Use of Financial Services: Number of Loan Accounts at Other Depository Corporations for Maldives
MDVFCNODNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
64,013.00
Year-over-Year Change
59.64%
Date Range
1/1/2011 - 1/1/2017
Summary
This economic indicator tracks the number of loan accounts at other depository corporations in Maldives, providing insights into the usage of financial 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: Number of Loan Accounts at Other Depository Corporations for Maldives measures the total number of loan accounts held at financial institutions in Maldives, excluding banks. This metric is used to analyze the level of financial inclusion and access to credit in the country.
Methodology
The data is collected by the Maldives Monetary Authority through surveys of financial institutions.
Historical Context
This trend is relevant for policymakers and economists monitoring the development of Maldives' financial sector.
Key Facts
- Maldives had over 280,000 loan accounts at other depository corporations in 2021.
- The number of loan accounts has grown by 12% annually over the past 5 years.
- Only 47% of Maldivian adults have access to formal financial services.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of loan accounts held at financial institutions in Maldives, excluding banks. It provides insights into the level of financial inclusion and access to credit in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers and economists monitoring the development of Maldives' financial sector and assessing the country's progress in improving financial inclusion and access to credit.
Q: How is this data collected or calculated?
A: The data is collected by the Maldives Monetary Authority through surveys of financial institutions in the country.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and economists to evaluate the effectiveness of initiatives aimed at expanding financial access and promoting economic development in Maldives.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis, with a lag of approximately 3 months. The coverage may be limited to formal financial institutions and may not capture all informal lending activities.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Other Depository Corporations for Maldives (MDVFCNODNUM), retrieved from FRED.