Use of Financial Services: Number of Loan Accounts at Commercial Banks for Congo
COGFCNODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98,909.00
Year-over-Year Change
4059.34%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the number of loan accounts at commercial banks in the Republic of the Congo. It provides insight into the level of financial inclusion and access to credit in the Congolese economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Use of Financial Services: Number of Loan Accounts at Commercial Banks for Congo series tracks the total number of loan accounts held by individuals and businesses at commercial banks operating in the Republic of the Congo. This metric is used to assess the depth of financial intermediation and evaluate financial inclusion efforts in the country.
Methodology
The data is collected by the Central Bank of the Congo through surveys of the commercial banking sector.
Historical Context
Policymakers and economists utilize this trend to monitor the development of the Congolese financial system and identify opportunities to expand access to credit and other banking services.
Key Facts
- The Republic of the Congo is a Central African nation with a population of over 5 million.
- Access to formal financial services remains limited, with only about 10% of adults holding a bank account.
- The number of loan accounts has grown steadily in recent years as the banking sector expands.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of loan accounts held by individuals and businesses at commercial banks operating in the Republic of the Congo.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of financial inclusion and access to credit in the Congolese economy, which is crucial for assessing economic development and the progress of financial sector reforms.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of the Congo through surveys of the commercial banking sector.
Q: How is this trend used in economic policy?
A: Policymakers and economists utilize this trend to monitor the development of the Congolese financial system and identify opportunities to expand access to credit and other banking services.
Q: Are there update delays or limitations?
A: The data may be subject to reporting lags and may not capture all informal financial activities in the country.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Commercial Banks for Congo (COGFCNODCNUM), retrieved from FRED.