Panama "has ample liquidity"
Banks in Panama have enough liquidity and are properly positioned to face the international credit crisis, the head of supervising the sector said on Monday.
Tuesday, October 14, 2008
Olegario Barrelier, superintendent of Banks in Panama, said that liquidity in the banking sector in the country was close to 58% of deposits, with a manageable level of exposure to international markets that have been shaken by the US financial crisis.
The local banking system started to feel the effects of the international financial crisis with credit restrictions in place from international correspondent banks.
The Monetary Board in charge of directing macroeconomic policies of the country opened a special account in US dollars and placed it at the disposal of the private banks to help them acquire liquidity.
The rise in the cost of money, which was announced as an adverse consequence of the lack of liquidity on the global stage, is being felt in the country.
This is the amount that the Salvadoran Foundation for Social and Economic Development recommends getting in the contingency credit.
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