Bulgaria Moves to Adopt IMF’s Special Data Dissemination Standard Plus

Finance | September 30, 2015, Wednesday // 20:01|  views

Dimitar Radev, photo by BGNES

Dimitar Radev, Governor of the Bulgarian National Bank (BNB), acting in his capacity as Governor of the International Monetary Fund (IMF) for Bulgaria, has expressed the country’s willingness to adopt the IMF’s Special Data Dissemination Standard Plus.

Radev sent a letter to the Director of the IMF Statistics Department on Wednesday, declaring the interest of Bulgaria and the local institutions in charge of compiling macroeconomic statistics (the Finance Ministry, the National Statistical Institute (NSI), the Bulgarian National Bank (BNB)) in adopting the IMF’s Special Data Dissemination Standard Plus.

BNB is to coordinate the work under the project for Bulgaria’s subscription to the IMF’s SDDS Plus, according to reports of investor.bg.

The adoption of the SDDS Plus takes place after the IMF decides that the respective country meets the adherence requirements.

The goal of adopting the IMF’s SDDS Plus is in line with the priorities presented by Radev regarding the management and institutional development of Bulgaria’s C-bank.

The IMF’s Special Data Dissemination Standard Plus was established in 2012 to reinforce and supplement the Fund's Data Standards Initiatives.

It builds on the IMF’s Special Data Dissemination Standard, which was adopted by Bulgaria in 2003, and its purpose is to assist member countries with regard to the publication of comprehensive, timely, accessible, and reliable economic and financial statistical data in a world of continuing economic and financial integration, according to the IMF.

Subscription to the SDDS Plus shows local and foreign investors, credit rating agencies, and international financial institutions that the quality and reliability of statistics used to make important macroeconomic and business decisions are in line with the highest international requirements in the sphere of statistics.

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Tags: Dimitar Radev, Bulgarian National Bank, BNB, BNB Governor, International Monetary Fund, IMF, Finance Ministry, National Statistical Institute, NSI


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