International Transactions Reporting System Workshop Amman – Jordan April 7-9, 2014 Bedri Zymeri

Introduction  Legal aspects  ITRS as a data collection framework  Data Items Collected  Comprehensiveness of ITRS  ITRS Reporters  ITRS Model Collection Forms

Legal base Legal framework to collect ITRS data is sufficient?  a sound legal framework (mandatory obligations, penalties for noncompliance)  clearly defined reporting rules, preferably in a published manual (to avoid any misunderstanding and to facilitate reporting)  well designed collection forms linked to reporters’ business procedures to minimize reporting burden and to speed-up reporting  issue of punishment in case of non-reporting well defined  Confidentiality of reported information (individual data are available only to compilers). ITRS data are sensitive.  Data sharing and coordination among data-producing agencies are adequate.

ITRS as a data collection framework  Many countries use ITRS as data collection framework  It differs from country to country, depending on:  countries’ legal framework;  accounting systems; and  foreign exchange regulations  However, all such systems have certain features in common

ITRS as a data collection framework  ITRS: main features  Meet BOP concepts requirements  Cover well BOP cash transactions  The ITRS report forms are designed in a way that makes them easy to complete.  Adequate resources and well trained staff to assist reporters … continues

 ITRS is a data collection system that obtains data from banks and enterprises at the level of individual transactions.  Based on Compilation Guide of BPM6, the most comprehensive “traditional” ITRS measures: 1.cash transactions with nonresidents that pass through domestic banks; 2.cash transactions that pass through enterprise accounts with banks abroad; 3.transactions on intercompany accounts with nonresident enterprises, 4.stocks or positions, and 5.non-cash transactions.  Statistics are compiled from forms submitted to/by domestic banks and from forms submitted by enterprises. ITRS as a data collection framework … continues

 An ITRS typically collects data from reporters in:  the banking sector  the central bank, and  selected enterprises, called direct reporters that report directly to the balance of payments unit.  The banking sector is central to the ITRS ITRS Reporters

The bank client report form includes:  the reference: ─ the reference number of the transaction, ─ the reference period, ─ the identity of the transactor, ─ the identity of the bank accepting the form, ─ the currency used in the transaction, ─ the value of the transaction (either in terms of the currency used, the unit of account, or both), ─ the classification and description of the purpose of the transaction (i.e., payment/receipts for import/export of goods), and ─ other party codes ─ the country of the nonresident party Banks record also their own transactions and details. Data Items Collected

As mentioned in previous presentation, the ITRS can be:  A closed ITRS – which accounts for all transactions and reconciles all transactions going through targeted accounts with corresponding changes in stock positions.  A semi-closed (a partial) ITRS – certain balance of payments transactions are not recorded or the system allows for reconciliation of flows and stocks only for some accounts (i.e. exclude goods).  An open ITRS - does not allow such complete accounting and reconciliation.. Comprehensiveness of ITRS

10 ITRS Model Forms:  Form 3-1. ITRS – Payments and Receipts; Form 3-1.  Form 3-2. ITRS – Imports and Exports Form 3-2.  Form 3-3. ITRS – Enterprises; Form 3-3.  Form 3-4. ITRS – Banks; Form 3-4  Form 3-5. ITRS – Banks‘ Records of Transactions; Form 3-5  Form 4— ITRS—Enterprises Form 4  Form 5—ITRS—Banks Form 5  ITRS Form 5A—Banks  ITRS Form 5B—Bank's Record of Transactions Appendix8: available under: ITRS Model Forms presented in Appendix 8. of Compilation Guide

ITRS － Payments and Receipts- Form 3-2:

ITRS － Imports and Exports- Form 3-3:

ITRS － Enterprises - Form 4:

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ITRS － Enterprises - Form 4:

ITRS － Banks - Form 5A:

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ITRS － Banks - Form 5A :

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ITRS － Banks - Form 5A : … continues

ITRS － Bank's Record of Transactions -Form 5B: … continues This form collects details of banks‘ flows.

ITRS － Bank's Record of Transactions -Form 5B:

23 References QUESTIONS! THANK YOU! comp.htm