REVISION OF FINANCIAL SECTOR STATISTICS

1. At the request of the Central Bank of the Republic of San Marino (CBSM), the Statistics Department (STA) of the International Monetary Fund (IMF) conducted a remote technical assistance (TA) mission on the compilation of financial soundness indicators (FSIs) and monetary and financial statistics (MFS) during March 28–April 15, 2022.
2. The TA mission confirmed that source data for compilation of FSIs and MFS are broadly consistent with the 2019 Financial Soundness Indicators Compilation Guide (2019 FSIs Guide) and the 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The mission also updated the FSI metadata and IFS country note accompanying the publication of the FSIs and MFS on the IMF’s websites.
3. As a result of the mission, the FSIs and MFS are being revised to ensure consistency with the methodology of the 2019 FSIs Guide and MFSMCG. The main reclassifications of accounts in the financial sector statistics are listed below:
Monetary and Financial Statistics
From June 2015:

  • Certificates of deposit are reclassified in broad money, previously they were classified as debt securities excluded from broad money;
  • Deposits from banks under suspension of payments are excluded from broad money.

From September 2016:

  • Deposit Rate is calculated as weighted average interest rate for new business with an agreed maturity for households and nonfinancial corporations;
  • Lending Rate is calculated as weighted average interest rate for new business loans for households and nonfinancial corporations. Revolving loans and overdrafts, convenience and extended credit card debt are excluded.

Financial soundness indicators
From June 2015:

  • Loans to banks are reclassified as Interbank loans from Currency and deposits;
  • Certificates of deposits are reclassified to deposits’ liabilities from Debt securities.

The MFS statistics are submitted monthly to the IMF and are available in re-aggregated form at the following link (International Financial Statistics - IFS): https://data.imf.org/?sk=4c514d48-b6ba-49ed-8ab9-52b0c1a0179b
The FSIs statistics are sent quarterly to the IMF and are available at the following link: https://data.imf.org/?sk=51B096FA-2CD2-40C2-8D09-0699CC1764DA
As part of the Enhanced General Data Dissemination System (e-GDDS), FSIs and a part of IFS statistics are also available on the National Summary Data Page of San Marino at the following link: https://www.statistica.sm/on-line/home/national-summary-data-page.html