Check out our top sponsors:
Money in PanamaI read that Panama uses the US dollar. Do they not have they own currency? Did they ever have their own currency? If so, why did they change to the US dollar? It seems like a crazy idea for a country to have its main currency controlled and printed elsewhere!
This post has a total of 6 replies. Your feedback, comments, opinions and questions are welcome and encouraged.
This forum post has messages dated from 04/22/10 through 04/30/10, 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 If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
|"Is it really?"|
Maybe the Panamanian currency is really the Balboa... they mint their own coins but use US money for bills. They value is the same as the US Dollar.
So there are several questions:
Is the Panamanian currency REALLY the US Dollar or is it really the Balboa pegged to the US Dollar. Either way what happens if they decide to use non-US currency or change the exchange rate of the Balboa to the Dollar?
Assuming the currency is really the US Dollar, what happens when Panama has its own economic crisis?
"Is the Panamanian currency REALLY the US Dollar or is it really the Balboa pegged to the US Dollar"
Well surely if they were still using the Balboa then prices would be shown in that and people would be using it. When was the last time people were paying with Balboas (?) on the streets?
It seems they use both?
"The balboa replaced the Colombian peso in 1904 following the country's independence. The balboa has been tied to the US dollar (which is legal tender in Panama) at an exchange rate of 1 Balboa to 1 Dollar since its introduction and has always circulated alongside dollars."
The Balboa is "pegged" to the dollar so as to give it value, to give it meaning, because in such a small country with a small economy its currency means little or nothing in the grander scheme of things. This is done to stabilize the value of the currency and it makes trade and investments between the US and Panama easier.
|"is it true"|
I don't know that whether they use US dollar or another currency
Lets keep it simple, they use the U.S. dollar for their bills and U.S. and Balboa for their coins. With the coins equaling each other. A Quarter is a Quarter whether it is Balboa or U.S. Almost looks the same in size.
Hope this helps....
|"Money is never simple!"|
That is a nice description of how you see things. But, what is the true underlying currency?
When you open a bank account it is stored in Dollars or Balboas? What happens when the Balboa is devalued?
Share your opinions, advice, questions or comments on this post.
|Be Heard: Forum reply options:|
We encourage everyone to share their opinions, comments, thoughts and information, please consider sharing...
We would like to thanks all those who have participated in our community. All the great information available on our sites is because a member of our community took the time to share it. Thank you!Reply to this Forum post (opens small window)
Share this with your friends on facebook, twitter and Google+
|Social sharing because it feels good|
Please share this page on your favorite social networks:
Please like our homepage page for Panama Forum, Expat Forum, Travel:
|Top Searches: • panama money value • how much is panama money worth • what is the us dollar worth in panama • what currency do they use in panama • how much is panama money • value of panama currency • is panama pegged to the us dollar • currency between the u s and panama • how much is one dollar worth in panama • panama money worth • what is one dollar worth in panama • panama money and costs • the value of currency of panama • worth of panama money • why panama uses dollars • how much is us money in panama • panama value dollars • what is the vaue of money in panama panama • panama money and its value • panama money to u s dollars • what is the value of panama currency • value of panama s currencies • worth of panama money exchange rate • currency and costs in panama • how much does a dollar equal in panama money • value of panama money • value of panamanian money • how much is a dollar worth in panama • panamamoney is how much • how much is american money worth in panama • what money they use in panama • how much is a us dollar worth in panama •|
|This page is part of a social network. People may choose to participate here for personal, commercial or other reasons. Please keep in mind that posts or other information here may be: 1) advertisements and not personal opinions, and 2) that any products or services mentioned here may not work exactly as the promoter describes or promises.|
Please verify all claims and use an escrow service for any signficiant purchases.