DR1 Daily News - Dominican Republic

Formal savings in the Dominican Republic, defined as money saved through regulated financial institutions, have seen significant and sustained growth over the past few decades, an article published on its website by the Association of Banks of the Dominican Republic reveals. This trend is crucial as it provides households and businesses with a safer, wider range of financial products and services, while simultaneously expanding the resource base for financing investment and strengthening the stability of the financial system.

The percentage of savings deposits, when measured as a share of the Gross Domestic Product (GDP), has increased substantially, rising from 18% in 1996 to 42% in 2024.

Likewise, the percentage of adults with a banking account in the Dominican Republic went from 51% in 2021 to 65% in 2024, according to the World Bank global...