RISK MANAGEMENT
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REFINANCING RISK
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The refinancing risk of the loan portfolio of the Republic of Panama is measured by the concentration of heavy amortization ​in the coming periods, coupled with the possibility of refinancing these maturities of debt instruments to high costs. In order to limit the exposure of the Republic to this type of risk, the Directorate of Public Credit has the function to execute in a timely manner liability management operations to smooth out "peaks" of revenues profile.​​
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MARKET RISK​​
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Market risk represents the exposure that maintains the loan portfolio of the Republic of Panama against fluctuations in the prices of financial instruments resulting from uncertainty in interest rates, exchange rates, price of raw materials, disasters natural, etc. ​​This risk is also known as systematic risk, because it affects most of the financial instruments. However, there are ways to mitigate exposure to this risk through hedging among others.
LOANS IN CURRENCIES DIFFERENT THAN US DOLLAR ()
Loan Trench Date of Signature Balance Variable Rate