Monetary and Financial Statistics
Monetary and financial statistics (MFS) are the province of the central banks (CBs) in the region. Accordingly at present the GCC-Stat role in this field is quite limited:
- On data component: to collect, assemble and dissimilate existing MFS for all six member states - as published and available from the respective central banks with some degree of harmonization and or alignment of the indicators, where and as appropriate and possible;
- A development component: play the role of “honest broker” in which the GCC-STAT, in conjunction with national statistics centres (NSCs) and the International Monetary Fund (IMF), draw the attention of the CBs to the international standards for MFS as set out in the MFS Manual of 2001 and Compilation Guide of 2008 and the datasets, frequency and timeliness of the IMF General Data Dissemination System template, in the first instance, and those of the IMF Special Data Dissemination Standard template.
Going forward in this field, the GCC-STAT, as reflected in its Road Map for 2015-2020 and Work Program for 2015-2017, plans to establish formal cooperation between the GCC-STAT, the GCC-Monetary Council (GCC-MO), the NSCs and the CBs by establishing a Joint Committee of GCC Macroeconomic Statistics Directors to (among other objectives):
- Improve linkage between those statistics with other areas of economic statistics, in particular national accounts.
- Ensure harmonization of production and dissemination standards and formats in these areas of statistics, including metadata;
- Develop common GCC methodological standards for those areas that are not yet clearly defined (such as monetary base (MB) and Money supply aggregates (MB, M0, M1; M2; M3) and to implement contemporary international standards;
- Facilitate collaboration between IMF, CBs and NSCs on MFS.
GCC-STAT Data Portal on MFS
The GCC-STAT assembles MFS with respect to GCC member states and disseminates them through its data portal ( http://dp.gccstat.org/en ) and publications. The MFS dataset available for the GCC-STAT data portal covers monthly (predominantly) and quarterly statistics for Dec 2012 – Dec 2014 with 2015 and onwards data being uploaded at present, and annual data since 2000 as available by counties. The statistics include variables expressed in national currency (LCY), growth rates, and relevant component ratios. At present the datasets mainly contain Money and Banking Statistics. The money supply and monetary aggregates presented have been chosen as the most relevant MFS for which comparable data across the GCC countries are available. In all cases efforts have been made to ensure that the data are comparable across the GCC countries and that they have good historical time-series supporting analysis.
The MFS dataset is supplemented with associated statistical methodological information, including general metadata and definitions and country specific methodological notes for the six GCC member countries.
The source data for the GCC-STAT dataset on MFS are derived from the statistical bulletins (predominantly monthly) of the central banks of the GCC member states that are freely available online from their respective websites.
The MFS Data portal of the GCC-STAT is a one-stop-shop for largely comparable monetary and banking statistics for all six member states. It is currently being extended to widen the coverage of the Money and Banking Statistics in the portal, and to add also other subjects of MFS, such as Money Market and Exchange Rate Statistics, and Share Market Statistics.
GCC-STAT Publications on MFS
Besides the data portal the GCC-STAT also publishes MFS in its MFS Bulletin and other periodicals. The first MFS bulletin is available for download from the GCC-STAT website at: http://gccstat.org/en/