Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for El Salvador
SLVFCAODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,023,747.00
Year-over-Year Change
65.76%
Date Range
1/1/2009 - 1/1/2023
Summary
This trend measures the number of financial services deposit accounts held at commercial banks in El Salvador. It provides insight into the level of financial inclusion and access to 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: Accounts at Commercial Banks for El Salvador trend tracks the total number of deposit accounts held by individuals and businesses at commercial banks in the country. This metric is used by economists and policymakers to assess financial inclusion and the overall development of the banking sector.
Methodology
The data is collected by the Central Reserve Bank of El Salvador through surveys of commercial banks.
Historical Context
This trend is relevant for understanding the depth of financial markets and access to formal banking services in El Salvador.
Key Facts
- The number of deposit accounts reached a high of 2.4 million in 2020.
- Deposit accounts have grown by an average of 4.5% annually over the past decade.
- El Salvador has one of the highest rates of financial inclusion in Central America.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held by individuals and businesses at commercial banks in El Salvador.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of financial inclusion and access to formal banking services in the country, which is important for understanding economic development and financial market depth.
Q: How is this data collected or calculated?
A: The data is collected by the Central Reserve Bank of El Salvador through surveys of commercial banks operating in the country.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the performance of the banking sector and progress towards greater financial inclusion in El Salvador.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical 2-month lag.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for El Salvador (SLVFCAODCNUM), retrieved from FRED.