On May 17, 2010 Georgia subscribed to the International Monetary Fund’s (IMF) Special Data Dissemination Standard (SDDS).
The IMF established the SDDS in1996 to provide guidance to countries that have or seek access to capital markets. Subscription to the SDDS is expected to enhance the availability of timely and comprehensive statistics, thereby contributing to the pursuit of sound macroeconomic policies and the improved functioning of financial markets.
The SDDS mainly covers data from real, fiscal, financial and external sectors. The data are disseminated by the National Bank of Georgia, Ministry of Finance and National Statistics Office.
Participation in the SDDS sagnificantly reduces launch spreads and decreases the nominal exchange rate volatility.
Participation in the SDDS is beneficial both for the whole country and for the institutions directly involved in its’ realisation.
“Georgia’s subscription to the SDDS represents a major step forward for official statistics in Georgia and for those who use these data,” said Ms. Adelheid Burgi-Schmelz, Director of the IMF’s Statistics Department. “Subscription to the standards underscores the strong commitment to transparency in Georgia, as well as a significant achievement in implementing internationally accepted best practices in statistics,” Ms. Burgi-Schmelz added.
The SDDS identifies four dimensions of data dissemination—the data: coverage, periodicity, and timeliness; access by the public; the integrity of the disseminated data; and the quality of the disseminated data. Although subscription is voluntary, a subscribing member commits to observe the standard and to provide information (metadata) to the IMF about its data dissemination practices. This information is made publicly available on the IMF's Dissemination Standards Bulletin Board (DSBB).
The DSBB now provides comprehensive documentation in English on the statistical practices of Georgia for SDDS data categories, hyperlinked to actual country data included in the mandatory National Summary Data Page maintained by the National Bank of Georgia.