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Published: 22.03.2021

Today, the Council of Latvijas Banka deemed the Regulation for Compiling the "Annual Report on Foreign Assets and Liabilities (1–MB)" invalid. The decision was made with a view to reduce the reporting burden on non-financial corporations and to continue to improve the compilation of data on the balance of payments, international investment position, direct investment and external debt performed by Latvijas Banka.

1-MB annual survey data were used to revise the International investment position as at the beginning of the year and to create samples for the 1-MB quarterly and annual reports. In 2020, upon reviewing the 1-MB annual sampling principles, assessing the availability of alternative data sources and performing the economic analysis of the 1-MB annual survey results, it was concluded that these tasks can be carried out without having to conduct the 1-MB annual survey.

It is possible to introduce these changes due to the availability of new administrative data sources, e.g. annual report data of merchants collected by the State Revenue Service, the Enterprise Register and SIA "LURSOFT" data on investment in the share capital of companies, the microdata provided by the Central Statistical Bureau in its quarterly report "Pārskats par finansiālo stāvokli (1-f)". Thus, part of the positions included in the 1-MB annual report can be assessed in an alternative manner, without requesting the respective data from reporting agents.

Repealing the 1-MB annual survey will significantly reduce the reporting burden on approximately 1200 non-financial corporations.

Latvijas Banka carries out several tasks significant for the functioning of the economy and financial system. One of the most important tasks is the collection, storage and processing of statistical data, as well as the development, gathering, analysis and dissemination of statistical information pursuant to the Law on Latvijas Banka. Latvijas Banka compiles monetary and financial statistics, banknote statistics, payment and payment system statistics, financial stability statistics, balance of payments and international investment position statistics, as well as gets actively involved in the compilation of statistical data at the European level.