Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Jamaica
JAMFCLODUXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
153,423,699,000.00
Year-over-Year Change
179.97%
Date Range
1/1/2004 - 1/1/2024
Summary
The 'Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Jamaica' trend measures the total value of deposits held at credit unions and financial cooperatives in Jamaica. This metric provides insight into the financial health and activity within the country's alternative banking sector.
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
This series represents the total outstanding deposit liabilities held by credit unions and financial cooperatives in Jamaica. It serves as an indicator of the size and utilization of these non-traditional financial institutions, which play an important role in providing banking services and access to credit for individuals and small businesses.
Methodology
The data is collected and reported by the Bank of Jamaica.
Historical Context
Policymakers and analysts monitor this trend to gauge financial inclusion and the strength of Jamaica's cooperative banking system.
Key Facts
- Jamaica has over 50 registered credit unions and financial cooperatives.
- Credit unions hold over 10% of total deposits in Jamaica's financial system.
- Deposit growth at credit unions has outpaced commercial banks in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of deposits held at credit unions and financial cooperatives in Jamaica. It provides insight into the size and activity of the country's alternative banking sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding financial inclusion and the strength of Jamaica's cooperative banking system, which plays a vital role in providing banking services and credit access.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Bank of Jamaica.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to gauge the health and growth of Jamaica's credit union and cooperative banking sector, which is seen as crucial for financial inclusion and economic development.
Q: Are there update delays or limitations?
A: The data is published regularly by the Bank of Jamaica with minimal delay.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Jamaica (JAMFCLODUXDC), retrieved from FRED.