Since 2002 Eesti Pank has released monthly estimates of balance of payments key items. They are disseminated 30 working days (six weeks) after the end of the reporting period.

While the quarterly balance of payments is based on the survey system, monthly balances of payments make maximum of the existing information on the reporting month (International Transaction Reporting System (ITRS) and administrative system) and also complementary estimations of the corporate sector's external activities. Seasonally adjusted indirect economic indicators or annual changes of indicators are used in estimates corresponding to statistical models. After compilation of a quarterly balance of payments, monthly balances of payments are adjusted, matching them to quarterly balance of payments.

The data from the following sources are used to compile monthly balance of payments key items:

	foreign trade statistics from the Statistical Office of Estonia;
	credit institutions' reports;
	accounting registers of Eesti Pank;
	Ministry of Finance reports on the borrowing and servicing of state loans, and changes in the Stabilization Fund and in external assets of the State Treasury;
	data from Central Register of Securities;
	border crossing statistics by the Board of Border Guard;
	ITRS data;
	public information (news agencies and press

Goods' account is based on data from the Statistical Office of Estonia, adjusted for translation of imports into f.o.b. price. Estimates on repairs on capital goods are based on indicators of previous reporting periods.

Services' account is based on statistical models to estimate four substantially different groups of services (separately credit and debit of services):

	transportation;
	travel;
	construction;
	other services.

Statistical models to estimate credit and debit of transportation are based on annual changes in the volume of transit and import goods, respectively. Credit and debit estimates of travel services are computed similar to quarterly items, relying on border crossing statistics by the Board of Border Guard and surveys on travel expenditure. Information for construction and other services is derived from ITRS statistics, Ministry of Finance's estimates of external aid in services and statistical models using previous foreign investments, economic growth and exchange rate developments as indicators.

Credit and debit estimates of income account relies on a quarterly model, taking into account investment position a year ago and average annual yield of the investment type of the following types:

	direct investment abroad (into Estonia);
	portfolio investment abroad (into Estonia);
	other investment abroad (into Estonia).

Current transfers' account is modelled as a balance hierarchically. First the balance of private transfers is estimated by ITRS and then the balance of all transfers, relying on Ministry of Finance's estimates of external aid.

Capital account - monthly estimate based mainly on ITRS.

Direct investment - estimated by two different statistical models: direct investments in Estonia and abroad. Apart from the statistical models also information from the Central Register of Securities and credit institutions' investments abroad as well as public information on larger investments is used.

Portfolio investment - investments in equity securities and debt securities are estimated separately. Most of the information comes from the Central Register of Securities and monthly reports by credit institutions. Therefore only portfolio investments into Estonian corporate sector and abroad are modeled.

Financial derivatives - item is based on ITRS data as well as on information of commercial banks' own transactions.

Other investment - only the corporate sector is modelled, as monthly reports from central bank, government sector and commercial banks are available.

COMPILATION OF MONTHLY BALANCE OF PAYMENTS FLASH ESTIMATE