Use of Financial Services: Number of Depositors at Credit Unions and Financial Cooperatives for Colombia
COLFCDODUPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,026,404.00
Year-over-Year Change
45.08%
Date Range
1/1/2009 - 1/1/2023
Summary
This economic trend measures the number of depositors at credit unions and financial cooperatives in Colombia, providing insights into the usage of financial services 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 Use of Financial Services: Number of Depositors at Credit Unions and Financial Cooperatives for Colombia data series tracks the total number of individuals who have deposits or accounts with credit unions and financial cooperatives operating in Colombia. This metric is used to assess the level of financial inclusion and access to formal banking services within the Colombian economy.
Methodology
The data is collected by the Colombian banking regulator and reported through the Federal Reserve Economic Data (FRED) system.
Historical Context
This trend is relevant for policymakers and financial institutions seeking to understand the penetration of formal financial services in Colombia.
Key Facts
- Colombia has over 200 credit unions and financial cooperatives.
- The number of depositors has grown by 50% over the past decade.
- Access to formal financial services remains lower in rural areas of Colombia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of individuals who have deposits or accounts with credit unions and financial cooperatives operating in Colombia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the level of financial inclusion and access to formal banking services within the Colombian economy, which is important for policymakers and financial institutions.
Q: How is this data collected or calculated?
A: The data is collected by the Colombian banking regulator and reported through the Federal Reserve Economic Data (FRED) system.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and financial institutions to understand the penetration of formal financial services in Colombia and inform strategies to promote financial inclusion.
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 depositors at credit unions and financial cooperatives in Colombia.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Credit Unions and Financial Cooperatives for Colombia (COLFCDODUPENUM), retrieved from FRED.