He said it was the Governing Council of the Pakistan Bureau of Statistics that took the policy decision in December 2013 to rebase
the National Accounts as well as the Price Statistics every 10 years.
The UN Statistical Commission recommends that countries rebase
their GDPs every five years.
Zambia's Finance minister Alexander Chikwanda launched the new Kwacha notes assuring the citizens that the move to rebase currency was meant to address previous bouts of depreciation.
"The decision to rebase was further premised on government's conviction to restore the intrinsic value of our currency as a medium of exchange, by bringing normalcy to the numeration of the local currency," he added.
For example, to rebase
a series to December 2005 = 100, simply divide the indexes for 1975-2005 by the index for December 2005 and multiply the result by 100.
* Nigeria's GDP rebase by 89% to $510bn enhances Africa's attractiveness as a place that holds significant opportunity because of its size, not just its growth rate: 24 other African markets planning to recalculate their GDP by 2016.
* Prepare for rising government spending: The Nigerian government is expected to increase spending as the GDP rebase improved its ability to borrow on global financial markets.
Abdul Hafeez Shaikh also directed the PBS to highlight in the paper the logic for rebasing, process adopted including discussions with various stakeholders, methodology including all the measures taken to rebase
the data, the changes in key macro-economic variables by sector and year due to the rebasing and their explanations and comparison of data with old series of pre 1999-2000 rebasing and 2005-06 rebasing.
This low level of inflation coupled with favourable macroeconomic conditions provides for an opportune time to rebase
the Zambian currency," he added.
Ngozi Okonjo-Iweala, that after nearly 15 years that Nigeria is now ready to rebase