Dollar: closing price today, March 18 in Panama

Last day the US dollar was paid at the close at 1 balboa on average, so it represented a rise of 2.22% compared to 0.98 balboa on average the previous day.

In relation to the variations of this day compared to previous days, he chained four sessions in a row on the rise. As for the volatility of the last few days, it presented a return that was manifestly higher than the volatility reflected in the last year's figures, so it is going through a phase of instability.

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

Panamanian Balboa

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 independent money, but a local version of the US dollar.

The Panamanian administration 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 accused the forced use of it 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 mint 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 countries that has suffered the least from this rise that is affecting several countries internationally after the passage of the SARS-CoV-2 pandemic.

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Agencies