The growing complexity of the relationships among different economic agents (residents and non-residents) calls for meeting new information needs and establishing new standards for data estimation. In Argentina, both the Central Bank of Argentina (BCRA) and the National Institute of Statistics and Censuses (INDEC) are responsible for the preparation of external sector statistics. At present, both entities are working jointly by sharing information and following the same methodologies to cope with the demand for information.
With the aim of facing the challenges posed by the need to develop new standards of estimation, the BCRA thoroughly updated, in 2017, the compilation method used for external sector statistics. Moving in this direction, the Survey on External Assets and Liabilities replaced and broadened (by Communication “A” 6401) the scope of the Survey on Debt Securities and Other External Liabilities (provided for under Communication “A” 3602, as supplemented) and of the Survey on Inward and Outward Direct Investments (provided for under Communication “A” 4237, as supplemented).
On the one hand, the new survey includes information on external assets and financial derivatives positions, which is in line with the terms of the sixth edition of the Balance of Payments Manual of the International Monetary Fund (IMF) and the G20 Data Gaps Initiative, where the world’s main economies acknowledged gaps in information which should be bridged.
On the other hand, the methodology used for compilation was streamlined with a focus on information platforms (information may now be uploaded through each of the reporting party’s systems or else manually) and the removal of charges for transactions. In this sense, the new survey is conducted on the website of the Federal Administration of Public Revenue (AFIP), and data are validated on a more expeditious way, thus minimizing errors during the upload process, and assuring the consistency of the information received by the BCRA.
Once the validation and control processes are completed, data are shared with the INDEC, which estimates the Balance of Payments and International Investment Position on the basis of this information.
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April 28, 2022