The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
Entities in the International Banking Center generated profits of $670 million in the first four months of the year, 11% more than in the same period in 2017.
The April result for the Banking Center, which includes general and international license banks, shows growth of 10.6%.The increase in Net Income is the result of increases in non-recurring financial income, such as the purchase and sale of securities and transactions with derivative instruments, and on the other hand, a decrease in provision expenses, as a result of the entry into force of IFRS 9, which has allowed banks to make an adjustment against retained earnings, informed the Superintendency of Banks.
Entities in the International Banking Center in Panama generated profits of $529 million in the first quarter of the year, 10% more than in the same period in 2017.
The Superintendency of Banks reported that "...The March result of the International Banking Center (CBI), which includes general and international license banks, shows profit growth of 9.5%.The increase in Net Income is the product of increases in non-recurring financial income, such as the purchase and sale of securities and transactions with derivative instruments."
As of March 2018, banks registered 6,230 agents and 8,668 establishments, 8% and 21% more than in the same month in 2017, while 337 branches were closed.
According to figures from the Superintendency of Banks, between the months of March 2017 and 2018, the number of banking agencies nationwide fell from 3,614 to 3,277, which is equivalent to a fall of 9%. This contrasts with the increases recorded in the number of agents and banking establishments.
The bill put forward by the Varela administration proposes regulating the operation of crowdfunding platforms, and creates the concept of Family Offices of Patrimonial Administration.
From a statement issued by the Ministry of Finance:
In the first eight months of the year the profits of the International Banking Center totaled $1.266 million, 13% more than in the same period in 2016.
Growth of the local credit portfolio to the private sector in the National Banking System was 7.8% in August 2017, compared to the same period in 2016.
Between March 2016 and the same month of this year there have been increases of up to 0.6% in interest rates on bank loans for commercial activities.
According to the Superintendency of Banks, during the period between March of last year and the same month in 2017, interest rates registered an average increase of 0.4% for economic activities in retail trade and wholesale trade in the Colon Free Zone.
In disagreement with the only proposal presented so far, depositors of the intervened Balboa Bank & Trust are preparing their own offer to acquire the bank.
Fitch Ratings, "Reputational risk events could put broad pressure on funding access and damage Panama's position as a regional financial center. "
From a report by Fitch Ratings:
Fitch Ratings-San Salvador/New York-15 March 2017: Reputational and conduct risk will remain key issues for Panamanian banks in 2017 owing to the interconnectedness of the regional financial system and ongoing high profile corruption cases that have affected multiple countries in Latin America, says Fitch Ratings. Reputational risk events could put broad pressure on funding access and damage Panama's position as a regional financial center.
As part of a reorganization process at the regional level, the Bank of Swiss origin has decided to close its representative office in Panama City.
Arguing that its exit from the Panamanian market has no relation to the Panama Papers scandal, and required a long planning process, a bank spokesperson told Swiss Info that offices in other Latin American countries will not be affected and will continue to operate normally.
A company spokesman told Swissinfo.ch that"... the closure is due to a reorganization of offices in Latin America, which represents 'a region of significant growth for asset management and private banking'."
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