Panama adopts temporary measures in response to the financial crisis
Responding to the international financial situation the Panamanian Bank Superintendent's Office has decided to adopt temporary measures.
Tuesday, November 11, 2008
According to Resolution 8-October 31, 2008; at the request of a bank, the Superintendent's Office may approve a resolution to the effect that obligations issued by the Panamanian government, US Treasury bonds and notes and Latin American government debt within its investment portfolio be transferred from the category of securities available for sale to the category of term securities.
In response to the local and global economic crisis, the liquidity measures taken in October 2008 were extended by nine months.
The Monetary Board extended the term of the money table for domestic banks up to May 31.
Funds in the banking system have increased by 10.34% so far this year.
The banking sector requested that the term for the temporary measure of providing liquidity in US dollars via repo transactions be extended.
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