Page 328 - Special Topic Session (STS) - Volume 1

STS441 Burcu Zühal İ.E. et al.
2. Data Gaps Initiative
Global financial crisis urged the actors of the system to take proactive
measures for better monitoring and preventing the failures of the markets. In
this context, the IMF and the FSB presented a report that would launch the
Data Gaps Initiative (DGI) at the Pittsburg summit in 2009 to identify major
financial and economic information gaps that needed to be filled, along with
the set of recommendations to be implemented in the years to come. The aim
of this initiative is supporting enhanced policy analysis. The first phase of the
DGI was successfully ended in autumn 2015 and the second phase of the
initiative, DGI – 2, was endorsed by the G-20 Finance Ministers and Central
Bank Governors. The new or revised 20 recommendations require inland or
cross border data sets which provide necessary information for monitoring the
risk in financial sector and analyzing vulnerabilities, interconnections and
spillovers. Moreover, communication of official statistics to serve the key
objective of implementing regular collection and dissemination of
comparable, timely, high quality and standardized statistics for policy use is
encouraged.
As a member of FSB, Turkey is actively involved in the DGI-2. The initiative
has been included in the Official Statistics Program for 2017-2021 as a
separate statistics area and the CBRT has been designated as the coordinator
of the institutions which are responsible for the studies concerning the
aforementioned set of statistics. CBRT, TURKSTAT, Ministry of Treasury and
Finance, Banking Regulation and Supervision Agency and Capital Markets
Board are contributing to these statistics by conducting their own studies
about the related recommendations. In Turkey, there has been progress in
priority areas of coordinated portfolio investment and government finance
statistics with the contribution of the earlier studies. There have been
significant improvements in the statistics produced within the scope of the
DGI with respect to timing and content and new statistics, such as sectoral
accounts and real estate price indexes, have started to be compiled and
produced. For other priority areas, action plans have been drawn up for the
institutions to complete the necessary improvements in a specified calendar.

3. Systemic Risk Data Monitoring System
During the last ten years, the FX open position of non-financial
corporations in Turkey has increased dramatically. This, in turn, brought up the
issue of balance sheet imbalances deriving from currency mismatches. This
created vulnerability leading to the fact that depreciation of TRY would
deteriorate balance sheets of NFCs which could result in bankruptcies.
Therefore, monitoring FX position of NFCs has become more critical from a
macro-prudential perspective.

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