He American dollar quoted at closing 1 balboa on averagewhich represented a change of 1.68% compared to the 0.98 balboa of the previous day.
If we consider the data of the last seven days, the American dollar marks a rise of 23%%so that in the last year there is still an increase in the 2.36%.
Comparing this data with that of past days, it is difficult to dictate a clear direction given the existing fluctuations. The volatility referring to the last week was slightly higher than that accumulated in the last year, so it presents greater alterations than the general trend of the value.
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 government issues its own currencies in hundredths and balboas equivalent to dollars although these currencies are not legal tender 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 denounced a forced use of it to the detriment of the American 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. Today 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.
