Use of Financial Services: Number of Loan Accounts at Commercial Banks for El Salvador
SLVFCNODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,312,038.00
Year-over-Year Change
60.15%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of loan accounts at commercial banks in El Salvador. It provides insights into the level of financial services usage and access 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 number of loan accounts at commercial banks is an indicator of financial inclusion and the utilization of formal banking services by individuals and businesses in El Salvador. This metric is useful for policymakers and economists to assess the depth and breadth of financial intermediation in the country.
Methodology
The data is collected through surveys and reports from commercial banks in El Salvador.
Historical Context
This trend is relevant for understanding financial sector development and its impact on economic growth and stability.
Key Facts
- El Salvador has a population of over 6.5 million people.
- The banking sector in El Salvador is dominated by a small number of large commercial banks.
- Financial inclusion remains a challenge, with only about 30% of the adult population having a formal bank account.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of loan accounts at commercial banks in El Salvador, providing insights into the level of financial services usage and access in the country.
Q: Why is this trend relevant for users or analysts?
A: The number of loan accounts is an important indicator of financial inclusion and the depth of financial intermediation, which are crucial for economic growth and stability.
Q: How is this data collected or calculated?
A: The data is collected through surveys and reports from commercial banks in El Salvador.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers and economists to assess the development of the financial sector and its impact on the broader economy in El Salvador.
Q: Are there update delays or limitations?
A: The data may be subject to periodic updates and can be influenced by changes in the reporting practices of commercial banks in El Salvador.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Commercial Banks for El Salvador (SLVFCNODCNUM), retrieved from FRED.