Republic of Moldova

1
OECD Investment Compact for South East Europe
Moldova Foreign Direct Investment Statistics
data collecting, compilation and dissemination
system
7 - 9 June, 2006 Istanbul, Turkey Tamara
Razin Balance of Payments Department National
Bank of Moldova
2
Legislation Framework

• The Law on the National Bank of Moldova (NBM)
  authorized the NBM to compile the balance of
  payments statistics and gives the right to
  collect primary data in view to achieve this
  responsibility

3
Methodological Standards

• Balance of payments (BOP) and International
  investment position (IIP) are compiled according
  to the 5-th edition of the Balance of Payments
  Manual
• FDI statistics (flows and stocks) are compiled by
  the National Bank of Moldova (NBM) in the BOP and
  IIP framework

4
Main Components of the FDI Statistics

• NBM compiles FDI flows and stocks (outward and
  inward) and investment income broken-down by
  following components
• FDI
• Equity capital
• Reinvested earnings
• Other capital
• Investment Income
• Income on equity
• Income on debt

5
Foreign Direct Investment Composition (US mil.)
6
Direct Investment Position of Moldova
7
Data Sources of Foreign Direct Investment
Banking Sector

• Equity capital
• Report on Banks Shareholders -
• monthly, commercial banks, data on stocks,
  nominal value
• Information on Transactions with Securities (with
  non-residents) -
• quarterly, National Stock Exchange Commission,
  data on flows, market value
• International Transactions Reporting System
  (ITRS) -
• monthly, commercial banks, data on flows, market
  value
• Reinvested earnings
• Report on Changes in the Equity Capital of
  Commercial Banks -
• quarterly, commercial banks, data on flows

8
Data Sources of Foreign Direct Investment Other
Sectors

• Equity capital
• Report on Foreign Investments -
• quarterly, National Bureau for Statistics, data
  on flows, book value
• International Transactions Reporting System
  (ITRS) (more timeliness data)-
• monthly, commercial banks, data on flows, market
  value
• Information on Transactions with Securities
• quarterly, National Stock Exchange Commission,
  data on flows, market value
• Customs Declarations Database
• data on investment in-kind
• Reinvested earnings
• Report on Financial Activity of Legal Persons -
• quarterly, National Bureau for Statistics, data
  on flows (based on balance sheets)
• Other capital
• Debt Management and Financial Analysis System
  (DMFAS)
• on-line, data on stocks and flows
• International Transactions Reporting System
  (ITRS) (more timeliness data)-
• monthly, commercial banks

9
Data Sources of Direct Investment Income

• Dividends
• Report on Financial Results of Legal Persons -
• quarterly, National Bureau for Statistics, data
  on flows (based on balance sheets)
• Reinvested earnings
• Report on Financial Activity of Legal Persons -
• quarterly, National Bureau for Statistics, data
  on flows (based on balance sheets)
• Report on Changes in the Equity Capital of
  Commercial Banks -
• quarterly, commercial banks, data on flows
• Income on debt (interest)
• Debt Management and Financial Analysis System
  (DMFAS) (version 5.3)
• on-line, data on flows
• International Transactions Reporting System
  (ITRS) (more timeliness data)-
• monthly, commercial banks, data on flows

10
Valuation of Stocks
11
FDI Data Dissemination

• Dissemination practice meets the IMF SDDS
  requirements (Moldova subscribed the SDDS on May
  02, 2006)
• Quarterly BOP, IIP, FDI and annual BOP, IIP, FDI
  (previous version more timeliness) three
  months after the end of the reported period
• Annual BOP, IIP, FDI (final version more
  comprehensive) nine months after the end of the
  reported period
• Data are published in the NBMs Monthly
  Bulletin, annual special edition Balance of
  Payments of Moldova
• Data are disseminated on the NBMs web site
• www.bnm.org

12
Data Revision Policy

• Regular revisions of quarterly data each quarter
  that can affect data up to three quarters
• - Regular revisions of annual data twice a year
  that can affect quarterly and annual data up to
  three/four years.

13
Main problemsof Data Collecting

• Report on Foreign Investment data on flows are
  collected on the cumulative base (from the
  beginning of year) that could erroneously
  increase the flows for the fourth quarter using
  of yearly (not quarterly) updated lists of
  registered joint-ventures
• International Transactions Reporting System
  (ITRS) unclear description of transactions by
  banks could lead to a wrong codification
• Information on Transactions with Securities
  because of separate dealing of primary and
  secondary stock exchange markets the data on the
  secondary market are not always available
• DMFAS registration of loans disbursements could
  be with a long - time lag
• lag of an appropriate base for re-evaluation of
  FDI equity stock at market prices because of
  small volume of transactions on stock exchange
  market

14
Number of enterprises with FDI
(end of period)
15
Foreign Investment Distribution by Country (other
sectors) - 2005
16
Foreign Direct Investment by sector (US mil.)