Panamanian Banking Center assets bat record

marzo 16, 2016 11:50 am Publicado por 810 Comentarios

Panama

The assets of the International Banking Center of Panama last year reached 118.478 billion dollars, a record high for this sector, which contributes more than 7% to the Gross Domestic Product (GDP), reported Tuesday the superintendent of banks, Ricardo Fernandez.

That figure is 9.3% higher than in 2014, according to the official, who anticipated positive results for next year.

The assets of the International Banking Center of Panama last year reached 118.478 billion dollars, a record high for this sector, which contributes more than 7% to the Gross Domestic Product (GDP), reported Tuesday the superintendent of banks, Ricardo Fernandez.

That figure is 9.3% higher than in 2014, according to the official, who anticipated positive results for next year.

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“The 2016 will be very good and positive because there are many infrastructure projects and other large investments that will have a ripple effect the country’s economy,” said Fernández during the presentation of the income statement during 2015.

According to Fernandez, the balance of domestic credit in 2015 grew 11.6% compared to the previous year.

This growth was mainly reflected in the residential mortgage segment, personal consumer loans and credit cards.

The Banking Center of Panama is composed of a hundred banks representing more than 7.5% of GDP and employ more than 25,000 people.

With a canal by passing 5% of global maritime trade, plus free zones, ports, tourism and robust logistics and banking system, Panama achieved economic growth of 5.8% in 2015, one of the largest in the region.

The banking sector is one of the pillars of the Panamanian economy along the Canal, which contributes 2.2% of GDP, in addition to tourism, the logistics sector and free zones.

However, the country has been accused internationally of “tax haven”, which has led to its inclusion in multiple negative lists for lack of cooperation in this area.

An OECD report said weeks ago that Panama was not committed to the automatic exchange of financial information.

However, the Panamanian government would state that it is willing to cooperate, but with its own model of bilateral tax information to protect the privacy and competitiveness of its banking system.

Source: http://www.laprensa.hn/

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