Jamaicans saved more in 2020, according to data released by the Bank of Jamaica (BOJ).
Deposit Taking Institutions (DTI) asset growth was predominantly funded by an increase of 16.8 per cent in customer deposits, which was largely denominated in domestic currency.
According to the BOJ, increased client deposits resulted from precautionary savings in the context of the heightened uncertainty caused by the spread of the coronavirus (COVID-19).
The total assets of DTIs grew by 11.8 per cent ($214.0 billion), relative to the expansion of 10.6 per cent ($173.0 billion) in 2019.
The supervised financial institutions are eight commercial banks, two building societies and one merchant bank.
The BOJ, in its review of the DTI sector, said it continued to be well capitalised and profitable.