Special Data Dissemination Standard (SDDS)
In accordance with the national Strategy for Development of Statistics Romania subscribed to the Special Data Dissemination Standard – (SDDS) in May 2005. SDDS is established by the International Monetary Fund (http://www.imf.org/) to guide member states, that have, or might seek to have access to the international capital markets in the dissemination of economic and financial data.
SDDS, in taking a comprehensive view of the dissemination of these data identifies four dimensions of data dissemination: the data (coverage, periodicity, and timeliness); access by the public; integrity of the disseminated data; quality of the disseminated data.
The IMF’s Dissemination Standards Bulletin Board – DSBB, presents the components of the SDDS concerning the meta-data, namely – the methodology, quality and accessibility, equality of data-users and thus emphasizes transparency in the compilation and dissemination of the official statistics. The responsibility for the accuracy of the metadata, including timely updates, and for the economic and financial data underlying the metadata rests with the subscriber.
The National Summary Data Page (NSDP) includes a wide range of macroeconomic indicators (data categories) related to the four sectors of the national economy – Real Sector, Fiscal Sector, Financial Sector, External Sector as well as for the Population.
In relation to the NSDP the SDDS requires the elaboration and maintenance of an Advance Release Calendar (ARC) that comprises provisional information concerning the timing of the data releases for a four months horizon.
Redenomination of domestic currency
Starting 1 July 2005, the domestic currency leu (ROL), was subject to redenomination and 10,000 old lei, in circulation on that date, were exchanged for 1 new leu (RON). The existing banknotes and coins are legal tender until end-December 2006.
Starting 1 January 2007, the exchange shall be made only at the NBR branches carrying out payments and at the offices of the credit institutions authorised by the NBR Governor's. There is no time limit for exchanging ROL notes and coins for RON notes and coins.