The Phaserl


Banking Holiday in Panama

by Randy Hilarski,

[Last Friday] the National Bank of Panama announced that it was suspending all services until Tuesday the 1st of October. The National Bank of Panama says that the reason is to upgrade systems. The Banking Holiday in Panama was announced this am.

This system wide shutdown has country wide implications. The National Bank of Panama did not warn the people before making the announcement and shutting down the banks. The people do not have access to ATM’s either. We received word of this from family members first. This weekend is payday for people across Panama.

I am active among the Gold and Silver investing community. We have been discussing at great length about the possibility of bank holidays in countries on the Dollar standard. Could Panama just be the first domino to fall in the banking system? Could this be more than just a system upgrade? Why not tell the people ahead of time to prepare for the closure of the banking system?

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