Closing value of the euro in Panama this May 16 from EUR to PAB

Closing value of the euro in Panama this May 16 from EUR to PAB
Closing value of the euro in Panama this May 16 from EUR to PAB

This year the euro has reached maximums of over 1,000 balboas per unit. (Infobae)

In the last day the euro quoted at closing 1.09 balboas on averagewhich represented a change of 2.92% compared to the 1.06 balboas of the previous day.

In the last seven days, the euro records an increase in 0.91%so that in the last year it still maintains an increase in 4.07%.

Comparing this data with that of previous days, it added three consecutive dates in positive digits. The volatility of the last seven days is visibly higher than the numbers achieved for the last year (10.25%), so it is presenting a more unstable behavior.

The Economic Commission for Latin America and the Caribbean positioned Panama as one of the countries with the highest economic growth in the area and projects that the country’s economy will grow 4.2 percent.

Factors such as the electoral period, drought in the main artificial lakes, unemployment and the increase in interest rates of the Federal Reserve (Fed) are some of the scenarios that will influence the economic situation in Panama.

Copper mining exports represent between 3 and 4 percent of the national economy and given the suspension, the growth outlook for this year is between 1.5 and 2%, for this reason an increase in rates is expected to be recorded. unemployment and informal employment.

In Panama, the legal tender is called the balboa. and is abbreviated PAB; It is divided into 100 cents and what characterizes it is that it is not independent money, but a local version of the US dollar.

The Panamanian administration issues its own currencies in hundredths and balboas equivalent to dollars although these currencies are not accepted in the United States . This is not a unique case either, since the Tuvaluan and Kiribati dollar have the same relationship with the Australian dollar.

This link with the US dollar occurred in 1904 after the National Convention of Panama. Later, in 2010, the one balboa coin entered circulation, of which 40 million units were issued.

The reception of this currency was negative and Panamanians accused a forced use of it to the detriment of the US bill, so the motto was called “Martinelli”in reference to Panamanian president Ricardo Martinelli, who promoted it.

An attempt was also made to produce coins of two and five balboas, but the project was later cancelled. Currently there are coins of one and five hundredths in circulation; a tenth, a quarter and a half of a balboa, as well as one balboa.

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