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Tuesday, 19 September 2023 04:51

Deposits in El Salvador grew 5.2% at the end of august 2023

Written by Leydin Sorto
Deposits in El Salvador grew 5.2% at the end of august 2023

The increase in bank deposits in El Salvador in 2023 reflects a more dynamic economic activity compared to 2022, which demonstrates the confidence of salvadoran depositors.

Deposits in banks, savings societies, cooperative and credit banks reached, as of august 31, 2023, an amount of US$18,313.91 million, according to the Superintendencia del Sistema Financiero (SSF).

At the end of august 2023, deposits in the country reflect a growth of 5.2% compared to 2022.Up to august 2022, deposits had only reached a total of US$17,401.80 million; while in 2023 they totaled US$18,313.91 during the same period, reporting a year-on-year growth of US$912.1 million.

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This growth provides better conditions for users and generates economic dynamism, since it supports the efficient channeling of savings towards investment, and maintains secure payment networks that accelerate transactions between individuals/companies in a reliable manner.

 

Translated by: A.M

Published in Finances
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