US Dollar in PANAMA
The US dollar has circulated in Panama since 1849, but when Panama separated from Colombia, Panama adopted the Monetary Agreement of 1904 between Panama and the United States, which achieved a parity of the Panamanian currency with the gold standard valued at the price of the dollar. in those days.
About the US Dollar in Panama
Today, it is the obligation of all banking entities to accept the denominations of the United States of America dollar, by express mandate of the Law. As such, the Superintendency of Banks of Panama issued Circulars No.35 and No.38. , of July 27, 2000 and August 9, 2000, respectively, which indicate that:
1. It is incumbent upon each Bank to assume a role of support for the free and fluid circulation in Panama of US dollar bills, as a way to ensure at all times the recognition of the legal tender of this currency in our country; 2. No Bank can reject legitimate bills of United States dollars, of any denomination,
Currently, the circulation of the US dollar gives a clear financial advantage over the various currencies of the continent. In Panama the US dollar is used as the main currency, a great convenience. When the dollar exists as legal tender in Panama, the country does not have currency exchange controls and this contributes to a lower cost of living, producing one of the most stable economies in Latin America.
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