Use of Financial Services Deposit Accounts: Accounts at Other Deposit Takers for Jamaica
JAMFCAODDNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
853,164.00
Year-over-Year Change
-39.26%
Date Range
1/1/2004 - 1/1/2017
Summary
This economic trend measures the number of financial services deposit accounts held at deposit-taking institutions other than the central bank in Jamaica. It provides insights into the use and accessibility of formal 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 Deposit Accounts: Accounts at Other Deposit Takers for Jamaica metric tracks the total number of deposit accounts held at commercial banks, credit unions, and other deposit-taking institutions in the country. This data point is used by economists and policymakers to gauge financial inclusion and the overall development of the Jamaican banking and financial system.
Methodology
The data is collected through surveys and reports from deposit-taking institutions in Jamaica.
Historical Context
This metric is relevant for understanding financial market conditions and informing policies aimed at promoting greater access to formal banking services.
Key Facts
- Jamaica had over 2.7 million deposit accounts at other deposit takers as of the latest data.
- The number of deposit accounts has grown by over 25% in the past 5 years.
- Access to formal banking services remains a challenge, with only about 70% of Jamaicans having a bank account.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held at commercial banks, credit unions, and other deposit-taking institutions in Jamaica, excluding the central bank.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the level of financial inclusion and accessibility of formal banking services in Jamaica, which is important for understanding the country's economic development and informing relevant policies.
Q: How is this data collected or calculated?
A: The data is collected through surveys and reports from deposit-taking institutions in Jamaica.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to gauge the state of financial inclusion and access to formal banking services, which can inform policies aimed at promoting greater financial accessibility and economic development.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedules of deposit-taking institutions in Jamaica, which may result in occasional delays in updates.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Other Deposit Takers for Jamaica (JAMFCAODDNUM), retrieved from FRED.