The 2021 Pandora Papers are the third in a series, following the 2016 Panama Papers and 2017 Paradise Papers, of explosive documents exposing the offshore financial activities of the rich and powerful. The 2.94 TB of damning data compiled by the Consortium of Investigative Journalists unmasks the elites’ efforts to conceal their riches.
Monetary systems worldwide, rooted in fiat currency with the USD entrenched as the reserve currency, are watching digital-currency contenders enter the ring. Central banks, eager to control their nations’ money supplies and chip away at the USD’s dominance, are weighing the risks and benefits of unleashing their own digital currencies.
When bitcoin, the first cryptocurrency, was birthed in 2008, few envisioned it becoming legal tender. But it did, in September 2021, in El Salvador. The Central American country is on a growing list of emerging markets embracing cryptos and CBDCs as preferred currencies due to their many benefits, blazing the trail for global acceptance.
Costa Rica has been one of Central America’s most prosperous and stable countries, providing many opportunities for its financial sector to flourish—despite the government’s recent liquidity crisis. BAC Credomatic Costa Rica, with its emphasis on placing the customer in the centre, has made the best use of the advantages its home country offers. Country Manager Federico Odio González gave us a run-down on BAC’s commitment to streamlining while improving its operations.
Panama continues its efforts to claw back from the shadow of the Panama Papers scandal. Its efforts seem to be paying dividends as the country returned third-quarter growth of 5.4 percent—slightly beating its 5.2-percent growth in the second quarter.