Use of Financial Services: Number of Loan Accounts at Commercial Banks for Dominican Republic
DOMFCNODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,318,242.00
Year-over-Year Change
178.22%
Date Range
1/1/2006 - 1/1/2023
Summary
This economic trend measures the number of loan accounts held at commercial banks in the Dominican Republic. It provides insight into the level of financial inclusion and access to credit in the country.
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 number of loan accounts at commercial banks is an indicator of the depth and breadth of financial services usage in the Dominican Republic. It reflects the ability of individuals and businesses to access formal credit channels, which is a key driver of economic development.
Methodology
The data is collected by the Central Bank of the Dominican Republic through surveys of commercial banks operating in the country.
Historical Context
Policymakers and economists use this trend to evaluate financial sector development and monitor progress towards greater financial inclusion.
Key Facts
- The Dominican Republic had over 2 million loan accounts at commercial banks as of the latest data.
- Loan account numbers have grown by over 50% in the past decade, indicating expanded credit access.
- Commercial bank loans make up a significant portion of total private sector credit in the Dominican economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of loan accounts held at commercial banks operating in the Dominican Republic. It provides an indicator of financial inclusion and access to formal credit channels in the country.
Q: Why is this trend relevant for users or analysts?
A: The number of loan accounts is a key metric for evaluating the depth and breadth of the financial sector and its ability to serve the credit needs of individuals and businesses in the Dominican economy.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of the Dominican Republic through surveys of the commercial banks operating in the country.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to monitor progress towards greater financial inclusion and assess the effectiveness of initiatives to expand access to formal credit channels.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not capture the most recent changes in the number of loan accounts. Additionally, the data only reflects commercial bank lending and does not include other sources of credit.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Commercial Banks for Dominican Republic (DOMFCNODCNUM), retrieved from FRED.