Use of Financial Services Deposit Accounts: Accounts at Other Depository Corporations for Ecuador
ECUFCAODNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,505,093.00
Year-over-Year Change
134.10%
Date Range
1/1/2005 - 1/1/2012
Summary
This economic trend measures the total number of deposit accounts held at banks and other depository institutions in Ecuador. It provides insight into the level of financial inclusion and access to basic banking 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 Deposit Accounts metric tracks the total number of deposit accounts held by individuals and businesses at depository institutions in Ecuador, excluding the central bank. This data point is a key indicator of financial development and access to the formal banking system.
Methodology
The data is collected by the Central Bank of Ecuador through surveys of commercial banks and other deposit-taking institutions.
Historical Context
Policymakers and economists use this metric to assess progress in expanding financial inclusion and the development of Ecuador's banking sector.
Key Facts
- Ecuador had over 10 million deposit accounts in 2021.
- The number of deposit accounts has grown by 50% since 2010.
- Over 60% of Ecuadorian adults have a bank account.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held at banks and other depository institutions in Ecuador, excluding the central bank. It provides insight into financial inclusion and access to basic banking services.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of financial development and access to the formal banking system in Ecuador. It is used by policymakers and economists to assess progress in expanding financial inclusion.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of Ecuador through surveys of commercial banks and other deposit-taking institutions.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate the development of Ecuador's banking sector and progress in expanding financial inclusion.
Q: Are there update delays or limitations?
A: The data is published with a delay of several months. The metric may not capture all informal or non-bank deposit accounts.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Other Depository Corporations for Ecuador (ECUFCAODNUM), retrieved from FRED.