Closing value of the euro in Panama this June 17 from EUR to PAB

Closing value of the euro in Panama this June 17 from EUR to PAB
Closing value of the euro in Panama this June 17 from EUR to PAB

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

He euro quoted at closing 1.07 balboas on averagewhich implied a change of 0.27% when compared to the data from the previous day, when it closed with 1.07 balboas.

In reference to the profitability of the last week, the euro accumulates a promotion of 2.2%%so that in year-on-year terms there is still an increase in 4.51%.

Analyzing this data with that of previous dates, they chained two consecutive days in positive figures. The volatility figure was 11.55%, which is a figure slightly higher than the annual volatility figure (11.31%), so it presents greater variations 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 region 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 the acronym PAB is used; It is divided into 100 cents and what characterizes it is that it is not an independent currency, 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 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.

Panamanians did not receive this new currency well and denounced its forced use to the detriment of the US bill, so the motto was called “Martinelli”in reference to the Panamanian president Ricardo Martinelli, who promoted it.

An attempt was also made to mint 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.

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