FAQ

Locational banking statistics

Data are released every quarter. The target publication dates and the latest data reference period are listed in the Statistics release calendar.
The locational banking statistics are collected under the auspices of the Committee on the Global Financial System and in cooperation with the central banks and other national authorities worldwide. The data are reported to the BIS at a country- rather than individual bank- level. Reporting banks submit data to an official authority in their country, usually the central banks, which then aggregates the data and submits country-level aggregates to the BIS for global aggregations, analysis and publication.
Participating jurisdictions are listed in the following link: Reporting countries.
The most important difference between the LBS and the CBS is the level of consolidation by reporting banks. The LBS are compiled on an unconsolidated basis, whereby the positions (including intragroup positions) of all banks located in a particular reporting country are aggregated following balance of payments principles. By contrast, the CBS are compiled on a consolidated group basis, and thus track the worldwide consolidated positions (excluding intragroup positions) of banks with a controlling parent in a particular reporting country.
Go to Table A5 (locational banking statistics), which shows the data according to the location of the reporting bank. If you select a reporting country, for example Australia, this will open a table showing the lending ("Claims") and borrowing ("Liabilities") reported by banks located in Australia (regardless of the nationality of their parent bank). You can then view the "Claims" column to answer the above question.
Go to Table A6.2 (locational banking statistics), which shows the data according to the location of the borrower. You can select a counterparty country (borrower country), for example the United States. This will open a table showing both the cross-border lending to the United States ("Claims") and cross-border borrowing from the United States ("Liabilities") reported by banks located in the BIS reporting area. To answer the above question, look at the "Claims" column.
Reporting authorities may submit revised data, including revised confidentiality codes, at any time during a quarter. Revisions will be incorporated in the next scheduled publication as listed in the Statistics release calendar.

Consolidated banking statistics

Data are released every quarter. You can find the target publication dates and the latest data reference period in the Statistics release calendar.
The consolidated banking statistics are collected under the auspices of the Committee on the Global Financial System and in cooperation with the central banks and other national authorities worldwide. The data are reported to the BIS at a country- rather than individual bank- level. Reporting banks submit data to an official authority in their country, usually the central bank, which then aggregates the data and submits country-level aggregates to the BIS for global aggregations, analysis and publication.
Participating jurisdictions are listed in the following link: Reporting countries.
The CBS comprise two data sets, which use different criteria to identify the obligor. The CBS on an immediate counterparty basis (CBS/I) identify the obligor as the direct party to a contract. The CBS on a guarantor basis (CBS/G) identify the obligor as the ultimate party to a contract, ie the obligor that is contractually bound to the contract after taking into account risk transfers such as parent or third-party guarantees, collateral and other risk mitigants. For example, suppose that a German bank extends a loan to the Mexican subsidiary of a US corporate and that the loan is guaranteed by the US corporate parent. The loan would be reported as a claim of German banks on Mexico on an immediate counterparty basis and as a claim of German banks on the United States on a guarantor basis.
You can view Table B4 (consolidated banking statistics) and select a counterparty country (borrower country), for example the United States. The left-hand column of B4 shows a list of banking systems that lend to this country. In our example, the first column (“Total”) in the section “Claims on an immediate counterparty basis” captures lending to a borrower that resides in the United States. The first column (“Total”) in the section “Claims on a guarantor basis” captures lending to a borrower in any country that is guaranteed by an entity that resides in the United States.
The most important difference between the LBS and the CBS is the level of consolidation by reporting banks. The LBS are compiled on an unconsolidated basis, whereby the positions (including intragroup positions) of all banks located in a particular reporting country are aggregated following balance of payments principles. By contrast, the CBS are compiled on a consolidated group basis, and thus track the worldwide consolidated positions (excluding intragroup positions) of banks with a controlling parent in a particular reporting country.
Reporting authorities may submit revised data, including revised confidentiality codes, at any time during a quarter. Revisions will be incorporated in the next scheduled publication as listed in the Statistics release calendar.

Debt securities statistics

Data are released every quarter. The publication date and the latest reference period are shown in the Statistics release calendar.
The debt securities statistics are from national data sources.
Domestic (international) debt securities are issued in (outside) the local market of the country where the borrower resides, regardless of the currency denomination of the security.
The currency of denomination is determined by the currency in which the value of positions and flows for debt securities are fixed, as specified in the contract between the institution units (HSS, paragraph 7.54)
For fixed interest rate debt securities, the contractual nominal coupon payments are fixed in terms of the currency of denomination for the life of the debt security, or for a certain number of years (HSS, paragraph 7.37). Variable interest rate debt securities have their coupon or principal payments (or both) linked to a general price index for goods and services, interest rate or asset price (HSS, paragraph 7.40).
Floating rate is variable excluding the inflation-linked interest rate (ie interest rate-linked or asset price-linked).
International debt securities from national sources are reported by national authorities, while international debt securities from security-level data are compiled by the BIS from commercial sources.

International debt securities (BIS-compiled)

Data are released every quarter. The target publication dates and the latest data reference period are listed in the Statistics release calendar.
The BIS debt securities statistics differentiate between debt securities targeted at international investors (international securities) and those targeted at home investors (domestic securities). The methodology follows the principles outlined in the Handbook on Securities Statistics. Paragraphs 7.58 to 7.62 cover the classification by market. In particular, paragraph 7.62 lists the criteria (in descending order of preference) when there is uncertainty over the market of issuance. The criteria are: The debt security is listed on a recognised exchange in the domestic economy (domestic issue) or in a foreign economy (international security). The debt security has an ISIN with a country code that is the same as the legal domicile of the issuer, and/or is allocated a domestic security code by the domestic national numbering agency (domestic security). Alternatively, the debt security has an ISIN with a country code different from the one for the country where the issuer is legally domiciled and/or has an international security code issued by a foreign national numbering agency (international security). The security is issued in the domestic currency (domestic issue) or in a foreign currency (international issue).
No. The BIS compiles these statistics by aggregating securities-level data from commercial data providers (currently, Dealogic, Euroclear, Thomson Reuters and Xtrakter Ltd).
No. The IDS track outstanding debt securities of issuers, with breakdowns by currency, maturity, instrument, location and nationality of issuer. There is no information on the holders of outstanding securities.
Country aggregates for securities-level data are compiled both by the immediate residency of an issuing entity and by the location of the parent (or headquarters) of the issuing entity. In many but not all cases, both aggregations point to the same country.

Credit to the non-financial sector

Data are released every quarter. The publication date and the latest reference period are shown in the statistics release calendar.
The credit statistics are from national data sources.
The credit to the non-financial sector data set captures the indebtedness of the major non-financial sectors. It shows the outstanding amount of debt by (ie liabilities of) the non-financial sector, broken down into the government sector and the private non-financial sector, where the latter is further split between non-financial corporations and households (including non-profit institutions serving households). The debt instruments covered are debt securities, loans and currency and deposits (the sum of which is defined as “core debt”). These sectors and debt instruments are as defined in the System of National Accounts. For more details, see BIS Quarterly Review articles on private and government credit.
Two different lender categories are available but only for the borrower sector "private non-financial sector" (PNFS). "Total credit" comprises financing from all sources, including domestic banks, other domestic financial corporations, non-financial corporations and non-residents. "Bank credit" includes credit extended by domestic banks to the PNFS.
The NFC sector is as defined in the System of National Accounts (SNA sector S.11) and includes public and private corporations. PNFS is the sum of NFC and households. The “household” sector in the data set in turn comprises the households (SNA sector S.14) plus non-profit institutions serving households (SNA sector S.15).
Data on the private non-financial sector, non-financial corporations (NFC) and households are unconsolidated, eg credit from one NFC to another NFC is not netted out, ie included in the debt figures. However, for the general government sector, data are consolidated, eg credit from the central government to the local government is netted out, ie excluded from the debt figures.
Data on the debt of these sectors are shown on a gross basis, ie their own assets are not subtracted.
The total credit to the non-financial sector aggregate is the sum of the debt of the private and government sectors. For some countries, government sector debt is available in two valuations: market and nominal. Whenever available, the government data on market value are used to calculate the NFS aggregate.
General information on the data set and details on the source of each country's data are provided in these documents: private and government credit metadata.
Data are expressed in the following units: in local currency, in US dollars and as a percentage of GDP. Credit-to-GDP is calculated as the outstanding amount of debt at the end of the quarter compared with the sum of the last four quarters of GDP. The BIS does not publish the underlying GDP data. Data in local currency are converted to US dollars using the prevailing exchange rates at the end of the quarter. These US dollar exchange rates are published on the BIS Data Portal.
The data set provides two measures: aggregates based on conversion to US dollars at market exchange rates and at purchasing power parity (PPP) exchange rates. PPP rates data are taken from IMF, World Economic Outlook. The G20 comprises Argentina, Australia, Brazil, Canada, China, the euro area, India, Indonesia, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom and the United States. The advanced economies comprise Australia, Canada, Denmark, the euro area, Japan, New Zealand, Norway, Sweden, Switzerland, the United Kingdom and the United States. The emerging market economies comprise Argentina, Brazil, Chile, China, Colombia, Czechia, Hong Kong SAR, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Poland, Russia, Saudi Arabia, Singapore, South Africa, Thailand and Türkiye.
Since the release of this data set in 2013, the coverage of this data set has changed and expanded. The "Changes to the data set" lists changes since then, including the addition of new countries, new starting date and major revisions.

Credit-to-GDP gaps

Data are released every quarter. The publication date and the latest reference period are shown in the Statistics release calendar.
The series underlying the credit-to-GDP gaps is the total credit to the private non-financial sector, as published in the "credit to the non-financial sector data set". Credit-to-GDP is calculated as the outstanding amount of debt at the end of the quarter compared with the sum of the last four quarters of nominal GDP.
The credit-to-GDP gap is defined as the difference between the credit-to-GDP ratio and its long-run trend. It captures the build-up of excessive credit in a reduced form fashion. The gap indicator was adopted as a common reference point under Basel III to guide the build-up of countercyclical capital buffers. For the characteristics of the data set, "Recent enhancements to the BIS statistics", BIS Quarterly Review, September 2016.
The trend to generate the credit-to-GDP gap is derived using a Hodrick-Prescott filter. For the technical features of the calculation, see "Recent enhancements to the BIS statistics", BIS Quarterly Review, September 2016.
The BIS uses the total credit to the private non-financial sector series as input data, which facilitates comparability across countries. This means that the credit-to-GDP gaps published by the BIS may differ from those considered by national authorities as part of their countercyclical capital buffer decisions. The gap indicator was adopted as a common reference point under Basel III to guide the build-up of countercyclical capital buffers. Authorities are expected, however, to apply judgment in the setting of the buffer in their jurisdiction after using the best information available to gauge the build-up of system-wide risk rather than relying mechanistically on the credit-to-GDP guide. For instance, national authorities may form their policy decisions using credit-to-GDP ratios that are based on different data series from the BIS as input data, leading to credit-to-GDP gaps that differ from those published by the BIS. See also the Basel Committee on Banking Supervision.

Debt service ratios

Data are released every quarter. The publication date and the latest reference period are shown in the Statistics release calendar.
The BIS uses the total credit to the private non-financial sector series as input data. For the income and interest rate data, these are taken from a variety of national and international sources. The average maturity is assumed to be fixed across time and across countries for households and non-financial corporations.
The BIS does not disseminate the input data, apart from the total credit to the private non-financial sector.
The BIS estimates of debt service ratios rely on simplifying assumptions (eg remaining maturities being fixed across time and across countries). The BIS Quarterly Review feature published in September 2015, How much income is used for debt payments? A new database for debt service ratios, shows that given these assumptions, it is difficult to pinpoint the level accurately and therefore it is more meaningful to compare national DSRs relative to their means rather than comparing their absolute levels. In a cross-country context, such an approach will also take account of different institutional and behavioural factors affecting average remaining maturities.

Global liquidity

Data are released every quarter. You can find the target publication dates and the latest data reference period in the Statistics release calendar.
The BIS GLIs track foreign currency credit to non-bank borrowers, covering both loans extended by banks and funding from global ond markets through the issuance of international debt securities. The main focus is on foreign currency credit denominated in three major reserve currencies (US dollars, euros and Japanese yen) to non-residents, ie borrowers outside the respective currency areas. Borrowers are grouped based on the country in which they reside; accordingly, what constitutes foreign currency is defined from the perspective of the borrower country. For more background, see Global liquidity - concept, measurement and policy implications.
The GLIs are BIS-calculated indicators that use as input data from other BIS data sets and, to a small extent, from national sources. Tables E2 on foreign currency credit in US dollars, euros and Japanese yen to non-residents (ie borrowers outside the respective currency area) draw mainly on the locational banking statistics (LBS) and international debt securities (IDS) data sets. For comparison, data are also provided on credit to residents (euro area, Japan, United States), sourced from national financial accounts. Table E1 on banks' claims draws on data from the LBS and credit to the non-financial sector data sets. For more details, see the GLI methodology, Sections 2 and 3.
Historical data can be revised whenever the underlying input data are revised (see "What are the sources of the BIS global liquidity indicators?" FAQ above).
Go to Table E2.1 (in the global liquidity indicators section) and see the figures for the most recent quarter in the line labelled "Borrowers outside the United States". You will find the respective amount for borrowers in emerging market economies in the row below, labelled "Of which: emerging market economies". The same table will provide you with a further breakdown at the country level for 14 emerging market economies.
No, credit denominated in euros to non-banks residing in euro area countries is not included in the foreign currency credit table E2.2: Euro since the euro is not a foreign currency for these borrowers.
The composition of this group is consistent with those used in the BIS Annual Economic Report, extended to the broader set of countries covered in this data set, as described here.
The year-on-year or annual growth rates are computed using exchange rate- and break-adjusted changes and compounding quarterly growth rates over four quarters. For more details, see the GLI methodology, Section 4.

Exchange-traded derivatives statistics

Data are released every quarter. The target publication dates and the latest data reference period are listed in the Statistics release calendar.
No. The BIS compiles these statistics from commercial data providers (Euromoney Tradedata, the Futures Industry Association and the Options Clearing Corporation).
BIS exchange-traded derivatives are provided by location of the exchange. Please refer to Table D1.

OTC derivatives outstanding

OTC derivatives data are released semiannually, typically in the months of May and November. The target publication dates and the latest data reference period are listed in the Statistics release calendar.
BIS OTC derivatives outstanding are provided by counterparty sector and central counterparties can be obtained for different risk categories. For example, to track them in the interest rates derivatives segment, please refer to Table D7.
Data on outstanding amounts are collected on a consolidated basis, similar to the BIS consolidated banking statistics. Dealer banks in 12 major jurisdictions report data semiannually. Every three years, as part of the Triennial Survey, the positions of banks from an additional 30+ jurisdictions are reported. In BIS statistical publications, the outstanding amounts from these additional jurisdictions are used to gross up the global outstanding amounts in periods between Triennial Survey.
No. The outstanding amounts in the OTC derivatives statistics are broken down by currency, maturity and counterparty sector, but not by counterparty country.

Triennial Survey

The Survey takes place every three years in April. It tracks the average daily turnover in spot FX and OTC FX and interest rate derivatives during that month. The preliminary results of the Survey are typically published by November, and final results in the December of Survey years.
Turnover of OTC foreign exchange instruments by currency can be found in Table D11.3.
Turnover data are collected on an unconsolidated basis from sales desks located in more than 50 participating jurisdictions.
No. The BIS Triennial Survey captures turnover in foreign exchange spot markets, as well as foreign exchange and interest rate OTC derivatives markets. Other risk categories are not covered by this survey.

Residential property prices

The data set is updated once a month, usually in the last week of each month. The publication date and the latest reference period are shown in the Statistics release calendar. An analysis based on these indicators is released quarterly around five months after the latest period covered.
Residential property price series are sourced by various public and private compilers such as national statistical offices, central banks, ministries, associations of real estate agents, mortgage banks and commercial data providers. The full list of sources can be found here. In the European Union, national statistical offices are the main source of residential property price series, which are compiled following the Handbook on Residential Property Prices Indices (RPPIs).
For most countries, the BIS property price publications contain time series only for the whole country and/or for the capital and the biggest city. For a few countries, data for additional cities or regions are also available.
With a few exceptions, national compilers publish property price indices adjusted for size and quality changes rather than data in national currency.
In disseminating the commercial and residential property price statistics, the BIS and its member central banks are following up on the recommendations in The financial crisis and information gap - a joint IMF/FSB report prepared for G20 Finance Ministers and Central Bank Governors. Recommendation 19 of the initial report advised the BIS and its member central banks to investigate how publicly available real estate price data are disseminated on its website. The initial joint report was published in October 2009 while the recommendations for the second phase were presented in September 2015. Further progress reports have subsequently been published in May 2010, June 2011, September 2012, September 2013, September 2014, September 2016, September 2017, September 2018, FSB and IMF publish 2019 Progress Report on G20 Data Gaps Initiative, FSB and IMF Publish 2020 Progress Report on G20 Data Gaps Initiative and FSB and IMF Publish 2021 Progress Report on the G20 Data Gaps Initiative.

Commercial property prices

The data set is updated once a month, usually in the last week of each month. For details, see the Statistics release calendar.
Commercial property price series are sourced by various public and private compilers such as national statistical offices, central banks, ministries, association of real estate agents, mortgage banks and commercial data providers. The full list of sources can be found here.
For most countries, the BIS commercial property price publications contain time series only for the whole country and/or for the capital and the biggest city. For a few countries, data for additional cities or regions are also available.
With a few exceptions, national compilers publish commercial property price indices adjusted for size and quality changes.
In disseminating the commercial and residential property price statistics, the BIS and its member central banks are following up on the recommendations in The financial crisis and information gap - a joint IMF/FSB report prepared for G20 Finance Ministers and Central Bank Governors. Recommendation 19 of the initial report advised the BIS and its member central banks to investigate how publicly available real estate price data are disseminated on its website. The initial joint report was published in October 2009 while the recommendations for the second phase were presented in September 2015. Further progress reports have subsequently been published in May 2010, June 2011, September 2012, September 2013, September 2014, September 2016, September 2017, September 2018, FSB and IMF publish 2019 Progress Report on G20 Data Gaps Initiative, FSB and IMF Publish 2020 Progress Report on G20 Data Gaps Initiative and FSB and IMF Publish 2021 Progress Report on the G20 Data Gaps Initiative.

Consumer prices

The data set is updated once a month, usually in the last week of each month. The publication date and the latest reference period are shown in the Statistics release calendar.
Consumer price indices are predominantly compiled by national statistical offices.
The data set contains the national CPI (and not the harmonised index of consumer prices (HICP)) for all countries. For more details, please refer to Long series on consumer prices - data documentation to the BIS statistics.
This is a research data set. The year-on-year changes are calculated from the index data. Therefore, they can differ from the official statistics due to rounding effects.

Bilateral exchange rates

Data are released and updated on a weekly basis. Data availability varies depending on the reference area. The publication date and the latest reference period are shown in the Statistics release calendar.
The European Central Bank (ECB) is the primary source for daily data for the most recent periods, with data from the US Federal Reserve as a complement. Other BIS member central banks also provide data for missing periods. The Deutsche Bundesbank and the International Monetary Fund's International Financial Statistics, are key sources for historical data. For an overview of the sources for each currency and period, see "Recent enhancements to the BIS statistics", BIS Quarterly Review, September 2017.
The European Central Bank (ECB) is the primary source for daily data for the most recent periods, with data from the US Federal Reserve as a complement. Exchange rates are measured at 13:15 GMT by the ECB and 17:00 GMT by the Federal Reserve. A large number of currencies are sourced from these two providers, which maximises comparability across countries in terms of quotation time and market. Data are taken from other BIS member central banks for periods for which no data from the ECB or the Federal Reserve are available.
For countries with legacy currencies, data are back-calculated with break adjustments. For euro area member countries, rates are calculated as the legacy currency/USD exchange rate, divided by the fixed irrevocable euro conversion rate before the adoption of the euro. For more details, see "Recent enhancements to the BIS statistics", BIS Quarterly Review, September 2017.

Effective exchange rates

Monthly data are released around mid-month. Daily data are updated around mid-week. The publication date and the latest reference period are shown in the Statistics release calendar.
Whenever available, the BIS uses the published data on US dollar exchange rates and consumer prices as input data to the BIS EERs. The monthly exchange rates used are the business day averages.
Monthly and daily data are available, the latter available only as nominal indices. The so-called broad indices are available for 64 economies from 1994 and 1996 for monthly and daily data, respectively. In addition, narrow indices are available for 27 economies (26 for nominal indices) from 1964 and 1983 for monthly and daily data, respectively.
EER indices are calculated as the geometric weighted average of a basket of bilateral exchange rates. Real EER are the nominal EER indices adjusted with the corresponding relative consumer prices. They are typically used as a component of financial or monetary conditions, as an indicator of international price competitiveness and as a gauge for the transmission of external shocks. For example, an increase in the real indices indicates an appreciation, and hence, a decrease in international price competitiveness.
For the methodology of the BIS effective exchange rates, see "The new BIS effective exchange rate indices", BIS Quarterly Review, March 2006.
The coverage of the data set has been gradually expanded from 52 to 64 economies in 2023. In April 2019, the BIS excluded the currency of Venezuela from the broad basket indices.
The weights are derived from manufacturing trade flows and capture both direct bilateral trade and third-market competition by double-weighting. For more details, see "The new BIS effective exchange rate indices", BIS Quarterly Review, March 2006.
To accommodate rapidly changing trade data, the BIS adopts time-varying weights in the EER calculations. More specifically, it assigns the three-year average trade weights of 1993-95, 1996-98, 1999-2001, 2002-04, 2005-07, 2008-10, 2011-13, 2014-16 and 2017-19 to the corresponding periods, and then constructs chain-linked indices. This last set of weights is also used to calculate EERs for the latest period until the next set of three-year trade data becomes fully available.
The weights of 1990-92 are applied to data prior to 1990.
The EER indices for euro area member countries are computed based on the legacy currencies prior to the adoption of the euro and the euro afterwards. EER indices for euro area member countries take intra-euro area trade into account, while the index for the euro area as an aggregate excludes intra-euro area trade.
The index levels do not provide any information concerning the over- or undervaluation of a given currency. They show the change compared with the base year. For indices with a base year 2020, a level of 120 indicates an appreciation of 20% against the basket since 2020.

Policy rates

Daily data are released around mid-week. Monthly data are derived from daily data and correspond to the value of the last business day of the reference month. The publication date and the latest reference period are shown in the Statistics release calendar.
Daily data are reported directly to the BIS by the member central banks.
The data set presents the target or, if not applicable, the traded rate for the central bank's main policy instrument.
The BIS shows the most widely referenced money market or central bank interest rate for the periods when monetary policy was not conducted with an interest rate instrument.
For central banks that communicate a target band, the figure shown in the series corresponds to the middle of the band unless the central bank has suggested a different rate to be shown.
For central banks that changed their main policy instruments during the period covered in the data set, the BIS time series show the sequence of policy instruments used to conduct monetary policy in consecutive periods. The documentation identifies the breaks.

Retail payments, currency and related indicators

The data set is updated once a year around twelve months after the end of the reference year.
The BIS statistics on the supply and use of retail payments, currency in circulation and macroeconomic indicators are based on the data reported by the 27 member jurisdictions of the Committee on Payments and Market Infrastructures (CPMI).
The statistics cover credit transfers, direct debits, cheques, card and e-money payments. The statistics also include figures on the supply of cards and terminals, cash withdrawals and cash deposits.

Financial market infrastructures and critical service providers

The data set is updated once a year, about twelve months after the end of the reference year.
The BIS statistics on financial market infrastructures and their critical service providers are based on the data reported by the 27 member jurisdictions of the Committee on Payments and Market Infrastructures (CPMI).
The statistics report the developments in payment systems (large value, retail and fast payment systems), central counterparties or clearing houses, and central securities depositories.