Euro closing value in Panama on August 28 from EUR to PAB

he euro Payment was made at closing for 1.11 balboa on averagerepresenting a change of 1.83% compared to 1.09 balboas the previous day.

As for the past seven days, euro Record an increase 2.21%%Therefore, on an annual basis, there is still an increase in 4.05%.

Comparing this data with the data of the previous days, it turns out that it is a two-day streak in green. It is clear that the volatility over the past seven days has been higher than that accumulated over the past year, so it is going through a period of instability.

The Economic Commission for Latin America and the Caribbean has ranked Panama as one of the countries with the highest economic growth rate in the region and expects the country’s economy to grow by 4.2 percent.

Factors such as the electoral period, drought in the main artificial lakes, unemployment, and increasing interest rates of the Federal Reserve (Fed) are some of the scenarios that will affect the economic situation in Panama.

Copper mining exports account for between 3 and 4 percent of the national economy, and given the suspension, growth forecasts for this year range between 1.5 and 2 percent, which is why unemployment and informal employment are expected to rise.

The Panamanian Balboa is the legal tender in Panama. It is abbreviated as PAB; it is divided into 100 cents and what distinguishes it is that it is not an independent currency, but a local version of the US dollar.

The Panamanian administration issues its own currency in hundreds and Balboa is equivalent to the dollar although these currencies are not accepted in the United States. This is not a unique case either, as the Tuvaluan and Kiribati dollars have the same relationship with the Australian dollar.

This link to the US dollar occurred in 1904 after the National Congress of Panama. Later, in 2010, the one balboa coin entered circulation, with 40 million units issued.

The Panamanians did not accept this new currency well and accused it of being used forcibly at the expense of the American bill, so The logo was called “Martinelli”.Referring to Panamanian President Ricardo Martinelli who promoted it.

An attempt was also made to engrave two- and five-balboa coins, but the project was later cancelled. Currently, there are coins in circulation in denominations of one and five-tenths, quarters and half balboas, as well as one balboa.