Barbadians are growing their savings accounts even as they continue to borrow.However, their personal loans are accounting for almost three-quarters of non-performing loans at the island’s financial institutions, according to the latest data from the Central Bank of Barbados.Domestic currency deposits reached $13.4 billion at the end of December 2022, up from $12.8 billion at the end of the previous year. Meanwhile, foreign currency deposits totalled just over $1.036 billion at the end of the review period, compared to $887 million at the end of 2021.“Total deposits increased by 5.5 per cent, reflecting gains in both domestic and foreign currency deposits,” the Central Bank data noted.“Individuals, non-financial private sector firms, Government, and financial corporations were the main sources of the build-up in domestic deposits, while foreign-currency balances, which generally account for less than nine per cent of the total deposits, grew because of increased real estate and tourism activity.”
