Ms. Kazuko Shirono, Esha Chhabra, Ms. Bidisha Das, Ms. Yingjie Fan, and Mr. Hector Carcel Villanova
The rapid uptake of mobile money in recent years has generated new data needs and growing interest in understanding its impact on broad money. This paper reviews mobile money trends using mobile money data from the Financial Access Survey (FAS) and examines the statistical treatment of mobile money under the IMF’s Monetary and Financial Statistics (MFS) framework. MFS guidance is straightforward in most cases, as many jurisdictions have adopted regulations which ensure that mobile money is captured in the banking system and thus in the calculation of broad money. However, in cases where mobile network operators (MNOs) act as niche financial intermediaries outside the banking regulatory perimeter and are allowed to invest their customer funds in sovereign securities and other permitted assets, mobile money liabilities may remain outside the banking system as well as monetary statistics. In that case, information on mobile money liabilities need to be collected directly from MNOs to account for mobile money as part of broad money.
This technical assistance report on Malaysia explains the effort by the mission to support the Malaysian authorities in improving Government Finance Statistics (GFS) decision making. The mission achieved significant progress with respect to the development of a budgetary central GFS compilation system based on primary accrual accounting data. The mission, together with the authorities, successfully developed a compilation sheet to facilitate the largely automated compilation of a comprehensive set of GFS tables from the system. With respect to flows reported in the income statement, the analysis suggests that it is essential to build the survey around the balancing items (net) operative income and (net) comprehensive income. The analysis of the corporate balance sheets suggests that most accounting terms used by the public corporations can be grouped sensibly and linked to GFS classifications. With respect to the extrabudgetary units of central government, the mission proposed minor refinements of the survey and prepared preliminary GFS data.
This technical assistance report on Malaysia highlights that the mission aimed to support the Malaysian authorities in improving government finance statistics (GFS) for decision making. The mission reviewed the progress in the implementation of the accounting project to introduce accrual financial reporting standards at the federal government level. The mission identified considerable potential for collaboration between Ministry of Finance (MOF) and Department of Statistics Malaysia (DOSM) with respect to fiscal data collection for other general government sublayers and public nonfinancial corporations. The mission concluded that the general ledger structure is sufficient to produce GFS on both cash and an accrual basis. The mission suggested that collaboration between MOF and DOSM going forward would be necessary to ensure data consistency and to facilitate the explanation of remaining minor differences to users. The mission recommends that the authorities verify the causes for inconsistencies based on recent annual data, and to formally align the collaboration between the institutions.
International Monetary Fund. Asia and Pacific Dept
Although real GDP growth has slowed down, Malaysia is still among the fastest growing economies at its income level. The economy's resilience, amidst global commodity price and financial market volatility, reflected a diversified production and export base; strong balance sheet positions; a flexible exchange rate; responsive macroeconomic policies; and deep financial markets. However, the authorities continue to face a challenging environment, given continued global uncertainty, which complicates the calibration of near-term macroeconomic policies.