QUARTERLY REPORTING BY UNDERTAKINGS
Since 1992 Eesti Pank has compiled the Balance of Payments of the Republic of Estonia, reflecting the movement of funds between Estonia and other countries in the form of goods, services and capital and since 1996 international investment position, reflecting the position of external assets and liabilities vis-à-vis the rest of the world at a specific time. These reports form the basis for drafting of financial and monetary policy of open economy by central bank and other government institutions.
Estonia as an acceding country is subject to international requirements on collection and dissemination of statistics, which provide for compilation of balance of payments and international investment position by countries beginning of 2003. This will give the European Central Bank (ECB) a possibility to compile consolidated balance of payments to develop EU monetary policy.
Estonia also meets the IMF requirement to draw up a report on external debt beginning from 2003, one of its aims being prevention of extensive financial crises.
The balance of payments statistics providers are all undertakings who have received an appropriate questionnaire from Eesti Pank. These undertakings are significant operators in Estonia's external economy and therefore they have been involved in the Eesti Pank's balance of payments surveys.
Balance of payments reporting is done quarterly. Questionnaires should be returned by the 20th calendar day after the end of the reporting period.
Information collected and aggregated from surveys allows Eesti Pank to meet the requirements of the ECB, Eurostat and IMF, improve the quality of outputs and increase information available to domestic and foreign users for economic analyses.
Respondents should carefully read instructions on the questionnaires and in the annex prior to responding. Experts from Eesti Pank will help to solve problems arising in filling in the surveys.
Pursuant to the existing legal order Eesti Pank ensures full organisational, IT and physical protection of single data. The data is used only for statistics and is released aggregated without identifiable characteristics.
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