Tuesday, 01 November 2022 14:47

October 2021-2022 savings accounts grew US$628.3 million: SSF

Written by Evelyn Alas

The Superintendencia del Sistema Financiero (SSF), reported that the stability of the banking sector is reflected in the growth of savings account balances, which, as of october 27, 2022, registered a 12% inter-annual growth compared to the last period.

The evolution of savings accounts shows that they grew US$628.3 million or US$5,866 million in 2022 compared to US$5,238 million in 2021.

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The growth of lending in the financial system is a reflection that the country's economy has a positive dynamism. As of october 27, 2022, the amount granted in loans had an interannual increase of 10.02%, which represents US$1,600.8 million.

This data shows that the year-on-year growth of loans in banks, cooperatives and Savings and Credit Societies (SAC) in 2021 was US$15.67 billion.

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As of october 27, 2022, banks, cooperative banks and savings and credit societies registered an inter-annual growth of US$729.7 million, or 4.3% in deposits, which reflects the confidence that salvadorans have in the country's financial system.

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Savings accounts with simplified requirements show a growing trend since 2018, reaching a total of 183,964 as of september 2022, demonstrating the easy access to financial products from mobile devices.