In data revision, Latvijas Banka applies the following general principles harmonised with the European Central Bank's practice:
1. when publishing data for the current period, Latvijas Banka may revise data for the previous period if inaccuracies are identified or if corrected data are received from reporting agents during the compilation of the current period’s data. Information on errors in data sources or calculations received after the release date is accumulated until the next scheduled data release, ensuring a transparent and understandable revision process for data users. Such revisions are regular revisions;
2. Latvijas Banka may also revise data relating to reporting periods prior to the previous reporting period to correct errors or to reflect reclassifications or improvements in reporting procedures. Such revisions are:
2.1. extraordinary revisions which are not scheduled and announced in advance. Unscheduled data revisions are carried out in exceptional cases where the scope of the revision may materially affect the quality of the statistical data. Such unscheduled extraordinary data revisions are not frequent; however, if they occur, the revised data are identified accordingly by a note;
2.2. planned revisions which are scheduled and announced in advance. In the event of material changes in data compilation methodology, statistical data are released together with notes or methodological explanations.
In accordance with the European Central Bank's revision policy for the monthly balance of payments, when publishing data for March, June, September and December, the data for the two relevant preceding months are revised. When publishing quarterly data, the data of all months of the relevant quarter are revised.
In accordance with the European revision policy, data revisions of the balance of payments, international investment position, external debt, direct investment and financial accounts are planned on an annual basis:
1. publication of the balance of payments, international investment position, external debt, direct investment and financial accounts data for the second quarter (in September) may include revised data for the preceding three years;
2. when publishing the balance of payments, international investment position, external debt, direct investment and financial accounts data for the second quarter in years ending with "4" or "9" (September), the full data time series may be revised.