Since 2001, the work on compilation of the financial account in the system of national accounts is being implemented in the NSS RA, such as:
• discussions with the experts from the Central Bank of RA and the Ministry of Finance and Economy of RA,
• annual information on financial corporations sector in terms of central bank and commercial bank sub-sectors by financial transactions (flows) have been developed by the Central Bank of RA and are submitted to the NSS RA,
• since 2003 new state statistical reporting forms on financial outcomes of non-financial organizations have been introduced, which include indicators in compliance with the international accounting standards.
However, the above-mentioned activities had not been sufficient yet to describe financial flows and for all the sectors of the economy and end-period balances (stocks) of financial assets and liabilities in the detailed levels of classification of financial instruments. Therefore, the NSS RA attached also importance to conducting once-off sample surveys for accomplishing information base of financial indicators being collected through the state statistical reporting forms and to improve methodology for developing financial account and information collection methods.
The surveys conducted within the Project Component “Finance Statistics” under the TACIS Contract “Statistics-8” aimed to complete information base for compilation and implementation of the finance account of the system of national accounts, on the basis of which it would be possible to introduce financial account in compliance with the requirements of the System of National Accounts (SNA-93) and European System of Accounts (ESA 95). The results of the sample survey will empower the NSS RA:
- to have information on balances of financial assets and liabilities of non-financial commercial organizations by economy sectors for three consecutive years,
- to have information on balances (stocks) of financial assets and liabilities of non-commercial organizations by economy sectors for three consecutive years,
- to complete the existing information base for compilation of the financial account of the system of national accounts,
- to have information on acquiring net financial assets and accepting net financial liabilities for each economy sector by financial instruments,
- to revise list of financial indicators covered by the state statistical reporting forms,
- to introduce the provisional pattern of financial account of the system of national accounts in Armenia.
In general, the financial account will make the system of national accounts of Armenia and the finance statistics complete and will describe the reallocation mechanism of financial assets in the republic between lending and borrowing sectors.
