Methodological Commentary to External Debt Position of the Russian Federation by Short-Term Remaining Maturity

Conceptual and methodological basis of external debt statistics is set out in the «External Debt Statistics: Guide for Compilers and Users» and also in the sixth edition of IMF’s «Balance of Payments and International Investment Position Manual». The concepts and definitions used, as well as the methodological principles of compiling external debt of the Russian Federation, are available in the Methodological Commentary to External Debt Statistics of the Russian Federation.

External debt position by short-term remaining maturity consists of short-term liabilities on the basis of original maturity and long-term liabilities on the basis of original maturity, due for full or partial (by tranches) payment within one year.

In the presentation of external debt of the Russian Federation on a short-term remaining maturity basis, data on positions are classified by institutional sector and financial instrument. Debt liabilities to direct investors and direct investment enterprises are presented separately.

External debt position by short-term remaining maturity of General government includes:

— long-term debt securities (the Russian Federation General government’s eurobonds and domestic bonds), whose maturity fully or partially falls due within a year from the reference date;

— long-term loans, including loans drawn from international financial organizations, whose maturity fully or partially falls due within a year from the reference date;

— other short-term debt liabilities with the original maturity (arrears on trade credits, arrears on contributions to international organizations).

External debt position by short-term remaining maturity of Central bank includes cash national currency held by nonresidents and debt under loans including direct repurchase agreements (REPO) concluded by the Bank of Russia with nonresidents.

External debt position by short-term remaining maturity of Banks* includes:

— balances on current accounts and demand deposits of nonresident legal entities and individuals (including balances on correspondent accounts of nonresident banks);

— loans and deposits of nonresident legal entities and individuals with the maturity of one year and less;

— long-term deposits of nonresident legal entities and individuals, whose maturity falls due within a year from the reference date;

— obligations to nonresidents under letters of credit;

— indebtedness under direct REPO transactions with nonresidents;

— debt securities in the form of short-term bills and bank acceptances with the original maturity;

— other short-term accounts payable with the original maturity.

Short-term liabilities of Banks in case of direct investment relationship on the basis of original maturity are included in position “Debt liabilities to direct investors and direct investment enterprises”. Long-term liabilities of Banks in case of direct investment relationship which are due to be repaid in one year or less are included in position “External debt by short-term remaining maturity” of Banks because of the lack of statistical data necessary for separate identification.

External debt position by short-term remaining maturity of Other sectors includes:

— debt securities issued by Other sectors (mainly, bonds and bills). This category includes liabilities under bonds and bills, whose maturity is fixed and falls due within a year from the reference date, as well as bills payable upon demand;

— loans of Other sectors (including indebtedness under direct REPO transactions), if full or partial repayment thereof falls due within a year from the reference date;

— other short-term accounts payable with the original maturity.

Debt liabilities of Other sectors in case of direct investment relationship are included in position “Debt liabilities to direct investors and direct investment enterprises”.

 

* Data on Banks include State Development Corporation VEB.RF.

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