Abstract

In an environment of growing demand for timely, granular, and high-quality statistical data, central banks are increasingly required to modernize their statistical reporting frameworks. This paper presents the experience of National Bank of the Republic of North Macedonia in developing a new granular reporting framework “ISIDORA” for banks and saving houses, designed to serve both statistical and supervisory purposes. The project is currently in the implementation phase and is expected to become operational in the near term. The new framework has been developed using a partnership-oriented approach, actively involving both reporting institutions and internal stakeholders. It is driven by several factors, including the need to align with international statistical requirements, address the limitations of existing systems and reduce the reporting burden, while enhancing data usability. An additional key advantage of the framework is its flexibility, which will allow compilation of a wide range of analytical outputs, while limiting future reporting requests.
The main feature of the project is the early and continuous involvement of reporting institutions in the design of reporting requirements. Through consultations, workshops, pilot reporting, reporters have actively contributed to the refinement of data requirements, validation rules, and implementation timelines. This approach has enabled early identification of data gaps and operational constraints, improving the clarity and consistency of reporting specifications, and strengthened reporters’ preparedness for implementation. In parallel, the project relies on close cooperation among numerous central bank units, including statistical, supervisory, and information technology units, in both the design of the methodology and the development of software application for data collection. Cross-unit coordination ensures alignment between statistical objectives, regulatory requirements, and technical implementation, while supporting the integration of data needs and reducing data redundancy.
This paper demonstrates that partnership-based data collection enhances the effectiveness and sustainability of reporting and concludes that collaborative models, characterized by institutional cooperation and transparency, represent good practice for central banks engaged in reporting modernization initiatives.