Use of Financial Services: Key Indicators, Outstanding Deposits of Households with Commercial Banks for Maldives
MDVFCLODCHGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.64
Year-over-Year Change
29.92%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding deposits of households with commercial banks in Maldives as a percentage of the country's gross domestic product (GDP). It provides insights into the level of financial inclusion and the savings behavior of Maldivian households.
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: Key Indicators, Outstanding Deposits of Households with Commercial Banks for Maldives' series represents the total value of deposits held by households with commercial banks in Maldives, expressed as a percentage of the country's GDP. This metric is used by economists and policymakers to assess the depth of the financial system and the degree of financial inclusion within the Maldivian economy.
Methodology
The data is collected and calculated by the Maldives Monetary Authority based on reports from commercial banks operating in the country.
Historical Context
This trend is relevant for understanding household savings patterns and the overall development of the financial sector in Maldives, which is crucial for economic growth and stability.
Key Facts
- Maldives' household deposits with commercial banks were 39.4% of GDP in 2020.
- The trend has increased from 33.1% of GDP in 2010 to 39.4% in 2020.
- Maldives has a relatively high level of financial inclusion compared to other South Asian countries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the outstanding deposits of households with commercial banks in Maldives as a percentage of the country's gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the level of financial inclusion and the savings behavior of Maldivian households, which is crucial for understanding the development of the financial sector and the overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Maldives Monetary Authority based on reports from commercial banks operating in the country.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the depth of the financial system and the degree of financial inclusion within the Maldivian economy, which is crucial for promoting economic growth and stability.
Q: Are there update delays or limitations?
A: The data is published with a slight delay, and there may be limitations in the coverage or reporting of some commercial banks.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits of Households with Commercial Banks for Maldives (MDVFCLODCHGGDPPT), retrieved from FRED.