The Superintendency of Banks of Panama (SBP) presented its budget request for fiscal year 2027 to the Budget Committee of the National Assembly, seeking USD 27.4 million to support the technical, technological, and operational capabilities required to carry out its banking regulation and supervision functions.
During the presentation, the institution explained that its budget is financed through its own revenues from fees, inspection charges, and other services related to its regulatory activities. Accordingly, it does not require funding from the Central Government for its ordinary operations.
The SBP highlighted that it supervises 52 banks, 10 representative offices, 7 regional financial groups, and 54 trust service providers, in addition to more than 280 financial reporting entities subject to anti-money laundering and counter-terrorist financing requirements. The SBP also noted that the International Banking Center accounts for more than 91% of the local financial system’s assets.
As part of the budget presentation, the SBP provided statistics on banking sector performance. Deposits reached USD 121,866 million, representing year-over-year growth of 7.7%. Local deposits increased by 5.0%, while external deposits grew by 11.7%, increasing their share of total deposits.
Among its institutional priorities for 2027, the SBP highlighted strengthening technological security, updating the regulatory framework, and expanding financial education initiatives, among other areas. The institution will also continue to support national efforts to keep Panama off the Financial Action Task Force’s grey and blacklists and advance processes related to the country’s accession to the Organization for Economic Co-operation and Development (OECD).
The proposal includes measures to strengthen specialized human capital through training programs in cybersecurity, technology risk, international regulations, forensic auditing, and bank resolution. It also provides for technological modernization projects focused on supervisory tools, artificial intelligence, data management, and enhanced cybersecurity capabilities.
The SBP reported that the budget allocation recommended by the Ministry of Economy and Finance amounts to USD 25.7 million, USD 1.7 million below the amount requested. According to the presentation, this shortfall primarily affects
resources earmarked for strengthening the specialized technical workforce needed to meet new regulatory and supervisory responsibilities.
The institution emphasized that the proposed budget is intended to ensure continuity of effective supervision aligned with international standards, thereby contributing to depositor protection and maintaining stability and confidence in Panama’s financial system.
