Morocco process of change in bop system
description
Transcript of Morocco process of change in bop system
1
Foreign Exchange Office: ID card
Historical background : Some key dates
Changing the compilation system: Why?
Legal framework changes
organizational change
IT changes
First results
2
Tw
o m
issio
ns
Enacting the measures related
to the exchange control
regulation
Establishing foreign exchange
statistics (Trade, BOP, IIP)
created in January
1958
Public institution with
legal personality and
financial autonomy
under the supervision
of the Ministry of
Finance
3
70s
•Monthly Bulletin "Statistics on Foreign Exchanges of Morocco"
•Special editions including the balance of payments of Morocco ( June and December)
1995
•Balance of payments data are presented in accordance with The fifth edition of the
Balance of Payments Manual of the IMF (BPM5)
1997 •Balance of payments statistics released quarterly
2004 •Release of the International Investment Position (data from 2002)
4
2005
•Morocco has joint the Special Data Dissemination Standard (SDDS) of the International Monetary
Fund
•FEO in charge of the external sector statistics
2007 •“The statistical law” : law N° 19-06 was adopted by Moroccan parliament
2009
•Participation in the Coordinated Direct Investment Survey (CDIS) of the IMF (Data for 2009 and
2010)
2011-2013
• Institutional Twinning of FEO with EU ( represented by France: Banque de France, INSEE and
Directorate of Customs and Indirect Taxes) for a support in establishing Foreign exchanges
statistics
5
Meeting new
international
Standards
Growing liberalization
Cash →Transactions
ITRS → Surveys
meeting users
demands
6
7
The law N° 19-06 was adopted by Moroccan parliament in 2007
(Dahir N° 1-07-51 of April 17, 2007)
on the statistical data reporting for elaboration of foreign
trade, balance of payments and international investment
position of Morocco
Which confirmes the FOREIGN EXECHANGE OFFICE as the national
institution responsible for the compilation of foreign trade, BOP
and IIP statistics and gave it the possibility of the implementation
of a direct data collection system in order to comply with the
quality standards set out in international methodologies.
Habilitates the FEO to
conduct surveys
directly with
enterprises
has provided FEO with
sworn statistical
investigators
Obligation for residents to
report to the FEO their
transactions with non-
residents
•Reportable transactions:
commercial and financial
transactions with non-
residents
Provides penalties for
infractions
•Failure to report
(nonreporting)
•Misrepresentation
•Failure of forms and models
of statistical reporting
8
Decree for the
implementation of
Law n° 19-06
Enabling authority to the
Minister of Finance to set by
Decision, modalities and
procedures, deadlines and
models of statistical
reporting
The modalities and
procedures,
deadlines and
models of statistical
reporting are
proposed by the
Director of the FEO
9
Decision for the
implementation
of Decree No.
02-07-885
the purpose of the decision
is to set, modalities and
procedures, deadlines and
models of statistical
reporting
Contains
reporting models
designed in
accordance with
international
standards
10
Division of Studies
and Balance of
Payments
Subdivision of
Studies
(Compilation)
Balance of
payments Unit
Studies and
statistical surveys
Unit
Publication Unit
Subdivision of IT 3 units
Subdivision of
statistics (Data
collection)
Trade statistics Unit
banks statistics
(2units)
11
Foreign exchanges
statistics Department
BOP and IIP Division
(Compilation)
BOP unit
IIP unit
balance of
settlements unit
Publication Unit
Division of
mehodology and
coordination
surveys unit
methodology unit
Foreign exchanges
statistics Division
(Data collction)
same units (3)
12
Foreign exchanges
statistics
Department
BOP Division 3 units
Foreign
Investments
Division
3 units
Foreign trade
statistics Division 3 units
Division of
collecting and
studies
4 units
13
2012:Electronic Data Exchange Platform (New solution with main data
sources (Banks, customs, etc.)
Ongoing project: BI solution for compilation tasks (Trade, BOP and IIP
(Expected to be up for 2013)
Ongoing project: Time series in SDMX format as recommanded by the IMF
BOP Comittee (Expected by end 2013)
Futur prjects (beyond 2013):
-Direct request databases - e-filing system (teledeclaration)
14
CDIS
Trade credits Survey
Services Survey
15
16
In the Balance of Payments, the trade credits account is determined from the
difference between the physical flow of goods imported and exported apprehended
by customs declarations, and the payments related to these transactions in the banks
reports (ITRS). Calculating of this difference takes into account restatements related
to certain goods that do not result in a financial settlement (e.g. donations) and the
conversion rate CIF-FOB for the imports
Since 2009, the FEO conducted a survey to collect quartely data on trade credits and advances related to the imports and exports of the resident companies.
Data required of these companies are pulled directly from their accounting books (drawn from the balance sheet).
The benefits of this method (enterprise survey) are :
Accuracy of data collected compared to method based on the comparison between physical and financial flows aggregated.
The availability to have more detailed and reliable information : breakdown by currency, by country, etc.
17