Panama: Crisis does not halt demand for credit cards.
In spite of inflation and the world financial crises, Panamanians continue acquiring credit cards and the banks have not increased their restrictions.
Tuesday, November 11, 2008
As of September of this year the banking system credit card balance reached 629.8 million dollars, up 5.6 million dollars as compared to August's numbers of 324.2 million dollars, according to the Bank Superintendent's Office.
Central American banks were booming -- but close ties with the USA darken their future.
The delinquent mortgage portfolio reached $1.032 billion on January 31, 35% of all delinquencies in the system.
83% of their resources are internal deposits, thereby creating a shield against the international crisis.
Equilibrium, a risk rating firm, predicts a slowdown in the Panamanian banking sector in 2009.
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