Special Data Dissemination Standard

Special Data dissemination Standard

Question: Special Data Dissemination Standard is related to which of the following international organization?
(a) WEF
(b) IMF
(c) World Bank
(d) UNCTAD
Answer: (b)
Related facts:

  • In 2018, India failed to comply with multiple requirements prescribed in the Special Data Dissemination Standard mandatory for all IMF members.
  • Under the Special Data Dissemination Standards (SDDS) of the International Monetary Fund (IMF), central banks undertake the responsibility of disseminating information under certain data categories, such as, analytical accounts of the banking sector, analytical accounts of the central bank, balance of payments, international reserves and exchange rates.
  • As per the IMF requirements these data should be available at regular intervals in public domain.
  • The Reserve Bank of India is one of the earliest central bank signatories of SDDS. This section provides the data released by the Reserve Bank of India under SDDS requirements.
  • The IMF has taken steps to enhance member country transparency and openness, including setting voluntary standards for dissemination of economic and financial data.
  • The Special Data Dissemination Standards was established in 1996 to guide members that have, or might seek, access to international capital markets in providing the economic and financial data to the public.
  • The General Data Dissemination System was established in 1997 for member countries with less developed statistical systems as a framework for evaluating their needs for data improvement and setting priorities.
  • In 2012, the SDDS Plus was created as an upper tier of the IMF’s Data Standards Initiatives to help address data gaps identified during the global financial crisis. In 2015 the enhanced GDDS (e-GDDS) replaced the GDDS.
  • More than 97 percent of IMF member countries participate in the e-GDDS, SDDS, SDDS Plus.

Links: https://www.imf.org/en/About/Factsheets/Sheets/2016/07/27/15/45/Standards-for-Data-Dissemination
https://www.rbi.org.in/Scripts/SDDSview.aspx
https://www.thehindu.com/news/national/imf-report-flags-several-delays-in-indias-data-reporting/article29254041.ece