TSG/3/13 - United Nations Statistics Division

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TSG/3/13 - United Nations Statistics Division
Centro de Estudios Monetarios Latinoamericanos
Y Fondo Multilateral de Inversiones (FOMIN-BID)
Improvement of Central Bank Information and
Procedures in the Area of Remittances
Remittances in the
Western Hemisphere
United Nations, New York
February 24th, 2006
Kenneth G. Coates
Director General
Mejora de la información y procedimientos de Bancos Centrales en el área de Remesas
Regional Association of central banks for LAC (1952).
Central banks are responsible for BOP statistics
CEMLA has mandate from CB governors and funding
from IDB (MIF) to improve measurement of remittances.
CEMLA provides CBs with capacity-building in statistics
(BOP, SNA93, Fiscal and Monetary & Financial).
Project must converge with other international initiatives
underway in order to avoid duplication.
Agreement on new recipient-friendly BOP definitions
(personal transfers, personal remittances and total
remittances) is a very positive step.
Mejora de la información y procedimientos de Bancos Centrales en el área de Remesas
The Program
 Remittances are becoming increasingly important to the
region, raising issues of macroeconomic stability, poverty
alleviation and financial inclusion, among others.
 But statistics on remittances are, by and large, unreliable
 The development and adoption of a standard methodology
for measuring international remittances in the region, based
on best practices in this field
 To provide permanent institutional arrangements for revising
the methodology and for systematic discussion of the issues.
 To improve the regulatory environment and policy
framework, contributing to lower remittance costs.
Mejora de la información y procedimientos de Bancos Centrales en el área de Remesas
Measurement Problems
of information from different sources
Lack of knowledge of market structures and channels
Lack of precision in measurement techniques
Lack of registration for market operators (informality)
Little use of household surveys
Lack of agreement on a precise definition of remittances
Insufficient resources at central banks
The CEMLA/MIF project seeks to interact and coordinate with
other international initiatives in this field (G-7, TSG,
IMF/WB/CPSS), and contribute by providing a practical attempt
to adopt common practices at the field level by central banks.
Mejora de la información y procedimientos de Bancos Centrales en el área de Remesas
Program Components
Preparation, design and implementation of procedures for
measuring remittances
Institutional arrangements, Issues paper, Launching
seminar, Task Forces and Compilation Guidance)
Strengthening knowledge of remittance markets
(Survey missions, Implementation workshops,
Technical assistance)
Transfer of knowledge
(Preparing reports and publishing documents)
Training and sensitization
(Training courses, Sensitization events and Website)
Mejora de la información y procedimientos de Bancos Centrales en el área de Remesas
Institutional Arrangements
• Technical, Administrative and Logistical Coordination.
• Preparing Papers, Events, Missions, Publications and Reports
• Technical Secretariat for the Working Group and Steering Committee
• Representatives of 23 participating central banks in the region (mainly BOP Statistics staff with
seniority to promote change in their institutions)
• Periodic meetings to track project progress, participate in the design of project procedures and
methodologies, prepare terms of reference for missions, and in general, further their knowledge
of remittances through presentation of project output.
• Experts from stakeholder institutions and international organizations with recognized expertise
in the statistical measurement and analysis of remittances.
• They shall bring international experience to the program, provide methodological guidance,
ensure consistency with best practices and supply additional technical assistance resources.
Task Forces on
Country Missions Manual
Bilingual Glossary of Terms
Methodology and Compilation Guidance
Mejora de la información y procedimientos de Bancos Centrales en el área de Remesas
Task Force Conclusions
Force 1: Country Mission Manual
Contributions from RISC, WGR, CEMLA and other multilateral entities experts and
Visit all relevant stakeholders and include all the relevant data on national markets
Establish a General Structure of the Country Report (Table of Contents and Annexes)
Recommendations on statistical procedures and normative (regulatory) aspects
Include implementation workshops after each mission (as part of BOP Statistics
Force 2: Glossary
Include all the relevant terms, concepts and definitions in remittances measurement
Force 3: Methodology and Compilation Guidance
Coordinate with TSG and the Luxembourg Group
Focus on new definitions in BPM6 Manual
Take the lead in regional implementation and preparing the ground for changes.
The Guide would be for voluntary adoption.
Primary source ITRS modified vis-à-vis household or arrival surveys
Needs for legislation and compliance mechanisms would be studied
Data sharing among CBs requires an explicit framework
Mejora de la información y procedimientos de Bancos Centrales en el área de Remesas
Current Status
Country Mission Manual
 To be ready by June 2006. Consultant assigned.
 First Country Mission to take place in August 2006
 Mission staffing: CEMLA, consultant, international experts (central
banks or IFI’s).
 First draft to be ready by June 2006. Consultant assigned.
 The draft of the Glossary will be circulated to RISC and WGR for
Methodology and Compilation Guide
 Given the current changes in definitions recommended for BPM6, this
work should proceed simultaneously with the emerging consensus,
and in close coordination with efforts such as the Luxembourg
 The Program is willing to provide a “testing ground” for the new
definitions and associated methodologies, and present the Draft Guide
for discussion at an upcoming meeting. Consultant pending.
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