The IMF Special Data Dissemination Standard

In 1996, the International Monetary Fund (IMF) established its Special Data Dissemination Standard (SDDS) for economic and financial statistics. The Central Bank subscribed to the SDDS on 21 June 1996. The standard assumes that specific statistical information is published within a specific period of time from the end of the period covered, in accordance with an advance release calendar. Accordingly, the Central Bank publishes on its website an advance release calendar indicating when specified statistics will be published. The statistics published by the Central Bank and covered by the standard include the following: banking system statistics, Central Bank balance sheet, direct investment, Central Bank external position, Iceland’s international investment position, external liabilities, foreign exchange reserves and related items, balance of payments, interest rates, and share price indices.

Under the IMF Special Data Dissemination Standard (SDDS), Iceland is obliged to publish certain data on preannounced dates. Among the data are main share indices, which the standard prescribes to be re-disseminated by a public agency. The OMX Iceland 6 PI ISK and OMXIPI indices are published on Iceland Stock Exchange’s website. Here are metadata for share indices.

Furthermore, the Bank complies with the standard by publishing data on foreign exchange reserves in its monthly press release on the Central Bank of Iceland balance sheet. It also publishes currency exchange rates on the home page of its website. In connection with the SDDS, the Central Bank of Iceland, the Ministry of Finance, and Statistics Iceland maintain a joint economic and financial data website to disseminate the data covered by the standard.

In addition to requiring publication of release calendars, the standard requires that statistics be presented in accordance with IMF definitions, to ensure international comparability.

The IMF website gives further details about the Special Data Dissemination Standard. Details of data disseminated by the Central Bank of Iceland and other Icelandic institutions obliged to comply with the standard are published on that page and on a separate page with information about methodology and publication practices among subscribers to the SDDS.