Opening value of the euro in Panama on March 17 from EUR to PAB

The euro is trading at the opening at 1.12 balboas, which meant a rise of 3.85% compared to 1.08 balboas the previous day.

If we consider the data for the last seven days, the euro has risen by 3.57%, although, on the contrary, in the last year it still maintains a decline of 5.47%. Comparing this data with that of past dates, it puts an end to two days of negative streak. In the last week, volatility is clearly higher than the numbers achieved for the last year (8.61%), so that the value undergoes greater changes than the general trend.

In the annual photo, the euro was paid at a maximum of 1.14 balboas, while its lowest level was 1.06 balboas. The euro is closer to its value than to the minimum.

Dollar-style

The balboa is the legal tender in Panama and the acronym PAB is used, in addition, it is divided into 100 hundredths and what characterizes it is that it is not an independent currency, but a local version of the US dollar.

The Panamanian government issues its own coins in hundredths and balboas equivalent to dollars, although these currencies are not accepted 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. Today there are 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 nations that has suffered the least from this rise that is affecting several countries worldwide after the passage of the SARS-CoV-2 pandemic.

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