Browse Profiles > Peru > Special Data Dissemination Standard
  Score Rank
Standards Compliance Index 35.83 out of 100 50
Business Indicator Index 8.82 out of 12 40
Peru

Special Data Dissemination Standard

Summary
Information provided on the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) website and a 2007 report on Peru by the IMF indicate that the country subscribes to the SDDS and has been doing so since August 1996. The 2007 IMF report also notes that Peru meets the SDDS requirements for timeliness, periodicity, and coverage of data and provides advance release calendars for all data categories. According to the IMF's SDDS website, Peru meets SDDS access criteria, but falls short in terms of the quality and integrity of data. Peru does not provide information on the confidentiality of individually identifiable information for all data categories and, according to the 2007 IMF report, needs to improve on issues relating to methodological soundness and coordination in the compilation of data between statistical agencies.

    General Overview

    A report on Peru in 2007 by the International Monetary Fund (IMF) states that "Peru has been in observance of the Special Data Dissemination Standard (SDDS) since August 1996 and meets the specifications for coverage, periodicity, and timeliness of the data categories" (p. 50). The 2007 IMF report also notes that statistics disseminated by the agencies in Peru are largely satisfactory for surveillance and monitoring. According to the 2003 IMF report, the agencies responsible for the compilation and dissemination of data categories as required by the SDDS are the Central Reserve Bank of Peru (BCRP), the National Institute of Statistics and Informatics (INEI), the Superintendence of Banks, Insurance and Private Pension (SBS), the Lima Stock Exchange (BVL), and the Ministry of Labor and Social Assistance (MTPE). The same report notes that data for Peru can be accessed through various publications and websites of the responsible agencies.
    The main laws governing data dissemination in Peru are the Organic Law of the Central Reserve Bank of Peru, the Constitution of the Republic, and the BCRP regulations. The 2007 report by the IMF indicates areas where further improvements can be made such as: "coordination among the agencies that compile official statistics to avoid duplication of efforts and confusion among users... [and] expanding the scope of data sources for compiling financial flows of individual residents" (p. 50).


    The Principles

    Comprehensive economic and financial data, disseminated on a timely basis.

    According to information provided in the IMF's SDDS website, Peru fulfils SDDS requirements for coverage, periodicity, and timeliness of data, availing itself of the flexibility option for the production index and labor market data on wages and earnings. Furthermore the 2007 IMF report states that Peru "meets the specifications for coverage, periodicity, and timeliness of the data categories" (p. 50).

    Ready and equal access to official statistics.

    The 2003 Report on the Observance of Standards and Codes (ROSC) by the IMF notes that Peru meets the SDDS requirements on access to data - advance release calendars are disseminated and data are released simultaneously to all interested parties.

    Official statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.

    According to the 2003 ROSC by the IMF "the terms and conditions under which most official statistics are compiled and disseminated in Peru are not sufficiently publicized. Government officials' internal access to some statistics prior to public release is not made known to the public" (p. 6). However, more recent information posted on the IMF's SDDS website indicates that Peru clearly identifies government officials' internal access to statistics and the terms and conditions for the compilation and dissemination of data are clearly mentioned. The only terms that are not clear are that of confidentiality of individually identifiable information for certain data categories such as analytical accounts of the central bank, share price index and the international reserves and foreign currency liquidity data.

    A set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.

    In its 2007 report on Peru, the IMF pointed to several deficiencies in data dissemination especially in regards to the quality of data. The report notes that there is room for improvement in the coordination mechanism between government bodies compiling and disseminating data to avoid duplication, and the methodology on GDP and wholesale price index could be further improved. Also the IMF in its 2007 report recommends "expanding the scope of data sources for compiling financial flows of individual residents" (p. 50). According to the IMF's 2003 ROSC, there are summary methodologies posted for all data categories on the IMF's Dissemination Standards Bulletin Board (DSBB). In addition, according to the IMF report, "methodological information and explanatory notes on changes in methodology are also disseminated by the BCRP and by the NISI through publications and the Internet" (p. 7). Data disseminated by the Peruvian statistical agencies allow for cross-checks and checks of reasonableness as per information provided by the 2003 IMF ROSC.

    Jump to other standards


    Sources of Assessment

    International Monetary Fund, "Peru: Report on the Observance of Standards and Codes--Data Module, Response by the Authorities, and Detailed Assessments Using Data Quality Assessment Framework," Country Report No. 03/332, Washington, D.C.: IMF, October 2003. Available from International Monetary Fund website. Accessed on July 17, 2007. (IMF 2003)

    International Monetary Fund, "Peru: First Review Under the Stand-By Arrangement--Staff Report; Staff Statement Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru," Country Report No. 07/241, Washington, D.C.: IMF, July 2007. Available from International Monetary Fund website. Accessed on July 17, 2007. (IMF 2007)

    International Monetary Fund's Special Data Dissemination Standard website. Accessed on July 17, 2007. (IMF SDDS website)

    Relevant Organizations

    Central Reserve Bank of Peru - Banco Central de Reserva del Peru (BCRP)

    Lima Stock Exchange - Bolsa de Valores de Lima (BVL)

    Ministry of Economy and Finance - Ministerio de Economia y Finanzas (website in Spanish only) (MEF)

    Ministry of Labor and Social Assistance - Ministerio de Trabajo y Promocion del Empleo (MTPE) (website in Spanish only)

    National Institute of Statistics and Informatics - Instituto Nacional de Estadística e Informática (INEI) (website in Spanish only)

    Superintendence of Banks, Insurance and Pension - Superintendencia de Banca, Seguros y AFP (SBS) (website in Spanish only)



    Relevant Legislation/Regulation

    Central Reserve Bank of Peru Organic Law No. 26123, 1992 - Ley Orgánica del Banco Central de Reserva del Perú No. 26123, 1992

    Law on Transparency and Access to Public Information No. 27806, 2002 - Ley de Transparencia y Acceso a la Información Pública No. 27806, 2002 (in Spanish only)



    Supplementary Sources

    Central Reserve Bank of Peru website. Accessed on July 17, 2007. (BCRP website)

    International Monetary Fund, "Peru: Request for Stand-By Arrangement--Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Peru," Country Report No. 04/226, Washington, D.C.: IMF, July 2004. Available from International Monetary Fund website. Accessed on July 17, 2007. (IMF 2004)
    ©  Copyright 2008 Financial Standards Foundation. All Rights Reserved. Terms of Use | Contact