In data revision, the Bank of Latvia applies the following general principles harmonised with the European Central Bank's practice:

1. when publishing current period data, the Bank of Latvia may revise previous period data where inaccuracy of data has been identified or corrections of respondent data have been received when compiling current period data. The fact that information on errors in data sources or calculations, received after the release date, is accumulated until the next planned data release date ensures for data users a transparent and understandable data revision process. Such revisions are regular revisions;

2. The Bank of Latvia may also revise data pertaining to reporting periods prior to the previous one in order to correct mistakes or reflect the performed reclasssification or improved reporting procedures. Such revisions are:

2.1. extraordinary revisions which have not been planned and announced in advance. Unscheduled data revisions are performed in extraordinary cases where the scope of revision may materially affect the quality of statistical data. Such unscheduled extraordinary data revisions are not frequent; however, if they are performed, the revised data are marked accordingly by adding a note.

2.2. planned revisions which have been planned and announced in advance. The revised data are marked accordingly and in the event of material changes in data compilation methodology, statistical data are released together with notes or methodological explanations.

Normally data revisions of the balance of payments, international investment position, external debt, and direct investment are planned on an annual basis. Publication of the second quarter balance of payments may include revised quarterly data for the previous three years (primarily to ensure longer term data comparability upon making methodological adjustments). As a result of the revisions, the respective monthly data are also revised.