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Côte D’ivoire:Seventh Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria—Informational Annex

Author(s):
International Monetary Fund. African Dept.
Published Date:
June 2015
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Relations with the Fund

(As of March 31, 2015)

Membership Status: Joined: March 11, 1963 Article VIII

General Resources Account:

SDR Million%Quota
Quota325.20100.00
Fund holdings of currency (Exchange Rate)324.1799.68
Reserve Tranche Position1.050.32

SDR Department:

SDR Million%Allocation
Net cumulative allocation310.90100.00
Holdings272.7887.73

Outstanding Purchases and Loans:

SDR Million%Quota
RCF loans81.3025.00
ECF Arrangements637.72196.10

Latest Financial Arrangements:

TypeDate of

Arrangement
Expiration

Date
Amount Approved

(SDR Million)
Amount Drawn

(SDR Million)
ECFNov 04, 2011Dec 31, 2015520.32422.76
ECF1/Mar 27, 2009June 23, 2011373.98230.89
ECF1/Mar 29, 2002Mar 28, 2005292.6858.54

Formerly PRGF.

Formerly PRGF.

Projected Payments to Fund2/(SDR Million; based on existing use of resources and present holdings of SDRs):
20152016201720182019
Principal39.0246.1885.20109.59113.17
Charges/Interest0.020.020.020.020.99
Total39.0446.2085.22109.61114.16

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Implementation of HIPC Initiative:

I. Commitment of HIPC assistanceOriginal FrameworkEnhanced FrameworkTotal
Decision point dateMar 1998Apr 2009
Assistance committed
by all creditors (US$ Million)3/345.003,109.58
Of which: IMF assistance (US$ million)22.5038.66
(SDR equivalent in millions)16.7025.85
Completion point dateJune 2012
II. Disbursement of IMF assistance (SDR Million)FrameworkFrameworkTotal
Assistance disbursed to the member25.8525.85
Interim assistance15.1315.13
Completion point balance10.7210.72
Additional disbursement of interest income4/0.570.57
Total Disbursements26.4226.42

Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.

Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.

Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable

Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable

As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.

Decision Point—point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.

Interim Assistance—amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).

Completion Point—point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 4 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).

Safeguards Assessments—the Central Bank of West African States (BCEAO) is a common central bank of the countries of the West African Economic and Monetary Union (WAMU). The latest assessment of the BCEAO was completed on December 13, 2013. The assessment found that the bank continued to have a strong control environment and has, with the implementation of the 2010 Institutional Reform of the WAMU, enhanced its governance framework. Specifically, an audit committee was established to oversee the audit and financial reporting processes, transparency has increased with more timely publication of the audited financial statements, and the BCEAO is committed to IFRS implementation by end-2014. The assessment also identified some limitations in the external audit process and recommended that steps be taken to ensure the adequacy of the mechanism through selection of a second experienced audit firm to conduct joint audits. Following this recommendation, the BCEAO has selected a second audit firm to conduct the audit.

Exchange Arrangements:

Côte d’Ivoire is a member of the WAEMU; the exchange system, common to all members of the union, is free of restrictions on payments and transfers for current international transactions. The common currency, the CFA franc, is pegged to the euro at the rate of €1 = CFAF 655.957.

Article IV Consultation:

Côte d’lvoire is on the 24-month Article IV consultation cycle for program countries. The Executive Board concluded the last Article IV consultation with Côte d’Ivoire in December 2013. The next Article IV consultation is planned for January 2016.

Technical Assistance:

AreaFocus
2011Multitopic (July)Strengthen the capacities of all the stakeholders involved in the compilation and production of the Table of Financial Operations (TOFE); launch the GFS source data collection; and elaborate a strategy to implement the West African Economic and Monetary Union (WAEMU) common GFS guideline (Directive n°10/2009/CM/UEMOA, portant TOFE*.
Debt management (July)Advice on the treatment of domestic debt, in particular government securities
Customs administration (August)Follow-up
FSAP follow up (August)Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems
Public expenditure management (October)Diagnostic mission
Government financial statistics (October/November)TOFE follow-up
Public expenditure managementComputerization
FSAP follow up (November)Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems.
National accounts (December)Assessment of the possibility to develop quarterly national accounts (QNA)
2012Government financial statistics (January/February, November/December)TOFE follow-up
Tax administration (January; September)Workshop
Customs (February)Workshop
Tax administration (February; December)Modernization of fiscal administration in Côte d’Ivoire
Public wage bill management (December)
Customs (March/April)Follow-up
Multi-topic (April)AFRITAC Steering Committee
Fuel pricing (June)Workshop
National accounts (July, Oct/Nov)Set up quarterly national accounts
Debt Management (May, September)Medium Term Debt Strategy (MTDS)
Tax policy (July/August)Review and diagnosis
2013Public expenditure managementBudgeting strategy
Public Debt Management (January/October)Workshop on Debt sustainability analysis
Customs/tax administration (January)Workshop
Statistic real sector (January/March/November)Quarterly national accounts
Strategy and Roadmap to Program Budgeting (January)Workshop
Cash management (February)Treasury Single Account
Debt management (February)Reorganization of the Debt directorate
Government Finance Statistics (March)Migration to GFSM 2001
Customs administration (March/September/December)Modernization of customs administration
Public wage bill management (April)Regional workshop (AFRITAC)
Wage bill management strategy (May)Budgeting strategy
Medium-term expenditure framework (June)Budgeting strategy
Accounting (July)Accrual accounting
Tax policy (August)VAT reform
Banking sector (August)Public bank restructuring
Tax administration (September)Modernization of tax administration
Tax PolicyFollow-up on tax policy reform
Debt management (September)Update the DSA
Public financial management (September)Medium-term expenditure framework
National Accounts-AFRITAC (September)Quarterly GDP
Customs Administration-AFRITAC (October)Risk-based analysis in Customs
Revenue administration (November)Strengthen tax administration
Public financial management-AFRITAC (November)Financial information system reform
Government Finance Statistics -AFRITAC (November)Producing the TOFE based on the trial balance and implementing WAEMU directives
Public financial management-AFRITAC (December)Support the formulation of a strategy to improve accounting procedures, consistent with WAEMU directives
2014Public Financial Management (January)Budget execution and spending procedures
Customs Administration -AFRITAC (March)Modernize customs
Cash management (April)Treasury Single Account
National Accounts-AFRITAC (April)Quarterly GDP
Tax administration– AFRITAC (May)VAT management
Customs – AFRITAC (June)Risk management for control purpose
Banking sector– AFRITAC (June)Implementation of the Treasury Single Account
Budget management – AFRITAC (July)Budget Management Information System modernization
Accounting and financial reporting – AFRITAC (July)Trial balance improvement – AFRITAC (July)
Budget management– AFRITAC (July)Budget classification
Customs administration – AFRITAC (September)Risk-based management and intelligence
Accounting – AFRITAC (October)Revenue administration and accounting
National accounts- AFRITAC (October)Strengthening economic statistics
Public Financial ManagementMedium term expenditure framework
Tax PolicyVAT and income tax system
Public Financial ManagementFinalization of medium term expenditure framework
Revenue AdministrationTax administration capacity
Public Financial ManagementExpenditure chain
Revenue AdministrationSetting up a large taxpayers office
Revenue AdministrationIT systems for VAT administration
2015Revenue AdministrationDiagnostic of customs administration
Revenue AdministrationIT systems for VAT administration
Revenue AdministrationFollow-up in tax administration
Public Financial ManagementBudget preparation and credibility
Public Financial ManagementRevenue forecasting
Public Financial ManagementPublic accounting
Revenue administrationTax administration
Tax PolicyAuditing of large taxpayers

Resident Representative—A Fund resident representative was first posted in Abidjan in 1984. There were interruptions for security reasons in 2005–06 and 2010–11, but a resident representative has been continuously assigned since May 2011.

Joint Bank-Fund Work Program, 2015–16

(As of May 2015)

TitleProductsProvisional Timing of MissionsExpected Delivery Date
A. Mutual Information on Relevant Work Programs
World Bank work program in the next-12 monthsStrategy and Operations:
CI- Country Partnership Framework (CPF)July 16, 2015
Third Poverty Reduction Support CreditFebruary to July 2015September 3, 2015
CI-BF - Regional Trade Facilitation and Competitiveness DPOGoing to the Board June 2015
CI - Obsolete Pesticides Management ProjectAugust 14, 2015
CI-Emergency Youth Employment & Skills Development Project – Additional FinancingMarch 26, 2015
CI- Infrastructure Renewal ProjectApril 21, 2016
CI- Governance and Financial Sector Development ProjectMay 30, 2016
CI-Emergency Basic Education Support ProjectSeptember 30, 2015
CI: Parliament Capacity BuildingJuly 09, 2016
CI-Integrated Growth & CompetitivenessFebruary 25, 2016
CI - Public Investments and Service DeliveryMay 30, 2016
CI-Productive Social Safety NetMay 28, 2015
CI-Local Governance and Territorial Development ProjectMay 30, 2016
CI-Youth Employment and Skills Development (Second generation)May 30, 2016
CI-Gazelle Gas Field Development ProjectMarch 22, 2016
Economic and Sector Work:
Côte d’Ivoire Urbanization ReviewJune 30, 2015
Côte d’Ivoire Country Statistical BriefJune 30, 2015
CI- Economic Update (Second Edition - Growth and Employment)October 30, 2015
Assessing the Impact of Crises on HDDecember 15, 2015
Technical Assistance/Other Analytical:
Côte d’Ivoire Mining Law and Mineral Cadastre ReformJune 30, 2015
Cote d’Ivoire Urbanization ReviewJune 30, 2015
Support to Strengthen PFM Reform EnvironmentJune 30, 2015
Support to CIV Land Tenure PolicyJune 26, 2015
CI - Support the implementation of the PFM reform strategyJune 15, 2015
Côte d’Ivoire Financial Sector TAJune 08, 2015
CI-e-Governance in ProcurementJune 15, 2015
CI-Poverty AssessmentJune 10, 2015
Governance and Anti-Corruption StudyJune 29, 2015
Côte d’Ivoire: Support to BOOSTMarch 31, 2016
IMF work program in the next 12 monthsProgram:
8th ECF review (September 2015)
Article IV Consultation (January 2016)
B. Requests for Work Program Inputs
Fund requests to BankPeriodic updates on budget implications of reforms in the civil service, coffee/cocoa sector, electricity sector, financial sector, as well as an infrastructure master plan.Ongoing
Bank requests to FundRegular updates on macro-economic and fiscal projectionsOngoing

African Development Bank (AFDB) Group Operations and Strategy in Côte D’ivoire

Bank Group Portfolio:

Since it started operations in Côte d’lvoire in 1971, the AfDB has so far approved 71 operations for the country, of which 41 have been fully completed, 14 cancelled, 9 ongoing (3 newly approved). All approved operations amount to a net commitment of UA 1,399 million (CFA F 1,053 billion). AfDB Group-financed operations have been mainly loan-based and channeled, by order of importance, to the multi-sector (24%), the social sector (20,68%), the rural development and agriculture sector (20,40%), transport (17,32%), energy and telecommunications (13,67%), water/sanitation (3,8%) and finance (0,2%). The operations were financed mainly with resources from the ADB window (more than 70%). The bulk of these funds (92, 36%) were directed towards the public sector. It should be noted that funding for the private sector concerns electricity, telecommunications, transport and industry.

In the wake of the April 2011 post-electoral crisis, the Bank prepared a 2011–12 Country Brief defining a strategy for rapid re-engagement under African Development Fund (ADF-12) aimed to: (i) strengthen and rehabilitate infrastructure, and restore basic social services; and (ii) improve governance and build capacity. Two months after the end of the post-electoral crisis, the Bank adopted the Emergency Programme to Restore Basic Social and Administrative Services (PURSSAB), which usefully complemented the existing operations, especially the Post-Crisis Multi-Sector Institutional Support Project (PAIMSC). These two projects were implemented in close coordination with the United Nations System and helped to cover the country’s urgent needs, particularly the rehabilitation of health and educational establishments, rural development administrative structures and child protection centres. These projects also contributed to the training and/or retraining of employees of the different services of the rehabilitated and equipped structures.

Furthermore, the Bank’s operations have greatly contributed to social cohesion and reconciliation in the former CNW zones through the financing of income-generating activities for community agricultural groups using an information and communication technology-based marketing system. The operations have also given an important role to women, including those who were victims of violence during the periods of crisis. The Bank has also financed several major projects in the transport and energy sectors through the private sector window. Specifically, these concern the construction of the third bridge (the Henri Konan Bédié Bridge), the extension of the Azito Power Plant and CIPREL.

The table below gives an overview of Bank’s active portfolio status in Côte d’Ivoire.

Status of Bank Active Portfolio as of March 2015—in UA Million (1 UA=1SDR)
OperationsAmount (in UA million)Purpose/Remarks
On-going projects (public window):
Gourou Basin Integrated Management Project (Sanitation of Indenié junction and the Lagoon)23The ADF Board of Directors on November 24, 2010 approved a grant of UA 23 million to finance this project. This grant was put in place in June 2011.
Emergency Programme to Restore Basic Social and Administrative Services (PURSSAB) and Targeted support to strengthen the capacity of the administration5.5The main purpose of this program, which will be completed at the end of June 2015, is to contribute in the national budget to restoring basic social and administrative services, social cohesion and reconciliation as stated in the Government’s request. The program addressed the country’s urgent needs through the restoration of basic health, educational and social welfare services, water and sanitation networks, public administration services, as well as dialogue, social cohesion and reconciliation mechanism.
Agricultural infrastructure support project in Indéné-Djuablin Region (PAIA-ID)21.6The project will contribute to improving food security and reducing poverty in rural areas. Specifically, it aims to increase, on a sustainable basis, the production and productivity of major crops, as well as improve marketing conditions.
Youth Employability and Insertion Support Programme,18,8The project aims to support the most promising employment and vocational training with a view to creating direct jobs for women and youths. The objective is to assist for changing the profile of future labour through reforms (gradual shift to steer the educational system to respond to economic demand and act on rapidly growing labour flows)
The Social Inclusion and Cohesion Enhancement Support Programme (budget support)30The project, approved in June 2014, mainly seeks to support Côte d’lvoire in its efforts to restore social cohesion, improve social inclusion so as to address the social and psychological damage caused by the past conflict, as well as nip conflicts in the bud to guarantee greater political stability and more equitable economic growth. The main expected outputs are: (i) the socio-economic reintegration of ex-combatants; and (ii) support for the resolution of inter-community conflicts and care of victims.
Strengthening systems to protect economies against health shocks (regional operation, approved in October 2014)6The programme constitutes a response to both the emergency created by the Ebola epidemic, and the need to address the longer term requisites for the economic resilience of the concerned countries and the prevention of similar public health shocks in the future.
Côte d’Ivoire, Liberia, Sierra Leone and Guinea (CLSG) Interconnection Project –Multinational33,00The project support the energy sector in the context of a regional operation aimed at interconnecting the power grids of Côte d’Ivoire with other Mano River Union member countries (Liberia, Sierra Leone and Guinea).
Road Development and transport Facilitation Programme within the Mano River Union (MRU) countries (Côte d’Ivoire, Guinea and Liberia), December 2014.97The overall objective of the Programme is to boost the post-conflict economic recovery of the MRU area by improving road infrastructure and promoting intra-community trade. Specifically, the programme seeks to improve transport conditions on the roads concerned in order to reduce transport costs, facilitate the free movement of persons and goods between the three countries and improve the living conditions of programme area communities.
Fight back Programme against EBOLA10The programme aims to bring the Ebola epidemic to an end and strengthen the critical foundations for effective control of unusual public health events, especially those of the current regional scale. The longer term horizon of the programme is to pave the way for sustainable improvement of systems and capacities for post crisis resilience.
Private sector
Project construction of bridge toll Henri Konan BEDIE50Henri Konan Bédié Bridge is a public private partnership (PPP) based on a Build Operate Transfer (BOT) concession of 30 years. It involves the building of a toll bridge over the Ebrié Lagoon linking the South and North shores of Abidjan.
Azito power expansion project26Expansion of the Azito power plant in Côte d’Ivoire, by converting the existing simple-cycle power plant of 2 x 144 MW gas-fired turbines to a combined-cycle power plant, thereby increasing the capacity of the facility to approximately 430 MW
Ciprel power expansion project44Expansion of the Ciprel power plant to a combined cycle turbine facility in Côte d’Ivoire to be built in two phases: phase A, construction of a gas turbine (111MW of power), phase B deployment of a combined cycle turbine for additional 111MW of generation. The project will increase the capacity of the plant by 222MW.
Microcredit Côte d’Ivoire (equity participation and technical assistance)1.5It is a microfinance project which comprises two parts. The equity participation part was signed on June 2013; the technical assistance part will be signed on November 2013.

Strategy for Re-engagement by AfDB in Côte d’Ivoire

To assist Côte d’lvoire in addressing its immense needs, the Bank is committed to a rapid operational re-engagement. Consistent with the AfDB’s Fragile States Facility, a Country Brief defines the framework for the Bank’s rapid re-engagement in Côte d’lvoire over the period 2011–12. A full Country Strategy Paper (CSP) has been approved by AFDB Board at the beginning of December 2013. The strategy focused on the following two pillars: (i) Strengthening Governance and Accountability; and (ii) Infrastructure Development in support of Economic Recovery. Pillar 1 aims to create an environment that will foster socio-economic inclusion and address the demands for improved governance and basic service delivery to the population. Pillar 2 aims to promote the optimal use of natural resources through the development of high quality infrastructure in the agriculture, transport and energy sectors, in order to bolster economic recovery.

Indicative Work Program for 2015 and 2016
DescriptionAmount (in UA million)Year
- Côte d’Ivoire-Mali regional road Project (under preparation)732015
- SME and SMI Support Project102015
- Agro-industrial Infrastructure Support Project in the Centre Region302016
- Regional African Trade Insurance102015
- Abidjan Urban roadway development Project1402015
- Road project Odiénné -Mali Border802016
- Road projet Tieningboue-Mankono452016
- San Pedro Regional Port Extension Project (private sector)502016

Statistical Issues

(As of May 2015)

I. Assessment of Data Adequacy for Surveillance
General: Data provision has some shortcomings, but is broadly adequate for surveillance. There are weaknesses in the areas of national accounts and balance of payments and public finance statistics, as well as in the reconciliation of fiscal and monetary data. Generally, the authorities provided the required statistical indicators to the Fund (see attached table) on a timely basis. The new law organizing national statistics was approved in July 2013. A census took place in 2014 and a household survey was carried out too.
National Accounts: Comprehensive national accounts data for 1996 onwards was compiled in line with the 1993 System of National Accounts methodologies, using 1996 as the base year. As the base year is dated, the authorities are drafting a plan to implement 2014 as the new base year and update implicit deflators. Compilation methods for provisional accounts must be revised as well. National accounts up to 2012 (final) and 2103 (provisional) are available. Fund staff has made observations on weaknesses in the national accounts that have yet to be addressed. There is ongoing work on quarterly national accounts with Fund support through AFRITAC West, with the first data projected to be available by end 2015.
Price statistics: A harmonized consumer price index (CPI) was adopted by all WAEMU members. A new base year (2008) was adopted in 2010. The current CPI only covers the main city (Abidjan), but will be extended to other urban areas in the near future, with support received from the West African Economic and Monetary Union Commission and AFRISTAT.
Labor market statistics: No such statistics are published regularly.
Government finance statistics: The authorities compile annual data on the budgetary central government. While no monthly or quarterly fiscal data are provided for publication, they are made available to the IMF African Department, although metadata is lacking. The authorities are working on transposing the 2009 WAEMU Table of Government Financial Operations (TOFE) Directive based on Government Finance Statistics Manual 2001(GFSM 2001). The laws and decrees were approved by the Council of Ministers and await the approval of the Parliament. In addition, the authorities are receiving assistance from AFRITAC to use accounting data, mainly the Treasury Trial Balance for reporting budgetary central government operations, and progressively implementing GFSM 2001. The work is now well advanced with having a parallel TOFE based on the trial balance being compiled in addition to the current TOFE. Work is still needed in expanding the coverage of the TOFE to include all the subsectors of the general government.
Monetary sector statistics: Monetary data for Côte d’Ivoire are prepared by the national agency of the BCEAO and officially released by BCEAO headquarters. Despite recent improvements, monetary statistics continue to have shortcomings. These include inconsistencies in source data and lack of a proper sectorization of the domestic economy to ensure that the BCEAO adheres fully to the methodology of the Monetary and Financial Statistics Manual. The 2011, 2013, and 2014 STA missions to the BCEAO headquarters in Dakar, Senegal, made a number of recommendations for addressing the above shortcomings. The missions also assisted BCEAO staff in developing the standardized report forms (SRFs) for the central bank accounts and initiated work on the SRF for reporting the data of other depository corporations (ODCs).
Financial sector surveillance: The BCEAO has accepted STA’s invitation to begin regular reporting of its member countries’ FSIs for dissemination on the IMF website.
External sector statistics: The national agency of the BCEAO in Abidjan is responsible for compiling and disseminating annual balance of payments statistics and the international investment position. BCEAO headquarters delineates the methodology and calculates international reserves managed for WAEMU countries. With respect to merchandise trade, the customs computer system allows for satisfactory monitoring of trade data, although there are inconsistencies with data reported under BP6, and the coverage of services and transfers has shortcomings. Concerning financial accounts, foreign assets of the private nonbanking sector are not adequately covered, while reporting of private capital flows, especially foreign direct investment in Côte d’Ivoire, is weak. There is also insufficient information on private debt stocks and debt service flows. Latest ESS data available relate to 2010.
II. Data Standards and Quality
Côte d’Ivoire participates in the General Data Dissemination System (GDDS) since May 2000, and has posted the metadata on the Data Standards Bulletin Board.No data ROSC is available.
III. Reporting to STA
Côte d’lvoire regularly reports data to STA for re-dissemination in IMF statistical publications. The latest balance of payments reported is for the year 2010.
Côte d’Ivoire: Table of Common Indicators Required for Surveillance(As of May 2015)
Date of Latest ObservationDate ReceivedFrequency of Data6Frequency of Reporting6Frequency of Publication6
Exchange RatesCurrentCurrentMMM
International Reserve Assets and Reserve Liabilities of the Monetary Authorities102/154/15MMM
Reserve/Base Money02/154/15MMM
Broad Money02/154/15MMM
Central Bank Balance Sheet02/154/15MMM
Consolidated Balance Sheet of the Banking System02/154/15MMM
Interest Rates202/154/15IMM
Consumer Price Index03/154/15MMM
Revenue, Expenditure, Balance and Composition of Financing3 -General Government402/154/15MMM
Stocks of Central Government and Central Government-Guaranteed Debt502/154/15MMM
External Current Account Balance12/123/15MMM
Exports and Imports of Goods and Services12/123/15MMM
GDP/GNP20143/15AAA
Gross External Debt02/154/15MMM

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).

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