Panama: Financial Sector Assessment Program - Technical Note on Macroprudential Framework and Policies

Author: International Monetary Fund. Monetary and Capital Markets Department

Since the 2012 FSAP, Panama has significantly strengthened its institutional framework and instruments for macroprudential policy-making.

Volume/Issue: Volume 2024 Issue 236

Publication date: July 2024

ISBN: 9798400284922

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Topics covered in this book

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Banks and Banking , Finance , Economics- Macroeconomics , IMF-World Bank Financial Sector Assessment Program , Superintendencia de Bancos de Panamá , Superintendencia de Seguros y Reasseguros de Panamá , Unidad de Análisis Financiero de Panamá , Macroprudential Policy committee , Macroprudential policy , Financial sector stability , Loans , Countercyclical capital buffers , Macroprudential policy instruments , Central America , Global

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Summary

Since the 2012 FSAP, Panama has significantly strengthened its institutional framework and instruments for macroprudential policy-making. Among other reforms, to strengthen the transparency of and accountability for macroprudential policy, the Superintendency of Banks of Panama (SBP) and the Financial Coordination Council (CCF) have made significant progress in implementing several of the recent high-priority IMF technical assistance (TA) recommendations. These include establishing a dedicated Macroprudential Policy Committee (CPMP), updating the SBP’s decision making process for macroprudential policy issues, drafting a macroprudential policy strategy document, improving public communication via the Financial Stability Report (FSR), and addressing data gaps. The CCF also made notable advancements in establishing its own Committee on Macroprudential Policy, developing member entities’ capacity on macroprudential policy, and gathering data.