The habit of saving continues to strengthen in El Salvador in 2023, motivated by an increase in confidence in the banking system, as highlighted in the latest report from the Superintendency of the Financial System (SSF).
According to the SSF, the amount of savings accounts in local banks presented an interannual increase of 6.4% as of February 10, corresponding to $353.6 million more than what was registered the previous year.
Likewise, as of the same date, the deposit portfolio reached $18,132.6 million, with a growth of 6.6% in the point-to-point comparison, which represents $1,126.7 million more.
“The confidence of users in the banking sector shows an increase in the amount of deposits, which allows the availability of financing for investment in the country,” the institution highlighted in its report.
At the same time, the SSF reported that the accounts with simplified requirements had reached 215,1218 as of January 2023, thus reinforcing one of the financial inclusion alternatives maintained by the financial system. “As an inclusive product, it provides the population with the means to save and safely manage their money,” said the superintendent.
These figures, in addition to being indicators of an improvement in the habit of saving, reflect the strength of the system, which remained “healthy” in 2022, according to the conclusions of Article IV of the International Monetary Fund (IMF).
“With most of the COVID-related flexibility measures already withdrawn, the solvency and quality of El Salvador’s banking assets have proven to be resilient,” the multilateral highlighted.
The president of the Central Reserve Bank (BCR), Douglas Rodríguez, emphasized in recent statements that the IMF’s considerations are given by the sustained increase in deposits.
“The IMF highlighted that El Salvador’s banking system remains healthy. This means that it has adequate solvency and good asset quality, which is reflected in the broad growth of deposits. As of February 10, deposits grew at 6.6%”, he pointed out.
increase in loans
Until February 10, loans in the banking sector reflected an interannual increase of $1,686.3 million, according to data from the SSF.
For Rodríguez, the increase in deposits allows the country to have the capacity to meet the demand for credit.
“Productive and consumer credits are being demanded by Salvadorans, and banks maintain the necessary liquidity to meet this demand,” said the head of the BCR.