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Banking in Panama. Panama has a substantial financial services sector. The sector grew up providing trade finance for trade passing through the Panama Canal, and later evolved into money laundering for the drug trade under Manuel Noriega . Panama has had two Panamanian government-owned banks: the National Bank of Panama ( Spanish: Banco ...
The politics of Panama take place in a framework of a presidential representative democratic republic with multi-party system, whereby the President of Panama is both head of state and head of government . Executive power is exercised by the president. Legislative power is vested in the National Assembly. The Judiciary is independent of the ...
The economy of Panama is based mainly on the tourism and services sector, which accounts for nearly 80% of its GDP and accounts for most of its foreign income. Services include banking, commerce, insurance, container ports, and flagship registry, medical and health and tourism. Historically, the Panama Canal (and the nearby Colón Free Trade ...
Panama's president-elect, Jose Raul Mulino, said on Wednesday he will urge lawmakers to approve a law enabling the Panama Canal to build large water reservoirs in the face of an unprecedented ...
Location of Panama between the Pacific Ocean (bottom) and the Caribbean Sea (top), with the canal at top center. The Panama Canal (Spanish: Canal de Panamá) is an artificial 82-kilometre (51-mile) waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean, cutting across the Isthmus of Panama, and is a conduit for maritime ...
The Panama Canal Authority ( Spanish: Autoridad del Canal de Panamá; ACP) is the agency of the government of Panama responsible for the operation and management of the Panama Canal. The ACP took over the administration of the canal from the Panama Canal Commission, the joint US–Panama agency that managed the canal, on December 31, 1999, when ...
A Neopanamax ship passes through the Panama Canal's Agua Clara lock in 2019. The Atlantic Bridge is seen in the background.. The Panama Canal expansion project (Spanish: ampliación del Canal de Panamá), also called the Third Set of Locks Project, doubled the capacity of the Panama Canal by adding a new traffic lane, enabling more ships to transit the waterway, and increasing the width and ...
Revenue from canal tolls continues to represent a significant portion of Panama's GDP, especially since the Panama Canal expansion project (finished in 2016) has doubled its capacity. Commerce, banking, and tourism are major sectors. Panama is regarded as having a high-income economy.