In data revision, Latvijas Banka applies the following general principles harmonised with the European Central Bank's practice:
1. when publishing current period data, Latvijas Banka 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. Latvijas Banka may also revise data pertaining to reporting periods prior to the previous one in order to correct mistakes or reflect the performed reclassification 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. In the event of material changes in data compilation methodology, statistical data are released together with notes or methodological explanations.
According to European revision policy data revisions of the balance of payments, international investment position, external debt, direct investment and quarterly financial accounts are planned on an annual basis:
1. publication of the second quarter balance of payments, international investment position, external debt and direct investment (in September) may include revised quarterly data for the previous three years. As a result of the revisions, the respective monthly data are also revised.
2. publication of the third quarter (in December) may include revised quarterly data for the quarterly financial accounts of the previous 2 years.
3. publication of the corresponding quarter data in years ending with "4" or "9" for balance of payments, international investment position, external debt, direct investment and quarterly financial accounts data (published in September or December) may include revised full data time series.