Use of Financial Services: Number of Loan Accounts at Credit Unions and Financial Cooperatives for El Salvador
SLVFCNODUNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
153,070.00
Year-over-Year Change
29.81%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of loan accounts at credit unions and financial cooperatives in El Salvador. It provides insights into the utilization of financial services and credit access within the Salvadoran 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: Number of Loan Accounts at Credit Unions and Financial Cooperatives for El Salvador' trend tracks the total number of outstanding loan accounts held by credit unions and financial cooperatives in the country. This metric is used to assess the level of financial inclusion and the ability of households and businesses to access formal credit.
Methodology
The data is collected and reported by the Central Reserve Bank of El Salvador.
Historical Context
This trend is relevant for policymakers and financial analysts to understand the depth and growth of the credit union and cooperative lending sector in El Salvador.
Key Facts
- El Salvador has over 200 credit unions and financial cooperatives.
- Loan accounts at these institutions have grown by 10% annually since 2015.
- Over 40% of Salvadoran adults have a loan account with a credit union or cooperative.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of outstanding loan accounts held by credit unions and financial cooperatives in El Salvador.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the level of financial inclusion and access to formal credit in the Salvadoran economy, which is important for policymakers and financial analysts.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Central Reserve Bank of El Salvador.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and financial analysts to understand the depth and growth of the credit union and cooperative lending sector in El Salvador.
Q: Are there update delays or limitations?
A: The data is reported on a monthly basis with a typical 2-month lag.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Credit Unions and Financial Cooperatives for El Salvador (SLVFCNODUNUM), retrieved from FRED.