Panama: closing price of the dollar today, March 16 USD to PAB

Last day the US dollar traded at the close at 1 balboa, implying a rise of 2.49% compared to 0.98 balboa the previous day.

If we consider the data for the last week, the US dollar accumulates an increase of 2.35%, so that in the last year it still accumulates a 2.13% increase. Comparing this figure with that of previous days, it reversed the result of the previous day, when it obtained a decrease of 2.43%, showing itself unable to establish a stable trend recently. The volatility figure was clearly higher than that accumulated in the last year, presenting itself as an asset with greater alterations than indicated by the general trend.

In the annual photo, the US dollar has reached a high of 1 balboa, while its lowest level has been 0.97 balboa.

Dollar-style

The balboa is the legal tender in Panama and PAB is abbreviated, in addition, it is divided into 100 hundredths 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 coins in hundredths and balboas equivalent to dollars, although these coins are not legal tender in the United States. Nor is it a unique case, since the Tuvaluan and Kiribati dollars are in the same relationship with the Australian dollar.

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

The receipt of this currency was negative and Panamanians denounced its forced use to the detriment of the US banknote, so the currency was called “Martinelli”, in reference to Panamanian president Ricardo Martinelli, who promoted it.

Attempts were also made to print two- and five-balboa coins, but the project was later canceled. There are currently coins of 1 and 5 hundredths in circulation; a tenth, a quarter and a half of balboa, as well as the one balboa.

In the economic field, the International Monetary Fund (IMF) estimates that in 2022 Panama, the Dominican Republic and Central America will grow by 4.5%, after registering 9.2% growth in 2021.

Between January and December 2021, Panama accumulated inflation of 1.6%, while the year-on-year variation stood at 2.6%, according to data from the National Institute of Statistics and Census (INEC), which places it in one of the countries that has suffered the least from this rise that is affecting several countries worldwide after the passage of the COVID-19 pandemic.

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