[News] Dominican Republic among the countries in the region with the highest value in deposits per capita

[EvKirito]

 

For the ABA, this report is an important reference for decision-making in the financial sector

 

The Dominican Republic is among the countries with the highest value of deposits per capita in Latin America, after reaching an average of USD $ 2,819 for the end of 2019, according to the VI Report on Financial Inclusion, published by the Latin American Federation of Banks (Felaban ).

 

According to the study, which shows the performance in different indicators for 16 countries in the region, the Dominican Republic occupies the seventh position in that ranking, above Peru, Mexico, Bolivia, Paraguay, El Salvador, among others.

 

In this regard, the Association of Commercial Banks of the Dominican Republic (ABA), stated that the excellent performance of this indicator, higher than that of eleven countries in the region, is a sign that bank deposits are a financial instrument well valued by the Dominicans, as explained in a press release.

 

For the ABA, this report is an important reference for decision-making in the financial sector, since it expresses the reality of the banking performance in different indicators, from an external point of view.

 

For its part, the VI Financial Inclusion Report also reveals that, in the last decade, financial intermediation entities have doubled credit per capita in the Dominican Republic, going from an average of USD $ 1,098 in 2009 to USD $ 2,657 in 2019.

 

It also shows that the country continues to lead the geographical coverage, together with Chile, Colombia, Ecuador and El Salvador, in the use of banking subagents to carry out financial operations. This indicator, for the year 2019, closed with 746,698 service points in Latin America.

 

Likewise, the FELABAN study indicates that at the end of 2019 the deposit balance of Latin American banks totaled USD $ 1.84 trillion, 3.8% higher than the figure reported at the end of 2018.

 

He adds that this variable registers an increase of 75% compared to the figure shown 12 years ago, which shows the sustained growth of banking activity on the side of liabilities.

 

“Given the arrival of the pandemic and the marked uncertainty, one effect that was seen was the increase in deposits. The more liquid a deposit instrument is, the more valuable it is today among economic agents. The public has turned its resources to deposits, leading to their increase during the year 2020, "said the entity that groups Latin American banks.