The savings deposits in the country, measured as a percentage of the gross domestic product, increased from 18% in 1996 to 42% in 2024, highlighted today the Association of Multiple Banks of the Dominican Republic (ABA). He assured that this progress was driven by aspects such as the digitization in the services and financial education.
However, the ABA noted that there is an opportunity to continue advancing in this aspect, since the dominican savings remains relatively small compared to the 49% average in Latin America, according to statistics from the Central Bank and the Latin American Federation of Bankswhich represents a limitation for the sustainability of economic growth in the medium and long term.
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The ABA stated that savings represent a fundamental pillar for sustainable economic development, since a broad base of saved resources increases the depth of the formal financial system, increases the access of households and companies to a greater amount of resources, at longer terms, lower costs and through a greater range of financial instruments according to their consumption or investment needs.
The ABA added that, in this way, the productive capacity long-term of the entire economy, with the additional benefit of reducing dependence on the external savingswhose importation into Latin America is associated with episodes of volatility and crisis.
Relevance of inclusion
The financial inclusionthat is, the degree of access of people and companies to products and services within the formal financial systemincluding, of course, instruments of saving plays a vital part in achieving a greater base of savingassured the ABA.
In this context, he highlighted that the Central Bank of the Dominican Republic (BCRD) developed the National Financial Inclusion Strategy (ENIF), which seeks to promote the financial inclusionthrough the coordination of policy actions that lead to increased access and use of quality financial products and services to unbanked sectors of the country
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“For their part and in coordination with the authorities, banks have been transforming their business model for years, relying on technology to enable alternative service channels to the traditional bank branch, including ATMs, banking subagents, internet banking, mobile applications, instant messaging, all with the aim of facilitating the population’s access to financial services,” the ABA stated.
He considered that the financial education It is another of the fundamental aspects to achieve greater financial inclusion and higher levels of savinghelping to understand the importance of savingto plan better, mitigate risks and take better advantage of financial products and services, which is contemplated in the National Economic Education Strategy and Financial that also leads the BCRD.
“A culture that promotes saving and transform it into investmentopens the doors for a person to plan their dreams and financial goals,” emphasized the ABA.
Global Findex results
The Bank Association highlighted that the recent report of Global Findex 2025 constitutes another evidence of the advances in matters of saving.
The study reveals that between 2011 and 2025, the percentage of people with accounts of this type in a formal financial institution rose from 38 to 63%, and of the people who saved During the last 12 months it increased from 16 to 27%, exceeding the Latin American average (24%).
An analysis of the Department of Economy of the ABAregarding the upcoming celebration of the World Savings Dayconcluded that the Dominican Republic is moving in the right direction in terms of growth rates saving of the formal financial system.
However, he stated, the the road is still long and requires redoubling efforts.
“The public sectorsprivate and academia must continue to work together to promote the growth of the saving at the national level, thus contributing to sustaining a greater economic development and to improve the quality of life of Dominican homes,” he said.
