Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for Maldives
MDVFCAODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
767,354.00
Year-over-Year Change
89.74%
Date Range
1/1/2011 - 1/1/2023
Summary
This economic trend measures the use of financial services deposit accounts at commercial banks in Maldives. It provides insights 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 Maldives tracks the number of deposit accounts held at commercial banks in the country. This metric serves as an indicator of financial access and the degree to which the population utilizes formal banking services.
Methodology
The data is collected by the Maldives Monetary Authority through surveys of commercial banks operating in the country.
Historical Context
This trend is relevant for policymakers and economists analyzing financial sector development and financial inclusion in Maldives.
Key Facts
- Maldives has a population of over 530,000 people.
- The number of deposit accounts at commercial banks in Maldives has grown steadily in recent years.
- Access to formal banking services is an important driver of economic growth and poverty reduction.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts held at commercial banks in Maldives. It provides an indicator of financial inclusion and access to banking services in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers and economists analyzing financial sector development and financial inclusion in Maldives, as it offers insights into the level of utilization of formal banking services by the population.
Q: How is this data collected or calculated?
A: The data is collected by the Maldives Monetary Authority through surveys of commercial banks operating in the country.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and institutions to assess the state of financial inclusion and access to banking services in Maldives, which can inform policies and initiatives aimed at promoting economic development and poverty reduction.
Q: Are there update delays or limitations?
A: There may be delays in the reporting of this data, and the availability and coverage of the information may be subject to limitations.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for Maldives (MDVFCAODCNUM), retrieved from FRED.