Although they claim it will not be for long, interest rates remain at their lowest level for six years.
Laestrella.com.pa reports: "... in December 2007, the average interest rate on loans given for economic trade activities stood at 8.7%. Today, the average is 6.6%, which is a reduction of 2.1%. "
As for loans for personal consumption, during the same period they went from 12.2% to 9.2%, while for mortgages they market rate fell from 7% to 6%.
In the last three years loans for the construction sector increased by 427%.
Statistics of the Superintendency of Banks of Panama (SBP) reveal that between January and May 2013, $2.509 billion more has been provided than in 2011, when the amount of loans processed was $587 million. Loans for interim housing are the largest amount reported at $1.121 billion.