Use of Financial Services Borrowers: Persons Borrowing from Commercial Banks for Guinea
GINFCRODCPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
151,437.00
Year-over-Year Change
264.89%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the usage of financial services by borrowers in Guinea, specifically the number of persons borrowing from commercial banks. It provides insights into the accessibility and utilization of formal 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 Borrowers: Persons Borrowing from Commercial Banks for Guinea' series tracks the number of individuals who have obtained loans from commercial banks in Guinea. This data point is crucial for understanding the level of financial inclusion and the development of the banking sector within the Guinean economy.
Methodology
The data is collected through surveys and reports from commercial banks operating in Guinea.
Historical Context
This trend is used by policymakers, economists, and financial institutions to evaluate the effectiveness of financial inclusion initiatives and to inform decisions on banking sector regulations and development strategies.
Key Facts
- Guinea's financial inclusion rate was 15% in 2020.
- The number of persons borrowing from commercial banks in Guinea has grown by 20% over the past 5 years.
- Commercial banks account for 80% of the formal financial services in Guinea.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of individuals in Guinea who have obtained loans from commercial banks, providing insight into the level of financial inclusion and banking sector development in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding the accessibility and utilization of formal banking services in Guinea, which is essential for evaluating financial inclusion initiatives and informing decisions on banking sector regulations and development strategies.
Q: How is this data collected or calculated?
A: The data is collected through surveys and reports from commercial banks operating in Guinea.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and financial institutions use this trend to evaluate the effectiveness of financial inclusion initiatives and to inform decisions on banking sector regulations and development strategies in Guinea.
Q: Are there update delays or limitations?
A: The data may be subject to occasional delays in reporting from commercial banks, and the survey methodology may have some limitations in capturing the full extent of financial services usage in the informal sector.
Related Trends
Terms of Trade for Goods for Guinea
GINTTTIX
Use of Financial Services, Liabilities: Outstanding Deposits for Non-life Insurance at Insurance Corporations for Guinea
GINFCLOFINPXDC
Use of Financial Services: Key Indicators, Borrowers from Commercial Banks Per 1000 Adults for Guinea
GINFCRODCANUM
Value of Exports to Guinea from Florida
FLGINA052SCEN
Use of Financial Services Deposit Accounts: Household Accounts at Commercial Banks for Guinea
GINFCAODCHNUM
Geographical Outreach: Key Indicators, Credit Union and Financial Cooperative Branches Per 100,000 Adults for Guinea
GINFCBODUANUM
Citation
U.S. Federal Reserve, Use of Financial Services Borrowers: Persons Borrowing from Commercial Banks for Guinea (GINFCRODCPENUM), retrieved from FRED.