistics — Consumer Price Index) — extracted content.* ### 0.4 Other quality management ### 0.4 Other quality management ### Processes to focus on quality - Rosstat management is sensitive to all dimensions of data quality and promotes awareness through numerous procedures and systems. - A written manual detailing the data quality procedures serves as a reference and guide for all staff. - Each program area (CPI, PPI, national accounts) has detailed methodology manuals which include a separate manual focusing on data quality issues. - Staff training programs include discussions on the importance of data quality issues. ### Monitoring quality of the statistical program - Monitoring processes generate and review reports detailing response rates, incidence of error, and editing rates to ensure accurate, reliable data are collected, compiled, and disseminated. - The Scientific and Methodology Council provides expert guidance and makes recommendations for improvement. - Working groups are convened to assess data quality and recommend changes. - Individual staff performance for all CPI staff, including regional and district staff, is monitored and reviewed regularly; staff receive feedback on performance. ### Quality considerations in planning the statistical program - Rosstat prepares a work plan that includes an annual timetable for receipt of source data and dissemination of statistics. - Multiple divisions and groups routinely review the work plan to ensure quality standards are maintained. - Major data users (other government agencies/ministries, academicians, trade unions) review and comment on the Rosstat work plan; users comment on current needs and emerging data needs. ### 1. Assurances of integrity — Professionalism - Terms and conditions under which statistics are produced are stipulated by resolution No. 420 of the Russian government issued on July 30, 2004. Article 5.4 states the Federal Statistics Service shall develop the official statistical methodology, ensuring consistency with international standards. - The Statistics Law emphasizes professional independence and integrity of staff; it refers to "national agents responsible for statistics," which includes Rosstat. - Rosstat is subordinated to the Ministry of Economic Development, which may give rise to a potential conflict of interest because the ministry produces forecasts of the same economic statistics produced by Rosstat (GDP and inflation measures). - The Ministry of Economic Development plays a strong role in decision-making for changes in price index methods; example: the ministry denied Rosstat's initial request to implement COICOP and questioned methods used by CPI staff for treatment of seasonal items. The ministry's questions are based strictly on statistical methodological grounds. - The head of Rosstat is appointed and dismissed by the prime minister. Deputy heads are appointed and dismissed by the Minister of Economic Development. - Staff are prohibited by law from joining or participating in any political party. - The Statistical Plan protects Rosstat from interference; changes require agreement by all agencies producing statistics and approval by the prime minister. - Recruitment is competitive; vacancies announced on the Rosstat website; promotions are merit-based. - Newly hired staff participate in a mentoring program paired with experienced staff; duration varies. - Ongoing skills development programs are offered (classroom or computer-based); courses at the Public Service Academy and short-term university courses encouraged; Rosstat encourages post-graduate studies and grants leave for exams and assignments. - Russian Academy of Sciences sponsors seminars; Rosstat staff encouraged to attend. - English-language courses are offered by Rosstat. - Staff research and analysis are encouraged and published; Rosstat produces a monthly bulletin, Issues of Statistics, publishing staff research papers. Recommendation: - "The Rosstat should be provided the independence to implement improvements and changes of a statistical nature without the approval of the Ministry of Economic Development." ### 1.1.2 Choices of sources, techniques, and dissemination - Choice of data sources and statistical techniques is guided solely by statistical considerations. - Dissemination timing is predetermined in an advance release calendar posted on the agency website at the beginning of each year with exact dates provided a quarter in advance. - Rosstat disseminates the CPI in conformity with the periodicity and timing prescribed by the SDDS. ### 1.1.3 Right to comment on misuse - Rosstat is authorized to make public clarifications regarding erroneous interpretations or misuse of data. - Criticisms are responded to in a timely manner; responses are posted on the Rosstat website and included in Rosstat publications. - The head of Rosstat holds press conferences to correct misconceptions and clarify methodologies. (Note: CPI staff prepared a presentation used by the head of Rosstat during a press conference on July 9, 2010.) ### 1.2 Transparency - Relevant legal documents are posted on the Rosstat website; questionnaires reference the statistical law and confidentiality. - Publications and the website identify specific contacts and editorial board members responsible for reviewing Rosstat publications. - CPI weight data have been published at a detailed level on the Rosstat website since 2006. Historical weight data are available in the biannual publication Prices in Russia. - Recommendation: consider publishing weight data prior to 2006 on the Rosstat website. - There are no procedures for providing internal government access to statistics prior to public release. - All Rosstat publications clearly identify Rosstat as the source; publications include the official government seal. Users reproducing Rosstat data are required to cite Rosstat as the source. ### 1.2.4 Advance notice of methodological changes - Major changes in CPI concepts and methods are announced in advance. Minor or routine changes are announced in publications and on the website at the time of release. - All changes to CPI methods must be included in The Plan on Methodological Works; the plan is released in January of the year prior to implementation and can be updated as needed, providing advance notice of up to one year for changes in CPI methods. ### 1.3 Ethical standards - All staff are made aware of the code of conduct; commitment must be signed at hiring and when contracts change. - Job descriptions list duties and rights and include clauses prohibiting disclosure of pre-release data or using data for personal use; staff sign job descriptions attesting understanding. - Mentoring emphasizes ethical standards; regional staff receive written procedures on behavior as Rosstat representatives. - A strong culture of professionalism and ethical standards is said to preclude political interference. ### 2. Methodological soundness — Concepts and definitions - Concepts and definitions used to compile the CPI reflect international standards and best practices consistent with the CPI Manual, CPI Handbook, and 1993 SNA, with deviations noted elsewhere. - CPI staff refer to the Russian translation of the CPI Manual; the CPI Handbook is currently available in English only. - Rosstat Decree No.110 of December 30, 2005 details concepts and methods for the CPI; copies posted on the Rosstat website and available on request. - Expenditure data on services and commodities are tabulated in sufficient detail to permit analysis at the level of the four-digit COICOP. ### 2.2 Scope - The annual household budget survey (HBS), upon which CPI market basket weights are based, covers all geographic areas and socio-economic groups; all socio-economic strata are represented. - Households with unincorporated businesses: consumption expenditures are separated from production-related expenditures. - Excluded from reference population: individuals in institutions (hospitals, prisons, etc.); foreign diplomatic and military personnel stationed in Russia. No estimates are made for the non-observed economy when compiling expenditure data or estimating weights. Imputed rents for owner-occupied dwellings are excluded. - Inclusion threshold: all items exceeding 0.1 percent of total household consumption expenditure are included in the CPI market basket. - A total of 489 items are included in the market basket; weights are fixed at the item level. - CPI reflects the "national" concept: expenditures of nonresidents are excluded; consumption of nationals abroad is included. - Excluded items: illegal goods and services, gambling and prostitution, production for own consumption, second-hand goods other than automobiles, and expenditures by institutional households. - Owner-occupied housing is excluded; rents, maintenance, and repair costs for municipal and private apartments are included. Rosstat noted the weight for owner-occupied housing would be below the threshold of 0.1 percent; however, HBS does not collect data to develop weights for owner-occupied dwellings. - Recommendation: "Include a rental equivalence component in the CPI market basket to represent the cost of owner-occupied housing unless expenditure data justify excluding it because it falls below the threshold of 0.1 percent." ### 2.3 Classification/sectorization - Recommended international practice is to use COICOP to classify all CPI items; Russia uses the All-Russian Classification of Products and the All-Russian Classification of Services, not comparable or derived from COICOP. - Rosstat began experimental use of COICOP in 2007 and proposed adopting COICOP in 2008; the Ministry of Economic Development denied the request. Rosstat is preparing another request. - Current classification system: 3 groups, 189 sub-groups, and 489 items. - Recommendation: "Adopt COICOP to classify all items in the CPI to enhance international comparability of Russia’s CPI." ### 2.4 Basis for recording - Market prices are used to value flows and stocks; both market basket weights and monthly prices are valued at market prices, including taxes (VAT, excise tax, sales tax, and other indirect taxes) and applicable discounts. Discounts available to the general public are included; discounts restricted to pensioners are not included. - Recording is done on an accrual basis: HBS expenditure data and price data for the monthly survey are recorded on an accrual basis. Monthly prices are those actually charged at date of collection—between the twenty-first and twenty-fifth of the months; in certain circumstances prices may be collected one or two days earlier. - Grossing/netting procedures broadly consistent with 1993 SNA; durable goods weights should be based on net purchases. The relatively minor weight for used cars is based on net purchases using alternative data sources. - Recommendation: "Include questions on the HBS to collect data needed to improve the estimates of net purchases (sales less disposals) for used cars." *Source: _cr1156 - 0.4 Other quality management* ### 3.1 Source data ### _cr1156 - 3.1 Source data ### Source data collection and coverage - The HBS is conducted during October to September of each year and is a sample survey collecting expenditures via a diary (for a two-week period) and a journal that collects data on all expenditures (i.e., recurring expenditures, expenditures on durable goods and other goods/services). - Participation in the HBS is voluntary. - The survey covers households from all socio-economic groups in both urban and rural areas throughout Russia. - Sample size and design: - The sample of 47,800 households is selected using a sampling frame based on the 2002 population census and represents approximately 0.1 percent of the total population. - A two-stage sampling procedure is used: geographic areas are chosen in the first stage and households in the second stage. - For both stages, stratified systematic sampling is used. - Rosstat oversamples to account for non-response. - Standard errors are calculated for the national and regional levels; only national-level standard errors are published and used for survey planning purposes. - Non-response and data validation: - All data derived from the survey are adjusted for non-response and to values that correspond to the entire population. - Expenditure data are compared with alternative sources (retail trade data, production data, and other available data sources) to ensure reliability and consistency. - Under-reported expenditures (e.g., alcohol and tobacco) are augmented using alternative source data; weights are adjusted using retail sales data as appropriate. - HBS data are sample-based and cannot be expected to provide reliable expenditure estimates at very detailed levels; alternative sources are used to develop weights at the most detailed levels as needed. - Household rotation: - Households report data until they self-select and request to be dropped; in theory a household could be retained for several years. - The report recommends rotating households out of the sample to improve weight accuracy for durable goods and reduce respondent burden; example rotation: each year 20 percent of the households could be rotated out and replaced. - Regional weights and timing: - To compile the CPI within each subject of the federation, HBS data (validated against other data sources) are used to develop weights that reflect household expenditures in a specific region. - CPI weights reflect shares in total consumption expenditures of the reference population and regional weights reflect consumption expenditure in the region in proportion to expenditure in the whole country for that item. - CPI weights are revised on an annual basis and revised weights are introduced in January of each year. - The weights reflect expenditures made in the 12 months ending in September of the previous year (example: the weights used in 2010 reflect expenditures during the period October 2008–September 2009). ### Price collection for the CPI - Monthly price collection: - Each month, approximately 617, 400 price quotations are collected for 489 items from over 58,000 outlets in 266 urban areas located throughout Russia. - Weights reflect expenditures of nearly all households living in urban and rural areas, while monthly price collection is restricted to urban areas. - Prices are collected during the twenty-first and twenty-fifth of each month or the nearest working day if these days fall on a weekend. - Using the most popular item as a guide, enumerators select and precisely specify varieties for which prices will be collected each month. - Outlet selection: - Outlets selected for monthly price collection are chosen using purposive sampling techniques using sales data and product availability to reflect all types and sizes of outlets. - Publication timing: - The index is published on the sixth business day of the month following the reference period. - The Rosstat releases the CPI on the fourth and the sixth business day of the month following the close of the reference month: an express release on the fourth business day and detailed data on the sixth business day. ### Assessment of source data quality and monitoring - Timeliness: - Prices are collected during the twenty-first through the twenty-fifth (or nearest business day) of each month. - HBS data are compiled quarterly and are supplied in good time for use in developing and updating the weights each January. - Continuous monitoring and checks: - Price and specification data on survey forms are checked for completeness and accuracy in the field; captured data are subjected to automated checks for atypical and/or extreme values. - Atypical/extreme values are checked for data entry errors and, if problems persist, respondents are contacted to verify price data. - Consistency checks are made across the dataset. - Rosstat monitors the entire process (sampling, coding, collecting, tabulating) and performs numerous consistency checks at every step. - Standard errors for the HBS household sample are calculated at the national level and for each region; national-level standard errors are published and used in survey planning. - CPI staff conduct 500 inspections of price collection procedures at the regional level semi-annually; a comprehensive report identifies issues, problems, and shortcomings to drive method improvements. - Sampling error note: - It is not possible to estimate sampling error for the CPI outlet and product samples as purposive sampling techniques are employed. ### Statistical techniques and treatment of missing data - Imputation and seasonal items: - Missing prices for temporarily unavailable items are imputed based on price movements for similar products or product groups. - Prices are carried forward only if it is absolutely certain that the price has not changed (e.g., tuition). - Prices missing for several months (including seasonal items) are imputed using the same technique. - This practice reflects international standards and is preferred over the use of variable weights for seasonal products. - Introduction and substitution of goods: - The market basket is updated annually, facilitating the introduction of new goods as soon as they are available for pricing in subjects of the federation that reported expenditures on the item. - Elementary aggregates are formed using a matched price methodology. - If a price is permanently missing, a replacement item is selected using detailed price specifications; enumerators select replacement items in consultation with regional office supervisors. - When a replacement is selected, Rosstat attempts to collect an overlap price (price for the new item in the previous month); if overlap exists, the current price is compared to the overlap price; if no overlap exists, the new item is linked into the index to show no change. - Rosstat does not make any additional adjustments for price change due to differences in quality between old and new items. - Index formulae and weighting: - All weights are estimated consistent with the 1993 SNA and the CPI Manual; durable goods are valued at the market value at the time of purchase regardless of method of payment. - To calculate the elementary aggregate, the relative of average prices (using the geometric mean) is calculated for each item by region. - Elementary aggregates are progressively aggregated within each region using the Two-stage (Modified) Laspeyres index formula. - Expenditure weights are used to aggregate indices across subjects of the federation to compile the All Russia indices. - Market basket weights, updated each January, are updated for the relative change in price between the weight (October–September) and price reference (December) periods. - The old CPI is not linked to the new CPI to form a continuous time series; a separate time series of CPI data is published with an index reference year of 2000. ### Assessment, validation, and consistency of intermediate data and outputs - Validation against other statistics: - The CPI is checked against relevant components of the PPI for industrial products and agricultural price indices for fresh food products. - CPI price, weights, and index data are conceptually consistent and/or reconcilable with corresponding data from the national accounts and the PPI. - Consistency checks and investigations: - Consistency checks are made monthly to identify atypical price levels and price movements by comparing price changes from the previous period to the current period for all price quotations for a given product. - Atypical values are investigated and corrected as necessary at the district, regional, and headquarters levels. - Geographical aggregation of indices and imputation procedures are carried out so as not to produce inconsistent aggregate results regardless of the order of aggregation. - Time series consistency: - Two time series of data exist: (i) 1996–2004 (1995 base) and (ii) 2001–present (2000 base). - These data series should be linked to create a continuous time series of data while preserving the required year 2000 index reference. ### Revision practices and studies - Revision policy and practice: - In practice CPI data are final upon release and are not subject to revision; no revision policy has been developed to date because data have never been revised. - The weights for the CPI are revised on an annual basis, with revised weights introduced in January of each year. - Documentation describing weight revisions is available to users. - CPI weights have been published on the Rosstat website since 2006; detailed expenditure data used to develop the CPI weights are published in the biannual publication, Prices in Russia (since 2006). - The CPI is final upon publication; preliminary and/or revised data are not applicable. - Revision-related studies: - Rosstat prepared a tender to conduct research on the regional weighting structure of the CPI (to be financed by the World Bank) to review regional weighting reliability and accuracy. - The Higher School of Economics prepares routine studies and analyses on substitution bias and the effect of the annual weights updates on the index; these studies are presented at the Ministry of Economic Development and provided in writing to Rosstat. - Rosstat organizes conferences to discuss these studies and recommendations for improvement. - Weight and methodology revisions are explained to users; studies detailing magnitude of change between preliminary and final data are not produced because data are not revised. ### Key recommendations from the source - Develop procedures for rotating the sample of households for the HBS to minimize respondent burden and to ensure a broad range of expenditure data are collected (example: rotate each year 20 percent of households). - Improve procedures to adjust for changes due to differences in quality when making substitutions; consider using imputation techniques in addition to the overlap method, and develop CPI staff experience in making direct quality adjustments. *Source: _cr1156 - 3.1 Source data* ### 5.1 Data accessibility ### 5.1 Data accessibility ### Presentation and continuity of statistics (5.1.1) - Monthly CPI is disseminated in multiple hard-copy formats; key monthly bulletins include: - Express Release (in Russian only) - Data are not presented as a continuous time series. - Cover does not include contact details or resources for additional details. - Provides index levels at the national level for each major group. - Tables present index levels for key items within each group (food, nonfood, and services). - Tables show current period index level, index level last month, index level for December of the previous year, and the index level 12 months ago. - No percent changes are calculated or presented in the tables. - Brief analysis describes contributors to changes in the aggregate index and which prices differ from the aggregate. - Analysis includes percent changes at the All Items level for the month-to-month change, the 12-month change, and the change for the current month to the previous year. - Socio-Economic Situation of the Russian Federation (in Russian only) - Monthly bulletin with price data produced from January of the current year to the month prior to release, plus all data for the previous year (e.g., the June 2010 publication contains data for January to May 2010). - Data are not presented in a continuous time series. - Graphs and tables show index levels and the impact on the index in percentage terms of the major index groups. - Several tables show month-on-month change, current month to previous December, and 12-month index changes by major groups. - Limited analysis included because the publication compiles data from different government agencies. - Other publications disseminating price data do not present data as a continuous time series. They present detailed index levels for the current month, previous month, 12 months ago, and from December of the previous year, and calculate percent changes comparing the current month with each of these time periods. - Quarterly publications include data for each month in the quarter; annual and biannual publications include detailed data for months of the relevant year(s). Limited analysis is provided. - Publications listed (in Russian only unless noted) include: - Statistical Review (Quarterly) - Regions of Russia: Social and Economic Indicators (Annual) - Prices in Russia (Biannual) - Statistical Yearbook of Russia (in Russian and English) (Annual) - Social Status and Living Standards in Russia (Annual) - Russia in Figures (Annual) - All publications are available on the Rosstat website and hard copy can be requested. - Up to 500 hardcopy versions are available for each publication every month. - Once supplies run out, publications can be purchased in the bookstore run by the publication center located on the ground floor of the Rosstat headquarters in Moscow. - Regional offices publish regional data and determine their local publication methods. - A web-based federal portal provides a single access point for all data produced by all federal agencies; users can access Rosstat data, publications and metadata via this portal. - Detailed CPI data are not presented in a continuous time series on Rosstat publications; limited time series data are posted on the Rosstat website and available through the English-language portal. - Time series data are produced by CPI staff upon request; a consistent time series is produced to meet users' specified level of detail and time period. - Recommendation: To reflect international best practices, a continuous time series of data at a detailed level should be produced and published. ### Dissemination media and formats (5.1.2) - CPI data published in paper publications and disseminated via Rosstat website and other electronic formats (e-mail and other forms upon request) and hard-copy printout. - Prices data are available in English only in Statistical Yearbook of Russia and on the website. - Recommendation: Publish CPI weights at a detailed level on the website for those years prior to 2006. ### Release schedule and Advance Release Calendar (5.1.3) - Rosstat publishes an Advance Release Calendar (ARC) on its website and the IMF‘s Data Standards Bulletin Board (DSBB). - ARC posted on the English-language portal and the IMF‘s SDDS notes that data are released "on the last working day of the month following the reference month"; however, actual practice is: - Data are released on the fourth and sixth business day of the month (or nearest business day if this falls on a weekend) following the reference month. - Express release occurs on the fourth business day; full release occurs on the sixth business day. - The ARC on the main (Russian language) Rosstat website indicates actual dates for release. - Recommendation: Update the ARC posted on the English-language portal of the Rosstat website and the IMF’s DSBB to reflect actual dates of release. ### Simultaneous release to all users (5.1.4) - CPI data are released simultaneously to all users; no one outside Rosstat has access prior to release. - Data are released via Rosstat website, courier, email, and fax. - CPI data are officially released once the head of Rosstat signs and approves the release. - According to the Statistical Plan, no official release time exists, but data are to be released no later than 4:00 p.m. for monthly data releases such as the CPI. - As data are posted on the website, Rosstat simultaneously begins sending out the release by e-mail, fax, and courier to the media and other federal agencies. - Users must continually check the website on the day of release to obtain the data, due to past posting delays that have been corrected. - Recommendation: Eliminate the no later than 4:00 p.m. requirement and adopt a standard policy of releasing data at 4:00 p.m. on the day of release. ### Access to non-routinely disseminated statistics (5.1.5) - Rosstat's main Russian-language website and publications present detailed index data. - Special tabulations of non-confidential data are available on request and are available free of charge to users listed in the federal statistics program and occasionally to other users. - Rosstat is not authorized to charge fees; the publication center (operated independently of Rosstat) may assess fees to users not listed in the federal statistics program who desire special tabulations of non-confidential data on a regular basis. ### 5.2 Metadata accessibility ### Documentation of methodology and deviations (5.2.1) - The Statistical Law requires Rosstat to provide detailed explanations on concepts and methods used to compile official statistics. - Decree No.110, dated December 30, 2005, describes in detail the concepts, scope, classifications, basis of recording, data sources, and statistical techniques used to compile the CPI. - The methodology is described as complete and exhaustive, but deviations from internationally accepted standards are neither identified nor explained (e.g., COICOP). - Overviews of CPI methodology are included in each Rosstat publication. - Detailed CPI weights have been published on the website since 2006. - Detailed expenditure data used to develop CPI weights are posted on the Rosstat website annually and published in Prices in Russia. - Detailed historical weight data can be found only in Prices in Russia. - Rosstat should consider publishing detailed historical weight data on the website. ### Adaptation of levels of detail to audiences (5.2.2) - Rosstat publishes CPI methodology in various formats: - Releases and bulletins include a brief overview of CPI methodology. - Rosstat website includes a comprehensive and detailed description of CPI concepts and methods in Russian. - English-language portal reflects Rosstat’s entry on the DSBB. - Hardcopy versions of CPI concepts and methods can be purchased at the publications center bookstore. ### 5.3 Assistance to users ### Contact points (5.3.1) - Except for the Express Release, all publications indicate a name and telephone number for additional assistance. - The Rosstat website includes a detailed list of names, telephone numbers, and email addresses of staff available to provide support. - Recommendation: The Express Release should include contact details where users can obtain more information. ### Catalogs, services, and response procedures (5.3.2) - Rosstat produces a catalogue of all publications and data products; catalogue includes short description and notes prices for publications available for purchase. - A central call center provides detailed information on obtaining additional information or data products. - Policy requires all questions or requests to be made in writing (email or post); queries are assigned a control number and tracked. - Current procedures require Rosstat staff to respond to all queries and requests within three weeks. - Rosstat publications can be purchased in the bookstore (operated independently of Rosstat) on the first floor of headquarters; users can obtain information at the bookstore and access publications in the Rosstat library on the second floor. ### Data Quality Assessment Framework: accessibility highlights - Element 5.1 Data accessibility: assessment symbol indicates "LNO" (Practice Largely Not Observed) with comment: "Detailed time series data not produced." - Other relevant notations in the framework: - 1.1 Professionalism: "LNO" with comment: "Staff are highly qualified and professional, but the Rosstat lacks complete independence on the choice of methodologies." - 2.3 Classification/sectorization: "LNO" with note: "Index not compiled using the COICOP classification." - 2.2 Scope: "LNO" with note: "Owner-occupied housing excluded." - 3.5 Revision studies: "LO" with note: "CPI data are not subject to revision; however, studies are conducted on effect of weights revisions and substitutions." - Overall accessibility scoring in Table 2: - 5.1 Data accessibility — LNO - 5.2 Metadata accessibility — LO - 5.3 Assistance to users — LO *Source: Price Statistics (Consumer Price Index), Compiling Agency: Rosstat, extracted from section 5.1–5.3 and Table 2 of the provided IMF document.* ### 0.1 Legal and institutional environment ### _cr1156 - 0.1 Legal and institutional environment ### 0.1.1 Responsibility and legal framework - The Federal State Statistics Service (Rosstat) is the official body entrusted by law for coordinating and overseeing the production and dissemination of the official statistics of the country. - Structural/organizational facts: - Russian Federation now includes 83 subjects of the federation; Rosstat has offices in the capital cities of each subject. - Key legal documents and dates: - Resolution No. 399, Provisions on the Federal State Statistics Service, issued on July 30, 2004 (latest update: Resolution 420, issued on June 2, 2008). - Federal Law No. 282 F3, On Official Statistical Accounting and State Statistics System in the Russian Federation (Statistical Law), issued on November 29, 2007. - Statutory responsibilities (as stated in Article 1 and Article 2 of referenced documents): - Approval of regulatory and legal acts in the area of state statistical activity; preparation of official statistical information on social, economic, demographic, and environmental situation; oversight in the area of state statistical activity. - Official statistical information defined as "summarized aggregated documented information on the quantitative component of social, economic, demographic, ecological, and other social processes in the Russian Federation, compiled by the subjects of then official statistical accounting in compliance with official statistical methodology." - Official statistical accounting exercised in compliance with the Federal Plans of Statistical Operations prepared by the federal executive authority (Article 5). - Planning and mandates: - Federal Plan of Statistical Operations is drafted by Rosstat in consultation with other government institutions and must be approved by the government of Russia. The plan assigns responsibilities, periodicity, and dissemination deadlines. - Rosstat prepares a separate annual plan with detailed activities, forms, processing technology, aggregation levels, dissemination formats, etc. - Rosstat has authority to issue official orders establishing methodology and classifications; monitors compliance with the federal plan. - Data access and legal consistency: - Article 5, Section 9, of Law No. 282-F3 permits official entities producing statistics to obtain information from administrative sources and respondents without limitations while requiring security of the information in compliance with Russian legislation. ### 0.1.2 Data sharing and coordination - Rosstat is self-sufficient in the production of the PPI: - Both index weights and monthly price data are collected and processed by Rosstat; no other agencies are involved in PPI compilation. - Rosstat’s coordinating role: - Statistical Law establishes Rosstat as the federal statistics coordinating agency with delegated authority to coordinate statistical efforts, ensure standard definitions, classification systems, and methodologies. - Rosstat coordinates working meetings with other data-producing agencies to avoid duplication and reduce respondent burden. ### 0.1.3 Confidentiality and use of individual reporters’ data - Primary legislation protecting confidentiality: - The Law on Personal Data (FZ-152): stipulates that all data are confidential and to be used solely for statistical purposes. - The Law on Information, Information Technology, and Data Collection (FZ–149): provides for protection and safe storage of collected data. - Additional decrees for specific activities (e.g., decennial census) include confidentiality language. - Practice and safeguards: - Survey questionnaires state confidentiality and statistical-use-only, but confidentiality statements on forms do not reference the specific laws. - Rosstat staff responsible for releasing confidential data may be subject to prosecution; penalties are assessed by administrative courts (statutes do not define specific penalties). - Internal safeguards: limited access to confidential documents, secured premises, password-protected programs, procedures for secure storing and destroying confidential data, regular regional office meetings emphasizing confidentiality, head of prices unit signs off prior to release. - Procedures exist for aggregation to prevent disclosure by elimination; however, Rosstat is not prohibited from disseminating indexes from which individual-unit information can be derived. No policy requires respondent permission before dissemination. - National accounts aggregation rule: minimum of three respondents required within a specific activity; otherwise aggregate to next highest level (this special aggregation policy does not apply to price programs producing indexes). - Rosstat releases micro-data upon request only after removing personally identifiable data; specific instructions guide staff on anonymization. - Recommendation: - Amend the confidentiality statement included on data collection questionnaires to include a reference to the relevant laws providing the safeguarding of data. ### 0.1.4 Legal mandate for reporting and measures to encourage response - Legal authority: - Federal Law No. 282-2 (Article 5) establishes that subjects of official statistical accounting shall obtain primary statistical data and administrative data from respondents; covers legal entities and individuals. - Article 8: individuals residing in Russia not conducting business should provide information on a voluntary basis, unless otherwise stipulated by federal laws; individuals obliged to respond for population censuses. - Enforcement and incentives: - Lack of compliance subject to administrative sanctions and monetary fines imposed by regional Rosstat offices; proceeds transferred to the Treasury. - Historically fines were not high deterrents; confidentiality concerns reduced over time improving compliance. - Rosstat reduces respondent burden via coordination to avoid duplication; forms include detailed instructions and contact telephone numbers (required by the Statistical Law); introductory letters and seminars are used to explain purposes of data collection. ### 0.2 Resources #### 0.2.1 Staff, facilities, computing resources, and financing - PPI staffing and qualifications: - The PPI section consists of 11 staff members working on the PPI, all of whom received a university degree. - "Three of the ten staff joined the Rosstat within the last five years." (text preserved verbatim). - There are 270 full-time staff engaged in PPI work at regional and local office levels. - The average age of the Rosstat workforce is 52 years old. - Turnover and training: - Low salaries relative to other ministries result in high turnover; recruitment is not difficult and vacancies are quickly filled. - All staff participate in mandatory refresher training every three years; staff may also attend Rosstat training facility seminars. - IT and operations: - Computing equipment and IT support at headquarters and regional/local level are sufficient; all staff assigned a desktop with needed software. - Direct internet access from desktops restricted to head and deputy head of division and those who require it; at least three computers per room have internet access for staff use. - Rosstat computer center processes and stores all price data on a secure central database; regular backups and continuity-of-operations plans exist. - Physical facilities: - Physical facilities under extensive renovation; staff displaced, limited working space with shared rooms; air conditioners outdated or non-working; improvements planned after renovations. - Field resources: - Enumerators provided sufficient resources; procedures implemented in last two years to reimburse data collectors for transportation expenses regularly. - Financing and budget cycles: - Funding for the PPI reasonably secure. - Beginning in 2007, a three-year budget cycle was implemented; financial crisis of 2008 forced a return to an annual budget cycle in 2009 and 2010; planned return to three-year cycle in 2011. - The financial crisis resulted in a 30 percent reduction in the 2009 budget of the Rosstat; agency absorbed cuts by delaying capital improvements and did not reduce budgets for statistical programs. #### 0.2.2 Measures for efficient use of resources - Performance management: - Staff performance reviewed monthly; evaluations used for merit-based performance bonuses. - Mandatory refresher training every three years with testing and accreditation used as justification for promotion, suspension, or separation. - Methodological consistency and survey design: - Consistent methodologies and classification systems across departments reduce need for adjustments. - Survey instruments streamlined to capture cross-department information, reducing number of surveys and questionnaires. - Financial oversight: - Finance Department reviews resource allocation to ensure efficient spending; budgeting procedures used to allocate resources. ### 0.3 Relevance #### 0.3.1 Monitoring relevance and utility of statistics - Consultation mechanisms: - Scientific and Methodological Council provides a structured venue for consulting on usefulness/quality and emerging data requirements; membership includes economists and statisticians from within and outside Rosstat and representatives of major data users including other ministries and trade unions (business groups and trade associations are not regular members). - Council is co-chaired by the head of Rosstat and the head of the Higher School of Economics; meets approximately four times each year focusing on methodological and data quality issues. Rosstat is not obliged to accept recommendations, but compromises are usually found. - User engagement: - Rosstat organizes working groups with data users (e.g., Ministry of Finance, Russian Academy of Sciences) and has a website channel for public comments by email; comments and queries are monitored and considered in planning. - Relevance is discussed during consultations for the Federal Plan of Statistical Operations. - International engagement: - Staff engage with foreign partners and participate in international meetings, working groups, and training programs to align with international best practices; Russia is in the process of joining the OECD, which requires statistics compiled according to OECD standards. - Research and responsiveness: - PPI staff encouraged to research new/emerging data requirements; example: recent research on the agricultural price index reviewing calculation methods, seasonality, treatment of quality changes, and analytical price specifications. - Recommendation: - Consult business groups and trade associations on a more frequent basis on the usefulness of existing statistics in meeting their needs. ### 0.4 Other quality management #### 0.4.1 Focus on quality - Rosstat management promotes data quality awareness through written manuals detailing data quality procedures. - Each program area (CPI, PPI, national accounts) has detailed methodology manuals, including separate data quality manuals. - Staff training programs include data quality topics. #### 0.4.2 Monitoring quality of the statistical program - Monitoring practices: - Reports generated and reviewed detailing response rates, incidence of error, and editing rates. - Scientific and Methodology Council and working groups provide expert guidance and recommendations. - Individual staff performance for all PPI staff, including regional and district staff, is regularly monitored and reviewed; staff receive feedback. #### 0.4.3 Quality considerations in planning - Work plan: - Rosstat prepares a work plan with an annual timetable for receipt of source data and dissemination. - Multiple divisions routinely review the work plan to ensure quality standards are maintained. - Major data users (government agencies/ministries, academicians, trade unions) review and comment on the work plan, including how current and emerging needs are met. *Source: _cr1156 - 0.1 Legal and institutional environment* ### 1. Assurances of integrity ### 1. Assurances of integrity ### 1.1 Professionalism - Legal and institutional framework - Terms and conditions for statistics production: resolution No. 420 of the government of Russia issued on July 30, 2004. - Article 5.4: Federal Statistics Service shall develop the official statistical methodology; ensuring consistency with international standards. - Statistics Law refers to “national agents responsible for statistics”, which includes the Rosstat. - Rosstat subordinated to the Ministry of Economic Development, creating a potential conflict of interest because the ministry produces forecasts of the same economic statistics (GDP and inflation measures). - Head of Rosstat is appointed and dismissed by the prime minister. Deputy heads are appointed and dismissed by the minister of Economic Development. - Statistical Plan: changes, alterations, or deviations from the approved Statistical Plan require agreement by all agencies producing statistics and approval by the prime minister. - Staffing, recruitment, and training - Staff prohibited by law from joining or participating in any political party. - Staff recruited via a competitive process; vacancies announced on the Rosstat website; applications accepted from internal and external candidates; promotions merit-based. - New staff participate in a mentoring program paired with experienced staff; duration varies by individual competency demonstration. - Ongoing skills development: classroom and computer-based training, courses at the Public Service Academy, short-term university courses, encouragement and leave for post-graduate studies, seminars by the Russian Academy of Sciences, English language courses. - Research and publication: staff produce scholarly works externally and in the Rosstat monthly bulletin, Issues of Statistics. - Data production and independence concerns - Ministry of Economic Development exercises a strong role in decision-making for introducing changes in methods used to compile price indexes (e.g., initially denied Rosstat's request to implement COICOP and questioned CPI seasonal items treatment). - Intervention by the ministry is noted as being based on statistical methodological grounds. - Recommendation: The Rosstat should be provided the independence to implement improvements and changes of a statistical nature without the approval of the Ministry of Economic Development. ### 1.1.2 Choices of sources, techniques, and dissemination - Guidance and dissemination - Choice of data sources and statistical techniques guided solely by statistical considerations. - Dissemination timing predetermined in an advance release calendar posted on the agency website at the beginning of each year, with exact dates provided a quarter in advance. - Rosstat disseminates the PPI in conformity with the periodicity and timing prescribed by the SDDS. ### 1.1.3 Right to comment on misuse - Rosstat authorized to make public clarifications regarding erroneous interpretations or misuse of data. - Responses to criticisms are timely, directed to the reporting organization, posted on the Rosstat website, and included in Rosstat publications. - Head of Rosstat holds press conferences to correct misconceptions and clarify methodologies. - No recent examples of Rosstat issuing statements correcting erroneous PPI data (PPI described as less controversial than CPI). ### 1.2 Transparency - Availability of terms and documentation - Relevant legal documents are posted on the agency website. Questionnaires reference the statistical law and data confidentiality. - Publications and website identify a specific contact and members of the editorial board. - PPI weight data - PPI weight data have not been published. - Data on total annual sales used to develop PPI weights are available by economic activity on the Rosstat website. - Recommendation: Publish the detailed PPI weight data (both current and historic) on the Rosstat website and include them in the PPI methodology bulletin. - Pre-release access - There are no procedures for providing internal government access to the statistics prior to their release to the general public. - Identification of statistical products - All Rosstat publications identify Rosstat as the source; publications include the official government seal. - Users reproducing Rosstat data are required to cite Rosstat as the source. - Advance notice of methodological changes - Major changes in concepts and methods used to compile the PPI are announced in advance. - Minor or routine changes are announced in publications and on the website at the time of release. - Example: Adoption of NACE was announced on the website and in all PPI publications two years in advance. ### 1.3 Ethical standards - Code of conduct and staff obligations - All staff must sign commitment to the code of conduct at employment and upon contract changes. - Individual job descriptions list duties and rights and include clauses prohibiting disclosure of pre-release data or using data for personal use. - During mentoring, senior staff emphasize ethical standards. Regional office staff receive written procedures on representative behavior. - Strong culture of professionalism and ethical standards cited as precluding political interference. ### 2. Methodological soundness ### 2.1 Concepts and definitions - International standards alignment - Current PPI constructed using concepts and definitions recommended in the 1993 SNA and the PPI Manual; deviations are noted elsewhere. - PPI Manual currently available only in English; staff rely on translated summary materials from international meetings and seminars. - Rosstat Decree No. 55 of March 11, 2008 details PPI concepts and methods; methodology developed by Rosstat reflecting official statistical standards of Russia. - Classification and publication levels - PPI data compiled by industry and commodity for country and by region. - Industry indices compiled and published at the 4- to 6-digit level of NACE, Rev 1.1. - Commodity indices compiled and published at the 6- to 9-digit level of CPA. ### 2.2 Scope - Coverage - System of producer price indices includes the headline PPI covering mining, manufacturing, and utilities (water, gas, and electricity) corresponding to sections C, D, and E of NACE Rev. 1.1. - Producer price indices also compiled for construction, agriculture, forestry, fishing, transportation of cargo and freight, and communications using same methods. - Export goods - Index covers total sales of production, but prices are collected only for goods sold on the domestic market; goods sold on the export market are excluded from price collection. - International recommendations suggest export goods be included for pricing in the PPI. - Recommendation: Expand coverage of the PPI to include export goods for price collection. ### 2.3 Classification/sectorization - Systems used - Since the 2003 ROSC, Russia adopted internationally recommended classification systems for the PPI: NACE for activities and CPA for commodities. ### 2.4 Basis for recording - Valuation and timing - Weights and prices valued at basic prices at the factory gate in accordance with the 1993 SNA and the international PPI Manual. - Recording done on an accrual basis. - For monthly data collection, prices collected refer to transactions on or near the twenty-second of each month. - Actual prices are collected, not unit values or average prices. - Grossing/netting - Transactions between establishments within the same enterprise are recorded on a gross basis for determination of PPI weights, consistent with international standards. ### 3. Accuracy and reliability ### 3.1 Source data - Data sources and registers - PPI weights based on value of sales at current prices reported by establishments in annual industrial surveys. - Surveys cover all large- and medium-sized establishments and a sample of small establishments. - Sample frame based on the statistical business register. - Rosstat maintains both statistical and administrative business registers. - Administrative register contains 3.6 million legal entities and 4.5 million sole proprietors. - Statistical register currently includes 4.3 million legal entities; sole proprietors are not included on the statistical register. - Administrative register updated from legal registration with the Ministry of Taxation and Revenues; only officially liquidated businesses are deleted from the administrative register. - Statistical register derived from administrative register and updated annually by deleting enterprises that do not respond to two consecutive annual surveys. - Firm size classification thresholds - Micro establishments: earn less than 60 million rubles in revenue per year and employ less than 15 persons. - Small establishments: earn between 61 and 400 million rubles per year and employ 15 to 100 persons. - Medium firms: employ 101 to 250 persons and earn up to 1 billion rubles per year. - Large firms: earn in excess of 1 billion rubles per year and employ more than 250 persons. - Treatment of unique products and works in progress - Unique products and works in progress (e.g., ships, aircrafts, turbines) included in weights but not in prices; Rosstat cites practical difficulties for price collection. - Alternatives noted: model pricing or detailed input-based specifications. - Use of production volumes and sample size - Data on production volumes used to develop product weights within establishments. - Sample size includes 8,500 establishments from which over 30,000 prices are collected on approximately 1,030 specific goods each month. - Price collection methods and legal obligations - Prices collected mainly through mailed questionnaires; other methods include telephone, personal visit, facsimile, and e-mail. - Establishments required to submit a completed and signed questionnaire from the designated responsible officer; signing certifies data correctness. - Statistical Law mandates establishments report correct data to Rosstat upon request. - Current establishment sample includes all establishments that account for more than 50 percent of the total value of sales for a given industry in the mining, manufacturing, and utilities sectors; weights reflect total value of sales for each of these sectors. ### 3.1.2 Approximation to required definitions and procedures - Price definitions and specifications - Monthly prices collected reflect required definitions, scope, classification, valuation, and time of recording; prices are basic prices at the factory gate. - A list of product groups common to all subjects of the federation developed by PPI staff in Moscow based on establishment survey returns. - Regional staff meet with contact persons in sampled establishments to initiate price collection; respondents provide product prices and production volumes and develop detailed specifications for varieties available for regular pricing. - Detailed product specifications include product description (size, weight, power, model, etc) and defined terms of transaction (volume, class of customer, applicable discounts, etc). - Questionnaire specifies type of price (excluding value added and excise taxes and transportation charges) and timing of price collection (twenty-second of each month). - Rosstat has pursued legal proceedings against establishments submitting significantly erroneous financial statistics questionnaires. - Guidance for regional staff - Rosstat developed a comprehensive manual for PPI regional staff covering weights development, product selection, index calculation, price collection procedures, quality change procedures, handling temporarily missing goods, seasonal items, production on commission, and special notes on energy products and household durables. ### 3.1.3 Timeliness of source data - Monthly price data for the PPI are collected in a timely manner. - The Statistics Law requires all establishments to report data on time as requested by Rosstat; all questionnaires are submitted on time in accordance with this law. *Source: _cr1156 - 1. Assurances of integrity* ### 3.2 Assessment of source data ### 3.2 Assessment of source data ### 3.2.1 Source data assessment: coverage, errors, monitoring - Source data (censuses, sample surveys, administrative records) are routinely assessed for coverage, sample error, response error, and nonsampling error; results of the assessments are monitored and made available to guide statistical processes. - The source data used to select establishment and product samples and to estimate weights for the PPI are thoroughly scrutinized manually and statistically. - Purposive sampling techniques are used in the PPI; therefore, there is no information available on sampling errors. - Response rates are effectively 100 percent, so no adjustments are necessary to account for non-response. Establishments are required by law to report data requested by the Rosstat. - Price quotations are carefully checked at the regional level and compared over time and with related products. - The data processing system flags for review: - any short-term price change that exceeds a defined threshold, and - prices significantly different from averages. - All flagged data are reviewed and validated; Rosstat may send a written request to the establishment to verify prices. Additional validation checks are performed at Rosstat headquarters. *Recommendation* - Improve procedures to adjust for changes due to differences in quality while allowing pure price change to be measured when making substitutions. - Rosstat should consider using imputation techniques in addition to the overlap method. - PPI staff lack the necessary experience to make direct quality adjustment. ### 3.3 Statistical techniques - Prices of temporarily missing items are imputed based on the price movements for similar products or product groups. Prices missing for several months (including seasonal items) are imputed using the same technique. - Procedures exist for introduction of new goods: weights and product list are updated annually, facilitating introduction of new goods. Goods are introduced into the PPI as soon as they are available for pricing in those subjects of the federation that reported revenues on the particular item. - Elementary aggregates are formed using a matched price methodology. - If a price is permanently missing, a replacement item is selected using detailed price specifications; Rosstat attempts to collect an overlap price (a price for the new item in the previous month). If overlap exists, the current price of the replacement item is compared to its overlap price. If no overlap, Rosstat compares detailed descriptions and notes changes to price-determining characteristics; PPI staff, in consultation with the respondent, estimate the value of the change and adjust the previous-period price to make old and new items comparable. - Index formulation: - PPI is compiled using the short-term formulation of the Laspeyres index formula—also known as the Two-stage or Modified Laspeyres formula. - Within each subject of the federation, price relatives for the current period over the previous period are calculated at the product specification level and aggregated using product weights that reflect the product‘s share of sales within the establishment or product group. - Values of sales weights are used to aggregate indices across subjects of the federation to compile the All Russia indices. - Index weights are updated for price change between the weight reference period and the price reference period, reflecting international best practices. - Weights are revised annually and introduced in the index in January of each year with a one-year lag. Example: the index for 2010 is based on weights reflecting the value of sales in 2008 and these weights were introduced in January 2010. - The sample of establishments is adjusted in January each year. - If a respondent ceases business during the first half of the year, the elementary aggregate index is recalculated to exclude the respondent, which may result in a revision at region/industry/product levels. - If a significant business begins production of a representative product during the second half of the year, introduction to the PPI is normally deferred until the following January. ### 3.4 Assessment and validation of intermediate data and statistical outputs - Comparative analysis is conducted regularly for components of the PPI and corresponding components of the CPI. - Any unusual movements in the PPI are documented and explained to users in select publications and on the website. - The PPI is compiled by product and by industry for all Russia and by subject of the federation; careful checks ensure consistency between these datasets. - Imputation procedures for missing prices are carried out to avoid producing inconsistencies in the aggregate index over time. ### 3.5 Revision studies - PPI data are subject to revision. General guideline allows revising PPI data within one month of release of preliminary data; in practice PPI data can be revised up to the end of December of the current year. All data are considered final in January of the next year. - Revised data are explained and footnoted in publications. - Rosstat studies show the impact of data revisions on the aggregate index is negligible; the most common error noted was misreporting of the unit of measurement. - The Higher School of Economics prepares routine studies and analyses on substitution bias and the effect of annual weights updates on the index; these are presented at the Ministry of Economic Development with written copies to Rosstat. Rosstat organizes conferences to discuss studies and recommendations for improvement. ### 4. Serviceability — periodicity, timeliness, and consistency - Periodicity: - PPI periodicity for Russia is monthly, which meets the IMF‘s Special Data Dissemination Standard (SDDS). - Timeliness: - Rosstat releases the PPI on the tenth business day of the month following the reference month. This exceeds the SDDS timeliness requirement that specifies 30 days following the reference month. - Internal consistency: - The PPI is compiled by product and by industry for all Russia and by subject of the federation. There are no internal inconsistencies due to aggregation or imputation. - Time series: - Upon subscribing to the SDDS, Rosstat began presenting data in a time series format; two time series exist: - (i) 1996–2004 (1995 base) - (ii) 2001–present (2000 base) - These data series should be linked to create a continuous time series while preserving the year 2000 index reference. - Reconciliation with other data sources: - Checks are made with CPI elements to ensure consistency. - Both national accounts and PPI use NACE, Rev 1.1, so PPI weights are reconcilable with national accounts weights. - Revision policy and practice: - PPI weights are updated annually each January. - Revisions to PPI data are made as needed to correct prices or item specifications; PPI data can be revised up to end-December of the current year; all data considered final in January of the next year. - When first published, PPI data are noted as preliminary and subject to revision; once final, data are footnoted and explained. - Weight and methodology revisions are explained to users in publications and on the website. Studies show revisions have negligible impact on the aggregate index; the most common error was misreporting of the unit of measurement. ### 5. Accessibility #### 5.1 Data accessibility — presentation, dissemination, and timetables - Presentation: - PPI is compiled and disseminated by industry and product, published by subject of the federation and for Russia as a whole. - Monthly PPI is disseminated in several hard-copy formats. Key monthly bulletins include: - Express Release (in Russian only)—published on the tenth business day following the end of the month; contains first abbreviated release, highlights PPI data for three major commodities (energy, oil, and gas) and 14 industry categories. Data are not presented as a continuous time series. The cover does not include contact details or resources for additional details. Tables show current period index level, index level last month, index level for December of the previous year, and index level 12 months ago. No percent changes are calculated or presented in the tables. A brief analysis includes percent changes at the All Items level for month-on-month change, the 12-month change, and the change for the current month to the previous year. - Socio-Economic Situation in Russia (in Russian only)—monthly bulletin that includes price data produced from January of the current year to the month prior to release, as well as all data for the previous year. Data are not presented in a continuous time series. Graphs and tables show index levels and the impact on the index in percentage terms of major index groups, and several tables showing month-to-month change, current month to previous December, and 12-month index changes by major group. Limited analysis is included. - Other publications (quarterly, annual, biannual) present detailed index levels for current month, previous month, 12 months ago, and from December of the previous year, with percent changes comparing current month with each of these periods. These publications do not present data as a continuous time series. - Regional offices publish regional data; each regional office determines publication format. A web-based federal portal provides single access to all federal agency data, including Rosstat data, publications, and metadata. - Time series data are produced by PPI staff upon request; consistent time series of data are produced to meet users‘ specified level of detail and time period. - Recommendation: - To reflect international best practices, a continuous time series of data at a detailed level should be produced and published. - Dissemination media and format: - PPI data are published in paper publications, on the Rosstat website, and in other electronic formats (e-mail and other forms upon request, and hardcopy printout). Prices data are only published in English in the Statistical Yearbook of Russia and on the website. - Advance Release Calendar (ARC) and schedule: - Rosstat publishes an ARC on its website and the IMF‘s Data Standards Bulletin Board (DSBB) noting data are released on the last working day of the month following the reference month; however, actual release is on the tenth business day of the month (or nearest business day if this falls on a weekend) following the reference month. - The ARC posted on the main (Russian language) Rosstat website indicates actual dates for release. The ARC on the English-language portal and IMF’s DSBB reflects the SDDS general guideline rather than the actual scheduled date for PPI dissemination. - Recommendation: - Update the ARC posted on the English-language portal of the Rosstat website and the IMF’s DSBB to reflect actual dates of release. - Simultaneous release: - PPI data are released simultaneously to all users; no one outside Rosstat has access prior to release. - Data are released via the Rosstat website, courier, email, and fax. - Official release occurs once the head of Rosstat signs and approves the release. Statistical Plan indicates no official release time exists, but data are to be released no later than 4:00 p.m. for monthly data releases such as the PPI. - Rosstat posts data to the website and simultaneously sends releases by e-mail, fax, and courier to media and federal agencies. - Recommendation: - Eliminate the "no later than 4:00 p.m." requirement and adopt a standard policy of releasing data at 4:00 p.m. on the day of release to better inform users and enhance simultaneous release practice. - Non-routine requests: - Reasonable requests for PPI data not available on the website are accommodated provided informant confidentiality is not breached. - Price movements relating to an individual producer (or dominant producers) are not regarded as confidential, although corresponding prices collected are strictly confidential. - Special tabulations are available free of charge to users on the federal statistics program list and occasionally to other users. Rosstat is not authorized to charge fees. The publication center (operated independently) assesses fees to users not listed in the federal statistics program who desire special tabulations of non-confidential data on a regular basis. #### 5.2 Metadata accessibility - The Statistical Law requires Rosstat to provide detailed explanations on concepts and methods used to compile official statistics. - Decree No. 55 dated March 11, 2008, describes in detail the concepts, scope, classifications, basis of recording, data sources, and statistical techniques used to compile the PPI. This methodology is complete and exhaustive in describing all concepts and methods. - Overviews of PPI methodology are included in each Rosstat PPI publication. Detailed PPI weights are not published; however, detailed data on total annual sales (used to develop weights) are published by economic activity on the Rosstat website under the Entrepreneurship section, industrial subsection. - Rosstat publishes PPI methodology in a variety of formats: brief overviews in releases and bulletins; comprehensive and detailed description of PPI concepts and methods on the Rosstat website in Russian; the English-language portal reflects their entry on the IMF‘s DSBB. Hardcopy versions of PPI concepts and methods can be purchased at the publications center bookstore. *Source: _cr1156 - 3.2 Assessment of source data* ### 5.3 Assistance to users ### 5.3 Assistance to users ### Contact points and user support - With the exception of the Express Release, all publications indicate a name and telephone number of staff that users may contact for additional assistance. - The Rosstat website includes a detailed list of names, telephone numbers, and email addresses of staff available to provide support and assistance. - Recommendation: The Express Release should include contact details where users can obtain more information. ### Catalogs, publication access, and user enquiry procedures - The Rosstat produces a catalogue of all publications and other data products. The catalogue of publications includes a short description of each product and notes the price of those publications available only for purchase. - A central call center provides users with detailed information on how to obtain additional information of data products. - It is the policy of the Rosstat that all questions or requests for additional information be made in writing, either by email or post. - All queries are assigned a control number and tracked to ensure timely response. - Current procedures require Rosstat staff to respond to all queries and requests within three weeks. - Rosstat publications can be purchased in the bookstore, operated independently of the Rosstat by a publishing house, located on the first floor of the headquarters. - The Information and Publications Center provides access to the Rosstat website to all users. - Users can also access publications in the Rosstat library located on the second floor of the headquarters in Moscow. ### Data Quality Assessment Framework: Summary of Results for Price Statistics (Producer Price Index) (Compiling Agency: Rosstat) - Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria - Element assessments (as presented): - 0. Prerequisites of quality - 0.1 Legal and institutional environment: X - 0.2 Resources: X - 0.3 Relevance: X — Comment: No consultation of business groups and trade associations. - 0.4 Other quality management: X - 1. Assurances of integrity - 1.1 Professionalism: X — Comment: The staff are highly qualified and professional, but Rosstat lacks complete independence on the choice of methodologies. - 1.2 Transparency: X — Comment: Detailed PPI weights not published. - 1.3 Ethical standards: X - 2. Methodological soundness - 2.1 Concepts and definitions: X - 2.2 Scope: X — Comment: Products for export excluded. - 2.3 Classification/sectorization: X - 2.4 Basis for recording: X - 3. Accuracy and reliability - 3.1 Source data: X - 3.2 Assessment of source data: X - 3.3 Statistical techniques: X - 3.4 Assessment and validation of intermediate data and statistical outputs: X - 3.5 Revision studies: X - 4. Serviceability - 4.1 Periodicity and timeliness: X - 4.2 Consistency: X - 4.3 Revision policy and practice: X - 5. Accessibility - 5.1 Data accessibility: X — Comment: Detailed time series data not produced. - 5.2 Metadata accessibility: X - 5.3 Assistance to users: X *Italicized table headers and pagination (e.g., "Price Statistics (Producer Price Index) 80", "81", "82") are preserved in the source but are not reproduced here verbatim beyond their informational context.* ### Government Finance Statistics — institutional responsibilities and legal framework - Responsibility assignments: - The authority and responsibility to collect, process, and disseminate fiscal statistics on the operations of the central and general government is assigned to the Federal Treasury (Treasury), an agency subordinated to the Ministry of Finance (MOF). - Fiscal statistics disseminated by the Treasury on its website correspond exclusively to budget execution data. - Fiscal statistics compiled in accordance with the Government Finance Statistics Manual 2001 (GFSM 2001) are compiled and reported for publication to the IMF, but are not currently posted on the Treasury‘s website. - The authority and responsibility to collect, process, and disseminate fiscal statistics on the debt of the central government is assigned to the MOF. - Laws, resolutions, and orders cited as governing compilation and dissemination: - Budget Code of the Russian Federation, adopted by Law No. 145-FZ on July 31, 1998 - Government Resolution No. 329 on the Ministry of Finance of the Russian Federation, dated June 30, 2004 - Government Resolution No. 703 on the Federal Treasury of the Russian Federation, dated December 1, 2004 - annual Budget Law - annual Law on Budget Execution - MOF Order No. 150n on approval of the procedures for application of the Budget Classification, dated December 30, 2009 - Government Resolution No. 281 on the submission of quarterly and annual reports on federal budget execution to the Government of the Russian Federation, dated May 11, 2006 - Federal Law No. 129-FZ on accounting, dated November 21, 1996 - MOF Order No. 128n on approval of guidelines for annual, quarterly, and monthly reports, dated November 13, 2008 - MOF Order No. 148n on approval of budget reporting guidelines, dated December 30, 2008 - MOF Order No. 139n, on the organization of work to compile quarterly and annual reports on federal budget execution, the consolidated budget of the Russian Federation, and the budgets of state extrabudgetary funds, dated November 7, 2006 - Footnote information preserved: - Fiscal statistics compiled following the GFSM 2001 methodology are denominated government finance statistics (GFS). - The Treasury began posting the data reported for publication in International Financial Statistics (IFS) on its website on July 8, 2010. ### Data sharing, confidentiality, and reporting mandates - Data sharing and coordination: - The Treasury is the only entity authorized to collect data on budget execution, which it provides to other agencies as requested. - All data needed to compile fiscal statistics on government operations are available within the Treasury. - Close communications and information flows exist among the MOF and the Treasury units responsible for compiling budget execution data and GFS. - Close coordination exists between the MOF, the Treasury, and the Central Bank of the Russian Federation (CBR) at the level of accounting and reporting units and concerning financing and debt data. - The Federal Program for Statistical Work, approved every year, specifies the data to be provided by the MOF to the Federal State Statistics Service (Rosstat). - Confidentiality provisions: - The federal law on Official Statistical Accounting and State Statistical System establishes in its Article 9 that (i) primary statistical data are confidential; (ii) should be processed in conditions guaranteeing protection of such data against unauthorized access, theft, loss, falsification, or distortion; and (iii) officials who by virtue of their activities have access to primary statistical data and unlawfully disclose or disseminate these data, will bear disciplinary, civil, administrative, or criminal responsibility in compliance with legislation of the Russian Federation. - The Law on State Secrets No. 5485-1, dated July 21, 1993, identifies data that are considered confidential and applies to both the private and public sectors. Example: economic classification of defense expenditure. - Sanctions for revealing confidential information are established in the Criminal Code and include jail sentences. - In general, aggregated data are not confidential. - Reporting mandates and enforcement: - For the central and general government, there are legal and administrative provisions for collecting the information necessary for the compilation of budget execution reports. - The Treasury has the right to request from the federal and regional executive authorities the information necessary for the compilation of budget execution reports. - Reporting any information requested is mandatory, within stipulated deadlines and established procedures. Agencies that do not comply are subject to sanctions. - The Executive Department within the MOF and the Treasury are responsible for the control and management of information exchange within the institution. Draft executive orders aimed at collecting data go through several departments to ensure necessity and to minimize reporting burden. ### Resources, relevance, and quality management for GFS - Resources and staffing: - Human and physical resources allocated to compiling budget execution data and GFS, as well as debt data, are adequate. - Most staff holds university degrees in economics, finance, or accounting; and is knowledgeable about GFS concepts and practices. - Necessary computer resources and other modern technologies are available; each staff member has a computer. - Training is strongly supported by top management, including internal and external training, IMF courses, international conferences, and institutional visits. - Measures to retain experienced personnel include promotion to higher positions based on performance and scholarships to pursue higher education. - Wages are comparable to the average wages across the economy. - Efficiency measures: - Costs associated with compiling budget execution data and GFS are directly calculated. - The Financial Division of the Treasury conducts regular assessment of the financial inputs to each compiling unit and evaluates its output based on performance indicators such as completeness, timeliness, and comments from users. - Relevance and user engagement: - Budget execution reports and GFS compiled by the Treasury are the main sources for the design, monitoring, and assessment of tax and budget policy. - Evolving needs of internal users are closely monitored and reflected in compiled data. - No mechanism established for regular consultation with external users, although there is regular contact with selected users, such as rating agencies and international organizations. - Quality management and reform: - MOF and the Treasury emphasize data quality; particular attention is placed on the quality of accounting data. - A major medium-term program for budget reform is well advanced, including changing accounting standards and procedures to meet international standards, adoption of accrual accounting, and introduction of a new chart of accounts aligned with GFSM 2001. - Processes are in place to monitor data quality: MOF jointly with the Treasury approves accounting and reporting rules applicable to all central and general government units; all budgetary and extrabudgetary units use the same chart of accounts; regular control of reliability and overall quality of financial information is performed. - The medium-term budget reform program is expected to lead to further improvements in quality and in the ability to meet user requirements. ### Assurances of integrity and transparency for GFS - Professionalism and independence: - Compilation and dissemination of fiscal statistics are not supported by specific laws affording professional independence to the compiling unit, but the executive order creating the Department of Budget Accounting and Reporting establishes functions, responsibilities, and rights, and establishes that fiscal statistics are to be based on accounting data and must be compiled in accordance with international standards. - Legal framework establishes detailed procedures for data collection and processing, constraining outside interference. - Continuous efforts to promote professionalism (training, international engagement) are undertaken. - Source and method choices: - Statisticians are free of political influence in the choice of data sources and methods for compiling budget execution reports and GFS; changes are made on technical rather than political criteria. - Commenting on misuse and misinterpretation: - Compilers are authorized to provide expert advice on technical aspects of budget execution reports. - Press releases are issued in cases of misinterpretation of data by external users. - Budget execution reports include explanatory notes to assist interpretation. - Speeches of members of the Board of the MOF and the Treasury related to the budget and internal discussion of the reports are made publicly available (example: speech to Congress by the Deputy Minister of Finance on the execution of the budget for 2009 posted on the MOF‘s website). - Transparency of procedures and access: - Laws and regulations governing compilation and dissemination of budget execution data and GFS are available to the public; internal executive orders of the MOF and the Treasury are not disseminated but are not considered secret. - No official or public agency outside of the Treasury has access to budget execution data and GFS prior to their dissemination. - Budget execution data and debt data are released to the general public through the Treasury‘s and MOF‘s websites, respectively. - The Budget Code and other legislation describe the approval process for reporting and disseminating budget execution data; MOF procedures authorizing dissemination are internal arrangements and are not published. - Tables disseminated by the MOF and the Treasury identify the department responsible for their compilation; tables disseminated by Rosstat identify the MOF and the Treasury as their source. - Methodological changes are usually described in the Budget Law and other laws for the corresponding year; notes are included in quarterly and annual reports explaining other major changes at the time they are introduced. Changes causing breaks in time series are identified in footnotes (e.g., changes in coverage). *This overlay summarizes the content of "5.3 Assistance to users" and adjacent Government Finance Statistics sections from the source PDF.* ### 1.3 Ethical standards ### _cr1156 - 1.3 Ethical standards ### Ethical framework and staff conduct - The compilation and dissemination of budget execution data and GFS are governed by: - Federal Law No. 79-FZ on Civil Service, dated July 27, 2004; - Rules of good conduct for federal civil servants of the Treasury (Treasury Board Resolution No. 17, dated September 28, 2009); - Presidential Decree No. 885, "General Principles for Workplace Behavior of Civil Servants," dated August 12, 2002. - These laws and regulations establish expected ethical behavior and penalties for infringement. - Accessibility and communication: - The legislation is publicly available. - The Human Resources Department of the MOF and the Treasury informs new employees of the norms and sanctions. - Staff are reminded periodically of the provisions. ### Methodological soundness — Concepts and definitions - Alignment with international standards: - Budget execution data follow national concepts and definitions that differ in certain aspects from, but can be linked to, the guidelines of the GFSM 2001. - GFS are compiled and reported to the IMF for publication in IFS and the Government Finance Statistics Yearbook in accordance with GFSM 2001 guidelines. - Domestic dissemination: - These GFSM 2001–format GFS data are not currently disseminated domestically, but there are plans to begin such dissemination during July 2010. - Chart of accounts: - A new chart of accounts introduced in 2005 is aligned with GFSM 2001 guidelines. - Authorities currently have no plan to migrate fully to GFSM 2001 for compiling budget execution data. - Recommendation: - Disseminate on the Treasury website the GFS reported to the IMF. ### Methodological soundness — Scope (institutional coverage and reporting frequency) - Institutional structure of the public sector (numbers in parenthesis denote number of institutional units): - I. Federal Government: 1. Executive, legislative, judiciary - II. Federal Extrabudgetary Funds: 1. Pension Fund; 2. Social Insurance Fund; 3. Federal Medical Insurance Fund - III. Subnational Governments: 1. Regional governments (83); 2. Local governments (24,245) - IV. Subnational Extrabudgetary Funds: 1. Territorial Medical Insurance Funds - V. Government-owned state unitary enterprises: As of January 1, 2009 the federal government owned 3,765 state unitary enterprises (not legally incorporated as corporations) - VI. Open-joint stock companies: 1. Majority shareholder (1,895); 2. Minority shareholder (1,055) - Definitions used by the authorities: - Subnational governments = Regional governments plus local governments (III.1+III.2). - Consolidated general government = Federal government + federal extrabudgetary funds + subnational governments + subnational extrabudgetary funds (I+II+III+III+IV). - Public Sector = Consolidated general government + state unitary enterprises + open-joint stock companies as majority shareholder (I+II+III+IV+V+VI.1). - Differences with GFSM 2001: - Two state unitary enterprises that belong to general government under GFSM 2001 are not included in the Russian definition of general government: the Foundation for the Reform of Housing and Communal Services and The Russian Corporation of Nanotechnologies. These two institutions are included in the GFS reported to the IMF. - Own-resource accounts (ORAs): - Federal and subnational budgetary entities have ORAs. The Budget Code states ORA funds should be included in the budget; the Civil Code states they should be accounted for separately. At present, these funds are classified as extrabudgetary. - Reporting frequency and bases: - Monthly reports: cash basis, cumulative, final when first disseminated; include revenues, expenditures by function, financing, and debt; include stock data only for debt liabilities. - Quarterly reports: the monthly reports with additional explanatory notes (cumulative). - Annual reports: three annual reports are disseminated — a cash flow statement, a report on financial results of activity (accrual), and a balance sheet (accrual). No sub-annual accrual reports. - Monthly, quarterly, and annual reports are the fiscal statistics disseminated on national websites assessed under ROSC Data Module. - Timeliness of publication: - Monthly budget execution reports are available 30 days after the end of the month, except for those corresponding to quarters, which are available 35 days after the end of the month. - Preliminary annual report for the federal budget is available on January 20 of the following year; the whole set of annual reports are available on April 30. - Quarterly and annual reports are submitted to Congress and the Accounting Chamber 45 days after the end of the quarter and by May 20, respectively. - The annual report is revised by the MOF after comments from the Accounting Chamber and resubmitted to government in August. It is officially approved by Congress (Law on Budget Execution) around November. - Monthly budget execution reports for each region are available with a 15-day lag and are disseminated on the Treasury website. - Debt reporting: - Monthly reports on domestic and foreign debt for the federal government are posted separately on the MOF website. - Domestic debt report is posted by the fifth of the following month; foreign debt report is posted by the fifteenth of the following month. - Quarterly and annual debt reports are cumulative monthly reports for the last month of the quarter or year. - Debt classification uses the currency criterion established in budget legislation, not the residency criterion recommended by international guidelines. - Amounts in foreign currency are converted into rubles using the exchange rate of the CBR applicable on the reporting date. For multi-currency loans from international financial organizations, a pool unit value is used based on data from the World Bank website. - Reports include debt guaranteed by the federal government. - Quarterly debt reports are sent to Rosstat and the World Bank in specific formats. - SDDS and reporting sources: - SDDS-format data are published on the MOF website and include monthly information on federal government budget execution, annual general government budget execution, and quarterly domestic and foreign federal government debt. These data are released according to a quarterly advance release calendar (ARC). - SDDS central government operations use a combination of sources: revenues and expenditure from monthly budget execution reports; financing data are calculated using a methodology established for IMF program monitoring using CBR and various MOF unit data, rather than financing from budget execution reports. - The 35- to 40-day lag to receive the breakdown of financing into bank and nonbank components leads the government to use the SDDS flexibility option for timeliness of central government data. - Notable dates and changes: - Beginning July 8, 2010, the Treasury began posting on its website monthly information on expenditures by economic classification on a cash basis. - Beginning January 1, 2010, monthly data for the general government are reported to the IMF for publication in IFS, based on monthly budget execution reports for the federal and subnational governments and on monthly domestic and external debt reports; annual GFS reported for publication in the IMF's GFS Yearbook are based on annual reports. Data for both publications are reported in GFSM 2001 format. - Recommendations (scope and timeliness): - Compile and disseminate budget execution data for the consolidated central government. - Disseminate monthly and quarterly discrete (non-cumulative) budget execution data. - Disseminate sub-annual reports on an accrual basis. - Disseminate a monthly cash based economic classification of expense table. - Disseminate a monthly table on total central government debt, with a breakdown of domestic and foreign debt. - Use the residency criterion to classify debt as either domestic or foreign debt. - Use as source data for financing figures the monthly budget execution reports and apply initially a ratio (e.g., average of last three months) for the split between bank financing and nonbank financing, replacing preliminary figures once actual splits are available from the CBR to avoid using the SDDS flexibility option. - Update the SDDS metadata currently posted on the IMF’s Dissemination Standards Bulletin Board (DSBB). - Compile and disseminate monthly GFS summary statements and detailed tables in accordance with GFSM 2001 classifications for the central government, state and local governments, and general government. ### Classification and sectorization - Classifications: - Budget classifications for budget execution reports are in MOF Order No. 150n of December 30, 2009. - Classifications follow national concepts and definitions that can be aligned with GFSM 2001. - Institutional sectors: - Generally defined in accordance with international guidelines; sectors and subsectors for which budget execution data and GFS are produced generally follow GFSM 2001 guidelines. - Presentation and conversion: - Budget execution data do not follow GFSM 2001 statement/table presentation but can be converted to GFSM 2001 format; conversion requires methodology knowledge and access to some non-public information. - Current chart of accounts is generally aligned with GFSM 2001, but terminology for revenue, expense, financing, and debt categories differs, especially for financing and debt. - Financing is shown as a mix of instrument and holder, with emphasis on instrument. - Domestic debt is classified by type of instrument; external debt by type of holder. - No summary statements exist for sub-annual budget execution data. - Recommendation: - Compile and disseminate monthly GFS summary statements and detailed tables in accordance with GFSM 2001 classifications for central government, state and local governments, and general government. ### Basis for recording - Valuation: - Revenue, expenditure, financing, and the overall balance are presented on a modified cash basis, including (i) cash transactions and (ii) offset operations that do not involve cash movements. - Debt is shown on a modified cash basis, including cash transactions, revaluation of foreign currency–denominated debt, and debt restructuring operations. - All transactions are recorded in domestic currency. Foreign currency transactions are converted to domestic currency using the daily exchange rate announced by the CBR as of the day of the transaction (market-based single rate). - Gross domestic debt and foreign debt are recorded at face value. - Nonfinancial assets are recorded at original cost, not market value; foreign-currency nonfinancial assets are converted to rubles using the CBR rate effective on the date assets are recognized in the accounting books. - Financial assets and liabilities denominated in foreign currency are converted to rubles on a monthly basis using the CBR rate for the reporting date. - Stocks and other shareholdings are valued at current market prices. - Securities are valued at issue price and loans at disbursement value. - Recording basis: - Transactions are recorded when cash flows take place: cash transactions are recorded when money flows in or out of the Treasury account according to the corresponding bank account. - Grossing/netting: - All transactions are expressed in gross values, except financing transactions shown in both gross and net values. - Corrective transactions are netted against original transactions when they occur in the current year; if corrective transactions occur in a different year than the original transaction, they are not netted. ### Accuracy and reliability — Source data - Source systems and main sources for federal fiscal statistics: - (i) Daily statements from the CBR and other state-owned banks for cash transactions, and reports from MOF departments for non-cash transactions; - (ii) Monthly reports of regional treasuries, based on bank statements and submitted electronically; - (iii) Monthly reports submitted by budgetary units, including information on ORAs. - Compilation processes: - Data are collected and processed by the Department of Budget Accounting and Reporting of the Treasury. - Reporting follows MOF and Treasury accounting and reporting procedures, including a single chart of accounts, uniform budget codes and classifications, and standard formats for all general government units. - Data permit consolidation for central government sector, local governments sector, and general government sector. - Data adequacy and timeliness: - Since 2002 all general government units use the same chart of accounts and budget classifications; the chart of accounts provides sufficient detail to reclassify data to align with GFS categories. - There is an automated mechanism for generating GFS items directly from budgetary items. - Compilers are aware of differences between source data and GFS concepts. - Time of recording and valuation are partially in conformity with GFS methodology. - GFS are fully reconcilable with budget execution data, as budget execution data are the source for compiling GFS. - Accounting and administrative records provide comprehensive, up-to-date data on the execution of the federal budget and subnational budgets. - All general government units are aware of reporting deadlines to the Treasury. *Source: _cr1156 - 1.3 Ethical standards* ### 3.2 Assessment of source data ### 3.2 Assessment of source data ### 3.2 Source data — findings - Source data include censuses, sample surveys, and administrative records and are routinely assessed for coverage, sample error, response error, and nonsampling error; results are monitored and made available to guide statistical processes. - Budget execution reports and GFS are based on comprehensive information from all general government units; no estimation of omissions in the data is needed. - Information is reported electronically to the Treasury and cross-checked for accuracy with other sources such as bank statements. ### 3.3 Statistical techniques — findings and recommendation - There are no material gaps in the coverage or completeness of data collection. - An adequate balance exists between accuracy and timeliness. - Budget execution reports and GFS follow a regular cycle and GFS are compiled based only on final data. - All data are corrected at the time an error is noticed; no adjustment is made to the report for the period in which the detected error took place. - Conversion tables have been prepared to present budget execution data in GFSM 2001 format. - Consolidation of data for general government is done following the GFSM 1986 approach (data for each subsector is directly consolidated) rather than the GFSM 2001 approach (where a separate consolidation column is used). - Recommendation: Adopt the GFSM 2001 approach to consolidation. See footnote 11. ### 3.4 Assessment and validation of intermediate data and statistical outputs — findings - Budget execution data and GFS are based on accounting records and are cross-checked with bank statements and other information regularly. - Financing flows are reconciled with changes in the corresponding debt data on a regular basis. - Data are checked at the accounting level; use of correct budget codes to enter information is verified. - Statistical outputs are checked horizontally and vertically to minimize discrepancies. - Debt information is reconciled with creditors and debtors. ### 3.5 Revision studies — findings - Reliability of source data is continuously assessed. - Revisions to final budget execution data are rare and occur only when an accounting error is detected. - There are no revisions to GFS because they are based on final data; therefore, no studies of revisions are needed. ### 4 Serviceability — periodicity and timeliness - Statistics on central government operations (federal budget) are disseminated monthly, on general government operations annually, and on central government debt monthly. - The periodicity of fiscal sector statistics meets or exceeds the SDDS periodicity requirements. - Statistics on central government operations (federal budget) in SDDS format are available 35 to 40 days after the end of the month. The lag is due to the time needed to obtain the breakdown of financing between bank financing and non-bank financing; a flexibility option for timeliness of central government operations has been taken by the authorities. - Statistics on general government operations are available one quarter after the end of the corresponding period. - Statistics on central government debt are available one month after the end of the corresponding period. - Therefore, the timeliness of these fiscal sector statistics exceeds the SDDS timeliness requirements. ### 4.2 Consistency — findings and recommendation - Budget execution reports are internally consistent; quarterly and annual reports are cumulative monthly reports and share the same concepts, definitions, and classifications. - The sum of the quarters differs to a minor extent from the annual figures because certain adjustments are only made annually and quarterly reports are not adjusted. - Flow data on nonfinancial assets, financial assets, and liabilities are reconciled with changes in corresponding stocks on an annual basis. - Previous series are not adjusted to account for discontinuities arising from changes in coverage or methodological developments; breaks and reasons are identified. - Consistent time series availability: - quarterly and annual federal budget execution reports from 1997, and monthly reports from 2005; - annual subnational budget execution reports from 2000; - annual consolidated general government from 2003; - annual domestic debt from 1993, and monthly domestic debt from 2003, by type of security and maturity; - annual foreign debt from 2006, and monthly foreign debt from mid-2009, by creditor. - Budget execution data are used in compilation of national accounts and are largely consistent with related national accounts aggregates. - GFS foreign debt data are consistent with balance of payments data. - Debt data are classified as either domestic or foreign on the basis of currency; the CBR reclassifies MOF debt data based on the residence criterion. - Recommendation: Reconcile macroeconomic statistics not only at the source data level but also at the output level on a regular basis. See footnote 11. ### 4.3 Revision policy and practice — findings - Budget execution data and GFS are not revised because they are based on final data. - Dissemination follows a regular cycle known to users; in several cases the schedule is established by law. - Subannual budget execution data are final when first disseminated. Only the annual budget execution report has a preliminary version that is later replaced by a final version. - No studies of revisions are conducted because data are not revised. ### 5 Accessibility — data dissemination findings and recommendations - Budget execution data and GFS are presented to allow major aggregates and balancing items to be identified and related to detailed underlying data. - Budget execution data are disseminated according to national components, whereas GFS follow GFSM 2001 components. - Budget execution data and GFS for general government and its subsectors are provided, though budget execution data for the consolidated central government are not provided. - Data on the MOF and Treasury websites are difficult to access; limited information is disseminated in English. - Recommendation: Introduce a dedicated fiscal data dissemination page that brings together all fiscal data related information, and summary tables and graphs to facilitate user interpretation of fiscal statistical developments. See footnote 11. - Recommendation: Disseminate more budget execution data in English. See footnote 11. - Budget execution data and debt data are posted on the MOF and the Treasury websites, while GFS are only disseminated in IMF publications (IFS and GFS Yearbook). - Press releases are provided when new data are first released. - Time series are available for central government operations, general government operations, and central government debt. - Recommendation: Make the MOF and the Treasury websites more user-friendly. Users should be able to access and download data with ease. See footnote 11. - Budget execution data are released according to dates specified in government resolutions and in SDDS format according to an ARC with information for the current month and the following quarter. - The publication date for SDDS format data usually coincides with the pre-announced date, although on occasion there is a delay due to technical reasons; the delay is not announced in the ARC. - Recommendation: Announce in the ARC the revised release date of SDDS fiscal statistics, when dissemination cannot be done on the date initially announced. - Budget execution data and debt data are released at the same time to all users through MOF and Treasury websites without preferential treatment. - Non-disseminated, non-confidential disaggregated data are supplied on request; users usually send a letter to the MOF or the Treasury. - The availability of non-disseminated data and terms and conditions on which it is made available are not publicized. - Recommendation: Make public the availability of non-disseminated data, and the procedure to request it. See footnote 11. ### 5.2 Metadata accessibility — findings and recommendation - Many concepts, scope, and classifications used in compilation of budget execution data are contained in legislation that is publicly available. - No methodological notes with concepts, sources, and methods are posted on the MOF or the Treasury websites. - Regulations applicable to accounting and reporting procedures are published on the MOF and the Treasury websites. - Methodological differences with internationally accepted standards are not identified on the websites. - There is a link on the MOF website to the National Summary Data Page in the DSBB and associated metadata. - No request has ever been received for bridge tables showing the links between budget execution data and GFS, but such information is not considered secret and could be made available. - Recommendation: Disseminate methodological notes, detailing concepts, sources, and methods used in the compilation of budget execution data and GFS on the MOF and the Treasury websites. See footnote 11. ### 5.3 Assistance to users — findings and recommendations - No contact person for budget execution data is publicized; users send letters or call the MOF or the Treasury and are referred to the corresponding unit. - Only the name, telephone number, fax number, and e-mail address of the person who can be consulted regarding SDDS format data are posted on the IMF‘s DSBB. - Recommendation: Make public a contact person and contact details for users interested in requesting information on budget execution data. See footnote 11. - No catalogue of statistical products and services provided by the MOF or Treasury is posted on their websites. - Recommendation: Make available to the public a list of the statistical products and services provided by the MOF and the Treasury. See footnote 11. ### Data Quality Assessment Framework — summary (selected observations) - Prerequisites of quality: - 0.1 Legal and institutional environment: O - 0.2 Resources: O - 0.3 Relevance: LO (There is no structured process of consultation with external users.) - 0.4 Other quality management: O - Methodological soundness: - 2.1 Concepts and definitions: LO (Compilation follows national concepts and definitions, which differ in certain aspects from GFSM 2001 guidelines.) - 2.2 Scope: LNO (Fiscal statistics for consolidated central government are not compiled. Economic classification of expenditure only disseminated annually and with a long lag. Debt not classified by residency criterion. No sub-annual reports on an accrual basis.) - 2.3 Classification/sectorization: LNO (Presentation of budget execution data does not follow GFSM 2001 classifications.) - Accuracy and reliability: - 3.1 Source data: O - 3.2 Assessment of source data: O - 3.3 Statistical techniques: LNO (Errors corrected in period detected, not in period error took place. GFSM 2001 consolidation approach not followed.) - Serviceability and accessibility: - 4.1 Periodicity and timeliness: LO (An SDDS flexibility option for the timeliness of central government operations is taken.) - 5.1 Data accessibility: LNO (Data on MOF and Treasury websites are difficult to access. Limited data available in English. Delays not reflected in ARC. Availability of non-published data not made public.) - 5.2 Metadata accessibility: LNO (Concepts, scope and classifications only available from legislation; no methodological notes posted.) - 5.3 Assistance to users: LNO (No contact person publicized; no catalogue of statistical products and services available.) *Source: _cr1156 - 3.2 Assessment of source data* ### 0.2 Resources ### 0.2 Resources ### Staff, facilities, computing resources, and financing - The Monetary and Financial Statistics Section of the GED‘s Division for Organization of Statistical Work compiles monthly monetary statistics for the Russian Federation. - Staffing level: the section employs 6 staff, with higher education degrees in economics or technical disciplines. - Staff training and professional development: - Staff attend IMF-organized training courses on monetary and financial statistics and participate in seminars by other central banks and international institutions. - The CBR Human Resources and Personnel Management Department draws up annual plans for improvement of professional skills and organizes seminars to enhance staff qualifications. - Computer resources: considered adequate; hardware appropriately allocated for effective data processing and database management. - Financial resources: assessed as sufficient for required tasks; annual plans are drawn up for acquisition and upgrade of computing facilities, considering the scope of the evolving work program. ### Measures to ensure efficient use of resources - GED management holds regular staff meetings to discuss implementation of the work program set by CBR management. - Budgeting and resource allocation: - CBR activities are subject to expense budget considerations and performance assessments. - A CBR commission holds inter-department discussions, coordinates flow of financial resources to areas with unexpected demand, and advises CBR management on resource allocation for the next fiscal year. - Data collection and institutional coordination: - CBR management oversees all new data collection programs to streamline data reporting. - GED participates at the drafting stage in discussions of changes in accounting framework for the CBR and credit institutions to ensure efficient data collection serving supervision and statistical compilation needs. - Rosstat compiles a Federal Register of Statistical Outputs based on information from official compiling agencies (including CBR) to enumerate agencies‘ statistical products and prevent duplication. ### Relevance and user engagement - User fora and feedback mechanisms: - Consultative Group under the Governor of the CBR and the Advisory Group on the Monetary Policy at Bankers‘ Association provide opportunities for users to discuss CBR data dissemination. - The CBR‘s Training Center at Tula conducts semiannual workshops for feedback from data users, including press representatives. - CBR offers a User’s Questionnaire via the Statistics page of its website and a phone number listed in the CBR’s Bulletin of Banking Statistics (BBS) for user comments and suggestions. - Internal and inter-agency consultations: - GED holds regular discussions with CBR departments involved in monetary policy design and implementation (internal users) to identify emerging data needs. - Meetings with other official agencies are held on an ad hoc basis to discuss specific methodological issues. - The CBR actively participates in international working groups on statistical methodology organized by ECB, BIS, and the IMF. ### Quality management processes - Quality focus: - CBR management and senior staff emphasize integrity, methodological soundness, accuracy and reliability, serviceability, and accessibility. - Validation and verification: - Reported information is subject to validation checks at collection and processing stages. - GED works with the CBR Accounting Department, BRSD, the Balance of Payments Department, and other units on data verification and reconciliation before public dissemination. - Financial statements of the CBR and credit institutions are audited by established external audit companies; monetary data published in the CBR Annual Report are covered in the annual audit of the CBR. - Automated validation: - Cross-checks are routinely performed during data collection and processing. - Validation procedures for plausibility or reasonableness are undertaken through automated procedures on an institution-by-institution basis. - Methodological guidance: - Methodology is documented in IMF‘s MFSM 2000 and MFSCG 2008; these documents are consulted and GED staff communicate directly with IMF staff on outstanding methodological issues. - Timeliness vs. quality: - CBR management recognizes the trade-off between quality and timeliness; preliminary data may be published. - The BBS informs users that preliminary data may be subject to revision during the next three months (except for December data, which can be revised during the subsequent 6 months). ### Assurances of integrity — Professionalism and transparency - Legal independence and governance: - CBR independence is stipulated in Article 75 of the Constitution of the Russian Federation and in Articles 1 and 2 of the Federal Law On the Central Bank of the Russian Federation (Bank of Russia). - Article 1 states the CBR exercises functions and powers independently from other federal bodies and governments. - Based on independent legal status, the CBR alone determines the methodological and dissemination framework for monetary statistics. - Staffing policies and qualifications: - Hiring and promotion governed by CBR Provision 235P of July 25, 2003 (with amendments). - The Model Qualification Standards of Staff of the Bank of Russia specifies requirements: university degree in economics, statistics, or information technology and experience in the banking sector are expected for staff engaged in statistical work. - GED staff participate in international seminars and conferences; GED conducts training for CIS central banks and CBR branches; GED staff review and comment on draft international methodology documents. - Impartiality in source and technique choices: - Choices of data sources, statistical techniques, and dissemination are determined solely by statistical considerations and are aligned with national accounts, balance of payments, and government finance statistics frameworks. - Significant methodological changes are noted in metadata published in the BBS and on the CBR Statistics website. - Dissemination is guided by SDDS specifications and source data timeliness. - Monitoring misuse: - GED monitors financial press and mass media for interpretations of monetary statistics; metadata and explanatory notes in BBS aim to prevent misinterpretation; GED requests corrections from publishers when misuse occurs. - Transparency and access: - Legal documents underpinning data collection, compilation, and dissemination are accessible via the Internet. - Terms and conditions for data collection are set out in CBR directive 2332-U On the List, Forms and Procedure for Compiling and Presenting Credit Institutions Reporting Forms to the Central Bank of the Russian Federation of November 12, 2009. - The CBR website contains an advance release calendar for major macroeconomic and financial data dissemination. - Access to monetary statistics is provided simultaneously to all users via the Statistics page and the BBS; no internal government access is provided prior to release. - CBR publications clearly identify statistics compiled by CBR (specifically GED) and clearly identify sources when provided by other agencies. - Major changes in methodology are announced in advance in press releases posted on the CBR‘s website and in the BBS. - Ethical standards: - Rules of ethical conduct are set out in CBR Provision 235P; CBR staff are required to familiarize themselves with this regulation. - Articles 90–92 of the Federal Law On the Central Bank of the Russian Federation regulate activities to rule out conflict of interest. ### Methodological soundness — Concepts, definitions, and scope - Conformance with international standards: - Monetary statistics are compiled and published by the CBR on its website and in the monthly BBS. - The structure of Central Bank Survey (BBS table 1.15), Credit Institutions Survey (table 1.16), and Banking System Survey (table 1.17) is consistent with MFSM-recommended sectoral surveys for central bank/monetary authorities, other depository corporations, and depository corporations. - Definitions and aggregates: - The Banking System Survey consolidates monetary authorities‘ accounts with credit institutions and presents: - Broad money liabilities (a broad measure of liquidity), - Deposits and securities excluded from broad money, - Shares and other equity, and other items net. - Broad money liabilities comprise: - (i) currency outside banking system (currency and coins issued by the CBR minus currency and coin holdings in the CBR and credit institutions‘ vaults), - (ii) transferable deposits (disaggregated by holding sector), - (iii) other deposits (disaggregated by holding sector). - Assets comprise net foreign assets and domestic claims (net of liabilities to general government); domestic claims are disaggregated into net claims on general government and claims on other sectors (other financial institutions, public nonfinancial organizations, other nonfinancial organizations, households). - Money Supply definitions: - Money Supply M2 National Definition (BBS table 1.18) comprises cash in circulation (currency and coins issued by the CBR minus currency and coin holdings in the CBR and credit institutions‘ vaults) and non-cash funds. - Non-cash funds comprise balances on settlement, current, demand, and time accounts with accrued interest and pre-paid debit card balances held by non-financial and financial (except credit institutions) organizations and individuals. - Foreign currency deposits and deposits at credit institutions whose licenses were revoked are excluded from Money Supply M2 National Definition (whereas broad money liabilities include foreign currency deposits). - Monetary Base (Broad Definition) in table 1.19 (same as Monetary base in central bank survey table 1.15) is conformable with Money Supply M2 National Definition; broad money liabilities in table 1.17 is not conformable with monetary base because broad money liabilities include foreign-currency denominated accounts. - Data on credit institutions‘ foreign-currency denominated balances at the CBR are available in Central Bank Survey table 1.15 as Other liabilities to credit institutions and can be used to calculate an "expanded" monetary base covering CBR‘s ruble and foreign-currency denominated liabilities. - Other surveys: - CBR compiles Other Financial Institutions Survey (table 1.20) covering insurance companies and private pension funds; consolidated with Banking System Survey to derive Financial Sector Survey (table 1.21). - Structure of OFI and FC surveys is consistent with MFSM recommendations. - Coverage of OFC survey and FC survey is planned for expansion to include other financial institutions (e.g., mutual funds). - Classification mapping (designation in the CBR’s BBS to MFSM 2000 equivalents): - Central Bank Survey (table 1.15) — Central bank/monetary authorities survey - Credit Institutions Survey (table 1.16) — Other depository corporations survey - Banking System Survey (table 1.17) — Depository corporations survey - Other Financial Institutions Survey (table 1.20) — Other financial corporations survey - Financial Sector Survey (table 1.21) — Financial corporations survey - Data periodicity: Data presented in these tables cover end-month positions for the referenced months or quarters. ### Scope and institutional coverage - The scope of the Banking System Survey (depository corporations/broad money) is consistent with MFSM principles. - Institutional coverage: - The depository corporations survey covers the CBR/monetary authorities and all ODCs (all resident credit institutions, including credit institutions with revoked licenses or in liquidation). - The survey presents positions of depository corporations with other resident sectors and nonresidents. - Financial corporations classification and notes: - Financial corporations and quasi-corporations, other than the central bank, that issue liabilities included in the nationally defined measure of broad money are classified as ODCs and included in the Credit Institutions Survey; all other financial corporations and quasi-corporations are classified as OFCs. - Money market funds currently very small; staff monitor investment pools and money market funds for potential reclassification to ODCs and inclusion in broad money liabilities when significance increases. - Approximately seven thousand very small credit unions exist; they do not offer depository facilities. - Selected institutional statistics (Structure of the Financial System, in billions of rubles (June 2010); Number/Assets by institution): - Central Bank of Russia: 2006 — Number 1 Assets 8,204; 2007 — Number 1 Assets 12,437; 2008 — Number 1 Assets 16,964; 2009 — Number 1 Assets 15,420 - Vnesheconombank: 2006 — Number 1 Assets 3001 2/ ; 2007 — Number 1 Assets 541; 2008 — Number 1 Assets 1,597; 2009 — Number 1 Assets 1,810 - Credit Institutions (licensed): 2006 — Number 1,345 Assets 14,046; 2007 — Number 1,296 Assets 20,241; 2008 — Number 1,228 Assets 28,022; 2009 — Number 1,178 Assets 29,430 - Credit Institutions with revoked license or in liquidation: 2006 — Number 155 Assets ...; 2007 — Number 157 Assets ...; 2008 — Number 117 Assets ...; 2009 — Number 119 Assets ... - Investment Pools (mutual fund companies, unit trusts, etc.): 2006 — Number 643 Assets 419; 2007 — Number 1009 Assets 766; 2008 — Number 1050 Assets 540; 2009 — Number 1251 Assets 323 - of which: Money market funds: 2006 — Number 6 Assets 0.30; 2007 — Number 6 Assets 0.30; 2008 — Number 6 Assets 0.61; 2009 — Number 7 Assets 0.31 - Bank-managed mutual funds: 2006 — Number 240 Assets 18; 2007 — Number 276 Assets 21; 2008 — Number 292 Assets 8; 2009 — Number 291 Assets 9 - Financial Leasing Companies: 2006 — Number 1832 Assets 549; 2007 — Number 1810 Assets 826; 2008 — Number 1796 Assets 1,142 - Mortgage Companies: 2006 — Number 101 Assets 17; 2007 — Number 157 Assets 37; 2008 — Number 131 Assets 28 - Insurance Companies 1/: 2006 — Number 918 Assets 662; 2007 — Number 857 Assets 738; 2008 — Number 786 Assets 836; 2009 — Number 702 Assets 879 - Pension Companies 1/: 2006 — Number 289 Assets 513; 2007 — Number 247 Assets 600; 2008 — Number 241 Assets 579; 2009 — Number 175 Assets 741 - Securities underwriters and dealers: entries not available (...) - Representative offices of foreign financial corporations: entries not available (...) - Securities, commodities, and other exchanges: entries not available (...) - Source notes for table: - Source: Central Bank of Russia, except for: - Investment Pools (net asset value): data provided by National League of Management Companies; - Financial Leasing and Mortgage Companies: data provided by Rosstat; - Bank-managed mutual funds (net asset value): data provided by Information Agency Cbonds.ru. - 1/ Data on total assets are provided by the reporting institutions. - 2/ Includes positions resulting from operations undertaken as agent of the government. *Italic: Summary based solely on content of "_cr1156 - 0.2 Resources" (source PDF).* ### 2.3 Classification/sectorization ### 2.3 Classification/sectorization ### Classification/sectorization systems used and residency - Principles for classifying clients by economic sector are largely consistent with MFSM recommendations, with some deviations. - Distinction between residents and nonresidents applies the center of economic interest principle in BPM5 and is defined in Federal law on Foreign Currency Regulation and Control No. 173-FZ of December 10, 2003 (with amendments). - Residency rules for persons: - A physical person is classified as resident if he/she has a local address in Russian Federation (as identified in the internal passport or other official document). - A foreign person is classified as a nonresident during his/her stay of up to one year; subsequently he/she can obtain a residence permit and then becomes a resident. - Foreign students and staff of foreign embassies and international organizations, other than citizens of Russian Federation, are classified as nonresidents. - Legal persons are classified as residents based on the registration certificate issued by the Federal Tax Authority. - Legal persons are classified using the Statistical Register of Legal Persons maintained by Rosstat; Rosstat’s principles are based on SNA 1993 and ownership information provided to Rosstat is used to classify units as state- or privately-controlled. - Federal unitary corporations are wholly state-owned. - A corporation with mixed ownership in which the state has 50 percent plus one share equity stake is classified as state-controlled. ### Government, treasury, and extrabudgetary units - Russian Federation uses a “single treasury account” system: all budgetary central government units maintain accounts with financial corporations under the single Federal Treasury account. - Separate accounts in the CBR‘s and credit institutions‘ charts of account are provided for recording positions with extrabudgetary units. - There is a separate set of accounts for local authorities including their extrabudgetary funds; identification/classification of positions with central government (budgetary and extrabudgetary) and local authorities is readily possible. - CBR monetary statistics present financial corporations‘ positions with the general government and, since July 6, 2010, disseminate a breakdown into positions with central government and positions with state/local authorities. - The Russian Classification of State Government and Management Units (of July 1, 1997 with amendments) represents the register of units of central and local governments. ### Nonprofit institutions and cooperatives - Industrial/trade/agricultural cooperatives are recognized separately and are included in private nonfinancial corporations in monetary statistics. - A number of nonprofit institutions operate in Russian Federation; the breakdown between those serving households and the corporate sector is not yet possible. - Informal analysis indicated the largest financial share is institutions serving the corporate sector; based on this, the entire group of nonprofit institutions was classified in other (private) nonfinancial corporations sector. ### Instrument coverage and classification changes - Monetary statistics recognize a standard MFSM-defined range of financial instruments, except financial derivatives (excluded from balance sheets and monetary statistics). - Recommendation: Collect and include in monetary statistics data on central bank’s/monetary authorities’ and the other depository corporations’ positions on financial derivatives, at end-referenced period market prices/fair values. - Since mid-2004, repurchase agreements are classified as collateralized loans (instead of on a change-of-ownership basis); monetary data starting in January 1998 were revised to reflect this change. - Contra-entries to data on central government‘s monetary authorities‘ functions are included in the monetary authorities‘ positions with the general government (presently in liabilities only). - Recommendation: Separately identify contra-entries to data on government’s monetary authorities functions (as “of which” lines under the aggregates that include the contra-entries). - The CBR‘s valuation adjustment account and current year result are classified in other liabilities, whereas MFSM 2000 and MFSCG 2008 recommend inclusion in shares and other equity. - Recommendation: Reclassify the CBR’s valuation adjustment and current year result accounts in shares and other equity. ### Basis for recording and valuation practices - Accounting frameworks: - Central bank: Accounting Rules for the CBR No. 66 (January 1, 2006, with subsequent amendments). - Credit institutions: Accounting Rules for Credit Institutions based in the Russian Federation No. 302-P of March 26, 2007 (with subsequent amendments). - Tabled national valuation practices (summarized extracts): - Monetary Gold: At end-period London gold market price. - SDR Holdings: At end-period exchange rate. - Deposits: At book value. - Loans: At book value. - Securities other than shares (assets): At end-period market price or market price equivalent; ODCs in accordance with IFRS: held to maturity at acquisition cost plus accruals; available for sale and for trading at market price or equivalent. - Securities other than shares (liabilities): At end-period market price or market price equivalent; ODCs at sale price plus accruals. - Shares and Other Equity (assets): At purchase prices; shares held for investment at cost; available for sale or trading at market price or equivalent. - Shares and Other Equity (liabilities): (i) Funds Contributed by Owners — at nominal amount of the proceeds from issuance of ownership shares; (ii) Retained Earnings — at nominal amount; (iii) General and special Reserves — at nominal amount; (iv) SDR Allocation — at end-period exchange rate; (v) Valuation Adjustment — at nominal amount; (vi) Current-year result — at nominal amount. - Financial Derivatives: MFSM guidance — At end-period market price or market price equivalent; national practice — Not applicable / Data are not included in monetary statistics. - Foreign-currency denominated positions: At end-period exchange rate (CBR mid-point between buying and selling rate applies); ruble/dollar exchange rate announced by the CBR at 12 noon and is in effect for the following business day; rates of ruble against other currencies computed using cross rates published by Reuters or Bloomberg. - Nonmonetary gold: At end-period London gold market prices. - Fixed assets: At acquisition cost plus revaluation minus accrued depreciation (according to national accounting standards). - Recommendation: Value securities held to maturity and shares for investment at market price or market price equivalent. - Accrual accounting is practiced at the CBR and at credit institutions; interest accrued but not yet due is included in outstanding amount of asset or liability. - Transactions are recorded on transaction date when there is a change in ownership of the financial instrument. ### Grossing/netting and off-balance reporting - Source data are collected and compiled on a gross basis; claims on a transactor are not netted against liabilities to that transactor. - Whenever a sectoral survey shows a net basis category, underlying gross positions are also shown. - Data on loans are on a gross basis; loan loss provisions are included in other liabilities. - A sectoral level survey cancels/consolidates intra-sectoral claims and liabilities. ### Source data, timeliness, and compilation systems - Main source data: monthly balance sheet of the CBR, data on monetary authorities functions of the government, and aggregated balance sheets of credit institutions. - Data flows and systems: - Data on CBR accounts and credit institutions provided in electronic format by ITC. - Data on monetary authorities‘ functions provided by CBR‘s Balance of Payments Department. - Supplemental and operational data provided by other CBR departments. - CBR maintains an up-to-date State Register of Credit Institutions to ensure complete institutional coverage. - Publications and research on financial markets are monitored; meetings held with financial market participants and business community to discuss data issues. - CBR cooperates with MOF, the Federal Service for Financial Markets, and Rosstat to enhance or expand data collection. - Timeliness: - Source data for the CBR/monetary authorities are available by the ninth day following the end of reference month. - Source data for other depository corporations are available by the twenty-fourth day following the end of reference month. - This timeliness permits compilation of analytical accounts of monetary authorities by the fourteenth day and analytical accounts of the banking sector by the last business day of the month, meeting SDDS specifications. - CBR regional branches follow up with credit institutions not meeting reporting deadline (by the fourth business day of the month for all banks, except the tenth business day for large banks with large branch network). ### Assessment, validation, and quality control - Routine checks: - Source data issues identified through routine cross-checks (intra-sectoral consistency) and horizontal checks (large movements) are referred to BSRD and CBR‘s Accounting Department for verification. - Balance sheet data are assessed against records in other CBR departments, primarily the Balance of Payments Department, and between BRSD and Accounting Department records. - Large movements in money and credit aggregates are routinely investigated and validated using low-level accounts; classification errors lead to corrected classification tables. - Compilation and processing: - Compilation of monetary statistics is fully automated based on approved classification tables to minimize manual data processing errors. - Source data for credit institutions provided by ITC in uniform structure allowing automated aggregation; aggregated balance sheet includes cross-checks to assess completeness. - CBR balance sheet consolidates accounts of headquarters with those of its 79 branches; individual positions reviewed and verified by CBR‘s Accounting Department. - Audits and inspections: - Adherence by credit institutions to accounting standards is assessed through regular external audits and on-site inspection by the CBR‘s Department of Chief Inspection of Credit Institutions. - The CBR is subject to an annual external audit. - Off-balance derivatives: - Positions on financial derivatives are maintained as off-balance sheet items; credit institutions provide these data to the CBR and they are published in BBS Table 4.4. ### Revisions and studies - Monetary statistics are based on accounting records not subject to estimation. - Preliminary data, when they arise, are compared to final data and causes of differences are routinely investigated; differences are relatively small. - GED investigates statistical discrepancies using related time series within monetary statistics or related data from other CBR departments. *Source: _cr1156 - 2.3 Classification/sectorization* ### 4. Serviceability ### 4. Serviceability ### 4.1 Periodicity and timeliness - Periodicity - The analytical accounts of monetary authorities and the analytical accounts of the banking sector, and the sectoral surveys in the MFSM-recommended format, are disseminated on a monthly basis, in accordance with the SDDS specifications for periodicity, which is monthly. - Timeliness - Preliminary data on the analytical accounts of monetary authorities in the SDDS-prescribed format are disseminated within two weeks after the end of the reference month, in accordance with SDDS specification for timeliness. - Preliminary data on the analytical accounts of the banking sector in the SDDS-prescribed format are disseminated within one month after the end of the reference month, in accordance with SDDS specifications. - Dissemination follows the advance release calendar for key macroeconomic and financial data. ### 4.2 Consistency - Internal consistency within dataset - Interbank positions between monetary authorities and credit institutions are generally consistent: - Since October 2008, the difference between the CBR‘s claims on credit institutions and credit institutions liabilities to the CBR is typically less than five percent, although for February–April 2010 (latest data available) it is approximately 7.5 percent. - By financial instrument, the CBR‘s liabilities to credit institutions match, to within one percent, the credit institutions‘ claims on the CBR. - The CBR compiles the Other Financial Corporations (OFC) survey covering insurance companies and pension funds; coverage is not complete, so comparison of reciprocal positions between the banking system survey and the OFC survey is not presently feasible. - Reconciliation of flow data is not performed because the flow of funds accounts are not compiled. - Consistency over time - The CBR‘s website disseminates monetary statistics for 1995 to the present. - Monthly monetary statistics for 1995–2000 were compiled following the methodology in the IMF‘s Guide to Money and Banking Statistics in International Financial Statistics (draft, 1984) and are consistent for that period. - Monthly monetary statistics for January 2001 and onward are compiled following the methodology in the IMF‘s MFSM 2000 and are consistent for that period. - Notes to data tables specify methodological basis and refer users to detailed methodological notes published in the BBS and on the CBR‘s website. - Tables covering monthly data for 2001 include data for December 2000 to facilitate comparison with January 2001 data. - The current charts of accounts were introduced for the CBR and credit institutions in 1998 and revised in 2006/7 to improve compliance with IFRS; charts provide sufficient information for classifying accounts by financial instrument (except for financial derivatives) and by economic sector of counterparty, as recommended in MFSM 2000. - Monetary accounts are fully reconcilable starting in January 2000. Where applicable and possible, historical time series from 1998 onward were recompiled taking into account changes in source data and methodology. - Announcements are included in the BBS whenever changes in methodology will lead to changes in the time series trends. - Consistency with other datasets/frameworks - The GED routinely reconciles monetary statistics with the BOP data; corresponding aggregates are reconcilable taking into account methodological differences. Reasons for differences are noted in metadata to BBS tables on monetary statistics. - Net foreign assets of the banking system in monetary statistics are consistent with the corresponding aggregate in the international investment position. - With the exception of cash balances (treated in government finance data as government claims on the banking sector), accounting data on general government‘s deposits at the CBR and at credit institutions and general government‘s liabilities to the banking system presented in government finance data are consistent with the corresponding source data used for compiling monetary statistics. ### 4.3 Revision policy and practice - Revision schedule and transparency - The latest monthly data published on the CBR‘s website are considered preliminary, are so identified, and may be revised during the next three months (six months for the December data); thereafter, the data are considered final. - The BBS notes that the latest published data are subject to revisions during the subsequent three months (six months for the December data). - Revised data are provided in a special bold-face font. Whenever data revisions are due to methodological changes, comments explain revisions to the data. - Identification of preliminary and revised data - On the website, preliminary data are denoted by an asterisk and a footnote; users are informed that preliminary data are subject to revisions. - Notes in BBS inform users that latest data are subject to revision during the next three months (six months for December data). - Revised data are identified by bold-face font. - Revision studies and analysis - When methodological changes are implemented to historical data, explanations of the revisions are contained in the BBS or in a press release. - Preliminary, revised, and final data are routinely compared and studied; these studies are for internal use only and findings are discussed with providers of revised data. ### 5. Accessibility ### 5.1 Data accessibility - Presentation and formats - Monthly time series for monetary statistics, including sectoral surveys, are disseminated on the Statistics page of the CBR‘s website in MS Excel format, with user-selectable date ranges, in read-only tabular format, and in the BBS (posted on the Publications page). All tabular data presentations are clear. A number of analytical charts and graphs are included in the BBS. - Two Excel files are downloadable from the Statistics page: - One contains monthly data for 1995–2000 based on the Guide to Money and Banking Statistics in International Financial Statistics (draft, 1984). - The other contains monthly data for 2001 to the present, in the format of sectoral surveys based on MFSM 2000. - The structure of surveys compiled by the CBR for the central bank/monetary authorities, credit institutions, and the banking sector is consistent with MFSM 2000 recommendations for central bank, other depository corporations, and depository corporations surveys, respectively. - Levels of detail in disseminated data have improved in recent years but could be further enhanced by providing breakdowns of positions by currency of denomination, financial instrument, and maturity where absent. - In July 2010, the CBR began compiling and disseminating the breakdown of positions by currency of denomination for the banking system survey (table 1.1.7). - The CBR will consider compiling and disseminating this and other breakdowns for the central bank/monetary authorities survey (table 1.15) and the credit institutions survey (table 1.1.6). - Analysis of monetary developments is included in a separate CBR publication—the Quarterly Inflation Review. - Dissemination media and languages - Monetary statistics are disseminated in Russian and in English on the CBR‘s website (in MS Excel format and read-only format) and in the BBS. - The BBS is available (from 1998) in PDF format on the Publications page on the CBR‘s website. - Release schedule and equal access - An advance release calendar, including release dates for monetary statistics, is posted on the CBR‘s website and is published on the first page in the BBS. Monetary statistics are released in accordance with that calendar. - The advance release calendar contains release dates for: - monetary statistics compiled in accordance with the SDDS format; and - monetary statistics in the MFSM-recommended format for sectoral surveys. The latter are published on the CBR‘s website 35 days after the end of the reference month and in BBS 65 days after the end of the reference months. - Monetary statistics are released simultaneously to all users, in accordance with the published advance release calendar. - The CBR‘s main/home page contains announcements covering new data releases and a list of press releases including publication of monetary data. - Non-routine data access - Unpublished but non-confidential data are made available upon request free of charge with approval of CBR management. Such requests have been rare. The CBR does not announce availability of additional unpublished but non-confidential data. ### 5.2 Metadata accessibility - Documentation - For each monetary statistics table referred to in this report, the BBS includes comprehensive metadata discussing data sources, institutional coverage, classification, compilation method, and definitions of aggregates. - The Statistics page on the CBR‘s website provides access to methodological documents (in PDF format). When applicable, methodological notes are updated. - The SDDS metadata/summary methodology for the financial sector of Russian Federation is accessible via a link on the CBR‘s website to the IMF‘s Dissemination Standards Bulletin Board. - Audience and detail - The metadata published in BBS is comprehensive; the level of description is commensurate with the knowledge base expected of the analyst using these data. ### 5.3 Assistance to users - Contact points - The CBR website identifies a person responsible for answering questions about SDDS data. A contact point is included on the Statistics page for sending questions to GED concerning monetary data posted on the CBR‘s website. - A phone number and e-mail address to contact GED is printed in the BBS. A user survey questionnaire is provided on the Statistics page. - Catalogs and charges - The CBR website displays information on data and publications availability (on Statistics and Publications pages, respectively), including access to the complete BBS (issues starting in 1998) downloadable in PDF format. - Access to the CBR‘s website and information retrieval is free of charge. *Source: _cr1156 - 4. Serviceability* ### 0.2 Resources ### 0.2 Resources ### 0.2.1 Staff, facilities, computing resources, and financing are commensurate with statistical programs - The CBR‘s BOPD is responsible for compiling and disseminating balance of payments, international investment position (IIP), external debt, merchandise trade and international reserves statistics. - Staffing and qualifications: - The BOPD has 50 staff with higher education degrees in economics or related disciplines, including 6 with doctoral degrees. - Twenty-five staff from the BOPD completed courses in the International Financial Reporting Standards (IFRS). - 80 percent of the staff in the BOPD has at least five years‘ experience in balance of payments compilation. - The average age of the staff is 39. - Training and personnel policy: - The CBR‘s Department of Personnel Policies and Personnel Support prepares annual plans for skills improvement and organizes seminars for enhancing the expertise of CBR staff. - Staff responsible for compiling the international accounts have taken training courses organized by the IMF and participated in seminars conducted by other central banks and international financial institutions. - Information technology and processing: - IT resources in the BOPD are adequate for designated tasks and are undergoing upgrades under the CBR‘s ITS Development Concept for the period until 2013. - Incoming data are tabulated at the TsIT where modern hardware and software systems are utilized. - Hardware is appropriately allocated to ensure effective data processing and database management. - Compilers employ modern report preparation software techniques and have contributed to developing computing programs, including a data processing system for direct investment statistics. - CBR provincial offices are well equipped to perform data collection and processing tasks. - Financing: - The financial resources available for compiling balance of payments statistics are sufficient for completing required tasks. - Annual plans identify resources necessary for collecting and processing data, taking into account requirements of new initiatives for external sector statistics. ### 0.2.2 Measures to ensure efficient use of resources are implemented - Budget planning and coordination: - A specially created commission at the CBR established a procedure for preliminary consideration and coordination of the amounts of financial resources planned for the forthcoming year, including resources for the statistical work program. - As part of the annual budget planning process, the BOPD provides relevant CBR departments information on planned physical and IT resource requirements, new reporting forms, and publications. - Requests for changing the structure of any CBR department are reviewed by specialized departments. ### 0.3 Relevance #### 0.3.1 The relevance and practical utility of existing statistics in meeting users’ needs are monitored - User feedback mechanisms: - Data users‘ needs are monitored through electronic user surveys. - The CBR‘s Training Center at Tula conducts semiannual workshops covering discussions of CBR‘s activities, policies, and statistics and provides an opportunity to receive feedback from data users, including representatives of the press. - The CBR offers a channel for comments through the contact point included on the statistics section of the CBR website. - International engagement: - The CBR actively participates in meetings of international working groups on statistical methodology organized by the BIS, IMF, and the OECD to gauge needs of international users. ### 0.4 Other quality management #### 0.4.1 Processes are in place to focus on quality - Quality principles and validation: - CBR management and senior staff focus on integrity, methodological soundness, accuracy and reliability, serviceability, and accessibility. - Reported information is subject to validation checks at the collection and processing stages. - The BOPD works with the GED, the Accounting Department, the Bank Supervision and Regulation Department, the Department of Financial Monitoring and Foreign Exchange Control, and other CBR departments and units on data verification and reconciliation before dissemination. - Audits: - Financial statements of the CBR and credit institutions are audited by established external audit companies. - International reserves data for 2006–2008 were audited by the Chamber of Accounts. #### 0.4.2 Processes are in place to monitor the quality of the statistical program - Senior management review: - The quality of the statistical program is assured by rigorous review of statistical outputs by CBR senior management, including comparisons with partner-country data/trends. - The CBR is subject to public accountability and can be called on by the State Duma and the Federation Council to answer questions related to methodology and compilation techniques. - Management discussions of monetary guidelines and compilation of the CBR’s Annual Report provide occasions for internal scrutiny. #### 0.4.3 Processes are in place to deal with quality considerations in planning the statistical program - Drivers of quality planning: - Quality considerations are driven by (i) quality improvements identified during ongoing monitoring and periodic reviews; (ii) feedback from users on quality standards and new data requirements; and (iii) trade-offs among dimensions of quality (e.g., timeliness versus resource and data source availability). - Indicators of impact: - Efforts to address recommendations of the previous IMF data ROSC mission (2003). - Availability of comprehensive trade in services statistics (by partner-country breakdowns) through a dedicated annual publication. - Availability of advance estimates of the balance of payments and external debt prior to release of preliminary data. ### 1. Assurances of integrity ### 1.1 Professionalism #### 1.1.1 Statistics are produced on an impartial basis - Legal independence: - The CBR‘s independence is reflected in Article 75 of the Constitution of the Russian Federation and Articles 1 and 2 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia).” - Article 1 states the CBR exercises its functions and powers independently from other federal bodies, government authorities of territories of the Russian Federation, and local governments. - Professional engagement: - High professional standards evidenced by active participation in international seminars, expert working groups, and conferences. - Key areas of active role include cross-border remittances statistics and implementation of BPM6. - The Director of CBR‘s BOPD is a member of the IMF Committee on Balance of Payments Statistics (BOPCOM). - Multilateral technical cooperation exists among central banks of the EurAsEC member states; the CBR conducts regional training programs in external sector statistics. - Bilateral exchanges: exchange visits with the Bank of Japan (2009 and 2010); discussions with the Bank of Finland (2009) on bilateral data and implementation of BPM6 and BMD4. - Hiring and promotion: - Governed by CBR Provision 235 P of July 25, 2003 (with amendments). - The CBR‘s Model Qualification Standards—approved in 2003—specify requirements for staff engaged in statistical work. #### 1.1.2 Choices of sources and statistical techniques, as well as decisions about dissemination, are informed solely by statistical considerations - Source and method selection: - Choices are determined by statistical considerations; example: new reporting forms for compiling remittances data to improve coverage and implement BPM6. - Dissemination is guided by the SDDS specifications and by the timeliness of source data. #### 1.1.3 The appropriate statistical entity is entitled to comment on erroneous interpretation and misuse of statistics - Monitoring and correction: - The BOPD tracks use and interpretation in financial press and mass media and maintains an archive of related materials. - Cases of misinterpretation or misuse are raised with publishers via the CBR External Relations Department requesting corrections (example: March 2010 case involving a major business newspaper). - Bloomberg and Reuters internet platforms are used to disseminate data and address inaccuracies. ### 1.2 Transparency #### 1.2.1 The terms and conditions under which statistics are collected, processed, and disseminated are available to the public - Legal and procedural disclosure: - The Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”—as amended on January 10, 2003—is posted on the CBR‘s website in Russian and in English. - Detailed references to legal terms and conditions are included in reporting forms sent to reporting agents. - Key features of data sharing agreements between the CBR and state agencies are widely reported in the press; Rosstat disseminates information on agreements on its website. - Using DQAF metadata formats, the CBR disseminates terms and conditions of data dissemination (balance of payments, IIP, and external debt) on its internet website. - The site publishes advance release calendars for all SDDS external sector data categories (excluding exchange rates, which are published daily). - Similar materials are published in Vestnik Banka Rossii and the monthly Bulletin of Banking Statistics. #### 1.2.2 Internal governmental access to statistics prior to their release is publicly identified - Pre-release access rules: - Government officials do not have prior access to balance of payments and IIP data; this is stated on the CBR‘s website. - The CBR provides Rosstat quarterly data on exports and imports of services approximately two days prior to public release to allow Rosstat to finalize quarterly GDP by expenditure; this practice is prescribed under the CBR–Rosstat information sharing agreement and is publicly identified on the CBR website. #### 1.2.3 Products of statistical agencies/units are clearly identified as such - Attribution and labeling: - CBR press releases and electronic dissemination identify the CBR as producer of Russia‘s balance of payments and IIP statistics. - Vestnik Banka Rossii uses product labels and requests attribution; the Bulletin of Banking Statistics, External Trade in Services of the Russian Federation, and External Sector Statistics 2010 identify the CBR‘s BOPD as the compiling unit. - The Agreement on Information Cooperation between Rosstat and the CBR requires acknowledging the data source when publishing shared data. #### 1.2.4 Advance notice is given of major changes in methodology, source data, and statistical techniques - Advance communication: - Since the 2003 ROSC assessment, the CBR implements a policy of providing advance notice of major changes. - CBR Information Notice dated October 26, 2009 informed users of plans to adopt BPM6 methodology by end-2012. - Beginning with data for June 2010, the CBR implemented a BPM6 recommendation on monetary gold (including in coverage of gold bullion, gold coins with purity of 999 parts per 1000), and advance notice was communicated in a CBR Information Notice dated May 27, 2010. ### 1.3 Ethical standards #### 1.3.1 Guidelines for staff behavior are in place and are well known to the staff - Ethical conduct framework: - Rules of ethical conduct are set out in CBR Provision 235P of 1997 (amended July 25, 2003) that defines the status of a CBR employee. - Individuals entering employment undergo screening tests and must familiarize themselves with the regulation. - Articles 90–92 of the Federal Law On the Central Bank of the Russian Federation regulate activities staff may undertake to avoid conflict of interest. - New staff are made aware of Internal Office Regulations, Regulations on Employees of the Bank of Russia, and Regulations on Procedures for the Recruitment and Termination of Bank of Russia Employees. - These procedures are in line with the Labor Code of the Russian Federation. ### 2. Methodological soundness ### 2.1 Concepts and definitions #### 2.1.1 The overall structure in terms of concepts and definitions follows internationally accepted standards, guidelines, or good practices - Conceptual framework: - Russia‘s balance of payments accords with Balance of Payments Manual, fifth edition (BPM5). - Current, capital and financial accounts are clearly distinguished; institutional sector breakdowns follow BPM5 guidelines. - CBR has a phased work program for moving to BPM6 by end-2012; some methodological changes already adopted. - Residency and specific classifications: - Residency is defined in broad conformity with BPM5; one-year residency rule applied to income (compensation of employees), travel, and transfers by assessing FBS and Federal Migration Service data against CBR border visits and partner country information. - Recording of construction services associated with large projects is guided by the residency criterion. - Reserve assets compiled according to 1993 SNA definition of monetary authorities, BPM5, and the International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template. - Foreign currency deposits held by the authorities with resident banks are excluded from reserve assets. - Reserve-related liabilities classification from BPM6 adopted in recording the Fund‘s SDR allocation in 2009. - BPM6 recommendation on monetary gold implementation noted (see 1.2.4). ### 2.2 Scope #### 2.2.1 The scope is broadly consistent with internationally accepted standards, guidelines, or good practices - Coverage: - Russia‘s balance of payments and IIP statistics broadly cover all transactions and positions of resident institutional units vis-à-vis the rest of the world, with residence determined by BPM5 principles. - BPM5 guidelines followed in recording resident–resident transactions in transferable foreign financial assets. - Estimation and imputations: - Estimates made for goods not covered under Customs-based trade statistics. - For services, estimates made for transportation, travel, and government services to address nonexistent/incomplete source data. - Some transactions related to PSAs (affecting services, income, and direct investment flows) are estimated using partial administrative data and assumptions based on industry-specific information. - To enhance scope of the IIP, direct investment equity positions related to PSAs are imputed by the CBR. - Coverage of remittances data has improved in recent years. *Source: _cr1156 - 0.2 Resources* ### 2.3 Classification/sectorization ### 2.3 Classification/sectorization ### Classification and sectorization systems (findings) - The classification and sectorization of Russia‘s international accounts in principle follow BPM5, with further extensions to take account of domestic and international user requirements. - Transactions in debt securities of the federal government are published in greater detail than required by BPM5, including a geographical split between Commonwealth of Independent States (CIS) and non-CIS countries. - The CBR compiles and disseminates data on direct investment transactions (abroad and in the reporting economy) by institutional sector, and on the currency composition of international reserves (annual position data). - The national data presentation is broadly consistent with the structure of BPM5. - A persistent line item in the CBR‘s “neutral” presentation: “non-repatriation of exports proceeds, non-supply of goods and services against import contracts, and remittances against fictitious transactions in securities” is reported under other investment (financial account) and classified by the CBR as other investment, other assets (other sectors) for data reported to STA. The CBR maintains this line aims to capture capital flight arising from the foreign exchange control system. - Another line item under other investment: “indebtedness to suppliers according to intergovernmental agreements,” reported under trade credits. - Monetary authorities‘ portfolio and other investment transactions are separately identified (previously included as part of the banking sector). - In the current account, freight insurance is now classified under insurance services instead of transportation. - For services, the CBR has adopted extended classifications in line with the Manual on Statistics of International Trade in Services. - In line with BPM5, repurchase agreements (repos) and financial leases are treated as loans. - Data on nonproduced nonfinancial assets are available from 2008. ### Recommendations (classification/sectorization) - No explicit new classification recommendations beyond those embedded in subsequent sections; classification changes noted (separation of portfolio/other investment transactions, reclassification of freight insurance). --- ### 2.4 Basis for recording ### Valuation (findings) - Russia‘s balance of payments statistics are compiled in U.S. dollars. Transactions denominated in other currencies are converted into U.S. dollars at the official exchange rate fixed by the CBR, viewed by compilers as a close approximation of the market rate on the transaction date. - A security-by-security database supports market valuation of debt and equity securities actively traded on the secondary market. - For securities not actively traded or not issued in organized markets, reporters are asked to provide a proxy to market valuation using approaches in the Coordinated Portfolio Investment Survey Guide. - Commissions and brokerage fees are excluded in recording transactions in securities (in line with BPM5). - Valuation of monetary gold is based on the CBR‘s gold reference price fixed each business day, based on prices from the London Daily Spot Metal Market Rates (quoted per ounce) and the prevailing official ruble/U.S. dollar exchange rate. The CBR gold price fix is calculated in U.S. dollars per troy ounce, but referenced in rubles per gram. The reference price for refined gold is effective for the following business day. On official holidays when there are no price fixings, the CBR uses the most recently-fixed price. ### Recording basis (findings) - In principle, balance of payments statistics are compiled with full recognition of the change in ownership criteria to determine transactions and timing. Deviations exist for loan-related transactions of the other sectors. - For direct and portfolio investment income: - reinvested earnings (including undistributed branch profits) are recorded in the period in which they are earned; - dividends are recorded at the time they are declared payable; - income on debt securities is compiled on an accrual basis. - For other investment income: - income (interest) of banks, monetary authorities, and general government are based on accrual accounting; - loan-related income of other sectors are recorded on a due-for-payment basis. - For external debt statistics: - due-for-payment method is used in recording the debt position of the federal government and the nontradable debt of other sectors; - accrual accounting is used for monetary authorities and banks, and for traded instruments in other sectors; - positions on loans, deposits and accounts payable/receivable are recorded at nominal value (the outstanding amount the debtor owes the creditor, including accrued interest). - For the IIP, no adjustments are made to address the due-for-payment basis for recording the debt position (loans) of the federal government and the nontradable debt of other sectors. - In line with BPM5, direct investment earnings are measured on the basis of current operating performance. ### Recommendations (recording) - Use accrual accounting for recording: - (i) income on other investment (interest) of other sectors; and - (ii) position data on government loans and the nontradable debt of other sectors. ### Grossing/netting procedures (findings) - Current and capital account transactions are recorded on a gross basis (in line with BPM5). - Financial account transactions are recorded on a net basis, separately for individual asset and liability components. - During the mission, the CBR revised balance of payments data on trade credits and advances to separately identify assets and liabilities, and adopted BPM6 terminology “trade credits and advances” in its neutral data presentation. - A revision to IIP trade credits data for 2009 was made to show asset and liability positions separately. ### Recommendation (grossing/netting) - External debt tables (and corresponding metadata) should be updated to reflect the recent changes in recording trade credits in the international accounts. The CBR has already initiated work, with tables for 2009 reflecting the change and appropriate footnotes. --- ### 3. Accuracy and reliability ### Source data (findings) - Data sources for compiling Russia‘s international accounts (balance of payments and IIP) are broadly sufficient and under continuous review. - The CBR‘s legal framework and active follow-up ensure high cooperation by respondents. - Main data collection program sources: - reporting of credit institutions (through the CBR international transactions reporting system and other reporting forms), and other financial entities; - data available from other departments of the CBR; - data sourced from state agencies, including the FCS, FBS, the Rosstat, the FISS, and the FST; - administrative data from the ministries of finance, energy, defense, and emergencies. - Other primary data sources include Vnesheconombank, the IMF, the central banks of Belarus and Kazakhstan, direct surveys of enterprises, and the IFRS-based financial statements of bank and nonbank enterprises. - The incomplete coverage of Customs-based foreign trade statistics is a long-standing issue; the CBR uses coverage adjustments and publishes calculations and methodology. - FCS initiatives: Single Administrative Document (SAD), data sharing with CIS customs agencies and Finland, a data sharing agreement with Eurostat, use of partner-country data (United Nations COMTRADE and IMF DOTS) to detect and assess trade discrepancies. FCS assessments indicate a reduction in discrepancies over time. - CBR uses estimation techniques for credit entries for government services; surveys of foreign embassies were attempted but unsuccessful (reporting by foreign embassies is voluntary). - Since 2003, CBR expanded sources for direct investment: surveys of banks, custodians, nonfinancial enterprises; CPIS and CDIS; federal agencies/ministries (including PSA information from the Ministry of Energy); partner countries. This widened coverage to account for PSA activities, M&As, and real estate investments by residents and nonresidents. - New/updated reporting forms introduced to expand data collection on securities, remittances, and financial derivatives. Improvements in source data informed more accurate insurance calculations. - During 2008 crisis, CBR detected increasing financial derivative transactions by banks and implemented procedures for more comprehensive reporting; previously source data were based on FX derivative contracts. - Beginning in 2010, CBR introduced a survey of financial derivatives to collect transactions and positions on all types of derivatives; results from banks are currently under review, so coverage remains limited to FX derivatives (this exception is identified in CBR metadata). - CBR is finalizing Q1/2010 data collected from banks and plans to introduce wider financial derivatives coverage, beginning with revisions to Q1/2010 balance of payments in September 2010. - Where source data do not exist or are difficult to collect, compilers use best possible secondary sources and approximation techniques. ### Recommendation (source data) - Include in the international accounts the results of expanded data collections on financial derivatives. ### Source data timeliness (findings) - Data collections scheduled to allow compilation of quarterly balance of payments and annual IIP statistics. - Respondent banks are aware of deadlines; rigorous follow-up ensures timely receipt. - Data from most federal agencies are subject to delivery-date agreements. - Compilers reported no major problems with timeliness, except PSA-related position data from the Ministry of Energy (annual data reported with an eight-month lag). - The CBR can compile an advance estimate of the quarterly balance of payments within two business days after the end of the reference period; advance estimates are approximations based mainly on FCS goods data, cash-basis bank transactions, and international reserves data. ### Assessment of source data (findings) - Bank reporting coverage stays current via integration with the supervisory register. No reporting thresholds for transactions; explanatory comments required for transactions beyond stated levels. - Primary and secondary sources are assessed against electronic databases, financial press, and industry journals to detect emerging/significant transactions (e.g., widening scope of financial derivatives). - New reporting forms and changes are carefully assessed prior to use; compilers ensure data providers understand measurement concepts and review atypical responses. - Source data are reviewed for consistency with related sources, including partner country information (foreign trade statistics and BIS banking statistics). - Completeness of closed-type ITRS reporting by banks is assessed by comparing transactions with changes in account balances. - Sample error, response error, and nonsampling error are not applicable where sample surveys are not generally used; CPIS form used in 2008 yielded a 73 percent response rate. ### Statistical techniques — compilation and adjustments (findings) - ITRS provides detailed verification checks and flags transactions exceeding stated amounts for explanatory comments; deviations from historical trends are monitored. - Compilers employ a range of statistical techniques, including: - Coverage adjustments for goods not recorded in customs statistics, including fish and sea products, goods procured by foreign carriers in Russian ports and by Russian carriers in foreign ports, goods brought in and taken out by migrants, and goods not registered by Customs (undeclared or inadequately declared imports by legal entities; goods exported/imported by individuals for subsequent selling, including imports of vehicles). Estimates of goods not registered by Customs are based on a CBR model considering absolute volumes of retail turnover, volumes of supply from official sources, price structure of final consumption of imports, and price changes within the reporting period to derive ratios for converting consumer prices to f.o.b. import prices. - Adjustments of customs import data measured on a c.i.f. basis to an estimated f.o.b. basis for countries without common borders, using a conversion ratio based on a customs declarations survey. Sample surveys of oil and gas companies were conducted to determine f.o.b./c.i.f. adjustment ratios; ITRS data are also used to inform adjustments. - Adjustments of goods data for missing observations in customs statistics based on statistical analysis of differences between preliminary and final customs-based trade data to reduce revision magnitudes and stabilize series. - Income estimates gross of taxes by applying requisite tax rates. - For investment income of general government, a special database applies accrual accounting to government loans and securities data, taking into account secondary market transactions between residents and nonresidents. - A detailed estimation model is used to compile quarterly estimates of reinvested earnings for nonfinancial enterprises. - Estimation techniques to estimate PSA transactions and positions, including the use of a standardized measure of discounted future net cash flows and computation of revenue using the average price of the previous twelve months. - The CBR developed external debt statistics using the residency criterion, requiring adjustments (e.g., MOF data on Eurobonds) for residency consistency. - For the IIP, the CBR employs methods and supplementary data sources to align position data on portfolio investment with BPM5 valuation principles. *Source: _cr1156 - 2.3 Classification/sectorization* ### 3.4 Assessment and validation of intermediate data and statistical outputs ### _cr1156 - 3.4 Assessment and validation of intermediate data and statistical outputs ### Validation practices for intermediate results - Intermediate results are reviewed for plausibility and consistency with related data sources, including partner country information (e.g., foreign trade statistics and BIS banking statistics). - Given the size of the Russian economy, results are reviewed against domestic, regional, and global economic trends, specialized databases, and the financial press. - The CBR compiles a geographical breakdown of Russian international accounts between CIS and non-CIS countries and makes detailed assessments of the CIS component of the balance of payments/IIP. - Detailed bilateral comparisons are made with Kazakhstan and Belarus (customs union partners). ### Assessment and investigation of statistical discrepancies - Compilers routinely assess series behavior against related series; examples include: - Reported data on investment income payments and receipts are regularly assessed in relation to the corresponding position data. - Data on freight earnings are regularly assessed in relation to the value of the trade flows. - Goods and services data are compared with information from UN statistical databases, and from the World Tourism Organization (for travel). - Reported financial flow data are reconciled with changes in corresponding stock data collected for external debt and for other elements of the IIP. - The CBR‘s BOPD monitors errors and omissions developments; there is general recognition that these originate in capital flight. - Continuous efforts are made to identify statistical gaps; transactors evading detection remain a challenge. - Other CBR departments are addressing gaps in foreign exchange control operations to enhance source-data classification accuracy. - High levels of payments recorded under "other business services" in the ITRS may reflect suspicious transactions. - Bilateral reconciliations and comparisons are conducted with principal trading partners and international databases, including: - Joint BIS-IMF-OECD-World Bank Statistics on External Debt - BIS locational international banking statistics - UN and Eurostat information - CPIS derived-liabilities data - IMF Direction of Trade Statistics (DOTS) database ### Revision studies and practices - Revisions to balance of payments statistics originate from routine source-data revisions, periodic methodological changes, and introduction of new data sources. - Periodic revisions are an important feature given the CBR‘s commitment to moving to BPM6. - The source and magnitude of revisions are tracked and fully explained in statistical publications. - The CBR produced a paper outlining implications of adopting BPM6 guidelines for remittances. - The CBR tracks revisions to customs trade data; trends are used to calculate an adjustment in goods. The preliminary balance of payments includes an "anticipatory revision" adjustment to goods to insulate the balance of payments from significant source-data revisions. - Revisions practices: - Quarterly BOP data are preliminary when first released; at release time, data for the previous three quarters may be revised. - In major methodology changes, historical data are revised as far back as possible; historical data are not revised when new data collection systems are introduced. - Practices are transparent and identified in the SDDS and the CBR‘s DQAF-based metadata. - Preliminary data are identified as such in all publications; revisions are identified by bold print in the Bulletin of Banking Statistics. - Analysis of revisions is described in appendix tables that (i) identify causes for revisions to specific items; (ii) indicate the period of revision; and (iii) provide a comparison of initial and revised estimates with commentary. - The CBR has posted on its website a paper discussing implications of revising remittances data in line with BPM6. ### Serviceability — periodicity, timeliness, and consistency - Periodicity and timeliness: - All external sector statistics are disseminated in line with SDDS (see Volume I, Appendix I of this report). - Foreign trade statistics: monthly. - Balance of payments and external debt data: quarterly. - International reserves: weekly (exceeding SDDS monthly periodicity requirement; in line with SDDS recommended periodicity). - Reserves template: monthly. - IIP: annually. - A quarterly IIP for the banking sector (CBR and credit institutions) is compiled and disseminated with a lag of one quarter. - Recommendation: Compile quarterly IIP data for all institutional sectors. - Annual IIP data are released two quarters after the end of the reference quarter (exceeding the SDDS three-quarters timeliness requirement). - Advance quarterly estimates of the balance of payments and external debt are compiled and disseminated within two and three business days, respectively, after the end of the reference quarter. - Consistency within datasets: - Annual IIP is disseminated in a full reconciliation statement with transactions in the IIP equal to financial account transactions. - A similar table is compiled and disseminated quarterly for international reserves and external debt. - The CBR includes an entry under the financial account (other investment, other) titled "non-repatriation of exports proceeds, non-supply of goods and services against import contracts, and remittances against fictitious transactions in securities" to capture capital flight arising from the foreign exchange control system; corresponding foreign asset positions cannot be measured and are not included in external position data. In the IIP, a counter entry is made under other changes to net out the transactions, resulting in opening and closing positions being undefined. - Annual BOP statistics are compiled from quarterly data to ensure consistency across periodicities. - Net errors and omissions have been stable over time; and except in 2006, have been consistently negative since 1995. - Consistency over time: - Consistent time series are available since 1994. - When source data, methodology, or technique changes are introduced, historical series are reconstructed as far back as reasonably possible. - The Russian BOP system was built on BPM5 methodology; breaks and discontinuities in component series generally do not exist. - Regarding BPM6 implementation, the CBR began changing some series starting with data from 2010. - Publication time horizons for key series: - Quarterly BOP series: from 1994. - Main monthly BOP aggregates: from 2007. - Annual IIP series: from 2001. - Quarterly IIP for the banking sector: from 1994. - Financial derivatives: introduced in 2002. - Services (extended BOP classification): available from 2002. - International reserve statistics: available from 1994; methodological-change tracking table available dating back to 1998. - Data on nonproduced nonfinancial assets: available from 2008. - Consistency with other data sources/frameworks: - BOP adjustments made to FCS-based international merchandise trade data are published in the detailed BOP presentation, showing FCS data and coverage adjustments. - Similar tables exist for external debt transactions and positions sourced from the MOF. - International accounts are reconcilable with monetary statistics. - Some issues preclude full reconciliation of national and international accounts, notably Rosstat‘s revision policy that appears to result in the CBR‘s latest BOP data not being used when estimating GDP by expenditure. ### Accessibility — dissemination, user access, and metadata - Presentation and formats: - National presentation follows BPM5 with national adaptations; international accounts data using STA reporting templates are reported to the IMF for BOPSY and IFS publication. - Russia's monthly reserves template is disseminated on the CBR website and redisseminated on the IMF website. - Current-period commentary is included in most publications, including External Trade in Services of the Russian Federation. - National BOP presentation includes a summarized table and component tables with CIS/non-CIS breakdowns; oil, oil products and natural gas exports are separately identified under exports. - A bilateral BOP table is produced for Belarus; Kazakhstan joined the customs union on July 1, 2010. - Some series are available seasonally adjusted; techniques are described in External Sector Statistics 2010 and in Vestnik Bank Rossii. - Dissemination media and formats: - BOP data are available on the CBR website (Statistics → external sector statistics), and are published in Vestnik Bank Rossii and Bulletin of Banking Statistics (both hard copy and electronic). - Users have expressed preference for more user-friendly formats (downloadable Excel files, search engines). The CBR has begun addressing these preferences (e.g., website search queries by year). - Release schedule and access: - All SDDS external sector data are released according to a preannounced schedule on the CBR website and in the Bulletin of Banking Statistics (quarter-ahead rolling calendar). - CBR website usage statistics record surges in visits on release dates. - The CBR notes statistics are released on time on the Russian section of its website. - IMF monitors observance of SDDS periodicity and timeliness via Russia‘s NSDP (maintained by the MOF); IMF Annual SDDS Observance Reports noted delays in disseminating quarterly BOP on the NSDP. - A "flash estimate" of the quarterly BOP two days after the reference quarter (vs. preliminary data with one quarter lag) generates user uncertainty about the date of first release; SDDS metadata and the CBR advance release calendar do not reference the estimate. - Recommendations: - Update the external sector statistics section of the NSDP as soon as the CBR’s data are released. - Explain in the CBR’s advance release calendar that the planned release dates refer to the preliminary data, and that estimates are available earlier on the CBR website. - Access to non-routinely disseminated statistics: - Further disaggregations are available on request and free of charge; availability publicized on the CBR website (DQAF metadata) with contact points. - Specialized tabulations on demand for trade in services are noted in the annual External Trade in Services of the Russian Federation. - Individual and institutional users (e.g., foreign embassies in Moscow) have requested specialized tables. - Metadata accessibility: - The CBR compiled External Sector Statistics 2010 (in Russian) documenting sources and methods. - Metadata are disseminated on the CBR website (DQAF format), in the Bulletin of Banking Statistics, and in Vestnik Banka Rossii; departures from international practices are annotated. - The CBR posted its response to the OECD Survey of Implementation of Methodological Standards for Direct Investment (SIMSDI). - The impact of changing recording of securities lending on international reserves data was explained by identifying pre- and post-revision scenarios in the press release announcing the change. - Russia‘s metadata are redisseminated by international organizations, including the IMF (BOPSY and SDDS) and the OECD; technical papers presented by the CBR to BOPCOM are presented on the IMF website. - Levels of detail are adapted to intended audiences via the single sources and method document and other formats (e.g., SIMSDI information and footnotes in tables). *Source: _cr1156 - 3.4 Assessment and validation of intermediate data and statistical outputs* ### 5.3 Assistance to users ### 5.3 Assistance to users ### Contact points and user requests (5.3.1) - Statistical releases provide information on a central point of contact in the CBR. - The SDDS metadata on the CBR and Fund websites include information on contact persons for all SDDS external sector data categories. - The CBR website provides a prompt user request service. - The CBR indicated that users are aware of these facilities, and local users sometimes seek clarifications by calling the CBR. - Appendix II indicator reiterated: "5.3.1 Contact points for each subject field are publicized." ### Catalogs, publications, and charges (5.3.2) - Online documentation of statistical publications exists through the publications section of the CBR website. - Data tables and statistical publications are available free on the website. - Hard copy publications are disseminated free to a number of users including: - ministries, - the mass media, - embassies, - data compilers in other countries, - international and regional institutions, - public libraries, - research and educational institutions. - Organizations willing to obtain a free subscription to any of the CBR hard copy publications can contact the CBR; the availability of this service and the relevant contact information are publicized. - Appendix II indicator reiterated: "5.3.2 Catalogs of publications, documents, and other services, including information on any charges, are widely available." ### User feedback from the mission's informal survey (Appendix III) - The mission conducted an informal survey with the assistance of the CBR using a questionnaire developed by STA staff; the survey generated 36 responses. - Respondents included members of academia, financial institutions, international organizations, media, government agencies, embassies, and consulting companies. - Key user perceptions: - Overall, users consider the quality of Russia‘s macroeconomic statistics good. - A majority are satisfied with methodological soundness, coverage, timeliness, and accessibility of official statistics, especially monetary and financial statistics, and balance of payments. - Perceived needs for improvement include: - information about revisions to official statistics, particularly in national accounts; - availability of metadata for all macroeconomic datasets; - coverage, level of detail, and timeliness of national accounts and government finance statistics. - A few respondents noted concern over potential conflict of interest and possible loss of objectivity of Rosstat‘s data since Rosstat is under the Ministry of Economic Development. - All macroeconomic statistics are mainly obtained from official press releases, publications, and postings on agency websites and are used for economic research, comparison with other countries, general information, and model building and forecasting. - The survey shows knowledge about advance release calendars. - Several users identified a need for more user-friendly websites. - A large majority consider Russia‘s official statistics to be of the same or better quality than those from other countries in the region. *Source: _cr1156 - 5.3 Assistance to users* --- _Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1156.pdf_