The Central Bank of Hungary (MNB) has started calculating balance of payment statistics on the basis of direct reports from economic players from the start of 2008, rather than on data compiled by the Central Statistical Office (KSH).
Under the old system, balance of payment statistics were based mainly on transaction codes for transfers reported by banks. Under the new regime, the MNB obtains the necessary information directly from reporting agents. With the launch of the new data collection system, indirect data provision based on cash accounting has been abolished, the MNB said.
The compilation of financial and capital account data is based on monthly reports by about 700 large companies and other economic players, as well as on quarterly or annual reports by another 2,800 SMEs.
The new regime gives the MNB more data to work with and meets EU norms. Hungary is one of eleven EU countries that collect data with questionnaires. Other member states will also develop their own direct data reporting systems in the near future, the MNB said. (MTI – Econews)