Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Papua New Guinea
PNGFCAODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
514,121.00
Year-over-Year Change
135.56%
Date Range
1/1/2015 - 1/1/2022
Summary
This economic trend measures the number of deposit accounts held at deposit-taking microfinance institutions (MFIs) in Papua New Guinea. It provides insights into the usage and reach of formal 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 Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Papua New Guinea' trend tracks the total number of deposit accounts maintained at microfinance institutions that accept deposits in Papua New Guinea. This metric offers a window into financial inclusion and the adoption of formal banking services in the country.
Methodology
The data is collected by Papua New Guinea's central bank through surveys of registered deposit-taking MFIs.
Historical Context
This trend is used by policymakers, development organizations, and economists to assess progress on financial inclusion and the development of Papua New Guinea's microfinance sector.
Key Facts
- Papua New Guinea has a population of over 8 million.
- Only 37% of adults in Papua New Guinea have a formal bank account.
- Microfinance institutions provide important financial services in rural areas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held at deposit-taking microfinance institutions (MFIs) in Papua New Guinea.
Q: Why is this trend relevant for users or analysts?
A: This trend offers insights into financial inclusion and the development of Papua New Guinea's microfinance sector, which is important for economic and social progress in the country.
Q: How is this data collected or calculated?
A: The data is collected by Papua New Guinea's central bank through surveys of registered deposit-taking microfinance institutions.
Q: How is this trend used in economic policy?
A: Policymakers, development organizations, and economists use this trend to assess progress on financial inclusion and the development of Papua New Guinea's microfinance industry.
Q: Are there update delays or limitations?
A: The data may be subject to reporting lags by microfinance institutions, and the coverage of registered deposit-taking MFIs may not be comprehensive.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Papua New Guinea (PNGFCAODMFNUM), retrieved from FRED.