Amendment to Decree No. 34/2003 Coll., stipulating the scope, period, time limits and manner of fulfilment of the reporting duty.

The Czech National Bank has prepared an amendment to Decree No. 34/2003 Coll., stipulating the scope, period, time limits and manner of fulfilment of the reporting duty. The thrust of the amendment is to reduce the respondents' workload for low-volume transactions. It will reduce the number of statements while maintaining the informative value of the acquired statistical data.

For all OZP statements except those for the World Bank, a threshold of CZK 1 million is being introduced for fulfilment of the reporting duty. At the same time, the Decree exempts natural persons from the reporting duty; such persons will fulfil the reporting duty only upon request. In addition, the reporting duty relating to balances on accounts and other forms of deposit abroad is being cancelled. Data from legal entities will from now on be monitored only on the basis of annual surveys from economically significant respondents.

A reporting duty relating to the volume of bonds issued by residents abroad and bonds issued by non-residents in the Czech Republic has been introduced.

The amendment to the Decree has undergone the prescribed legislative process and will be promulgated in the Collection of Laws with effect from 1 January 2004.

Alice Frišaufová, CNB spokesperson