The international banking center of Panama closed July with assets of $118.6 billion, which represents an
The local credit portfolio increased by 10 percent. Banking Superintendent Ricardo Fernández said that the "credit business maintains positive growth."
He said that this is a reflection of growth in construction (14.3 percent), mortgages (13.8 percent), industry (15.1 percent) and agricultural (9.9 percent).
The report also reflects a growth in total deposits, which increased 1.9 percent to $84.7 billion. The superintendent said that the growth in deposits is due to confidence in the local banking sector.
Deposits have continued to grow despite the international cases that have affected the reputation of Panama, such as the release of Mossack Fonseca files and the placement of companies related to the Waked family on a sanctions list by the U.S. government.
These cases have prompted a discussion of initiatives that would make the industry more transparent.
"Strengthening the framework of transparency in our financial system is a step in the right direction and sends a signal to the market and different regulators about the commitment and the seriousness with which the banking system manages its risks," Fernández said at the inauguration of the first Latin American Summit of Financial Risk, which is held in Panama City.
On Sept. 20, the National Assembly approved on third debate the law that guarantees the intergovernmental agreement between Panama and the United States to exchanging banking information.
The executive also presented to the Assembly a project that would change reporting requirements for offshore companies that have been suggested by the Organization for Economic Cooperation and Development (OECD).
Some say, however, that these initiatives will result in a loss of competitiveness of the financial platform and the country's legal services.
Fernandez said the latest statistics of the banking sector refute this hypothesis
http://www.prensa.com/economia/Leyes-intercambio-fortalecen-transparencia-SBP_0_4581291871.html
Replies
The World’s Favorite New Tax Haven Is the United States
https://www.bloomberg.com/news/articles/2016-01-27/the-world-s-favo...
The U.S. government is sooo corrupt, hounding ex-pat's who are barely making it for all kinds of tax info while the rich and super-rich get a free pass. Just look at the Clinton Foundation shenanigans!!!
Panamas market controlled banking system and it's lack of a central bank has made it a stable and profitable business for decades. I didn't expect to see much of an affect at all form the Panama Papers or the Waked sanction. It may have some problems in the future competing with the US as a "tax haven" however. http://www.bloomberg.com/news/articles/2016-01-27/the-world-s-favor...
Are you saying that the rich getting richer and the poor getting poorer is good news for Panama?
A friend got a wire transfer from a bank in Canada to his bank account at Banco General.
The sending bank charged $34.+ and the receiving bank, Banco General charged $37.+
This, in my opinion is highway robbery, no wonder assets are increasing in the banks here!!!
True about these charges. For small amounts it is expensive. Better to wire $10,000 plus at a time.
If one makes a wire transfer out of Europe to the USA or Panamá, same charges. But within the EU countries and the USA online banking is very cheap.
If you are a "middling" or less client when it comes to banking transfers, fees are going to be high...no way around that unfortunately, it's when you are dealing in the higher end that true savings occur.
Nature of the beast, rich rules set by rich lawmakers, set by rich standards...don't be surprised.
Yep, believe you are right about that. Thanks for your insight.