Banco Nacional Details CEPANIM Discount Rates After Retiree Complaints
PANAMA CITY, July 20, 2026 – Banco Nacional de Panama detailed how it calculates discount rates for CEPANIM certificates after complaints from retirees and pensioners over the cost of redeeming the documents before maturity.
Bank officials said the discount is based on the institution’s cost of funds and the number of years remaining before the certificate can be collected. The bank put its annual funding cost at roughly 4.5% to 5%, while CEPANIM maturities run from 2029 to 2032.
According to the explanation, certificates maturing in three years carry a 15% discount, those maturing in four years carry 20%, those maturing in five years carry 23%, and those maturing in six years carry 26%. General manager Javier Carrizo said the bank is not profiting from the operation and described the annual discount rate as 5%.
The issue has become politically sensitive because many beneficiaries want immediate access to money tied to state obligations, while the bank says early redemption carries a financial cost.
Why it matters
The CEPANIM debate affects retirees and pensioners who must decide whether to wait for full value or accept a lower amount now. Clear explanations matter because distrust over the calculation can drive protests.
What happens next
Beneficiaries are likely to keep pressing for lower discounts or clearer alternatives. The bank and government may face continued pressure to explain the mechanism in plain terms.
