Monday 03 November 2008, San José, Costa
Rica
Impact Of Global
Financial Crisis Not Seen In Panama
Latin America Present at
Biarritz Forum
Venezuelan President
Voices Support For Obama
Cuban-Dominican Ties
Close, says FM
Bolivia Government
Ensures Referendum Poll
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Impact Of Global
Financial Crisis Not
Seen In Panama
Panama - The impact of
the ongoing global
financial crisis has not
emerged in Panama, said
Carmen Gisela Vergara,
Panamanian minister of
commerce and industry.
Panama, one of the
biggest financial
centres in Latin
America, has suffered
less losses in the
worldwide financial
crisis due to its
sufficient liquidity in
the banking system,
Vergara said in a trade
forum held in Tokyo.
Panama's economy is
based on regional
financial services,
which is different from
any other countries in
Latin America and the
Caribbean region, the
minister added.
The country's banking
system becomes even more
stable with the growth
of local and foreign
savings after the crisis
broke out in the United
States. However, Vergara
also noted that the
impact of the financial
downturn is not clear
yet as the country's
economy is largely
dependent on the United
States.
Panamanian President
Martin Torrijos said
earlier that his
country's banking system
was ready to face the
global financial crisis.
The extension project of
the Panama Canal was
provided with a loan of
us$2.3 billion dollars,
showing the confidence
of the international
community in his
country.
Panama has no central
bank. The absence of
foreign exchange risks
and foreign currency
control, tax-free bank
savings, the free flow
of remittance and low
interests on bank loans
have made this Latin
American country one of
the most important
financial centers for
international banking
and commerce in the
region.
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