Download Government Sector

Macro - I
Introduction to Financial
Programming
1
Outline of the session
1.
2.
3.
4.
5.
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Financial programming - Overview
Real – Production Sector
External Sector
Monetary Sector
Government Sector
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Overview of financial programming
A financial programming framework combines what is
happening (or likely to happen) in each sector of the
economy (real/production, government, monetary and
external) over one period of time (usually a year).
I allows to check for overall consistency.
It is mainly based on accounting identities (not much
economic theory there) that hold for any economy.
•
e.g. Y = C + I + G + (X – M) ; CA = I – S
It also incorporates economic relationships that are not
identities and depend on the behavior of individuals:
•
e.g. Impact of an appreciation of the currency on imports
and exports ; impact of an interest rate increase on
investment and saving ; …..
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Overview of financial programming
A comprehensive financial programming framework is
forward looking:
The emphasis is on the current and the few next years.
It may have longer horizon (up to 20 – 30 years when
interested in medium-long term sustainability).
However, looking at the past is also important to
understand economic behavior of individuals:
 e.g. Impact of an appreciation of the currency on imports and
exports ; impact of an interest rate increase on investment and
saving ; …..
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Overview of financial programming
Distinction between the four economic sectors:
Sector
« Table »
Real Sector
National Account
External Sector
Balance of Payments
Governement Sector
Government Financial Operation
Monetary Sector
Monetary Survey
What happens in one given sector has real and financial
implications on the 3 others.
Policies (fiscal, monetary, structural) and shocks
(internal or external) in a given sector have implications
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on the others.
Circular Flow of the Economy
Daraban, Bogdan. "Introducing the Circular Flow
Diagram to Business Students." Journal of Education
for Business 85.5 (2010): 274-279.
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Overview of financial programming
Main linkages between sectors
(not exhaustive)
REAL SECTOR
GENERAL GOVERNMENT
Fiscal Accounts (local currency, flows)
National Accounts (local currency, flows)
Revenues
Grants
Private consumption
General government consumption
(Wages+Goods and services)
Expenditures
Current
Capital
Private investment
General government investment
Overall balance
Financing
Domestic financing (net)
Banking system
Nonbanking sector
External financing (net)
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
EXTERNAL SECTOR
Balance of Payments (US Dollars, flows)
CURRENT ACCOUNT
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
Factor services (net)
Transfers (net)
Official
Private
CAPITAL ACCOUNT
Direct investment
Medium/long-term capital (net)
Private sector (o/w banks)
Centr. Government
Short-term capital (net)
Private sector (o/w banks)
Centr. Government
Overall balance
Reserves (Change in net foreign assets)
MONETARY SECTOR
Monetary Authorities (local currency, stocks)
Net foreign assets
Net domestic assets:
Net credit to governemnt sector
Credit to banks
Other items (net)
Reserve money
Currency
Banks reserves
Deposit Money Banks (local currency, stocks)
Net foreign assets
Banks' reserves
Net domestic assets:
Net credit to government sector
Credit to nongovernment sector
Other items (net)
Liabilities to monetary
authorities
Private sector deposits
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Overview of financial programming
How and for what is this framework used in practice?
1 - Create baseline / forecast for the next years, that
is "consistent" in the sense that the economic activity
can be “financed”:
- In case of a budget deficit: is domestic and/or external
financing (debt or grants) likely to be available?
- In case of a current account deficit in the BoP, is external
financing (debt or grants or FDI …) or domestic financing (FX
reserves) likely to be available?
- Are government revenue forecasts consistent with the
projected economic growth?
- Is private investment forecast consistent with funding by the
banking sector …..
This is an important reality check …..as both the
baseline and/or forecast should be realistic!
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Overview of financial programming
2 – Evaluating the likely impact of various
economic policies on the economy. The baseline
must be prepared under the hypothesis that economic
policy will remain the same for the next few years.
Policy scenario can then be performed in order to
evaluate the impact on the economy of various policies:
- Fiscal policy (e.g. change in government expenditure)
- Budget financing (e.g. domestic borrowing vs external
borrowing)
- Monetary policy (e.g. an increase in short term interest rate to
tame inflation)
- …….
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Overview of financial programming
3 - Detect short term vulnerabilities
- The framework helps assessing whether the economy
is approaching a dangerous zone (low FX reserves, risk
of “dollarization”, heavy reliance on short term and
volatile external capital flows, level of investment too
low or too high, high budget deficit ….).
- By performing scenario analyses: “What if ….”
- Investors are losing confidence in the economy: FDI and
portfolio flows are lower than expected, prompting a
depreciation in the currency that could lead to inflation ….
- There is an Ebola epidemic in the country requiring higher
government expenditures and a partial shutdown of the
economy thus reducing economic activity, including private
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income and government revenues ….
Overview of financial programming
4 - Detect long term vulnerabilities (imbalances
and unsustainable paths)
Typical examples:
-Government debt sustainability
-External debt sustainability
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Overview of financial programming
- 4 sectors:
- (i) Real – Production Sector ; (ii) External Sector ;
- (iii) Government Sector ; (iv) Banking Sector
- Examples are taken from IMF article IV reports
(or equivalent) for three countries
- - Tunisia (Tables 1 to 6, pages 24 to 30)
- - Fiji (Tables 1 to 5, page 26 to 30)
- - Ghana (Tables 1 to 4, pages 24 to 30)
- IMF tables follow the same structure across countries,
whereas figures – graphs are country specific (so as
to emphasize the important issues for the country).
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Standard content of IMF
Article IV report
Overview of financial programming
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Overview of financial programming
Other Country specific documents:
• - Debt Sustainability Analysis (DSA)
• For public debt
• For external debt
• - Financial Sector Assessment Program (FSAP)
•
Other publications:
WEO (2/year)
Fiscal Monitor (2/year)
GFSR (2/year)
+
Early Warning Exercise (not public)
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Outline of the session
•
•
•
•
•
-
Overview of financial programming
Real – Production Sector
External Sector
Monetary Sector
Government Sector
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Real – Production sector
- Y = C + I + G + (X – M)
- This accounting identity holds in value (current
nominal currency) and in “volume” (real terms)
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Y: GDP (Value added in the economy during one year)
C: Private Consumption of goods and services
I: Private Investment (of goods and services)
(not necessarily by residents)
G: Government Consumption + Government Investment (of good
and services)
- X: Export of goods and services
- M: Import of goods and services
- (X – M): “net exports”
-
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Real – Production sector
- In the Financing Programming Framework, emphasis
is on:
-
- real economic growth
- nominal GDP
- Investment / GDP
- Inflation (CPI, and GDP deflator)
- Exports and Imports (nominal values and
contribution to growth).
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Real – Production sector
-Useful tool: decomposing real growth
-- Demand side: based on Y = C + I + G + (X-M).
-What is the contribution of net exports, of private
consumption … to economic growth?
-- Supply side: based on industry activities
-What is the contribution of the oil industry, of the
construction sector … to economic growth?
-- Production function approach:
-What is the contribution of inputs (equipment, labor)
and total factor productivity (TFP) to economic growth?
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Sectorial Accounts and Macroeconomic Interdependences
- Real Sector (4/4)
- Usually, not much information on the real sector in
IMF article IV reports (see World Bank).
- Basic information is available at the top and the
bottom of the “Selected Economic Indicators”.
- (Does not mean that real sector is not looked at
carefully)
- Usually, growth forecast comes from industry-byindustry forecasts (supply side) with some impact of
government expenditure, and FDI on economic
activity (demand side).
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Real – Production sector
Ghana, real sector
Source: IMF, 2014, Article IV report, Ghana
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Real – Production sector
Fiji, real sector
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Source: IMF, 2014, Article IV report, Fiji
Real – Production sector
Tunisia, real sector
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Source: IMF, 2014, Country report, Tunisia
Overview of financial programming
Main linkages between sectors
(not exhaustive)
REAL SECTOR
GENERAL GOVERNMENT
Fiscal Accounts (local currency, flows)
National Accounts (local currency, flows)
Revenues
Grants
Private consumption
General government consumption
(Wages+Goods and services)
Expenditures
Current
Capital
Private investment
General government investment
Overall balance
Financing
Domestic financing (net)
Banking system
Nonbanking sector
External financing (net)
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
EXTERNAL SECTOR
Balance of Payments (US Dollars, flows)
CURRENT ACCOUNT
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
Factor services (net)
Transfers (net)
Official
Private
CAPITAL ACCOUNT
Direct investment
Medium/long-term capital (net)
Private sector (o/w banks)
Centr. Government
Short-term capital (net)
Private sector (o/w banks)
Centr. Government
Overall balance
Reserves (Change in net foreign assets)
MONETARY SECTOR
Monetary Authorities (local currency, stocks)
Net foreign assets
Net domestic assets:
Net credit to governemnt sector
Credit to banks
Other items (net)
Reserve money
Currency
Banks reserves
Deposit Money Banks (local currency, stocks)
Net foreign assets
Banks' reserves
Net domestic assets:
Net credit to government sector
Credit to nongovernment sector
Other items (net)
Liabilities to monetary
authorities
Private sector deposits
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Outline of the session
•
•
•
•
•
•
-
Overview of financial programming
Real – Production Sector
External Sector
Monetary Sector
Government Sector
Building scenarios + short assignment
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External Sector
- Very important sector in the financial programming
approach.
- The initial mandate (in 1944) of the IMF was to monitor Balance of
Payment (BoP) imbalances, lend money to and design adjustment
program for, countries facing BoP crisis. At that time, exchange
rates were fixed (the so-called “Bretton Woods System”) and
international capital flows very limited.
- BoP crisis at the time happened when a country became unable to
pay for its imports because of (near-)exhaustion of its foreign
exchange reserves (often due to years of BoP deficits).
- The usual IMF recommendation was to “finance” (i.e. borrow) a
temporary problem, but to “adjust” to a permanent problrm
(through a mix a devaluation and structural reforms) so as to
reach long-term sustainability.
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External Sector
• What is a BOP ?
• A statistical statement that systematically summarizes,
for a specific time period (usually a year), the economic
transactions of an economy with the rest of the world
 The accounts are based on the residency of the agents ;
 Transactions are valued at market prices ;
 Unit of account : the national currency or a stable foreign
currency.
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External Sector
Balance of Payments: Analytical Presentation
• Current Account Balance (CAB)
• Trade Balance good and services (X – M)
• Investment income
• Transfers
Private (including remittances)
Official (including EU grants)
• Capital and Financial Account Balance (CFAB)
• Direct investment (net)
• Portfolio investment (net)
• Medium and long term loans
• Short-term capital
• Errors and Omissions
• Overall balance = CAB + CFAB + Errors and Omissions
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Foreign Aid in the BoP
• Official Grants are registered as
“Official Transfers” in the Current
Account
• Loans are registered as “Official
Long-term Borrowing” in the
Financial Account
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External Sector
CAB is always matched by a change in net claims
on the rest of the world.
CAB + CFAB = Change in FX reserves
(i) A current account surplus is reflected in
• an increase in claims on the rest of the World
• and/or an increase in FX reserves
(ii) A current account deficit is reflected in
• an increase in country’s net liabilities with the
rest of the world
• and/or a decline in FX reserves
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External Sector
Ghana, external sector
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Source: IMF, 2014, Article IV report, Ghana
External Sector
Tunisia, external sector
Source: IMF, 2014, Country report, Tunisa
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Fiji, external sector
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Source: IMF, 2014, Article IV report, Fiji
External Sector
Current Account and the
Real Sector
Investment, Saving and the Current Account
Gross Domestic Product
GDP = C + I + GC + GI + (X-M)
Gross National Domestic Income
GNDI = C + I + GC + GI + (X-M) + YF + TRF
YF : Factor income (net)
TRF : Official and private transfers (net)
GNDI – (C +GC) – ( I+ GI) = (X-M) + YF + TRF
S
–
I=
CAB
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External Sector
External debt
External debt accumulation:
Dt = (1+Rt-1) Dt-1 + Bt  At
D : stock of debt
R : interest rate on debt
B : new loans
A : amortization of debt
Inter-temporal Constraint:
If a country is net debtor, it will have to run a current account surplus
in the future.
A country is solvent when the present discounted value of future CA
balances is not less than current external debt. An analysis of
solvency requires
• Forecasting future CA balances
• Assumptions about future policies
The current stance of policies is sustainable if they do not lead to
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insolvency.
External Sector
External debt
External debt sustainability
o The external debt is sustainable if future debt service obligations
can be met without rescheduling debt or seeking debt relief.
o In their debt sustainability analysis, the IMF and the WB use various
indicators / threshold to assess external debt sustainability
Indicator
Threshold
Present value of debt / GDP
50%
Present value of debt / Exports
200%
Present value of debt / revenue
300%
Debt service / exports
25%
Debt service / revenue
22%
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External Sector
Foreign Exchange Reserves
Foreign Exchange Reserves and the exchange
rate regime:
• Under fixed exchange rate, RES is determined by
the net demand or supply of foreign exchange.
• Under pure float, RES = 0  CAB = – CFAB
Role of FX Reserves
• Financing (temporary) BOP deficits
• Supporting an exchange rate peg
• Sustaining confidence in the domestic currency and
the economy
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External Sector
Foreign Exchange Reserves
FX Reserve Adequacy
Usefulness of FX reserves
•Reserves act as an insurance cover to smooth (i.e.
finance) temporary fluctuations in capital flows (rather
than having disruptive changes in domestic
absorption).
•A high level of reserves gives confidence and reduces
incentives for speculation.
FX reserves: return and cost
•FX reserves have a financial return (depending on the
global interest rate)
•FX reserves have an opportunity cost (investing in the
economy)
•… can complicate Monetary Policy (more on that when
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discussing the monetary sector)
External Sector
Foreign Exchange Reserves
FX Reserve Adequacy
Traditional indicator : Reserves in months of
imports = Gross international reserve at end-period /
average monthly import bill  ( 3)
Large and volatile international capital flows have
reduced the relevance of the traditional indicator.
The capital account crises of the late 90s made clear
that the appropriate level of reserves cannot be
assessed without reference to the capital account.
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External Sector
Foreign Exchange Reserves
FX Reserve Adequacy
Additional indicators for reserve adequacy focus
on ‘financial vulnerability’ include
• Exchange rate regime and the credibility of
authorities’ policies
• Openness of the economy (to trade and capital
flows)
• Variability and volume of foreign exchange
transactions
• Country’s access to short-term borrowing facilities
• Maturity structure of liabilities (ability to cover short
term debt (less than one year))
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External Sector
Foreign Exchange Reserves
Role of short-term debt and capital
flight
From: IMF, Assessing Reserve Adequacy (2011).
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External Sector
Foreign Exchange Reserves
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External Sector
External Reserve adequacy,
Tunisia
Source: IMF, 2014, Country report, Tunisa
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External Sector
External Reserve adequacy,
Ghana
Source: IMF, 2014, Article IV report, Ghana
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Main linkages between sectors
(not exhaustive)
REAL SECTOR
GENERAL GOVERNMENT
Fiscal Accounts (local currency, flows)
National Accounts (local currency, flows)
Revenues
Grants
Private consumption
General government consumption
(Wages+Goods and services)
Expenditures
Current
Capital
Private investment
General government investment
Overall balance
Financing
Domestic financing (net)
Banking system
Nonbanking sector
External financing (net)
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
EXTERNAL SECTOR
Balance of Payments (US Dollars, flows)
CURRENT ACCOUNT
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
Factor services (net)
Transfers (net)
Official
Private
CAPITAL ACCOUNT
Direct investment
Medium/long-term capital (net)
Private sector (o/w banks)
Centr. Government
Short-term capital (net)
Private sector (o/w banks)
Centr. Government
Overall balance
Reserves (Change in net foreign assets)
MONETARY SECTOR
Monetary Authorities (local currency, stocks)
Net foreign assets
Net domestic assets:
Net credit to governemnt sector
Credit to banks
Other items (net)
Reserve money
Currency
Banks reserves
Deposit Money Banks (local currency, stocks)
Net foreign assets
Banks' reserves
Net domestic assets:
Net credit to government sector
Credit to nongovernment sector
Other items (net)
Liabilities to monetary
authorities
Private sector deposits
44
Outline of the session
•
•
•
•
•
•
-
Overview of financial programming
Real – Production Sector
External Sector
Monetary Sector
Government Sector
Building scenarios + short assignment
45
Monetary Sector
Structure of the Financial System
Financial System
(Financial Survey)
Banking System
(Monetary Survey)
Monetary Authorities
(Balance Sheet of the MA)
Other Financial Institutions
(Consolidated Balance Sheet of
OFI)
Commercial Banks
(Consolidated Balance Sheets of
Commercial Banks)
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Monetary Sector
Monetary Authorities
Functions:
• Issue currency
• Hold the country’s foreign reserves
• Oversee the monetary system, supervise banks and monitor financial
stability
• Serve as lender of last resort to the system
Balance Sheet:
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Monetary Sector
Commercial Banks
Functions
• Provide financial intermediation to savers and
investors/borrowers.
• Affect money supply and liquidity in the economy (through their
deposit taking and lending behaviors).
• Help transmit monetary policy from the monetary authorities to
the economy
Liabilities
Balance Sheet Assets
Net foreign assets
Reserves
Required reserves
Excess reserves
Deposits
Demand (DD)
Time and savings (TD)
Foreign currency (FC)
Liabilities to MA
Domestic credit
Claims on government
Claims on other domestic
sectors
Other items (net)
Other less liquid liabilities
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Monetary Sector
The Monetary Survey
The Monetary Survey is the consolidated balance sheet for the entire
banking system (Commercial Banks and Monetary Authorities).
Present, in a timely fashion, data on monetary and credit
developments for the entire banking system. Data are available at
quite high frequency (monthly).
Assets
Liabilities
Net foreign assets (NFA)
Broad Money (M2)
Narrow Money (M1)
Currency in circulation
(CY)
Demand Deposits (DD)
Quasi-Money (QM)
Time and savings
deposits (TD)
Foreign currency
deposits (FC)
Net Domestic Assets (NDA)
Net Domestic credit (NDC)
Net claims on government
(NCG)
Claims on the Private Sector
(CPS)
Other items (net) (OIN)
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Monetary Sector
Balance of payments and Money supply
In the Monetary Survey :  M2 =  NFA -  NDA
The change in money supply is equal to the change in the net
foreign assets in the banking sector minus the change in net
domestic credit.
In the BoP : Change in FX reserves = CAB + CFAB =  NFA
The external sector (through changes in foreign exchange
reserves) has an impact on Money Supply.
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Monetary Sector
• Monetary aggregates
• Mo (Monetary base= currency in circulation + reserves of
commercial banks at the CB );
• M1 (currency, checkable (or demand) deposits);
• M2 (M1 + savings deposits, time deposits, money market
funds);
• M3 (M2 + special time deposits)
The Monetary base is controlled by the Central Bank
M1, M2, and M3 are not fully controlled by the CB
Money Multiplier = M2/Mo
Money Velocity = GDP/M2
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Monetary Sector
Ghana, Monetary survey
Source: IMF, 2014, Article IV report, Ghana
52
Monetary Sector
Tunisia, Monetary survey
Source: IMF, 2014, Country report, Tunisia
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Monetary Sector
Fiji, Monetary survey
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Source: IMF, 2014, Article IV report, Fiji
Main linkages between sectors
(not exhaustive)
REAL SECTOR
GENERAL GOVERNMENT
Fiscal Accounts (local currency, flows)
National Accounts (local currency, flows)
Revenues
Grants
Private consumption
General government consumption
(Wages+Goods and services)
Expenditures
Current
Capital
Private investment
General government investment
Overall balance
Financing
Domestic financing (net)
Banking system
Nonbanking sector
External financing (net)
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
EXTERNAL SECTOR
Balance of Payments (US Dollars, flows)
CURRENT ACCOUNT
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
Factor services (net)
Transfers (net)
Official
Private
CAPITAL ACCOUNT
Direct investment
Medium/long-term capital (net)
Private sector (o/w banks)
Centr. Government
Short-term capital (net)
Private sector (o/w banks)
Centr. Government
Overall balance
Reserves (Change in net foreign assets)
MONETARY SECTOR
Monetary Authorities (local currency, stocks)
Net foreign assets
Net domestic assets:
Net credit to governemnt sector
Credit to banks
Other items (net)
Reserve money
Currency
Banks reserves
Deposit Money Banks (local currency, stocks)
Net foreign assets
Banks' reserves
Net domestic assets:
Net credit to government sector
Credit to nongovernment sector
Other items (net)
Liabilities to monetary
authorities
Private sector deposits
55
Outline of the session
•
•
•
•
•
-
Overview of financial programming
Real – Production Sector
External Sector
Banking Sector
Government Sector
56
Government Sector
• General government comprises all government
units
• Central government
• State governments (in federal countries)
• Local governments
• The public sector also includes corporations and
quasi-corporations controlled by the government
units. These corporations are not part of the
Government sector (but there can be public liabilities
for the Government).
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Government Sector
Source: Government Finance Statistics (GFS). IMF
58
Government Sector
Source: GFS Manual, IMF, 59
2001
Foreign Aid in the Gov.
Operations


Aid Grants are registered “above
the line”
Foreign Loans are registered as
Foreign financing
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Ghana: Authorities
budget scenario
Government Sector
61
Source: IMF, 2014, Article IV report, Ghana
Government Sector
Government Expenditures have a direct impact on the production
sector in the short run
- Government consumption: (Wages and Salaries, Consumption of
Good and services)
- Government investment (transaction in non-financial assets)
-Y = C + GI + I + GI + (X – M)
However, Government consumption and investment can partially
crowd out private consumption and investment.
This is the fiscal “multiplier” debate:
-If multiplier = 1; 1 euro of gov. expenditure translate (one the short
run) into 1 euro of additional GDP
-If multiplier is below 1, the effect is smaller (crowding out)
-If multiplier is above 1, ….well, GDP increase by more than & euro.
-
The long run impact of government expenditures depends on the
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nature of expenditure
Government Sector
Government financing operations also have an impact on the
economy in the short run:
- Taxes (more or less the same discussion than that about fiscal
multiplier)
- Deficits:
- Financed by the domestic banking sector = increase in Net
Domestic Assets …..so it has an impact on money supply,
unless the banking sector reduces credit to the private sector
(less private sector investment and consumption)
- Financed by the domestic private sector : total impact depends
on the behavior of private sector (less consumption and more
saving ? Less investment ?)
- Financed by external borrowing increase long term external
vulnerability …but has less impact in the short run
A good financial programming framework must take these constraints
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and potential impacts into account.
Government Sector
In the longer run:
 Budget deficit and borrowing add to pubic debt.
 Public debt sustainability needs to be assessed.
This will be discussed in Macro II.
64
Government Sector
Fiji, Government sector
Fiscal figures
65
Source: IMF, 2014, Article IV report, Fiji
Government Sector
Fiji, Government sector
Source: IMF, 2014, Article IV report, Fiji
Public debt
66
Government Sector
Tunisia, Government sector
Source: IMF, 2014, Country report, Tunisia
67
Government Sector
Ghana, Government sector
Source: IMF, 2014, Article IV report, Ghana
Fiscal figures
68
Government Sector
Ghana, Government sector
Source: IMF, 2014, Article IV report, Ghana
Public debt
69
Main linkages between sectors
(not exhaustive)
REAL SECTOR
GENERAL GOVERNMENT
Fiscal Accounts (local currency, flows)
National Accounts (local currency, flows)
Revenues
Grants
Private consumption
General government consumption
(Wages+Goods and services)
Expenditures
Current
Capital
Private investment
General government investment
Overall balance
Financing
Domestic financing (net)
Banking system
Nonbanking sector
External financing (net)
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
EXTERNAL SECTOR
Balance of Payments (US Dollars, flows)
CURRENT ACCOUNT
Exports of goods and nonfactor
services
Imports of goods and nonfactor
services
Factor services (net)
Transfers (net)
Official
Private
CAPITAL ACCOUNT
Direct investment
Medium/long-term capital (net)
Private sector (o/w banks)
Centr. Government
Short-term capital (net)
Private sector (o/w banks)
Centr. Government
Overall balance
Reserves (Change in net foreign assets)
MONETARY SECTOR
Monetary Authorities (local currency, stocks)
Net foreign assets
Net domestic assets:
Net credit to governemnt sector
Credit to banks
Other items (net)
Reserve money
Currency
Banks reserves
Deposit Money Banks (local currency, stocks)
Net foreign assets
Banks' reserves
Net domestic assets:
Net credit to government sector
Credit to nongovernment sector
Other items (net)
Liabilities to monetary
authorities
Private sector deposits
70
Thank you
71