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The currency is the Balboa which has the same value as the U.S. dollar. The U.S. dollar is legal tender in Panama by a 1904 agreement between the two countries. Therefore Panama does not print bank notes but only mints its own coins. Panamanian coins are 50c, 25c, 10c, 5c and one cent.
Banks are open to the general public from 8:00 a.m. to 3:00 p.m. from Monday to Friday; some of them until 6:00 p.m. and on Saturdays from 9:00 a.m. to 12:00 m. They are located all around Panama City and some of them have branch offices in the interior of the country. Visa American Express, Master Card and Diners Club credit cards are accepted in most hotels, restaurants and commercial establishments. |
