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THE COMPILATION OF FLOW OF FUNDS STATISTICS IN INDONESIA Contributed to the Discussion of THE COMPILATION OF FLOW OF FUNDS STATISTICS IN INDONESIA Contributed to the Discussion of Working Party on Financial Statistics (WPFS) Meeting and Workshop on the Implementation of the SNA 2008 Hendy Sulistiowaty Eko Ariantoro Paris, October 24 -27 th 2011

-2 - OUTLINE -2 - OUTLINE

-3 - BASIC CONCEPT OF FOF CONSTRUCTION -3 - BASIC CONCEPT OF FOF CONSTRUCTION

-4 - THE INDONESIAN FOF STATISTICS n FLOW OF FUNDS is a data system -4 - THE INDONESIAN FOF STATISTICS n FLOW OF FUNDS is a data system which is designed to describe net lending and net borrowing among institutional sectors, and financial transaction activities using various financial instruments. n Indonesian FOF is constructed in the form of matrix system. § The column side represents institutional sectors, which divided into 2 columns: Financial Uses (assets) and Financial Sources (liabilities). § The row side is divided into 2 rows, ie. above the line and below the line, which are separated by a row of the net lending/borrowing transaction. § Above the line of FOF’s row constitutes Saving and Non-Financial Investment (Gross Fixed Capital Formation). § Below the line of FOF’s row comprises various instruments of financial investment. n Indonesian FOF statistics has been compiled by Statistics Indonesia (BPS) coordinating with Bank Indonesia and Ministry of Finance. n FOF data have been available annualy (8 sectors) since 1984, and quarterly (5 sectors) since 2000.

-5 - BASIC FRAMEWORK OF INDONESIAN FOF -5 - BASIC FRAMEWORK OF INDONESIAN FOF

-6 - COVERAGE OF INSTITUTIONAL SECTORS -6 - COVERAGE OF INSTITUTIONAL SECTORS

-7 - COVERAGE OF FINANCIAL INSTRUMENTS … (1) -7 - COVERAGE OF FINANCIAL INSTRUMENTS … (1)

-8 - COVERAGE OF FINANCIAL INSTRUMENTS … (2) -8 - COVERAGE OF FINANCIAL INSTRUMENTS … (2)

-9 - COVERAGE OF FINANCIAL INSTRUMENTS … (3) -9 - COVERAGE OF FINANCIAL INSTRUMENTS … (3)

-10 - FINANCIAL DATA COVERAGE: Australia FOF Accounts -10 - FINANCIAL DATA COVERAGE: Australia FOF Accounts

-11 - FINANCIAL DATA COVERAGE: US FOF Accounts -11 - FINANCIAL DATA COVERAGE: US FOF Accounts

-12 - FOF DATA COVERAGE: MFSM Based Financial Instruments -12 - FOF DATA COVERAGE: MFSM Based Financial Instruments

-13 - DATA SOURCES AVAILABILITY -13 - DATA SOURCES AVAILABILITY

-14 - COMPILATION PROCESS OF INDONESIAN FOF -14 - COMPILATION PROCESS OF INDONESIAN FOF

-15 - QUARTERLY INDONESIAN FOF, Q 1 2011*) *) Preliminary Figure Trillion Rp -15 - QUARTERLY INDONESIAN FOF, Q 1 2011*) *) Preliminary Figure Trillion Rp

-16 - PAGE 1 ANNUALY INDONESIAN FOF, 2009 Trillion Rp -16 - PAGE 1 ANNUALY INDONESIAN FOF, 2009 Trillion Rp

-17 - PAGE 2 ANNUALY INDONESIAN FOF, 2009 Trillion Rp -17 - PAGE 2 ANNUALY INDONESIAN FOF, 2009 Trillion Rp

-18 - INDONESIAN FOF ANALYSIS, Q 1 2011*) Decrease in. Deposit Facility Rp 23, -18 - INDONESIAN FOF ANALYSIS, Q 1 2011*) Decrease in. Deposit Facility Rp 23, 8 T Increase in SBI/SBIS of Banks Rp 5, 8 T Increase in Term Deposit Rp 28, 3 T Increase in Rupiah DD Rp 15, 5 T Increase in Forex DD Rp 16, 1 T Decrease in Currencies in Banks Rp 9, 5 T CENTRAL BANK Gross Saving -Rp 5, 8 T Non Fin. Inv -Rp 38, 3 M Net Borrowing Rp 5, 8 T Decrease in Curr. of Business & HH Rp 15, 8 T Increase in SBI of Business & HH Rp 2, 2 T BANKS Gross Saving Rp 21, 5 T Non Fin. Inv Rp 1, 2 T Net Lending Rp 20, 3 T Increase in SBN of Banks Rp 13, 1 T Increase in DD owned by Reg-Govt Rp 37, 1 T Increase in Rupiah Loans Rp 41, 3 T Increase in Forex Loans Rp 13, 8 T Third Party Fund Withdrawal Rp 42, 5 T BUSINESS & HOUSEHOLDS Goss Saving Rp 449, 2 T Non Fin. Inv Rp 548, 2 T Net Borrowing Rp 99, 0 T Increase in SBN of Business & HH Rp 15, 0 T GOVERNMENT Gross Saving Rp 75, 1 T Non Fin. Inv Rp 9, 0 T Net Lending Rp 66, 1 T Foreign loan to Business & HH Rp 16, 0 T Foreign Inv in Business & HH Rp 23, 2 T Selling stocks by Foreign Rp 24, 0 T Increase in SBI owned by Foreign Rp 22, 5 T Increase in Foreign Reserves $9, 5 M (Position: $105, 7 M ) *) Preliminary Figure REST OF THE WORLD Net lending Rp 18, 3 T Increase in SBN of Foregn Rp 15, 8 T Foreign loan repayment Rp 4, 9 T Increase Central Govt DD (Rupiah: Rp 20, 0 T; Forex Rp 34, 2 T)

-19 - THE NEEDS OF FURTHER IMPROVEMENT -19 - THE NEEDS OF FURTHER IMPROVEMENT

-20 - THE ORGANIZATION OF DATA MANAGEMENT -20 - THE ORGANIZATION OF DATA MANAGEMENT

-21 - A WAY FORWARD Some Efforts in Compiling Indonesian Sectoral Accounts 1. The -21 - A WAY FORWARD Some Efforts in Compiling Indonesian Sectoral Accounts 1. The compilation of Indonesian Sectoral Accounts will be initiated from the related data availability: Flow of Funds and Capital Stocks. 2. BI will have coordination with Statistics Indonesia (BPS) to define sectors of the economy in Indonesia and classification of financial instruments & non-financial assets. 3. BI and BPS jointly formulate an appropriate approach to fill the data gaps between requested Sectoral Accounts and the available data in Indonesia. 4. The availability of technical assistance from international institute (IMF, BIS, WB or OECD) is necessary to speed up the progress of implementation. 5. The implementation of Indonesian Sectoral Accounts will be aligned with country’s timeframe in implementing SNA 2008. MAIN CHALLENGES Among others; ØThe difficulty in integrating financial and non financial accounts ØThe problems in adequately covering the activities of household and nonfinancial corporations ØLimitation balance sheet and sectoral data at present

-22 - A Way Forward Possibilities to Compile Sectoral Account – Financial Assets -22 - A Way Forward Possibilities to Compile Sectoral Account – Financial Assets

-23 - A Way Forward Possibilities to Compile Sectoral Account – Non Financial Assets -23 - A Way Forward Possibilities to Compile Sectoral Account – Non Financial Assets

-24 - CONCLUSION & REMARKS n n n n Indonesia has been experienced in -24 - CONCLUSION & REMARKS n n n n Indonesia has been experienced in compiling FOF Statistics and has provided FOF data annualy (8 sectors) since 1984, and quarterly (5 sectors) since 1993. The compilation of FOF needs to be further improved to harmonize with current statistic manual (ie. SNA 2008, MFSM and CG-MFS 2008), and to be aligned with other international commitment, such as G 20 Data Gaps Initiatives. Regarding the complexity of FOF compilation, the improvement of FOF in Indonesia requires good coordination among authorized institutions, ie. Bank Indonesia, Statistics Indonesia, Ministry of Finance, and Capital Market & Financial Institution Supervisory Agency. In the area of “data coverage”, the efforts would be mostly on collecting data from non-bank financial corporations, non financial corporations, and Households. In the area of “conceptual framework”, Indonesia will initially observe the possibilities to compile FOF based on “true flows” of transaction, valuation, and OCVA. The improvement of FOF statistics will be synchronized with the efforts in the implemention of SNA 2008, especially on constructing full sequence balance sheet. Related to the G-20 Data Gap Initiatives, Indonesia is in considerable progress to provide G-20 data recommendation and will have a study on the compilation of Indonesia sectoral accounts.

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