Outgoing Panama remittances jump 16%

THE INCREASING number of foreign residents in Panama and the good performance of the economy explain the 16% increase in transfers of money abroad in 2013 compared to the previous year.

Unlike other countries in Central America, in Panama there are more dollars sent out in the form of remittances than those coming in, a trend that has been consolidated in recent years, in parallel with the economic growth and the growing presence of foreigners coming to work in the country.

“Figures from the Department of Financial Institutions (DGEF) show that transfers of money to foreign countries increased by 15.97% at the end of last year, going from $322.2 million in 2012 to $373.7 million in 2013, while the balance of remittances received saw a slight increase of 0.44% compared to the same period, rising from $212.2 million to $213.1 million. “

“…Evidence of the positive results seen by remittance houses in the country is the steady increase in the number of companies engaged in this activity, as in 2006 there were only 7 and in 2013 that number rose to 15. But that’s not all, because currently DGEF officials are analyzing two new applications for remittance houses who wish to enter the Panamanian market, reports Capital.com.pa