Euro: closing price today, March 21 in Panama

The euro traded at the close at 1.10 balboas on average, which was 0.35% down from 1.10 balboas on average the previous day.

Taking into account the last seven days, the euro registered a rise of 2.89%; despite this, in year-on-year terms, it still accumulates a decline of 7.37%. Analyzing this data with that of previous days, he stopped four consecutive days with a positive trend. The volatility for the last week was 14.37%, which is visibly higher than the annual volatility figure (8.12%), so it shows greater variations than the general trend in value.

In the last year, the euro has changed by a maximum of 1.14 balboas on average, while its lowest level has been 1.06 balboas on average. The euro is placed closer to its minimum than to its maximum.

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 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. In addition, 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 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 nations that has suffered the least from this rise that is affecting several countries internationally after the passage of the COVID-19 pandemic.

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