Panama: closing price of the dollar today, March 22 of USD to PAB

Last day, the US dollar traded at the close at 1 balboa on average, which represented an increase of 2.34% compared to the previous day's price, when it ended with 0.98 balboa on average.

If we consider the data for the last week, the US dollar marks a rise of 2.22%, so that for a year it has still maintained a rise of 2.13%. As for the variations of this day with respect to past days, without being able to set a recently defined trend. The volatility of the last seven days was notoriously higher than that accumulated in the last year, so the value underwent greater changes than the general trend.

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.

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 administration issues its own coins in hundredths and balboas equivalent to dollars, although these currencies are not legal tender in the United States. This is not the only case, since the Tuvaluan and Kiribatian 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 produce 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 internationally after the passage of the COVID-19 pandemic.

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