Panama: Closing price of the dollar today, February 1, from USD to PAB

If we compare the number to past dates, it adds two consecutive days with positive numbers. The volatility figure is higher than the data obtained for last year (20.84%), so it shows larger changes than the general trend of the value.

The Economic Commission for Latin America and the Caribbean has ranked Panama as one of the countries with the highest economic growth rate in the region and expects the country's economy to grow by 4.2 percent.

Factors such as the electoral period, drought in major artificial lakes, unemployment, and interest rate increases at the Federal Reserve Bank (Federal Reserve) are some of the scenarios that will affect the economic situation in Panama.

Copper mining exports represent between 3 and 4 percent of the national economy. Given the suspension, growth expectations for this year range between 1.5 and 2 percent, and for this reason it is expected to record a rise in unemployment and informal employment rates.

In Panama, legal tender is called a balboa. The abbreviation PAB is used; It is divided into 100 cents, and what distinguishes it is that it is not an independent currency, but rather a local copy of the US dollar.

The Panamanian administration issues its own currencies in hundreds and The balboa is equivalent to the dollar although these currencies are not accepted in the United States . This is not the only case, as the Tuvaluan and Kiribati dollars have the same relationship with the Australian dollar.

This link to the US dollar occurred in 1904 after the National Congress of Panama. In addition, in 2010, a single Balboa coin entered circulation, and 40 million units were issued.

The reception of this currency was negative, and Panamanians denounced its forced use at the expense of the American bill, therefore The logo was called “Martinelli”In reference to Panamanian President Ricardo Martinelli, who promoted it.

An attempt was also made to print two- and five-hundredth Balboa coins, but the project was later cancelled, and there are one- and five-hundredths coins in circulation today; One-tenth, one-quarter and one-half balboa, plus one balboa.