Economic growth and low interest rates in the United States explain the increase between 2011 and 2013.
With an average annual growth of 8% in the past five years, according to data from the Superintendency of banks of Panama (SBP), bank deposits were $59.626,93 million in February of 2014 $39.919,66 million in February 2009.
The Economist Raúl Moreira, explained to Capital.com.pa that "the performance of deposits is due to the pace of the economic growth of the country, which has been increasing in a significant way because there is a lot of investment - both domestic and foreign - and that is reflected in some way in the pace of expansion of the banking sector and is an example of Panama's economic and financial health."
In case of bankruptcy of a bank, the accounts will be insured for up to $10,000 by the Deposit Guarantee Institute.
The Deposit Guarantee Institute (IGD) announced that from January 1st deposits will be insured up to a limit of $10,000 per bank. Insurance is active if any of the entities registered in the Financial System goes bankrupt.
"... If the saver has a higher amount of money above the limit, the excess should be claimed directly from the bank," noted an article in Eleconomista.net.
Private banks in Costa Rica are opposed to the $30 million fund that protects small depositors being transferred to the Central Bank.
Nacion.com reports that "private banks are against transfer of the administration of the $30 million fund which protects small savers, in case of bankruptcy of a financial institution, to the Central Bank, as ordered by a Bill ruled on in the Economic Affairs Committee of Congress. "
In the last ten years the resources of the Deposit Guarantee Fund (Fogade) have increased, allowing it to currently cover 99.4% of depositors belonging to member institutions.
Within the Financial System, Fogade is the institution that ultimately provides guarantees for savers in the event of closures or bankruptcy by financial institutions.
Rolando Sevilla, president of the board of Fogade, told Laprensa.com.ni, "We closed the month of June (past) with assets of $105 million and expect to close 2012 with resources in the order of $109 million, growth of nine percent."
The two business associations that claim to represent the sector in Costa Rica are at odds over the fate of the $31 million held by the savings insurance fund.
Against the backdrop of a long-standing confrontation between the Costa Rican Banking Association (ABC), established in 1983, and the Chamber of Banking and Financial Institutions (CBF), founded in 1968, over which of the two unions represent the banking sector in Costa Rica, the Bill on Savings Insurance Act is giving rise to discussions that include charges of "unfair union practices."