Use of Financial Services: Number of Depositors which are Households at Commercial Banks for Dominican Republic
DOMFCDODCHPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,178,914.00
Year-over-Year Change
32.32%
Date Range
1/1/2011 - 1/1/2023
Summary
This economic trend measures the number of households that have depositor accounts at commercial banks in the Dominican Republic. It provides insights into the level of financial inclusion and household participation in the formal banking system.
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 which are Households at Commercial Banks for Dominican Republic' series tracks the total number of household depositors at commercial banks in the Dominican Republic. This metric is a key indicator of financial access and the degree to which the population is integrated into the formal financial system.
Methodology
The data is collected by the Central Bank of the Dominican Republic through surveys of commercial banks.
Historical Context
Policymakers use this trend to monitor financial inclusion and develop strategies to expand access to banking services.
Key Facts
- The trend has increased from 2.8 million households in 2010 to 3.4 million in 2020.
- The Dominican Republic has a population of around 10.8 million as of 2020.
- Financial inclusion is a key development priority for the Dominican government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of household depositor accounts held at commercial banks in the Dominican Republic. It provides an indicator of financial inclusion and the level of household participation in the formal banking system.
Q: Why is this trend relevant for users or analysts?
A: The number of household depositors is an important metric for understanding the degree of financial access and integration within the Dominican population. It informs policymakers, economists, and financial institutions about the state of financial inclusion in the country.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of the Dominican Republic through surveys of commercial banks operating in the country.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to monitor financial inclusion and develop strategies to expand access to banking services for households. It helps inform policies and programs aimed at increasing participation in the formal financial system.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period. There may also be limitations in terms of coverage or reporting consistency across different commercial banks.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors which are Households at Commercial Banks for Dominican Republic (DOMFCDODCHPENUM), retrieved from FRED.