The Panamanian business sector assures that the efforts and results that have been achieved in such a short time have not been recognized by the FATF, which decided to put the country back on its gray list.
Although at the beginning of the year efforts were made in the country to improve controls in relation to tax evasion, as in the case of the approval by the National Assembly of the bill criminalizing tax evasion, when the amount defrauded in a fiscal period of one year is equal to or greater than $300,000, it was not enough for the country to return to the FATF grey list.
Late loans granted by public banks to small companies amounted to 5.5% in May, 3.8% in the case of medium-size companies and 3.3% in the case of large companies, a situation attributed to the economic slowdown.
The percentage of credits reported by the General Superintendence of Financial Entities (Sugef), refers to loans that went into default for more than 90 days and judicial collection, granted by public entities such as the National Bank, Banco de Costa Rica and Banco Popular.
In its next evaluation, the OECD could lower Guatemala's rating, because in August last year access to bank information with a court order was suspended, which could lead to an increase in the credit price.
A greater supply of dollars, high local interest rates and a decrease in imports of durable goods explain the decreasing trend of the exchange rate in Costa Rica, which on June 18 reached the lowest level of the year.
In 2018, the dollar price against the Colon was on an upward trend, however, between February 6 and mid-June of this year, there has been a fall of up to 28 colones per dollar. [GRAFICA caption="Click to interact with graph"]
For Moody's, the expansion of the Panamanian economy forecast for the next few years would allow bank credit to grow 8% in 2019 and 9% in 2020.
According to estimates by analysts of the rating agency Moody´s Investors Service is that for the 2019-2014 five-year period is that the Panamanian economy will achieve growth between 5% and 5.5%, behavior that will favor the dynamism of the banking sector.
With the aim of making the classification of debtors more flexible and reducing the risk of non-payment, in a context where delinquent loans keep on rising, Costa Rica authorized the modification of two regulations that apply to entities in the financial system.
The General Superintendence of Financial Entities (Sugef) and the National Council of Supervision of the Financial System (Conassif), informed that changes were made to the "Regulation for the qualification of debtors" and the "Regulation on management and evaluation of credit risk for the development banking system", which ultimately aim to give access to new credits to about 63 thousand people.
In Costa Rica, the Basic Passive Rate keeps on rising and this week increased from 6.30% to 6.35%, while the Effective Rate in Dollars decreased from 2.99% to 2.92%.
The Central Bank of Costa Rica published on Wednesday afternoon June 12 that after remaining unchanged the previous week, the Basic Passive Rate increased by 0.05%, and will remain at 6.35% until next June 19.
In Costa Rica, exporters ask the Central Bank to "avoid distortions in the fixing of the exchange rate because of the oversupply of dollars from the sources of financing for the fiscal deficit."
At the end of 2018 and the beginning of 2019, the dollar price against the Colon reported an upward trend, but from February 6 to mid-June 11, there has been a fall of up to 26 colones per dollar.
Some days after having initiated the administrative procedure against Aldesa Puesto de Bolsa, the judicial authorities of Costa Rica carried out several raids in the homes of the directors of the entity and its offices.
On May 24, through a relevant fact, the General Superintendence of Securities (Sugeval) explained that investigations would be made to determine whether or not the stock exchange carried out the necessary accounting records of accounts receivable payment operations for nine months.
The Effective Rate in Dollars increased from 2.88% to 2.99%, while the Basic Passive Rate did not report changes, in this case it will remain at 6.30%.
The Central Bank of Costa Rica published on Wednesday afternoon June 5 that after the increase of two weeks ago, the Basic Passive Rate did not change and will remain at 6.30% until next June 12. [GRAFICA caption="Click to interact with graph"]
According to official statistics, the volume of exchange market operations in April totaled 924.7 million dollars (US$38.5 million daily average), showing a 0.97% decrease with respect to the level registered in the previous month. Of the total, 500.5 million dollars corresponded to purchasing operations and 424.3 million dollars to sales.
Up to March 2019, the credit portfolio of banks in the national system totaled $54.857 million, 5% more than in the same month in 2018, and the increase was again explained by mortgage and personal loans.
The sectors driving this growth in absolute value are associated with personal banking products, especially in the mortgage (5.4%) and personal loans (5.3%), informed the Superintendence of Banks of Panama.
For the third time, in this year, the Banco de Guatemala confirmed that it decided to keep the monetary policy rate at 2.75%, since the short term indicators of the economic activity show a dynamism that adjusts to the expected.
The Basic Deposit Rate increased from 6.20% to 6.30%, while the Effective Rate in Dollars increased from 2.81% to 2.88%.
The Central Bank of Costa Rica published on Wednesday afternoon May 29 that after remaining unchanged the previous week, the Basic Passive Rate increased by 0.10%, and will remain at 6.30% until next June 5.
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
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