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Statistics on average deposit amounts in EU and in the Middle East
The Finances Magnates Business Intelligence department has provided its latest statistics on the size of foreign currency deposits worldwide. The data shows that, despite recent regulatory repression, the industry depends heavily on EU member countries.
Outside Europe, we are also witnessing a substantial increase in activity in Middle East countries: Israel, the United Arab Emirates and Qatar were all in the top 5 in December. The research and analytical work carried out for the preparation of this index was fed by the Cpattern automated retention company.
The index recorded the top ten average deposits and the top average forex trading account deposits in December, adjusted for GDP per capita.
The standardised version of the index shows that African countries have been very important to the industry. Kenya, Lesotho and Botswana were all in the top 10 of the largest deposits.
Many EU countries are present in the top 10 - Spain, France, the Netherlands, the United Kingdom and Germany. Companies appear to have avoided French and Dutch residents because of the ban on advertising in these countries.
The data on the top average deposits show an even greater surprise - Israel is at the top of the top 10. This happened just after the country had formally introduced legislation that will prohibit the marketing of products inside and outside of the country by unregulated brokers. These changes in Israel are likely to materially affect future data releases.
In the first filing section we see three countries in Latin America: Ecuador, Brazil and Costa Rica. Challenges for the industry in this region, mainly related to payment processing, appear to be on the decline.