Methodological Notes on Central Bank Survey
Central Bank Survey is formed in accordance with the requirements of international statistical standards for compilation macroeconomic financial indicators and represents the central bank’s aggregated balance sheet items.
The methodological basis for compilation data in Central Bank Survey are Monetary and Financial Statistics Manual and Compilation Guide (2016)1 and System of National Accounts Manual (SNA 2008).2 In accordance with international standards, monetary indicators are broken down by financial instrument and by economic sector in rubles and foreign currency.
The Bank of Russia3 publishes Central Bank Survey on a monthly basis.
The data in Central Bank Survey may be adjusted due to changes in reporting data, new sources of information, and methodological changes.
General information
The main source of data for Central Bank Survey is the Bank of Russia balance sheet.
Other sources comprise:
details of balance sheet accounts of the Bank of Russia, data on the international reserves of the Russian Federation, nonreserve assets and liabilities, the structure of foreign assets and liabilities of monetary authorities;
- data on current and deposit accounts of state corporations;
- data on the market value of shares in the Bank of Russia’s portfolio;
- information on credit institutions’ debt to the Bank of Russia under repurchase agreements (according to data on the Bank of Russia’s operations);
- IMF data on financial relations with the Russian Federation.
Institutional sectors4
Nonresidents are institutional units that have their centre of predominant economic interest outside the Russian Federation.
Nonfinancial corporations are organisations manufacturing products and rendering nonfinancial services at market prices irrespective of their ownership form and organisational and legal structure. The sector of nonfinancial corporations also includes unitary enterprises and agricultural consumer and production cooperatives (excluding credit and insurance) with the participation of legal entities.
Other financial corporations include investment companies, management companies, depositories, specialised depositories, stock exchanges and commodity exchanges, brokerage houses, insurance companies, mutual insurance companies, pension funds, consumer credit cooperatives, microfinance organisations, leasing companies, factoring companies, pawnshops, financial market self-regulatory organisations, insurance agents and insurance brokers which are legal entities, and other financial corporations provided other financial services.
General government comprises ministries, agencies, extra-budgetary funds, institutions, non-profit organisations involved in public administration and local administration, finance, regulation and planning of the economy, research, defence, environmental protection, internal order maintenance, provision of free or subsidised services in education, healthcare, arts and social security to households.
Households are individuals and individual entrepreneurs.
Description of individual items
Net foreign assets are net transactions with claims on nonresidents and liabilities to nonresidents made by monetary authorities (the Central Bank of the Russian Federation and the Government of the Russian Federation) in foreign currency, national currency and precious metals.
Claims on nonresidents are international reserves of the Russian Federation and less liquid nonreserve assets (nonreserve assets mean other assets of the Bank of Russia placed with nonresidents, particularly assets denominated in currencies with limited convertibility and in rubles). This item includes monetary gold and special drawing rights (SDRs), foreign currency, deposits, debt securities, loans and other claims.
Liabilities to nonresidents are all types of the Bank of Russia’s borrowings from nonresidents (deposits, correspondent accounts of nonresident banks with the Bank of Russia, loans, other settlements with nonresident companies, etc.), as well as SDRs allocated to the Russian Federation. This item includes deposits, loans, liabilities on SDR allocations and other liabilities.
Claims on other depository corporations5 comprise loans, including claims for accrued interest, extended by the Bank of Russia to other depository corporations (including banks with revoked licences), as well as overdue loans and overdue interest claims, funds extended by the Bank of Russia to other depository corporations under repo operations, deposits made by the Bank of Russia with other depository corporations, the Bank of Russia’s investment in debt securities of other depository corporations and debt securities of the Public Corporation of Development VEB.RF, as well as the Bank of Russia’s participation in other depository corporations’ capital.
Net claims on general government are the Bank of Russia’s claims on federal government of the Russian Federation, government authorities of the constituent entities of the Russian Federation and local governments, government extra-budgetary funds and extra-budgetary funds of the constituent entities of the Russian Federation and local governments less the Bank of Russia’s liabilities to general government.
Claims on general government are government securities purchased by the Bank of Russia; other claims — other receivables of the Bank of Russia.
Liabilities to general government are deposits with the Bank of Russia of federal government of the Russian Federation, government authorities of constituent entities of the Russian Federation and local governments, other funds of federal government, government authorities of constituent entities of the Russian Federation and local governments, government extra-budgetary funds, extra-budgetary funds of constituent entities of the Russian Federation and local governments; other liabilities — other Bank of Russia’s payables with general government.
Claims on other sectors are the Bank of Russia’s claims on other financial corporations and nonfinancial corporations.
Claims on other financial corporations are the Bank of Russia’s investments in debt securities of other financial corporations, loans by the Bank of Russia to other financial corporations, and the Bank of Russia’s participation in other financial corporations’ capital. Other claims are the Bank of Russia’s investments in other financial corporations’ shares and other receivables of the Bank of Russia.
Claims on nonfinancial corporations are loans, including claims for accrued interests (as well as overdue debt, including overdue interest claims), to nonfinancial corporations and other receivables on settlement transactions with nonfinancial corporations. This item includes debt securities, other claims, as well as the Bank of Russia’s investments in nonfinancial corporations’ shares.
Monetary base includes currency in circulation and all the Bank of Russia’s liabilities to credit institutions in rubles.
Currency in circulation includes currency issued by the Bank of Russia less cash in its vaults.
Liabilities to other depository corporations are required reserve accounts deposited by other depository corporations with the Bank of Russia, correspondent accounts, as well as other transactions of other depository corporations (including banks with a revoked licence) with the Bank of Russia, debt securities — Bank of Russia’s bonds in other depository corporations’ portfolio.
Other liabilities to other depository corporations are funds of other depository corporations — residents of the Russian Federation with the Bank of Russia, including funds in foreign currency, which are excluded from monetary base.
Deposits included in broad money are all funds of organisations — residents of the Russian Federation deposited with the Bank of Russia under the current legislation. Deposits are classified by the level of liquidity as transferable deposits, including funds which can be used immediately as means of payment, and other deposits that include resident organisations’ deposits that cannot be used immediately as means of payment.
Transferable deposits are funds of organisations — residents of the Russian Federation in settlement, current and other demand accounts opened with the Bank of Russia in rubles.
Other deposits are funds of organisations — residents of the Russian Federation with the Bank of Russia in time deposit and other funds attracted for a fixed term in rubles, all types of deposits in foreign currency, as well as accrued interest liabilities on deposit transactions.
Transferable and other deposits in national and foreign currencies are presented across the economic sectors. Transferable and other deposits include deposits of other financial corporations and nonfinancial corporations.
Shares and other equity include authorised and supplementary capital, reserves and other funds of the Bank of Russia, profits/losses of previous years, the financial result of the current year, the Bank of Russia’s earnings for the reporting year before their distribution.
Other items (net) are assets and liabilities not included in the above-mentioned items, as well as deferred revenues/expenditures, depreciation of fixed assets, the Bank of Russia’s other payables, transactions conducted to support the Bank of Russia’s activity (items for accounting fixed assets, capital investments, and other general expenditures).
Other liabilities include deferred revenues, depreciation of fixed assets, and the Bank of Russia’s other payables.
Other assets include deferred expenditures, transactions conducted to support the Bank of Russia’s activity (items for accounting fixed assets, capital investments, and other general expenditures).
1 Monetary and Financial Statistics Manual and Compilation Guide (IMF, 2016).
2 System of National Accounts 2008 (European Commission, United Nations, Organization for Economic Cooperation and Development, International Monetary Fund, World Bank).
3 Bank of Russia — Central Bank of the Russian Federation.
4 Institutional Sectors are classified in accordance with the System of National Accounts Manual (2008) and the Monetary and Financial Statistics Manual and Compilation Guide (2016). The classification of sectors of the economy used in compiling SNA accounts corresponds to Appendix B ‘Classification of institutional sectors of the economy’ to the All-Russian Classification of Forms of Incorporation OK
5 Other Depository Corporations — Credit Institutions.