The Panamanian currency is officially the Balboa and has been pegged to the United States dollar at parity since the country’s independence in 1903. Although, US dollar bills are the primary legal tender in Panama, in practice, the country behaves as a dollarized economy with the Panamanian balboa circulating alongside US dollars at an exchange rate of 1:1. Panama produces its own coinage but uses US dollars for all paper currency
The result of this style of dollarization has been an economy with no foreign exchange regulations and historically low inflation.
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