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Article: One Benefit of the Dollar as the Currency of Choice in PanamaThis forum post has messages dated from 01/31/11 through 10/09/11, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
| Article: One Benefit of the Dollar as the Currency of Choice in Panama Technically speaking, the official currency of Panama is the balboa, which has been tied with the US dollar since its introduction in 1904, when it replaced the Colombian peso. The conversion rate between the balboa and the dollar is 1:1.Read the complete article here: |
| While it does seem to benefit a country greatly being tied to the dollar, I believe it does have its disadvantages. For one thing, when the value of the dollar falls relative to other international currencies, then the dollar tied currency will also fall, though the country which uses this currency has no say in the matter. Secondly, once the currency decides not to be connected any more, it can fall drastically. |
| I would love to know about the way of life there are in Panama. At the moment I am in search for some good information about this matter. I am soon to move there for my upcoming work and so it would be great to really be able to find out more about this matter. Any useful links would be great as well to where I can be able to read more about my concern. |
| Oh that's terrific. It will be bring any hassle any longer to the different foreign tourists going to Panama because they can already use their dollar. No need for currency exchange. This is a big attraction for some tourists who want to travel to Panama for a vacation. But I want to know whether there will be a big effect in the economy of Panama because of this system. |
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