Reduction of bank account holdings can vary quickly

Reduction of bank account holdings can vary quickly

The Department of Regulation and Financial Stability of the central bank of the Dominican Republic considered today in an analysis that the reduction in holding bank accounts observed in the data Findex 2021 of world Bank “It can change favorably and relatively quickly, with a timely context and adequate financial policies.”

The results of the most recent Global Findex Database indicate that the percentage of adults in the country who report having a bank account was 51.3% in 2021lower than that reported in 2017 of 56.2%.

As an opinion on the publications made in the press about this decrease, in its section Open Page the bank technicians preferred to analyze it with more optimism.

“(If) we adopt as a starting point the first installment of said survey in 2011, the progress of the country in terms of financial inclusion can be appreciated more clearly, when observing that the tenure from bank accounts in regulated entities in the Dominican Republic it has increased since 38.2% in 2011 to 51.3% in 2021”, they indicate.

When referring to the edition that collects data for 2021, they point out that the greatest variations in the account holding observed for that year are concentrated in sociodemographic segments from higher earningshigher purchasing power and younger age, who have present and future demand capacity for banking products and, in a favorable environment, could reverse the trend short-term reduction.

They also note that the survey data was collected in the country of August 1 to 30, 2021a time when the labor market was still affected by the COVID-19 pandemic.

“Although the level of ownership was reduced in bank accounts in 2021, according to the measurement made by the world Banksaid trend can vary favorably and relatively quickly, with a timely context and adequate financial policies, since the vulnerable population segments have not been disproportionately affected”, they estimate.

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