The Central Bank of Cyprus, as a member of the European System of Central Banks (ESCB), collects, compiles and disseminates a wide range of statistics and constitutes the primary data source in the areas of Money and Banking Statistics and Quarterly Financial Accounts, as well as External Statistics. The Central Bank of Cyprus analyses and classifies public finance data according to the requirements of the European Central Bank (ECB) and also collects and disseminates to the ECB general economic statistics data, as necessary. The legal basis for the statistical functions of the Central Bank of Cyprus is provided by the Central Bank of Cyprus Laws of 2002-2007 and the pertinent primary and secondary community law.
The statistical functions of the Central Bank of Cyprus are in line with the provisions of the document "Public commitment on European statistics by the ESCB" which, inter alia, provides that where appropriate, statistics produced comply with European and international standards and guidelines. Moreover, it stresses the importance of good practices, ethical standards and cooperation, emphasising the principles of impartiality, scientific independence, cost-effectiveness, statistical confidentiality, high-quality output and the avoidance of an excessive burden on respondents, by using existing statistics, wherever possible.
In order to ascertain the high quality of its statistics, the Central Bank of Cyprus takes into consideration internationally agreed quality standards and participates in the International Monetary Fund’s (IMF’s) Special Data Dissemination Standard and Data Quality Assessment Framework.
Members of the staff of the Statistics Department of the Central Bank of Cyprus participate in the ECB’s Statistics Committee and its various working groups and task forces, as well as in the relevant committees and working groups of the European Commission (Eurostat). The ECB committees play an advisory role and assist in the work of the decision-making bodies of the ECB by providing expert and/ or technical advice to the Executive Board and the Governing Council.
The statistics produced are primarily transmitted to the ECB, Εurostat, the IMF, the Bank for International Settlements and the Statistical Service of Cyprus. Selected data series are published on the Central Bank of Cyprus’s website under the abovementioned areas of statistics.