Use of Financial Services, Liabilities: Outstanding Deposits at Commercial Banks for Jamaica
JAMFCLODCXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,831,893,556,000.00
Year-over-Year Change
311.85%
Date Range
1/1/2004 - 1/1/2024
Summary
This economic trend measures the total outstanding deposits held at commercial banks in Jamaica. It provides insights into the overall use of financial services and the level of liquidity within the Jamaican banking system.
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, Liabilities: Outstanding Deposits at Commercial Banks for Jamaica series represents the total value of deposits maintained by individuals, businesses, and other entities at commercial banks operating in the country. This metric is a key indicator of financial intermediation and the public's trust in the banking sector.
Methodology
The data is collected directly from Jamaica's commercial banks and aggregated by the national statistical agency.
Historical Context
This trend is closely monitored by policymakers and analysts to assess the health of Jamaica's financial system and broader economic conditions.
Key Facts
- Jamaica has over 7 million total bank deposit accounts.
- Commercial bank deposits equal approximately 50% of Jamaica's GDP.
- Deposits have grown by an average of 4% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of outstanding deposits held by individuals, businesses, and other entities at commercial banks operating in Jamaica.
Q: Why is this trend relevant for users or analysts?
A: The level of bank deposits is a key indicator of financial intermediation, liquidity, and public confidence in the banking system, which are important for assessing Jamaica's economic health and financial stability.
Q: How is this data collected or calculated?
A: The data is collected directly from Jamaica's commercial banks and aggregated by the national statistical agency.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this trend to gauge the overall health of Jamaica's financial system and broader economic conditions, which informs decision-making on monetary, fiscal, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical 2-month lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits at Commercial Banks for Jamaica (JAMFCLODCXDC), retrieved from FRED.