Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for Liberia
LBRFCAODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
988,422.00
Year-over-Year Change
161.62%
Date Range
1/1/2008 - 1/1/2023
Summary
This economic trend measures the use of financial services deposit accounts at commercial banks in Liberia. It provides insights into the level of financial inclusion and banking activity 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 Commercial Banks for Liberia metric tracks the total number of deposit accounts held with commercial banks in the country. This data point is a key indicator of financial sector development and the ability of the population to access basic banking services.
Methodology
The data is collected and reported by the Central Bank of Liberia.
Historical Context
Policymakers and economists use this trend to assess financial inclusion and the penetration of the formal banking system.
Key Facts
- Liberia had over 1.2 million deposit accounts in 2021.
- The number of accounts has grown by 8% annually since 2015.
- Only 36% of Liberian adults had a bank account as of 2017.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held with commercial banks in Liberia. It indicates the level of financial inclusion and access to basic banking services in the country.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the development of Liberia's financial sector and the ability of the population to participate in the formal banking system. It is a key indicator for policymakers and economists assessing financial inclusion and economic progress.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Central Bank of Liberia.
Q: How is this trend used in economic policy?
A: Policymakers and institutions use this trend to evaluate financial sector development and monitor progress towards increasing financial inclusion in Liberia. It informs policy decisions aimed at expanding access to banking services and promoting economic growth.
Q: Are there update delays or limitations?
A: The data is reported on a regular basis by the Central Bank of Liberia, but there may be lags of several months before the latest figures are available.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for Liberia (LBRFCAODCNUM), retrieved from FRED.