Implementation of the Special Data Dissemination Standards begins

Bosnia and Herzegovina begins with the implementation of Special Data Dissemination Standardsset by the International Monetary Fund, which represents an important step towards the further development of Bosnia and Herzegovina. statistical system and production of internationally comparable statistics.

The Central Bank of Bosnia and Herzegovina and the Agency for Statistics of Bosnia and Herzegovina working closely and  in cooperation have met the rigorous requirements of the SDDS, and as such upgraded the transparency and quality of the statistics. The Central Bank of Bosnia and Herzegovina, in cooperation with the Agency for Statistics of Bosnia and Herzegovina, which is a partner in this project and delivers a certain set of data, is responsible for publishing statistical data in accordance with the Special  Data Dissemination Standards.

Special Data Dissemination Standard are the initiative of the International Monetary Fund whose goal is to improve the transparency and quality of economic and financial data published by member countries. These Standards help countries develop and maintain stable statistical systems that will provide timely, reliable and comprehensive key macroeconomic data, which is of importance to governments for effective economic policy making, as well as to stakeholders in international capital markets, especially investors for decision making. 

Within the Special Data Dissemination Standards, the Agency for Statistics of Bosnia and Herzegovina publishes the most important data from the real sector, including gross domestic product (GDP), industrial production, consumer and producer prices, data on the labour market, households and foreign trade. "Compliance with the Special Data Dissemination Standards leads to the strengthening of transparency and confidence in the economic stability of our country, builds reputation in international circles, and facilitates access to the global market", the Statistics Agency of Bosnia and Herzegovina points out.

The IMF Resident Representative for BiH congratulates the authorities for subscribing to the Special Data Dissemination Standard (SDDS) making BH the second of the Western Balkan 6 countries to report and disseminate statistics under this advanced data standard initiative. The subscription to these Standards is a remarkable achievement and a clear demonstration of the dedication to improving data transparency and fostering the development of BH’s statistics.

Office of the IMF Resident Representative commended the  excellent cooperation of the Central Bank of Bosnia and Herzegovina and the Agency for Statistics of Bosnia and Herzegovina, pointing that that their efforts included updating metadata, closing data coverage gaps in the fiscal, financial, and external sectors, and improving data periodicity and timeliness.

By providing more timely and more comprehensive data consistent with internationally recognized best practices, the Special Data Dissemination Standards will benefit to  policymakers, the domestic private sector, foreign investors, international organizations, and other stakeholders.  „Since Bosnia and Herzegovina joined the International Monetary Fund in 1992, the Fund has been engaged with the authorities through policy advice, capacity development and financing. Looking ahead, we will continue to deepen our engagement and partnership, so BH can harness future opportunities and address emerging challenges“, International Monetary Fund is underlining.

The Central Bank of Bosnia and Herzegovina and the Agency for Statistics of Bosnia and Herzegovina thank to the International Monetary Fund for the support in the implementation of these standards, which are of great importance for the further improvement of BH statistics and the continuation of their harmonization with international standards.