Savings from foreign clients in the financial system in Panama increased by almost 19% last year compared to 2010. In November 2011, foreign deposits totaled $24,635,000,000, an increase of 18.78%, or $3,895,000 more than in November 2010, when it was $20,740,000,000 according to data from the Superintendency of Banks in Panama (SBP).
Customers from countries such as Ecuador, Venezuela, Colombia and Central America have chosen the Panama’s Banking Center to safeguard their funds because of the trust generated by local economic performance, reported PanamaAmerica.com.pa.
The trend in the banking boom, economists say, will continue this year as Panama maintains its growth, estimated at 6.5%, well above other major regional powers. Bankers and economists say that financial stability shown by Panama during the financial crisis of 2009 and the fact that deposits are made and withdrawn in dollars gives added value to the country, reported PanamaAmerica.com.pa.
Source: Panamaamerica.com.pa
More on this topic
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Three diversified investment funds that invest their assets abroad had a big reception from individual investors.
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February 2012
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June 2011
Economic recovery and resources from the Venezuelan Cooperation explain the rise in deposits.
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April 2012
Panama’s equity financing costs (2.4%), together with those of El Salvador (1.6%) and Peru (2.0%) are the lowest in Latin America.
In the past 4 years the equity financing costs of the the National Banking System (NBS) in Panama have halved, going from 4.2% in 2007 to 2.2% in 2011, influenced by the international financial situation and low interest rates.
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