Académique Documents
Professionnel Documents
Culture Documents
the use of the parties to the Articles of Agreement is respect of AMRO (AMRO Articles of Agreement). No part
of this material may be reproduced in any form for publication or disclosed to third parties unless so permitted
under the AMRO Articles of Agreement. As some data in this document are provided by national authorities in
strict confidence, quotation or replication to the public is not appropriate.
* This document contains information with respect to the Arrangement Request for the CMIM Precautionary Line (CMIM-PL)
pursuant to Article 7 of the CMIM Agreement. The data in this document have been confirmed by respective ASEAN+3 Authorities
as of November 27, 2014.
Table of Contents
13. ......................................................................................Thailand
................................................................................................ 78
14. .......................................................................................Vietnam
................................................................................................ 84
BRUNEI DARUSSALAM
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
200
9
201
0
201
1
201
2
201
3
1Q1
4
2Q1
4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
47.8
47.9
35.5
40.1
39.4
37.6
23.4
N/A
N/A
3.8
3.5
6.8
7.2
8.0
11.1
11.2
N/A
N/A
Indicators
200
7
200
8
0.0
3Q1
4
4Q1
4
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average).
2014
FY08/
09
FY09/
10
FY10/
11
FY11/
12
FY12/
13
FY13/
14
52.0
60.3
39.4
51.9
60.6
55.5
46.7
31.2
31.6
40.9
35.9
33.6
35.3
37.4
20.8
28.6
-1.5
15.9
26.9
20.2
9.3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.0
0.0
0.0
0.0
0.0
0.0
0.0
FY07/
08
Notes: Fiscal year starts with April and ends in March in the following year.
1/ Revenue = Tax + Non-Tax Revenue.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
FY14/
15
200
7
200
8
1.0
2.1
1.0
0.1
0.1
0.4
-0.3
0.1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
6.7
9.6
9.7
4.8
10.1
0.9
1.5
2.0
7.1
4.0
-2.4
-2.3
-2.7
-1.6
2.1
8.1
-2.4
-1.5
200
201
201
201
201
1Q
9
0
1
2
3
14
Please see the following page (Table 4)
2Q
14
3Q
14
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
4Q
14
201
4
Regime
Instruments
DecisionMaking
Process
by the Authority, comply with all other applicable provisions of the SMO and
Regulations, including any reporting requirements or continuous disclosure
obligations imposed on such securities.
The rationale for the exemption given to securities that have been offered before
the enforcement of the SMO are as follows:
1) There are a number of bonds / notes that were offered by the industry for
several years before SMO issued. Registering all such securities may be
difficult for the industry, especially those that dates back a number of years.
AMBD wishes to facilitate business and not impose requirements that may
cause unnecessary burden to the industry.
2) The reporting requirements and continuous disclosure obligation would be
adequate and more relevant for the purposes of the Capital Market
Supervisory oversight.
The second notice (CMS/2/2014) is on withdrawal of exemptions granted under the
repealed Securities Order, 2001 and Mutual Funds Order, 2001. The notice applies
to banks, insurance companies, takaful operators and companies licensed under
the Registered Agents and Trustees Licensing Order, 2000 that were previously
exempted from obtaining a Dealers licence or Investment advisers licence under
the Securities Order, 2001 or automatically afforded an operators authorisation
within the meaning of section 6(2) of the repealed Mutual Funds Order, 2001.
The notice withdraws any exemptions provided to the persons above, whose
activities falls within the purview of the SMO. Such persons shall submit an
application to the Authority for a Capital Markets Services Licence (CMSL), before
the end of the Transitional Period, which is a transitional period of one year which
will commence on a date that will be determined and announced by the Authority.
Any persons that fail to obtain the licence must cease carrying out all regulated
activities on the expiry of the Transitional Period.
The rationale for the notice is to clarify the requirements of SMO, where such
companies that operate regulated activities are no longer exempted and required
to obtain the CMSL.
(b)
Insurance/Takaful : General Agent Framework
Autoriti Monetari Brunei Darussalam (AMBD) in consultation with the industry had
produced a new registration framework for general insurance and general takaful
agents. This framework requires agents acting on behalf of general insurers and
general takaful operators to undergo a 2-tier registration process with AMBD and
Brunei Insurance & Takaful Association (BITA). The framework was launched on 1
July 2014 with existing agents to be expected to fully comply with the
requirements by 1 January 2015. AMBD had issued 3 guidelines for the framework:
1) Guidelines on Registration of General Insurance Agents;
2) Guidelines on Registration of General Takaful Agents; and
3) Guidelines on Fit and Proper Criteria for Key Responsible Persons in Insurance and
Takaful.
(c)
Deregulation of interest/profit rates on residential property
loans/financing
On 3rd October 2014, AMBD issued a Notice on the deregulation of interest/profit
rates on residential property loans/financing of licensed banks and Perbadanan
10
Tabung Amanah Islam Brunei (TAIB), which revoked the previous notice issued in
March 2013 on the maximum rates set for residential property loans/financing.
With the current notice, all banks are free to price their Residential Property
Loans/financing products within a reasonable range. The Authority will closely
monitor lending to this sector and reserves the right to intervene from time to time
to ensure a healthy competitive market for Residential Property Loans/Financing in
the country.
These measures were taken in the background of the following:
a) To ensure the original objectives of the interest/profit rate regulation on
residential property loans/financing (which are to make the loans/financing
affordable and to lessen government spending on providing low cost housing).
b) To enable the active participation of all banks, especially those banks who
withdrew their housing products from the market, or were restricting their
sale, due to conflicts with their own internal pricing policy. The lack of
consensus amongst the banks on the alternative proposal to link the housing
financing rate to a moving benchmark of SIBOR.
(d)
Power of Authority to Compound
AMBD has also issued a Notice on Power of Authority to Compound to all licensed
banks on 19th June 2014 which is effective from 1st July 2014, where banks shall
be subjected to the framework of compounding fines and penalties in the event of
non-compliance with, or failure to meet, any prudential regulatory requirements
that have been, or are currently in force, in relation to their operations and the
conduct of their business. This Notice aims to ensure a high standard of
compliance by all banks, thus reducing risks to the financial system and to
depositors and in the interests of ensuring a level playing field in the banking
industry.
11
200
9
201
0
201
1
201
2
201
3
14.
0
18.
0
21.
1
18.
8
20.
9
20.4
4.6
6.6
12.
0
8.4
4.9
4.3
4.5
7.7
9.3
11.
2
8.5
7.6
6.8
5.7
1.9
1.5
1.5
1.5
1.1
0.8
1.3
43.
0
34.
8
39.
1
34.
7
26.
9
30.
0
33.6
32.9
33.1
N/A
N/A
N/A
17.
7
19.
2
21.
0
22.4
23.5
23.3
20
07
20
08
12.
5
1Q
14
21.1
4.4
5.7
1.5
2Q
14
3Q
14
19.3
5.5
6.2
1.3
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
Sources: National authorities.
12
4Q
14
20
14
Availabilit
y(i)
Timeliness(
ii)
Other
Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
1 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Brunei Darussalam.
13
14
CAMBODIA
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
Indicators
200
9
201
0
201
1
201
2
201
3
1Q1
4
2Q
14
43.9
44.9
45.2
55.1
59.3
55.1
56.2
28.
8
14.3
16.7
18.8
43.6
46.8
53.5
45.9
3.7
5.2
-6.3
-6.2
-5.8
-7.6
-12.1
-4.2
12.5
4.3
5.0
5.8
5.5
5.1
5.1
4.5
4.5
4.5
20
07
43.
3
20
08
41.
6
18.
1
3Q
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
The table below provides the current account balance excluding official transfers and net
error and omission
200
7
200
8
200
9
201
0
201
1
201
2
201
3
1Q1
4
2Q1
4
-5.4
-8.4
-8.9
-9.7
-9.0
-9.9
14.
0
-6.5
14.4
-0.5
-0.4
-0.3
-0.3
-0.4
-0.2
-0.3
-0.5
-1.1
15
4Q
14
20
14
16
2009
2010
2011
2012
2013
13.
3
11.9
13.2
13.2
14.5
15.0
14.
7
15.
9
20.5
21.3
20.7
19.7
21.0
-2.8
-2.9
-6.4
-8.7
-7.3
-5.2
-5.9
-2.6
-2.7
-6.2
-8.4
-7.0
-4.9
-5.5
N/A
N/A
N/A
N/A
N/A
N/A
N/A
200
7
200
8
Revenue (% of GDP) 1/
12.
1
Expenditure (% of GDP) 2/
Overall Balance (% of GDP) 3/
Primary Balance (% of GDP) 4/
Central Government Debt (% of GDP) 5/
Notes:
1/ Revenue = Tax + Non-Tax Revenue.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
17
201
4
20
07
20
08
20
09
20
10
20
11
20
12
20
13
1Q1
4
2Q1
4
3Q1
4
4Q1
4
25.
1
-0.4
4.0
5.5
3.0
2.9
4.6
4.7
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4.8
36.
8
20.
9
28.
0
14.
6
26.
7
20.8
6.3
21.
4
31.
2
15.4
55.
0
20.
0
23.
4
23.2
21.8
62.
9
76.
0
Notes:.
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation. Currently CPI data covers only the capital city (Phnom Penh). A national CPI
data with provincial price index integrated has yet been made available.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country. With unofficial dollarization, it is difficult to ascertain total amount of foreign
currency in circulation and the actual figure of the money supply in Cambodia. Statistics
published by the National Bank of Cambodia include only deposits in banks
(denominated in both local and foreign currencies) and bills in circulation (in local
currency only).
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
18
201
4
Regime
Instruments
19
20
201
0
20
11
201
2
20
13
1Q
14
2Q
14
32.
3
31.
4
26.
2
25.
0
24.
8
25.
3
24
5.9
4.7
3.4
2.8
3.0
3.6
3.7
3.9
2.0
2.9
3.9
2.9
2.1
2.0
2.3
2.2
2.2
2.6
2.8
1.0
1.3
1.7
1.7
1.8
2.1
2.1
64
75
91
N/A
97
N/
A
98
N/A
83
N/
A
87
N/A
95
N/
A
76
N/A
N/A
Indicators
Regulatory Capital to Risk-Weighted Assets
(%) 1/
Non-Performing Loans (net provision) to
Capital (%) 2/
Non-Performing Loans to Total Gross Loans
(%) 3/
Return on Assets (ROA, %) 4/
200
7
23.
6
20
08
27.
6
2.9
N/A
3Q
14
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits). As the economy is highly dollarized, a large share of bank
deposits is in foreign currency. Below are the ratios of foreign currency deposits to total
deposits in Cambodias banks from 2007:
200
7
200
8
200
9
201
0
201
1
201
2
201
3
1Q1
4
2Q1
4
98.
0
97.
0
96.
4
96.
8
96.
3
95.
7
95.
2
95.5
95.7
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
21
4Q
14
201
4
Availabilit
y(i)
Timelines
s(ii)
Other
Issues, if
Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
2 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Cambodia.
22
areas of improvements that the authorities could consider for their data provision in the
future.
23
CHINA
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
Indicators
20
09
20
10
20
11
20
12
20
13
8.6
8.6
9.3
9.5
9.0
15.
4
11.
6
10.
8
13.
2
15.
7
10.
1
9.3
4.9
4.0
19.
2
20.
6
28.
7
24.
5
20
07
11.
5
20
08
1Q
14
2Q
14
9.3
N/A
N/A
16.
3
17.
7
N/A
N/A
1.9
2.6
2.0
0.3
3.2
21.
9
21.
9
23.
5
24.2
24.4
3Q
14
4Q
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities)
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average).
24
201
4
200
8
19.5
2009
2010
2011
2012
2013
Revenue (% of GDP) 1/
200
7
19.3
20.1
20.7
22.0
22.6
22.7
Expenditure (% of GDP) 2/
18.7
19.9
22.4
22.4
23.1
24.3
24.6
-0.8
-0.6
-2.8
-2.5
-1.8
-1.5
-2.1
N/A
N/A
-2.3
-2.0
-1.3
-1.0
-1.6
19.6
17.0
17.7
16.8
15.2
14.9
15.2
5/
Notes: Fiscal year starts with January and ends in December in the following year.
1/ Revenue = Tax + Non-Tax Revenue.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
25
20
14
200
7
200
8
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
3Q
14
5.9
-0.7
3.3
5.4
2.6
2.6
2.3
2.2
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
16.
7
16.
1
17.
8
15.
9
27.7
19.7
13.6
13.8
13.6
12.1
14.7
31.7
19.9
14.3
15.0
14.1
13.9
14.0
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country. China does not disclose core inflation officially.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country. For China, M2 is used in the above table.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. These numbers are presented as
italic. In the case of China, "Financial Institution Loan" published by the People's Bank of
China is used. Annual credit growth is calculated as year on year percentage change of
the defined credit at the end month of the calendar year".
26
4Q
14
20
14
In June, removed the ceiling for small value foreign currency deposits in Shanghai
area;
In June, reduced DRR in commercial banks to guide credit flow to agricultural
sector, rural areas, farmers and small and micro enterprises;
In April, reduced Deposit Reserve Ratio (DRR) in county level rural commercial
banks to guide credit flow to agricultural sector, rural areas, farmers;
In March, widened the daily trading band with USD from 1% to 2%.
Combined with Short-term Liquidity Operations (SLO), efforts were made to
conduct the open market operations flexibly for conducting two-way adjustments.
The Medium-term Lending Facility(MLF) was launched and conducted in September
27
and October, so as to keep the total liquidity at appropriate levels and to reduce
the financing cost of the real economy;
New central bank supportive loans and discount instruments were launched to
bring their roles into fuller play and to optimize the credit structure.
In late November, the PBOC cut the benchmark lending rate by 0.40%, to 5.6%
from 6%, to stimulate the economy.
28
20
09
20
10
20
11
20
12
201
3
N/A
N/A
12.
2
12.
7
13.
3
12.2
N/A
N/A
N/A
-2.1
-4.0
-4.5
11.6
N/A
N/A
N/A
1.1
1.0
1.0
1.0
N/A
N/A
N/A
1.1
1.3
1.3
1.3
65.
1
66.
9
66.
7
64.
5
64.
9
65.
3
N/A
N/A
N/A
N/A
N/A
20
07
20
08
N/A
N/A
1Q
14
2Q
14
12.1
12.4
11.4
11.2
1.0
1.1
1.4
1.4
66.1
65.9
65.4
N/A
N/A
N/A
3Q
14
4Q
14
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
29
20
14
Timeliness(ii)
Other
Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
3 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of China.
30
200
7
355.
2
200
8
313.
2
200
9
201
0
201
1
201
2
201
3
1Q1
4
2Q1
4
333.
0
384.
7
395.
4
392.
1
425.
5
444.
3
456.
9
357.
4
266.
1
194.
3
241.
7
251.
6
237.
0
277.
7
290.
7
297.
4
13.0
15.0
9.9
7.0
5.6
1.6
1.9
1.7
1.6
5.0
5.6
8.8
7.4
7.1
7.5
7.1
7.2
7.2
3Q1
4
4Q1
4
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average).
31
201
4
FY07/
08
21.7
FY08/
09
FY09/
10
FY10/
11
FY11/
12
FY12/
13
FY13/
14
18.5
19.2
21.2
22.6
21.7
21.4
14.2
18.3
17.4
17.0
18.8
18.5
20.4
7.5
0.2
1.8
4.2
3.8
3.2
1.0
7.5
0.3
1.8
4.3
3.8
3.2
1.1
1.0
0.9
0.7
0.6
0.6
0.6
0.5
Expenditure (% of GDP) 2/
FY14/
15
Notes: Fiscal year starts with April and ends in May in the following year. Interest payment
includes HK$20 billion Government bonds and notes issued in 2004 only. Government
debts includes HK$20 billion Government bonds and notes issued in 2004 and the
Government bonds issued under the Government Bond Program. Gross government assets
are larger than gross debts.
1/
2/
3/
4/
5/
32
20
07
20
08
200
9
201
0
201
1
201
2
201
3
1Q1
4
2Q
14
3Q
14
4.3
0.5
2.4
5.3
4.1
4.3
4.2
3.7
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.6
5.2
8.0
12.9
11.0
12.4
12.2
15.0
10.
3
-2.4
23.3
13.8
7.2
13.8
17.6
14.8
20.
6
15.
6
Notes: The quarterly data in this table refer to the simple average of the monthly data. For
example, Q2 year-on-year growth rate equals average of year-on-year growth rates in April,
May and June.
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country. Hong Kong does not disclose core inflation officially.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country. For Hong Kong, M3 is used in the above table.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year. In the case of Hong Kong, the sum of trade
finance and other loans for use in Hong Kong published by HKMA is used.
33
4Q
14
20
14
34
Responses
2014, the HKMA passively sold HKD in response to banks triggering of the
Strong-side Convertibility Undertaking at HK$7.75/US$1, the first time since
December 2012. Strong demand for the HKD was mainly triggered by portfolio
inflows and commercial activities including M&A and dividend distribution.
35
20
08
14.
8
20
09
20
10
20
11
20
12
20
13
1Q
14
2Q
14
16.
9
15.
9
15.
8
15.
7
15.
9
15.9
16.1
N/A
3.7
3.5
1.9
1.6
1.4
1.5
1.4
1.4
N/A
1.2
1.6
0.8
0.7
0.6
0.5
0.5
0.6
N/A
50.
5
0.6
54.
2
0.8
51.
5
0.9
61.
6
0.8
66.
9
0.9
67.
1
1.1
70.
3
1.1
1.0
74.3
73.6
N/A
N/A
N/A
N/A
15.
8
15.
7
14.
1
13.5
13.3
20
07
N/A
3Q
14
4Q
14
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
36
20
14
Availabilit
y(i)
Timeliness
(ii)
Other Issues,
if Any(iii)
Instead of core
inflation indicator, the
government releases
the underlying CPI
which excludes oneoff relief measures
impact on the
headline CPI.
Notes:
4 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Hong Kong, China.
37
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
38
INDONESIA5
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
20
09
20
10
20
11
20
12
20
13
1Q
14
2Q
14
30.
1
31.
8
28.
3
26.
4
28.
7
30.
4
32.3
33.9
32.
8
39.
7
36.
4
34.
4
34.
7
39.
2
45.
7
45.2
46.5
2.4
0.0
2.0
0.7
0.2
-2.8
-3.3
-2.1
-4.3
6.2
4.3
7.1
7.9
7.0
6.4
5.6
5.9
6.3
Indicators
20
07
20
08
32.
2
3Q
14
4Q
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average).
5 Financial sector soundness and supervision matrix was not reported here, as the part was not confirmed by Indonesian
authorities as of November 27, 2014.
39
20
14
2009
2010
2011
2012
2013
19.
8
15.7
15.5
16.3
16.2
15.8
19.
1
19.
9
17.4
16.2
17.4
18.1
18.2
-1.3
-0.1
-1.6
-0.7
-1.1
-1.9
-2.3
0.8
1.7
0.1
0.6
0.1
-0.6
-1.1
35.
2
33.
0
28.3
26.0
24.4
24.0
N/A
200
7
200
8
Revenue (% of GDP) 1/
17.
9
Expenditure (% of GDP) 2/
Overall Balance (% of GDP) 3/
Primary Balance (% of GDP) 4/
Central Government Debt (% of GDP) 5/
Notes:
1/ Revenue = Tax + Non-Tax Revenue.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
40
201
4
20
07
20
08
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
3Q
14
4Q
14
6.6
11.
1
2.8
7.0
3.8
4.3
7.0
7.8
7.1
6.3
8.3
4.3
4.3
4.3
4.4
4.4
4.6
4.8
19.
3
14.
9
13.0
15.4
16.4
15.0
12.7
10.1
13.
2
26.
0
30.
8
10.1
23.3
24.7
23.1
20.9
19.2
16.
6
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
41
20
14
Objective
Regime
Policy rate
Instrument
s
42
Decision
Making
Process
Policy
Responses
Other
Updates
BI rate hikes: BI raised the BI rate by 175 bps in 2013 in order to anchor
inflation expectations as well as to stabilize the financial market and
reduce the current account deficit. In November 2014, BI raised the rate
by 25 bps in response to a fuel subsidy reduction.
Macroprudential: BI reduced loan-to-value (LTV) ratio for the purchase of
a second property to 60% and to 50% for purchases beyond the second
property (Sep. 2013)
Bilateral Swap Arrangement (BSA): BI extended BSA with Japan (Dec.
2013, USD 22,76 bn).
Billateral Currency Swap Arrangement (BCSA) : BI extended BCSA
with China (Oct 2013, CNY100 billion or equivalent IDR175 trillion) and
entered BCSA with Korea (March 2014, KRW 10.7 trillion or equivalent IDR
115 trillion).
Timeliness(
ii)
Other
Issues,
if Any(iii)
6 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Indonesia.
43
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
44
JAPAN
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
Indicators
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
39.7
40.0
43.3
50.9
54.6
61.6
61.3
63.0
104.
6
120.
6
127.
9
152.
8
170.
8
192.
0
185.
8
177.
7
181.
0
4.9
3.0
2.9
4.0
2.2
1.0
0.7
-0.7
0.3
18.8
16.2
22.9
19.0
18.2
17.2
18.3
15.7
15.6
200
7
200
8
38.6
3Q
14
4Q
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance (as % of GDP) = Current account balance / GDP = (Exports Imports) + Net Service + Net income from abroad + Net current transfers) / GDP at
current year
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import of goods and services value (BOP, 12-month average).
45
201
4
2007
2008
2009
2010
2011
2012
2013
Revenue (% of GDP) 1/
31.2
31.6
29.6
29.6
30.8
31.2
31.7
Expenditure (% of GDP) 2/
33.3
35.7
40.0
38.9
40.6
39.9
40.0
2.1
4.1
10.4
9.3
9.8
8.7
8.3
2.1
183.
0
3.8
191.
8
9.9
210.
2
8.6
216.
0
9.0
229.
8
7.8
237.
3
7.6
243.
4
Notes:
1/ Revenue = Tax + Non-Tax Revenue.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
46
2014
20
07
20
200
201
201
201
201
08
9
0
1
2
3
Please see the following page (Table 4)
0.1
1.4
-1.3
-0.7
-0.3
0.0
0.0
1.5
-1.3
-1.0
-0.2
2.1
1.8
3.1
2.3
0.9
4.0
-1.3
-2.0
1Q1
4
2Q
14
0.4
1.5
1.6
-0.1
0.4
1.3
1.3
3.2
2.6
4.2
3.6
3.0
0.7
1.9
2.8
2.5
2.8
3Q
14
4Q
14
Notes: For headline and core inflation, the direct effect from the consumption tax hike in
April 2014 is excluded for the 2Q 2014 data.
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 pluses deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
47
20
14
Objective
Regime
Instruments
DecisionMaking
Process
48
to 7-10 years.
49
20
09
20
10
20
11
20
12
201
3
12.
4
26.
3
13.
9
22.
6
14.
2
22.
2
14.
2
21.
4
15.
9
17.
8
2.9
2.6
2.5
2.4
2.4
2.1
0.4
0
0.7
6
0.2
0
0.7
8
0.2
1
0.7
9
0.4
0
0.7
7
0.3
3
0.7
5
0.2
7
0.7
5
0.3
9
0.7
6
14.
4
13.
8
14.
3
14.
3
14.
2
14.
1
13.
9
20
07
12.
6
17.
0
20
08
12.
0
16.
0
3.1
1Q
14
2Q
14
3Q
14
15.6
16.2
1.9
0.36
0.76
13.9
13.9
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
50
4Q
14
20
14
Timeliness
(ii)
Other
Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
7 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Japan.
51
KOREA
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
Indicators
200
7
200
8
30.2
31.5
63.3
74.0
1.1
0.3
8.8
5.5
200
9
201
0
201
1
201
2
201
3
38.2
32.5
33.3
33.5
31.9
55.1
46.8
45.6
39.1
33.3
3.7
2.6
1.6
4.2
6.1
10.0
8.2
7.0
7.6
8.1
1Q
14
2Q
14
30.8
31.0
34.9
35.9
4.4
6.8
8.0
8.4
3Q
14
52
4Q
14
201
4
200
7
200
8
23.4
22.7
19.8
21.3
3.6
1.4
N/A
N/A
28.7
28.0
200
9
201
0
201
1
201
2
201
3
1Q1
4
2Q1
4
21.8
21.4
21.9
22.6
22.0
5.5
11.1
23.3
20.1
22.1
21.3
21.0
6.7
12.8
-1.5
1.3
1.4
1.3
1.0
-1.2
-1.7
N/A
N/A
N/A
N/A
N/A
N/A
N/A
31.2
31.0
31.6
32.2
34.3
33.3
34.6
3Q1
4
Notes:
1/ Revenue = Tax + Non-Tax Revenue + Social Security Contribution.
2/ Expenditure = Current Expenditure + Capital Expenditure + Net Lending (including Net
Acquisition).
3/ Overall Balance = Revenue Expenditure & Net Lending.
4/ Primary Balance = Overall Balance + Interest Payment (not an official data). National
authorities do not officially calculate primary balance and no data for this indicator are
thus provided.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt + Central Government Guaranteed Debt.
53
4Q1
4
201
4
20
08
2.5
4.7
2.3
4.3
10.
8
14.
9
Indicators
Monetary Policy Framework
Headline Inflation (%, year-onyear) 1/
Core Inflation (%, year-on-year,
optional) 2/
200
201
201
201
201
1Q
9
0
1
2
3
14
Please see the following page (Table 4)
2Q
14
2.8
3.0
4.0
2.2
1.3
1.1
1.6
3.6
1.8
3.2
1.6
1.6
1.9
2.2
12.
0
9.9
6.0
5.5
4.8
4.6
5.0
5.7
14.
1
4.0
3.5
7.7
3.4
5.0
6.1
6.3
3Q
14
4Q
14
Notes:
1/ Headline inflation is defined as the year-on-year percentage change of Consumer Price
Index(CPI). Annual headline inflation is calculated as the growth rate of 12-month
average headline CPI.
2/ Core inflation is defined as the percentage change in the CPI excluding prices of
agricultural products and oil. Annual core inflation is calculated as the growth rate of 12month average core CPI.
3/ Annual money growth is calculated as the growth of M2 based on the end of calendar
year. M2 is defined as currency in circulation and deposits.
4/ Credit growth is calculated as the growth in total loans of commercial and specified
banks in Korea, based on the end of the calendar year.
54
20
14
Lending and deposit facilities: Through these, the BOK supplies loans to
or receives deposits from individual banking institutions. Lending facilities
include (i) Liquidity Adjustment Loans, (ii) Bank Intermediated Lending Support
Facility (formerly Aggregate Credit Ceiling Loans), (iii) Intraday Overdrafts, and
(iv) special loans such as Emergency Credit to financial institutions and Credit
to for-profit enterprises. The BOK also operates 'Liquidity Adjustment Deposit'
facilities, which enable financial institutions to deposit their excess cash arising
in the process of their supply of and demand for funds. The interest rates of
liquidity adjustment deposits and loans are 100bp below and above the Base
Rate, respectively.
55
Requirement Ratio, RRR) in their accounts with the central bank. RRR varies
depending upon their deposit liability types; 0.0% for long-term savings
deposits for housing, property formation savings; 2.0% for time deposits,
installment savings, mutual installments, housing installments, CDs; 7.0% for
others.
Major Policy Responses and Updates (as of August 2014)
Policy
Base Rate Cut: In August 2014, the BOK lowered the Rate by 25 bps to 2.25
Response
percent.
s
Credit Policy: Apart from the Base Rate, there has been a thorough realignment
of the Aggregate Credit Ceiling Loans system (ACCL), including target sectors,
support ceilings, interest rates and renaming of the ACCL into Bank
Intermediated Lending Support Facility. In terms of the conduct of monetary
policy, the Bank of Korea has begun to make public the number of votes cast
for or against the Base Rate setting decisions at the press briefing held
immediately after the policy meeting.
Other
56
200
7
200
8
12.3
12.3
N/A
N/A
0.7
1.1
1.1
0.5
122.
5
118.
0
27.2
25.6
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
14.4
14.6
14.0
14.3
14.5
14.1
14.2
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.2
1.9
1.4
1.3
1.8
1.8
1.7
0.4
0.5
0.7
0.5
0.2
0.3
0.4
112.
4
98.2
96.6
96.6
97.8
96.8
97.4
27.2
28.4
28.5
28.5
28.1
27.8
27.9
3Q
14
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
57
4Q
14
201
4
Timeliness(ii)
Other Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
8 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Korea.
58
LAO PDR
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
Indicators
20
07
20
08
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
57.
9
48.
7
48.2
54.6
51.8
49.6
48.2
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.5
1.7
-1.1
0.4
2.0
-4.2
3.6
-0.3
N/A
6.0
5.4
5.2
4.3
3.4
5.1
4.8
4.64
N/A
3Q
14
4Q
14
Notes: Recent current account revisions are due to high values of errors and omissions in
the balance of payments.
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors.(nb: not including contingent liabilities).
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ The current account and the capital account have occasionally been inaccurate due to
large errors and omissions and have been revised from time to time. The table below
provides the current account balance excluding official transfers and net error and
omission
200
7
200
8
200
8
59
200
9
201
0
201
1
201
2
201
3
1Q
14
20
14
-0.5
1.4
0.3
-2.8
-1.2
0.1
-6.0
-5.0
-0.7
-8.5
-4.5
-0.5
-2.1
-7.2
-7.9
-9.1
-4.8
1
0
.
6
FY08/
09
FY09/
10
FY10/
11
FY11/
12
FY12/
13
FY13/
14
Revenue (% of GDP) 1/
17.8
17.3
22.3
22.4
24.1
24.4
24.3
Expenditure (% of GDP) 2/
20.9
20.7
24.6
24.4
25.5
30.8
28.7
-3.1
-3.4
-2.3
-2.0
-1.4
-6.4
-4.4
-2.3
-2.8
-1.6
-1.3
-0.6
-5.1
-3.4
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Indicators
FY14/
15
Notes: Fiscal year starts with October in the previous year and ends in September in the
following year. FY13/14 is as of 2Q 2013 (calendar year)
1/ Revenue = Tax + Non-Tax Revenue + Grant. In the case of Lao PDR, revenue includes
grant.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service. In the case of Lao PDR, debt service
only includes interest payment.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
61
200
7
200
8
20
09
20
10
20
11
20
12
20
13
1Q
14
2Q
14
3Q
14
4Q
14
4.5
7.6
0.0
6.0
7.6
4.3
6.4
5.7
4.7
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
39.
6
17.
49
31.
3
39.
5
28.
7
31.
0
17.
0
19.0
9
23.9
26.
64
71.
95
71.
1
49.
1
45.
1
33.
8
38.
6
29.0
4
23.9
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country. With certain degree of dollarization within the economy, it is certainly difficult
to ascertain total amount of foreign currency in circulation, as well as the actual figures
of the money supply in Lao PDR. The only data available for the amount of foreign
currency in the economy is its share out of total bank deposits.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
62
20
14
Objective
Regime
Instruments
63
64
200
8
200
9
201
0
201
1
201
2
2013
1Q
14
2Q
14
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.75
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
37.9
55.2
73.0
3
75.8
4
85.3
3
86.1
100.3
8
95.7
8
92.4
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Indicators
3Q
14
Notes: By law, Banks are required to hold a liquidity ratio of 20 to 25 percent. The NPL
ratio has been considered well below the annual target of 3 percent.
2007
2008
200
9
65
201
0
201
1
201
2
201
3
1Q1
4
2Q1
4
4Q
14
201
4
Foreign Currency
Deposits (% of Total
Deposits)
67.3
9
62.3
4
58.
0
53.
6
53.
4
51.
1
50.
2
51.1
5
50
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
66
Timelines
s(ii)
Other
Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
10 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Lao PDR.
67
MALAYSIA
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
200
9
201
0
201
1
201
2
201
3
1Q1
4
2Q
14
30.8
32.7
28.5
29.1
63.9
70.6
60.9
69.5
16.2
25.4
23.5
24.2
24.5
66.0
76.7
79.1
82.0
15.4
17.1
15.5
10.9
11.6
5.8
4.0
7.7
6.1
8.0
7.3
9.1
7.5
8.9
8.5
8.2
7.9
7.3
Indicators
200
7
200
8
28.2
3Q
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities). As of 2014, external debt has been
redefined in line with international standards to include non-resident holdings of localcurrency denominated debt papers and other debt-related non-resident financial flows,
such as trade credits, currency and deposits, and other loans and liabilities. Data in
black that has been confirmed by the National Authorities have not been redefined
according to the new classification. Data from 2012 onwards reflect redefined external
debt according to the new classification.
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average).
68
4Q
14
201
4
2009
2010
2011
2012
2013
20.
8
22.3
20.0
20.9
22.1
21.6
24.
6
25.
5
29.0
25.6
25.9
26.8
25.7
-3.1
-4.6
-6.7
-5.4
-4.8
-4.5
-3.9
-1.2
-3.0
-4.7
-3.5
-2.8
-2.4
-1.8
40.
1
39.
8
50.8
51.1
51.5
53.3
54.7
20
07
20
08
Revenue (% of GDP) 1/
21.
0
Expenditure (% of GDP) 2/
Overall Balance (% of GDP) 3/
Primary Balance (% of GDP) 4/
Central Government Debt (% of GDP) 5/
Notes:
1/ Revenue = Tax + Non-Tax Revenue.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
69
20
14
20
07
5.4
0.6
1.7
3.2
1.6
2.1
3.5
3.3
1.8
4.0
2.7
1.5
2.4
2.1
1.8
N/A
N/A
9.5
11.
9
9.2
6.8
14.
3
9.0
8.1
5.9
5.6
8.6
12.
8
7.8
12.
7
13.
6
10.
4
10.
6
10.2
9.3
2Q
14
2.0
20
200 201 201 201 201 1Q
08
9
0
1
2
3
14
Please see the following page (Table 4)
3Q
14
4Q
14
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country. For Malaysia, core inflation is provided by Bank Negara Malaysia upon request.
As core inflation data is provided by the authorities in strict confidence, no part of the
data shall be quoted or replicated to the public.
3/ For Malaysia, M3 is used in the above table. M3 is currency in circulation and deposits
placed with banking institutions (commercial, investment and Islamic banks).
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
70
20
14
Regime
Instrume
nts
Decision
-Making
Process
Policy
Policy Framework
According to Central Bank of Act 2009 of Country A, the primary objective of
the Central Bank is to promote monetary stability and financial stability
conducive to the sustainable growth of the economy
Bank Negara does not conduct inflation targeting. Since April 2004, Bank
Negara conducts monetary policy through the Overnight Policy Rate. The OPR
has a dual role as a signaling device to indicate the monetary policy stance
and as a target rate for the day-to-day liquidity operations of the Central
Bank.
Open market operations: Bank Negara conducts liquidity management
using money and/or open market operations. Open Market Operations
instruments include repurchase (RP) and reverse repurchase (RRP)
transactions, sales and purchases of securities, and issuance of Bank Negara
bills. Monetary operations of the Central Bank will target the overnight
interbank rate. Liquidity management will aim at ensuring the appropriate
level of liquidity that would influence the overnight interbank rate to move
close to the OPR. Liquidity operations will also be conducted at other
maturities but without targeting a specific interest rate level.
Overnight Operating Corridor and Standing Facilities. To minimize
excessive volatility in the overnight rate, the Central Bank will specify a
corridor around the OPR. The corridor is set at 25 basis points around the
OPR. Day-to-day liquidity operations will aim to hold the overnight rate close
to the announced OPR. A standing facility is introduced to ensure that the
overnight interbank rate fluctuates within this corridor by providing a lending
facility at the upper limit of the operating band and a deposit facility at the
lower limit of the operating band. Market participants will transact among
interbank institutions at a rate within the operating band to meet their shortterm liquidity needs before utilizing the standing facility.
Statutory Reserve Requirements: Banking institutions namely commercial
banks, merchant/investment banks and Islamic banks are required by the
Central Bank to maintain balances in their Statutory Reserve Accounts (SRA)
equivalent to a certain proportion (at present, at least 4 %) of their eligible
liabilities (EL), this proportion is called the SRR rate. The SRR is used to
withdraw or inject liquidity when the excess or lack of liquidity in the banking
system is perceived by the Bank to be large and long-term in nature.
Selective credit and administrative measures: The Central Bank issues
lending guidelines to financial institutions and can impose macro-prudential
measures in order to promote financial stability
The responsibility for formulating monetary policy lies with the Monetary
Policy Committee, comprising of the Governor, Deputy Governors and not less
than three but not more than seven other members.
The Monetary Policy Committee typically holds monetary policy committee
meetings six times a year with meeting intervals of six to eight weeks
Major Policy Responses and Updates (2013 & 2014)
OPR hike. After remaining at 3.00 percent throughout 2013, Bank Negara raised
71
Response
s
Other
Updates
the OPR by 25bps to 3.25 percent at its monetary policy meeting in July 2014.
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
15.4
14.8
15.7
15.7
14.4
14.5
14.8
12.6
13.9
10.7
8.1
8.5
8.2
7.7
4.8
3.7
3.4
2.7
2.0
1.9
1.8
1.8
1.5
1.5
1.2
1.5
1.6
1.6
1.5
1.5
1.5
76.1
77.7
77.9
81.3
80.9
82.1
84.5
85.2
85.7
27.1
26.5
26.8
26.9
26.8
27.4
28.1
28.5
28.8
200
7
200
8
13.2
12.6
24.7
18.2
6.5
3Q
14
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
72
4Q
14
201
4
73
Availabilit
y(i)
Timelines
s(ii)
Other Issues,
if Any(iii)
Estimate only
using debt
service charges
Need to request
from the
authorities
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
11 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Malaysia.
74
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
75
MYANMAR
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
Indicators
FY07/
08
FY08/
09
FY09/
10
FY10/
11
FY11/
12
FY12/
13
FY13/
14
40.0
29.0
36.2
29.0
27.2
24.8
18.612
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-0.5
-3.3
-2.8
-1.3
-2.6
-4.2
-3.712
7.5
6.4
7.8
9.5
5.4
6.0
N/A
2Q
14
3Q
14
4Q
14
N/A
N/A
N/A
N/A
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average). For December 2013, AMRO estimates the
import cover at 7.5 (computed as GIR divided by monthly average of imports of goods
from January to December 2013). IMF projects the official reserves of Myanmar at the
end of FY 2013/14 to be US$5.5 billion (with import cover equivalent to 3.9 months of
imports). The major source of the discrepancy arises from IMFs stricter definition of
official reserves and the use of not only average imports of goods from January to
December but also include payments for services and income in the divisor.
20
14
77
FY08/
09
FY09/
10
FY10/
11
FY11/
12
FY12/
13
17.2
15.9
13.9
14.9
14.7
27.5
21
18.2
18.5
19.6
18.5
24.7
25.6
30.5
-3.8
-2.3
-4.6
-4.7
-3.8
2.8
-4.9
N/A
N/A
N/A
N/A
N/A
N/A
N/A
77.4
57.3
57.4
53.0
34.9
35.3
36.4
Indicators
Revenue (% of GDP) 1/
Expenditure (% of GDP) 2/
FY07/
08
FY13/
14
Notes: Fiscal year starts in April and ends in March of the following year.
1/ Revenue = Tax + Non-Tax Revenue.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
78
FY14/
15
20
07
35.
0
2Q
14
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
29.
9
22.
3
14.
9
14.
2
30.
6
29.
0
42.
5
61.
1
30.
5
64.
8
31.
6
52.
8
39.6
32.5
13
13
N/A
N/A
N/A
N/A
3Q
14
6.013
N/A
Notes:
1/Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
4Q
14
20
14
Objective
Regime
Instruments
Policy Framework
-In July 2013, Myanmars President, Thein Sein, signed into law a bill that
is
aimed at establishing the independence for the countrys central
bank, the new Central Bank of Myanmar Law (CBML, Pyidaungsu
Hlattaw Law No.16/2013).
-CBMs functions and objectives under the new Law include:
-the conduct of monetary and exchange rate policy to deliver price and
exchange stability
-the attainment of financial sector stability through supervision,
regulation,
and in providing banks with lender of last resort facilities
-the promotion of efficient payments systems and clearing arrangements
-acting as banker to the government, and as the issuer of the currency
-managing Myanmars official foreign exchange reserves
- The object of the CBML is to establish the legal independence of the
Central Bank of Myanmar (CBM)
- The new CBML gives the central bank the authority and responsibility to
implement monetary and exchange rate policies independently from
the Ministry of Finance and Revenue
- A number of measures reinforce the institutions new autonomous
power:
- The governor of the CBM is elevated to the level of a Minister of the
Cabinet
- A Board of Directors is to be the CBMs ultimate internal decision-making
body. Chaired by the Governor of the CBM, it will comprise nine members. Four of these (the CBM Governor and three newly-created
Deputy Governor positions) will be from within the CBM itself, the
other five being external professional experts selected by the
government, and approved by the Parliament. Directors cannot be
members of parliament or a political party, nor can they hold more
than 5 per cent equity in a corporation. The expertise of the five
external directors must be in operational areas of central banking
economics, finance, banking law, accounting and/or auditing.
- The CBM will no longer be permitted to buy primary issues of
government bonds, or to otherwise lend to the government, without
the approval of parliament. Government bonds can be purchased
from other banks, and from the general public, but in the absence of a
parliamentary approval this can only be via secondary securities
markets
- Under the new CBML, Myanmars central bank is required to submit
reports on monetary conditions to the parliament at least twice a
year, and to publish quarterly reports on monetary developments
- In the conduct of its monetary policy duties, the new legislation
authorizes the CBM to conduct what is commonly known as open
market operations via the purchase and sale of financial securities, in
80
81
20
07
20
08
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
36.
53
31.
53
27.
94
26.
57
24.5
6
22.7
9
N/A
N/A
1.20
1.00
N/A
67.7
3
N/A
65.7
5
N/A
N/A
N/A
N/A
40.
23
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.8
4
N/A
67.
75
2.8
8
N/A
71.
65
1.4
8
N/A
67.
99
1.6
4
N/A
67.
39
1.5
8
N/A
64.
63
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3Q
14
4Q
14
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
This data series refers to Capital Adequacy Ratio according to the authorities definition.
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions). Loans are classified as non-performing after
six months of non-payment.
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
82
20
14
Timeliness
(ii)
Other
Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
14 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Myanmar.
83
THE PHILIPPINES
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
31.
3
32.6
30.1
27.0
24.1
21.5
21.5
21.2
21.
0
18.
6
9.0
10.1
9.3
10.1
13.5
13.2
11.9
5.4
0.1
5.0
3.6
2.5
2.8
3.8
3.1
4.4
6.7
6.4
9.2
10.4
11.6
11.5
11.6
10.9
11.0
Indicators
20
07
20
08
37.
1
3Q
14
4Q
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers). Current account surpluses are attributed
to strong remittance flows from Filipinos abroad.
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average).
84
20
14
2009
2010
2011
2012
2013
16.2
14.6
13.4
14.0
14.5
14.9
16.7
17.1
18.5
16.9
16.0
16.8
16.3
-0.2
-0.9
-3.9
-3.5
-2.0
-2.3
-1.4
3.9
2.7
-0.3
-0.2
0.8
0.7
1.4
60.9
56.9
57.2
52.4
50.9
51.4
49.2
2007
2008
16.5
Notes: Fiscal year starts with April and ends in March in the following year.
1/ Revenue = Tax + Non-Tax Revenue.
2/ Expenditure = Current Expenditure + Capital Expenditure.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
Sources: National authorities.
85
2014
20
07
2Q
14
2.9
8.3
4.2
3.8
4.6
3.2
3.0
4.1
4.4
2.9
5.8
4.2
3.6
4.3
3.7
2.9
3.0
3.0
15.
5
10.
1
9.9
10.
0
7.1
9.4
31.
8
35.3
23.3
8.3
20.
5
10.
0
8.9
19.
3
16.
2
16.
4
20.0
20.1
20
20
20
20
20
20
1Q
08
09
10
11
12
13
14
Please see the following page (Table 4)
3Q
14
4Q
14
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
86
20
14
In November 2012, the DBCC set the inflation target at 4.0 1.0 percent
for 2013-2014 and 3.0 1.0 percent for 2015-2016.
Instrumen
Open market operations: Open Market Operations consist of repurchase
(RP) and reverse repurchase (RRP) transactions, outright transactions, and
ts
foreign exchange swap. The interest rates for the overnight RRP and RP
facilities signal the monetary policy stance and serve as the BSPs primary
monetary instruments.
Starting in 2012, the Monetary Board has held monetary policy meetings
eight times a year with meeting intervals of six to eight weeks to deliberate,
discuss, and decide on the appropriate monetary policy stance of the BSP in
order to keep inflation within the target.
Major Monetary Policy Decisions and Updates
BSP raised the reserve requirements for banks (except rural banks) and non-banks
with quasi banking functions (NBQBs) by one percentage point effective on 30 May 2014
to help guard against financial stability risks that could arise from the continued strong
domestic liquidity growth and rapid credit expansion. This followed an earlier one
percentage point increase in reserve requirements effective on 11 April 2014.
BSP increased the interest rate on the Special Deposit Account (SDA) by 25 bps to
2.25 percent on 19 June 2014 and by 25 bps to 2.5 percent on 11 September 2014 to
help mitigate potential price and financial stability risks emanating from ample liquidity.
BSP increased key policy rates by 25 basis points on 31 July 2014 and by 25 basis
points on 11 September 2014 for the overnight borrowing or reverse repurchase (RRP)
facility and for the overnight lending or repurchase (RP) facility as a preemptive
87
88
20
09
20
10
20
11
20
12
20
13
1Q
14
2Q
14
14.
6
15.
5
16.
7
17.
1
17.
8
17.
0
15.4
15.4
4.7
8.3
5.7
4.3
3.8
2.4
2.4
2.8
3.0
4.9
3.9
3.5
3.4
2.6
2.2
2.4
2.4
2.4
1.3
0.9
1.4
1.7
1.6
1.8
1.9
1.6
1.5
67.
8
66.
5
63.
6
61.
9
71.
9
74.
8
67.
7
69.2
70.4
5.6
5.7
6.6
6.2
6.4
6.9
7.1
7.1
7.3
20
07
20
08
14.
7
3Q
14
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
89
4Q
14
201
4
Availabilit
y(i)
Timeliness
(ii)
Other Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
15 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of the Philippines.
90
SINGAPORE
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
20
09
20
10
20
11
20
12
20
13
1Q
14
2Q
1
4
49
9.8
45
1.9
42
4.5
42
9.4
41
4.9
43
6.4
43
9.2
44
2.9
49
0.8
43
5.6
39
1.9
38
2.4
37
6.3
36
7.8
37
0.9
37
8.5
38
0.9
26.
0
14.
4
16.
8
23.
7
22.
8
17.
5
18.
3
17.
5
20.
1
7.4
6.6
9.2
8.7
7.8
8.2
8.8
8.7
8.8
Indicators
20
07
20
08
49
0.3
3Q
14
4Q
14
20
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average).
91
FY09/
10
FY10/
11
FY11/
12
FY12/
13
FY13/
14
15.5
17.0
15.9
16.2
17.0
17.6
17.2
12.7
16.9
16.1
15.9
15.8
16.0
16.2
2.8
0.1
-0.3
0.3
1.2
1.6
1.0
2.8
0.1
-0.3
0.3
1.2
1.6
1.0
86.3
93.9
104.2
99.6
102.7
107.4
104.7
Indicators
FY07/
08
Revenue (% of GDP) 1/
Expenditure (% of GDP) 2/
FY14/
15
Notes: Fiscal year starts with April and ends in March in the following year.
1/ Revenue = Tax revenue + Fees and Charges + Others + Net Investment Returns
2/ Expenditure = Operating Expenditure + Development Expenditure + Special Transfers
including Top-ups to Endowment and Trust Funds.
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance+ Debt service. Debt service is zero, according to
Singaporean authority.
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt. The debt ratio is based on the calendar year since the central
government debt numbers are as at end of the calendar year.
6/ Singapore Government borrowings are not for spending. Singapore Government
Securities (SGS) are issued to develop the domestic debt market and Special Singapore
Government Securities (SSGS) are issued specifically to meet the investment needs of
the Central Provident Fund (CPF) Board.
7/ FY13/14 numbers are revised budget estimates
92
200
8
1/
2.1
6.6
0.6
2.8
5.2
4.6
2.4
1.0
2.4
2.2
5.7
0.0
1.5
2.2
2.5
1.7
2.0
2.2
13.4
12.0
11.3
8.6
10.0
7.2
4.3
2.0
0.6
19.9
16.6
3.4
14.7
30.3
16.7
17.0
13.5
12.3
Indicators
Monetary Policy Framework
200
201
201
201
201 1Q1
9
0
1
2
3
4
Please see the following page (Table 4)
2Q
14
3Q
14
4Q
14
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ The MAS Core Inflation Index is an exclusion-based measure which removes the costs of
private road transport and accommodation as these components are volatile and
significantly influenced by administrative policies.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
93
201
4
By setting the exchange rate as the intermediate target, this implies that
MAS cedes control over domestic interest rates.
Policy
Policy Rate: MAS cedes control over domestic interest rates. In the
Rate
context of free movement of capital, interest rates in Singapore are
determined to a large extent by foreign interest rates and investor
expectations of future movements in the S$. (domestic interest rates have
typically been lower than US interest rates, and reflect market expectations
of an appreciation of the S$)
Instrume MAS releases a Monetary Policy Statement two times a year, one in April
nts
and the other in October of each year. MAS sets operating targets for the
S$ NEER, expressed in the form of the level, slope and width of the policy
band.
MAS may tighten monetary policy by re-centering the exchange rate
policy band upwards (thereby appreciating the level of the exchange rate). A
signal of tightening is also when the policy band is kept on a modest and
gradual appreciating path (slope of S$ NEER appreciation). (Note: For
loosening monetary policy, the reverse is true).
MAS may also adjust the policy band at a wider or narrower setting
depending on the amount of volatility in the exchange rate it is willing to
accommodate.
Major Policy Responses and Updates (2014)
Unchanged: On 14 Apr 2014, MAS maintained the modest and gradual
appreciation path of the S$NEER policy band, with no change (compared to Oct
2013) to its slope, width, and the level at which it was centered.
94
20
09
20
10
20
11
20
12
201
3
1Q
14
14.
7
17.
3
18.
6
16.
0
18.
1
16.
4
16.1
N/A
7.2
8.5
6.0
5.4
4.9
5.1
4.6
N/A
1.4
2.0
1.4
1.1
1.0
0.9
0.8
N/A
0.9
1.3
1.4
1.1
1.4
1.2
1.4
73.
0
80.
2
76.
7
85.
1
95.
4
98.
8
108
.3
110.
7
15.
4
14.
8
16.
7
18.
0
16.
9
17.
6
16.
1
15.7
20
07
20
08
N/A
2Q
14
3Q
14
4Q
14
16.8
4.5
0.8
1.3
113.
7
15.6
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions) for the local banking groups. In the case of
Singapore, the authorities also provide an alternative ratio - Classified Exposures to Total
Exposures, which is calculated as the ratio of the value of classified exposures to total
value of total exposure (including Pass, Special mention and Classified exposures and
before the deduction of specific loan loss provisions) for the Singapore banking system.
Indicators
Classified Exposures as
a Share
of Total Exposures (%)
200
7
200
8
N/A
N/A
200
9
201
0
201
1
201
2
201
3
1Q1
4
1.38
1.03
0.80
0.76
0.83
0.79
2Q1
4
0.75
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
95
20
14
96
Timelines
s(ii)
Other
Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
16 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Singapore.
97
98
THAILAND
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
31.4
28.8
35.2
33.7
38.0
38.1
38.1
38.8
38.9
30.3
23.9
29.4
27.0
32.0
35.8
35.9
36.5
6.3
0.7
8.4
3.1
2.6
-0.4
-0.5
8.8
0.6
8.4
8.4
14.1
12.8
10.4
9.9
9.2
9.6
9.9
Indicators
200
7
200
8
35.4
3Q
14
4Q
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities). Gross external debt is actual for the
quarter, GDP used is a 3-yr moving average.
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less. Gross s-t ex. debt is actual for the quarter, as are FX reserves
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers). (both GDP and current account are of the
current year or quarter).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average). Import is monthly average taken from a 1year moving average
99
201
4
FY20
07
17.4
FY20
08
16.9
Expenditure (% of GDP) 2/
19.0
Revenue (% of GDP) 1/
FY20
09
FY20
10
FY20
11
FY20
12
FY201
3
15.9
17.2
17.7
18.2
18.3
17.9
21.7
18.0
20.4
21.1
20.3
-1.6
-1.0
-5.7
-0.8
-2.7
-2.9
2.0
0.3
0.8
-3.7
1.2
-0.6
-1.3
-0.6
24.7
23.6
29.2
29.3
29.8
32.4
31.9
FY201
4
Notes: Fiscal year starts one quarter earlier than the calendar year, i.e. on 1st October of
the preceding year, and ends in end-September of that year. For instance, FY 2013 runs
from October 2012-September 2013.
1/ Revenue = Tax + Non-Tax Revenue. (Total Revenue Collected by Government, from FPO
Fiscal Cash Balance data)
2/ Expenditure = Current Expenditure + Capital Expenditure. (Expenditure, current year
plus carry over, from FPO Fiscal Cash Balance data)
3/ Overall Balance = Revenue Expenditure.
4/ Primary Balance = Overall Balance + Debt Service. (Debt service data are Budget
payment for principal, interest, and fee, from PDMO).
5/ Central Government Debt = Domestic Central Government Debt + Foreign Central
Government Debt.
100
20
07
20
08
20
09
20
10
20
11
20
12
20
13
1Q
14
2Q
14
3Q
14
4Q
14
5.5
-0.8
3.3
3.8
3.0
2.2
2.0
2.5
1.1
2.3
0.3
0.9
2.4
2.1
1.0
1.2
1.7
6.3
9.2
6.8
4.4
-1.7
10.
4
13.
7
6.4
11.
4
15.
1
15.
0
7.3
2.5
10.
9
11.
4
11.
0
9.8
7.3
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation. Data for inflation are the average of monthly yoy inflation for that period.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country. Data for inflation are the average of monthly yoy inflation for that period.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country. It refers to Broad Money in the case of Thailand.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
101
20
14
Objective
Regime
Policy
Rate
Instrume
nts
102
Policy rate cut: The policy rate was cut by 25 bps on 12 March 2014 (from 2.25 to
2.00) and has been held at 2.00% in subsequent meetings on 23 April 2014, 18
June, 6 August 2014, 17 September 2014, and November 5.
103
20
09
20
10
20
11
20
12
20
13
1Q
14
2Q
14
16.
1
17.
0
16.
2
12.
1
15.
2
16.
3
15.
7
15.5
15.9
9.2
6.9
6.7
7.3
7.2
5.2
4.8
3.6
2.7
2.3
2.1
2.2
2.3
0.6
86.
6
1.4
88.
3
1.3
85.
8
1.5
88.
3
1.5
89.
9
1.5
93.
1
1.7
96.
6
1.5
1.8
95.9
97.9
12.
1
11.
5
12.
3
16.
1
15.
2
15.
0
15.
2
15.4
15.7
20
07
15.
4
25.
1
20
08
14.
1
20.
0
7.1
3Q
14
4Q
14
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
Refers to all commercial banks.
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves. Refers to net
NPLs to total regulatory capital of commercial banks.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions). NPLs are gross NPLs, and refers to commercial
banks.
4/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial). ROA = Net
Profit/Average Assets, where average assets is calculated as "Total Assets Claims on
securities Customers' liabilities under acceptances), new data series begins in 2008
5/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits). L to D ratio used includes bills of exchange (B/E) to the
deposit base but excludes interbank borrowing and lending.
6/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions. Refers to
housing loans, for all financial institutions (includes commercial banks, specialized
depository institutions (SFIs) and other financial institutions). Data during 2007 - 2009
do not include SFIs.
Sources: National authorities.
104
20
14
Timelines
s(ii)
Other
Issues,
if Any(iii)
Notes:
1/ Data availability indicates if the data are available for provision by the authorities. In the
case of non-available data, the data might be either non-existent or existent but have
not been officially computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period
or the latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the
provision of data and information of the four above EPRD Matrix areas, which could be
consisted of, but not limited to, the consistency and accuracy of the data, and potential
areas of improvements that the authorities could consider for their data provision in the
future.
17 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Thailand.
105
106
VIETNAM
TABLE 1: EXTERNAL POSITION AND MARKET ACCESS
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
33.
4
38.8
38.9
37.9
37.4
37.3
N/A
N/A
N/A
N/A
N/A
53.4
47.8
22.8
33.4
N/A
N/A
10.
0
11.
1
-6.6
-3.9
0.2
5.9
5.5
7.6
6.4
4.5
3.6
2.7
1.8
1.6
3.0
N/A
N/A
N/A
Indicators
20
07
20
08
32.
5
3Q
14
4Q
14
Notes:
1/ Gross External Debt = current liabilities owed to non-residents by residents of the
economy = external debt of general government + monetary authority + banks + other
sectors. (nb: not including contingent liabilities).
2/ Gross Short-Term External Debt = external debt with (original) maturity of one year or
less.
3/ Current Account Balance = net exports of goods and services + net primary income +
net secondary income (net current transfers).
4/ Foreign Reserves = months of import cover of foreign reserves = foreign reserves /
monthly import value (12-month average).
107
20
14
200
7
200
8
2009
2010
2011
2012
2013
34.6
33.9
34.8
36.0
34.6
32.0
22.9
34.1
34.0
36.6
36.5
34.3
34.1
26.8
-1.6
-1.7
-3.4
-2.2
-1.1
-3.4
-3.9
-0.6
-0.6
-2.3
-1.0
-0.04
-2.1
-2.6
N/A
N/A
N/A
51.7
50.0
50.8
54.2
201
4
Notes: Data for 2011 and 2012 are not approved by National Assembly. 2013 data is the
first estimate.
1/ Revenue = Tax and Fees + Capital Revenues + Grants + Investment Mobilizations
(under Article 8, Clause 3, State Budget Law) + Brought Forward Revenue.
2/ Expenditure = Investment and development expenditure + Current expenditures
+Brought forward expenditure.
3/ Overall Balance = Revenue - Expenditure - Difference of revenue and expenditure of
Local Budget.
4/ Primary Balance = Overall Balance + Interest Payment.
5/ Public debt = Central Government Debt + Government-guaranteed Debt + Local Debt. It
follows the definition of Public Debt Management Law in 2009 and the figures are
provided by the Vietnam Authorities and available since 2010.
Sources: National authorities.
108
200
7
200
8
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
8.3
23.
1
7.0
9.2
18.
6
9.3
6.6
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
46.
1
20.
3
29.
0
33.
3
12.
1
18.
5
18.
8
17.7
6
18.4
9
53.
9
25.
4
39.
6
32.
4
14.
3
8.8
12.
7
12.0
2
11.0
3
4Q
14
3/
3Q
14
4.8
4.8
Notes:
1/ Headline Inflation is defined as year on year percentage change of Consumer Price Index
(CPI). Annual headline inflation is calculated as the average of monthly year-on-year
inflation.
2/ Core Inflation is defined as the percentage change in the CPI excluding volatile prices,
typically food, energy, and administrative prices. Annual core inflation is calculated as
the average of monthly year on year core inflation. This definition may vary country to
country. Vietnam has not consolidated the core inflation data and thus not publicized
this data.
3/ Annual money growth is generally based on end of calendar year's M2 which is defined
as currency in circulation and deposits. M3 is defined as M2 plus deposits at
institutions that are not banks. These definitions of M2 and M3 may vary country to
country.
4/ Credit is generally defined as "total outstanding domestic bank loans excluding those to
financial institutions. Inter-bank loans as well as loans used for off-shore are excluded
as possible. Alternatively, for an economy of which full set of bank loan data is not
available, "domestic claims to private sector by depository corporations excluding
central bank" is used following to IMF MFSM 2000. Annual credit growth is calculated
based on the end of the calendar year.
109
201
4
Regime
Instrume
nts
Policy Framework
According to Law No. 46/2010/QH12 on the State Bank of Vietnam in 2010, the
overall objective of the monetary policy in Vietnam is to ensure the stability of
the Vietnamese dong, measured by the achievement of an inflation target set
out in a certain period of time (usually on an annual basis).
However, the State Bank of Vietnam (SBV) seems to be in charge of implementing
multiple objectives for the monetary policy, which include not only the
stability of the Vietnamese dong and financial system but also socio-economic
development objectives (Article 4, Law No. 46/2010/QH2).
Upon the SBVs proposal of annual inflation target, measured by consumer
price index, the Government submits to the National Assembly for approval.
The National Assembly decides/approves the annual inflation target and
supervises the implementation of the national monetary policy.
The Prime Minister and SBV Governor use different monetary tools and
measures in order to achieve the objectives of the monetary policy.
Refinancing: The State Bank shall stipulate and effect the refinancing to credit
institutions in the following forms: (i) Granting loans secured by the pledge of
valuable papers; (ii) Discounting valuable papers; (iii) Other forms.
Interest rates: Major policy rates announced by the SBV include the prime
interest rate, the refinancing rate, and the rediscounting rate. In case abnormal
developments are seen in the monetary market, the SBV shall provide for a
mechanism for regulating interest rates applicable to credit institutions in their
relations with others and their clients and in other credit relations.
Foreign exchange rates: The SBV announces the average interbank exchange
rate (reference rate) for the interbank market and other transactions as well as
the band within which the exchange rate for transactions could fluctuate from the
reference rate.
Reserve requirements: Banks and other credit institutions are required to
reserve a certain percent of their deposits at the SBV. The reserve requirement
ratio could vary among different banks and credit institutions, as well as for
different types of deposits (e.g. VND-denominated or USD-denominated), for
different periods of time.
Open market operations (OMOs): The SBV buys or sells valuable papers
from/to commercial banks and other credit institutions in the open markets via
repos and outright transactions. Valuable papers eligible for open market
operations include SBV bills, Treasury notes and bills, government bonds and
government-guaranteed bonds, as well as municipal government bonds.
Other tools, if deemed necessary: The SBV implements some measures of
credit operation in order to overcome difficulties in business activities in
accordance with the Governments policy.
110
by one percent from VND 21,036 to VND21,246 per 1USD in June 2014, following another
one-percent hike one year earlier, reportedly to enhance the competitiveness of the
Vietnamese exports given the relatively stable inflation environment.
111
200
9
201
0
201
1
201
2
201
3
1Q
14
2Q
14
14.
26
12.
50
11.
83
11.
84
13.
75
13.
25
13.2
4
12.9
4
N/A
6.9
2
8.0
2
8.3
4
8.8
3
15.
40
13.
16
N/A
2.1
3
1.9
9
2.1
6
3.0
6
4.0
8
N/A
1.0
0
0.9
7
0.9
2
1.0
0
N/A
85.
93
92.
92
88.
66
89.
65
N/A
N/A
N/A
N/A
20
07
200
8
N/A
N/A
14.1
4
3.6
1
3.93
0.4
0
0.4
9
0.17
84.
40
78.
49
77.1
2
N/A
N/A
N/A
3Q
14
19.0
0
4.17
0.36
77.0
6
N/A
Notes:
1/ Regulatory Capital to Risk-Weighted Assets is calculated as the ratio of aggregated
regulatory capital to aggregated risk-weighted assets (following the Basel Guidelines).
2/ Non-Performing Loans (net provision) to Capital is the ratio of value of non-performing
loans less the value of specific loan provisions to total capital and reserves.
3/ Non-Performing Loans to Total Gross Loans is calculated as the ratio of the value of nonperforming loans to total value of the loan portfolio (including NPLs, and before the
deduction of specific loan loss provisions).
4/ The reported NPL ratio is calculated based on the inputs provided by banks, which might
exclude certain NPLs restructured via the State Bank of Vietnams Decision 780 in 2012.
According to the SBV, if prudently calculated, the actual NPL to total gross loans ratio
could be about 9.71% as of end 2013.
5/ Return on Assets is calculated as the ratio of net income before extraordinary items and
taxes to average value of total assets (financial and non-financial).
6/ Loan to Deposit Ratio is calculated as the ratio of total loans to total deposits (noninterbank loans and deposits).
7/ Residential Real Estate Loans to Total Loans is calculated as the ratio of outstanding
residential real estate loans to outstanding loans of depository institutions.
Sources: National authorities.
112
4Q
14
20
14
Timelines
(ii)
Other Issues,
if Any(iii)
Notes:
18 Secondary evaluation based on AMRO Economic Reports is separately provided in AMROs November 2014 surveillance
report of Vietnam.
113
1/ Data availability indicates if the data are available for provision by the authorities. In the case of
non-available data, the data might be either non-existent or existent but have not been officially
computed or provided by the authorities.
2/ Data timeliness indicates how up-to-date the data have been as of the assessing period or the
latest data point provided by the authorities to AMRO by the time of assessment.
3/ Other issues, if any, refer to any issues that might be related to the assessment of the provision of
data and information of the four above EPRD Matrix areas, which could be consisted of, but not
limited to, the consistency and accuracy of the data, and potential areas of improvements that the
authorities could consider for their data provision in the future.
114