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The Group of Monetary and Financial Statistics was created in 1998, and it became the current Direction of Monetary and Financial Statistics (DMFS) in the middle of 1999, the main task of which is the implementation of the Banking Information System (BIS).
The beginnings of this system come from 1999, when, under Decree-Law No. 172, the first steps were given, and the implementation of which was gradually achieved. In 2001, Resolution No. 99 of the Minister President of BCC was issued, which approves this system of information, and the entities of all the areas of the country are bound to offer their data.
BIS was created due to the need on the hand of the organizational unities of BCC to count on different information to fulfill their functions, which, at the same time, would come from a centralized informational system, being an efficient, rational system of gathering, storing processing and distributing information.
BIS counts on 30 models approximately, in the creation of which different areas of the bank and the Direction of Informatics and Computation have been involved. The system comprises the information coming from the areas of Monetary Policy, Operations, Treasury, Banking Supervision, Balance of Payments and External Debt, and it is fed by information from the financial system, from both banking and non-banking institutions, from the Organizations of the Central Administration of the State, and from the enterprises reporting independently.
The implementation of BIS has passed through different stages, in which it has interacted systematically with the entities that offer the information, in order to eliminate the many mistakes found in the information delivered, among other things due to the fact many entities do not know the proper use of data bases. In order to solve these problems, the very DMFS has given seminars and training courses on dBase to the specialized personnel in charge of delivering the information. During 2001, one of the main tasks was the consolidation of BIS, emphasizing in the timeliness and quality of the information delivered, although further efforts have been required in this direction.
It is important to notice that the coordination of works with other global organizations of the economy, like MEP, MFP, MINVEC and specially the permanent contact with National Office of Statistics (NOS) has been another task developed by DMFS. The collaboration between these two latter organizations has been crucial for the control, official register, and updating by NOS of the entities operating within the country.
DMFS also has the function to gather the Balance of Payments in the country,
a task in which it has achieved a larger informational coverage and data
quality. The report on financing granted to current balances in free convertible
currency is also made monthly, which brings data on the gross financing
approved and executed by the financial institutions within the country
to the internal economy and the outstanding balances to be paid off, and
it is a tool for decision making by the Committee of Monetary Policy.