Monday, September 30, 2013

PANAMA'S BANK RESTORES ATM SERVICE

Donald Hank writes:
 
Today's paper (Panamá América) says the Banco Nacional de Panamá (BNP) has restored service to its ATM machines. The branches will remain closed for the Phase II update but will reopen tomorrow.
The fact that the ATMs are now in service seems to deflate (at least for now) the panic report of last week which hinted at a banking crisis. In fact, if what I was told on the street is true, then today, Monday, is payday as well as the day social security checks arrive, and that means most of the public did not have to suffer undue hardship over this update. (Keep in mind that Panama has no socialist welfare system per se--which, incidentally, is the main reason Panama has such a vibrant economy with low unemployment and excellent growth).
It is odd that HSBC also was updating its system on the same dates, and I will not say the two events are unrelated. But at least in Panama, things seem to be getting back to normal.
I will keep you posted on any new developments.
Don Hank

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