Panama: No More Price Control?

The brand-new Cortizo administration announced that it will gradually eliminate the price control system for 22 products of the basic basket, in force since July 2014.

Wednesday, July 3, 2019

The measure, which was initially announced as temporary, became permanent in the country, as it came into force on July 7, 2014, and during the Varela administration it was extended nine times, leaving negative balances to the discretion of some sectors.

The list of 22 products in the basic basket, whose prices are regulated, will be modified next July 7, according to President Laurentino Cortizo, who confirmed to the media.

See "Price control: From Temporary to Permanent

Regarding how the measure will be eliminated, Carlos Salcedo, Minister Counselor for Agricultural Affairs, explained to Elcapitalfinanciero.com that "... price control will be eliminated gradually, as President Laurentino Cortizo will be signing an Executive Decree on this issue soon."

Salcedo added that "... establishing price control in a free market economy is an outburst, but he added that it was something that was inherited, so it will be phased out."

Some of the 22 products whose prices have been regulated since July 2014 are eggs, chicken, potatoes, macaroni and pork chop, among others.

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More on this topic

Price Control: More Products Threatened

January 2020

Although at the beginning of the Cortizo administration it was announced that the price control system for the basic basket would be gradually removed, now the Panamanian president is threatening to add products that were already excluded again, if their prices rise.

On January 7, it was confirmed that the price control on 14 products of the basic family food basket would be extended for six more months, a measure that was rejected by the Panamanian business sector.

Price Control: More Products Will Be Excluded

November 2019

At the beginning of the Cortizo administration the quantity of products with controlled prices in Panama was reduced from 22 to 14, and from January 1, 2020 the list will decrease to 7.

The gradual elimination of price control has been one of the actions that has strengthened the Cortizo administration, because since July 7, eggs, macaroni, beans, lentils, chop, marrow, breast and tuna, ceased to be part of the list of products, whose prices are controlled.

Price Control: Products Excluded from the List

July 2019

From July 7, eggs, macaroni, beans, lentils, chop, shank, breast and tuna will no longer be part of the list of products whose prices are controlled in Panama.

The measure consisting of the regulation of 22 products of the basic basket, which was initially announced as transitory, became permanent in the country, since it began to apply on July 7, 2014, and during the Varela administration was extended nine times, leaving negative balances at the discretion of some sectors.

Price Controls Now Permanent in Panama

July 2017

The measure, which initially was to last for only six months, was extended until December 2017, meaning that price controls on 22 products in the basic basket will have been in place for a total of three years.

Some of the 22 products whose prices have been regulated since July 2014 are eggs, chicken, potatoes, macaroni and pork chops, among others.

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