Record Christmas Savings Reported by the Superintendency of Banks

This result reflects a growth of $32 million more than what was disbursed last year.  A 15% growth compared to the previous year reflects Panamanians’ Christmas savings in 2024.  This represents a historic total of $244 million dollars, benefiting 445,133 savers, reported the Superintendency of Banks of Panama (SBP). Approximately 72 thousand more accounts were opened in 2024.  This shows “greater commitment from families to financial planning,” the institution said. 

This increase contrasts with the decrease in current savings deposits, as many users have chosen to transfer their funds to fixed-term deposits due to better interest rates. Despite this, Christmas savings accounts remain key to households’ economic stability, allowing them to face the holidays without resorting to debt.  The province of Panama accounts for 82% of the total, with $201 million and 363,000 active accounts.  Other regions, such as Chiriquí, Colón and Azuero, also stand out in the use of this product, which not only promotes financial stability, but also stimulates the economy during the Christmas season.  Promoting a culture of savings remains essential for Panama’s sustainable economic development.