On the last day the American dollar quoted at closing 1 balboa on averageso that it implied a change of 2.38% compared to the value of the previous day, when it was quoted at 0.98 balboa.
If we consider the data from the last seven days, the American dollar marks slight changes; but for a year he still maintains a rise of 2.47%.
Compared to previous days, the situation has changed with respect to the previous day, when it fell by 0.04%, proving incapable of establishing a trend lately. Regarding the volatility of the last week, it is slightly higher than the data achieved for the last year (20.59%), which shows that it is showing a more unstable behaviour.
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 positioned between 1.5 and 2%, which is why it is expected that there will be an increase in unemployment rates and informal employment.
In Panama, the legal currency is called the balboa. and is abbreviated as PAB; 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, as the Tuvaluan and Kiribati dollars 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 welcome this new currency and denounced its forced use to the detriment of the US dollar, so The currency was called “Martinelli”in reference to Panamanian President Ricardo Martinelli, who promoted it.
An attempt was also made to engrave coins of two and five balboas, but the project was later cancelled. Today, there are coins in circulation of one and five cents; a tenth, a quarter and a half of a balboa, as well as one balboa.
