By invoking the act, Mr. Reagan effectively prohibited payments to the Noriega regime and froze Panamanian assets in the United States.

They included the freezing of $50 million in Panamanian assets and the nonpayment of canal revenues and local taxes by American companies here.

He now has effectively frozen all Panamanian assets in the United States and prohibited payments to the Noriega regime.

He will be assisted by the lifting of US sanctions and the unfreezing of Panamanian assets held in the US.

In March 1988 the US imposed economic sanctions against Panama, ending a preferential trade agreement, freezing Panamanian assets in US banks and refusing to pay canal fees.

Mr. Delvalle issued a proclamation from his hiding place this week ordering all Panamanian assets frozen; that proclamation has been the foundation of the economic campaign against the Noriega regime.

The State Department said today that the proclamation, by Eric Arturo Delvalle, freezing all Panamanian assets outside the country was a legitimate act by the nation's lawful President.

Mr. Herrera said he was paid $4,500 monthly from frozen Panamanian assets under United States control.

The US has also attempted to appease national opinion by lifting the trade embargo, unfreezing Panamanian assets in the US, and pledging to reopen the canal today.

Accumulating Pressure The move follows steps freezing $50 million in Panamanian assets and $7 million in Panama Canal payments, actions that forced the shutdown of the banking system on March 3.