Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Senegal
SENFCLODCGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47.81
Year-over-Year Change
68.10%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding deposits with commercial banks in Senegal as a percentage of GDP. It provides insights into the level of financial intermediation and access to banking services within the Senegalese economy.
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 with Commercial Banks for Senegal metric tracks the total value of deposits held by individuals and businesses with licensed commercial banks in the country. This indicator is used by economists and policymakers to assess the depth and breadth of the Senegalese financial system.
Methodology
The data is collected and compiled by the Central Bank of West African States (BCEAO) based on reports from licensed commercial banks.
Historical Context
This trend is relevant for understanding financial inclusion and the development of the banking sector in Senegal, which is a key policy objective for economic growth and poverty reduction.
Key Facts
- Senegal's outstanding commercial bank deposits were 27.7% of GDP in 2020.
- The metric has increased from 20.5% of GDP in 2010, indicating growing financial intermediation.
- Expanding access to banking services is a key policy priority for the Senegalese government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of deposits held by individuals and businesses with licensed commercial banks in Senegal, expressed as a percentage of the country's GDP.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the depth and breadth of the Senegalese financial system, which is an important factor for economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected and compiled by the Central Bank of West African States (BCEAO) based on reports from licensed commercial banks operating in Senegal.
Q: How is this trend used in economic policy?
A: This metric is used by economists and policymakers to assess financial inclusion and the development of the banking sector in Senegal, which is a key policy objective for promoting economic growth and reducing poverty.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, 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: Key Indicators, Outstanding Deposits with Commercial Banks for Senegal (SENFCLODCGGDPPT), retrieved from FRED.