Latvia earns data thumbs-up from IMF

The International Monetary Fund (IMF) said August 1 Latvia had earned recognition for the quality of the economic data it produces in an official capacity, placing it among the top tier of countries for data standards. Latvia becomes only the seventeenth country in the world that implements the highest tier in the IMF's data dissemination standards initiatives.

"The Republic of Latvia has completed the requirements for adherence to the IMF’s Special Data Dissemination Standard (SDDS) Plus—the highest tier of the Data Standards Initiatives. The Republic of Latvia’s SDDS Plus data are now posted on the Dissemination Standards Bulletin Board," the IMF said.

Louis Marc Ducharme, Chief Statistician and Data Officer of the IMF, said “the dissemination of the new data sets under the SDDS Plus will be invaluable in fostering a deeper understanding and more informed assessments of the performance of the Republic of Latvia’s financial sector, the cross-border-financial linkages, and the vulnerabilities of the economy to shocks.”

The purpose of SDDS Plus is to assist statistically advanced countries with regard to the publication of comprehensive, timely, and reliable economic and financial data in an environment of continuing economic and financial integration.

The Data Standards Initiatives were established in the mid-1990s to enhance IMF member countries’ data transparency and to promote the development of sound statistical systems. The need for data standards was highlighted by the financial crises of the mid-1990s and again in the late-2000s, when information deficiencies and outright figure-fiddling were seen to play a role.

Detailed information on the Data Standards Initiatives can be found on the Dissemination Standards Bulletin Board.

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