Local Banks & Currency

Panama's economy has experienced an economic boom in the last few years, and has been amoung the fastest growing and best managed in Latin america. These conditions have attracted over 120 banks to Panama city alone, where both Panamanian and foreign banks compete on equal terms.

 

Panama uses the US Dollar as it's currecy. The official name for the Panamanian currency is the Balboa, but it's exactly the same bill, and in practise people use the terms 'Dollar' and 'Balboa' interchangeably. Panama coins have the same value, size and metal as US coins, though both are frequently used.