Panama - Banking SystemsPanama - Banking Systems
The U.S. Dollar is Panama’s currency and there is no central bank. The National Bank of Panama has certain functions of a central bank, such as serving as the clearinghouse for the banking system.
Panama opened its banking sector to foreign competition in 1970 under legislation, which placed high priority on banker-depositor confidentiality. In early 2013, there were over 90 banks registered in Panama with total assets close to $90 billion. The banking legislation establishes three classes of operations: general license banks operate full service banks in Panama and compete for domestic and foreign deposits and loans; international license or "offshore" banks, can only accept deposits from persons or organizations located overseas; representative offices can only perform representational activities. There are also two state-owned deposit-taking institutions. Foreign and Panamanian banks compete on equal terms. Banks are organized into the Panamanian Banking Association (Panamanian and Foreign Banks) and are licensed and regulated by the Banking Supervisory Authority (Superintendencia de Bancos). Panama’s banking system does not have a deposit insurance scheme. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Panama opened its banking sector to foreign competition in 1970 under legislation, which placed high priority on banker-depositor confidentiality. In early 2013, there were over 90 banks registered in Panama with total assets close to $90 billion. The banking legislation establishes three classes of operations: general license banks operate full service banks in Panama and compete for domestic and foreign deposits and loans; international license or "offshore" banks, can only accept deposits from persons or organizations located overseas; representative offices can only perform representational activities. There are also two state-owned deposit-taking institutions. Foreign and Panamanian banks compete on equal terms. Banks are organized into the Panamanian Banking Association (Panamanian and Foreign Banks) and are licensed and regulated by the Banking Supervisory Authority (Superintendencia de Bancos). Panama’s banking system does not have a deposit insurance scheme. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.