The impact of the ongoing global financial crisis has not emerged in Panama, said Carmen Gisela Vergara, Panamanian minister of commerce and industry, on Friday.
Panama, one of the biggest financial centers 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 2.3billion U.S. 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.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article