International Banking Center
Panama's International Banking Center, the most modern and successful in Latin America, offers investors over 100 Banks from more than 32 countries around the world. Banks from Asia, Europe and the Americas carry out their operations to and from Panama, not only as a consequence of the favorable environment established by the Banking Law, but also due to a series of comparative advantages facilitating banking activity. Included among these are the use of the U.S. Dollar as legal tender, the free flow of capital, an attractive monetary policy and other aspects of the legal environment. Investor confidence is based on a unique economic and free trade platform. Unlike any other Latin nation, service industries account for approximately 80% of Panama’s GNP and Panama has the exclusive right to use the U.S. Dollar as its par-value currency. This combination produced an economy that grew 3.9% in 1998, compared to the Latin American average of 2.5%, while registering an inflation rate of merely 0.6%. Foreign and national business reaps the benefits of numerous trade pacts and accords.
At the turn of the new century, a new law was enacted in order to restructure the Panama banking system. The National Banking Commission was replaced by the Superintendence of Banks. This new entity has budgetary and operational independence. Consolidated supervision rules were also introduced.Related Links:Other Country Info:
