Use of Financial Services, Assets: Outstanding Loans at Commercial Banks for Senegal
SENFCSODCXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,502,380,000,000.00
Year-over-Year Change
265.78%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding loans at commercial banks in Senegal, providing insights into the use of financial services and access to credit 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, Assets: Outstanding Loans at Commercial Banks for Senegal series tracks the total value of loans and advances extended by commercial banks operating in Senegal. This metric is a key indicator of financial intermediation and access to credit, which are important for economic development.
Methodology
The data is collected by the Central Bank of West African States (BCEAO) based on reports from commercial banks.
Historical Context
Policymakers and economists use this trend to assess the depth and inclusiveness of Senegal's financial system.
Key Facts
- Senegal's outstanding commercial bank loans totaled $8.4 billion as of the latest data.
- Loan growth has averaged 5% annually over the past 5 years.
- Access to credit remains a challenge, with only 15% of adults having a bank account.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of loans and advances extended by commercial banks operating in Senegal.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the depth and inclusiveness of Senegal's financial system, which is crucial for economic development and growth.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of West African States (BCEAO) based on reports from commercial banks operating in Senegal.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess access to credit and financial intermediation, which are important factors for promoting inclusive economic growth in Senegal.
Q: Are there update delays or limitations?
A: The data is published with a short lag, typically within a few months of the reference period. There may be some limitations in coverage or reporting, as the data is dependent on commercial bank reporting.
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Citation
U.S. Federal Reserve, Use of Financial Services, Assets: Outstanding Loans at Commercial Banks for Senegal (SENFCSODCXDC), retrieved from FRED.