The Association of Commercial Banks (ABA) of the Dominican Republic says that savings increased 31% between January and November 2020, reflecting lower consumer spending and general uncertainty in the first Covid-19 year. Savings accounts increased from RD$503.48 billion for the same period in 2019 to RD$660.24 billion in 2020. Savings in US currency increased from US$8.41 billion to US$10.14 billion, for a 17% increase in regards to 2019.
ABA also explains that the government contributed to the increase in savings when it extended its social programs turning hundreds of thousands of poor into bank customers when new savings accounts were opened for these.
Hundreds of thousands of more Dominicans opened bank accounts to be able to make online payments for water, electricity and communications services.
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El Dia
5 January 2021