In Panama the currency used is the
“Balboa” (B/.), which value is equal to a dollar
(USD$). One (1) Balboa is equal to 100 cents. Panama is a country
of services that has the Free Zone of Colon, the Panama Canal,
Tourism, banking activity, and excellent telecommunications
service, among its most important activities. According to statistics
for the year 2005, the economy of Panama, regarding production
of services and goods, and measured through the Gross Internal
Product (GIP), grew 6.4% from the year before; the unemployment
rate was of 8.9%.
For more information on Panamanian economy visit: www.mef.gob.pa
and www.contraloria.gob.pa
Constitutional
Democracy, Actual President: Mr. Martin Torrijos Espino, member
of “Partido Revolucionario Democratico (PRD)”
(Revolutionary Democratic Party), elected in the year 2004.
The Republic of Panama is a sovereign and independent country.
The government is unitarian, republican and representative,
formed by a President, two Vice-Presidents, and twelve State
Ministries which compose the Executive Branch; The National
Assembly with 78 representatives which form the Legislative
Branch, and 9 Magistrates that form the Judicial Branch. These
3 powers constitute the government of the country.
The political division of the Republic of Panama include
9 provinces, 3 Indian areas (province level), 2 Indian areas
(jurisdiction level), 75 districts, 5 Indian areas and 620
jurisdictions, that are detailed as follows:
Provinces: Bocas del Toro (capital-Bocas del Toro); Chiriqui
(capital-David); Cocle (capital-Penonome); Colon (capital-Colon);
Darien (capital-La Palma); Herrera (capital-Chitre); Los
Santos (capital-Las Tablas); Panama (capital-Panama); and
Veraguas (capital-Santiago).
Indian Areas (province level): Embera Wounaan (capital-Cirilo
Guainora); Kuna Yala (capital- El Porvenir); Ngobe-Bugle
(capital-Chichita).
Indian Areas (jurisdiction level): Kuna de Madungandi
y Kuna de Wargandi.
For more information about the government and other state
entities visit the following links: http://www.presidencia.gob.pa
Every purchase in Panama is imposed
with a 5% tax, except medicines, food and school supplies. Tips
are not included in restaurant prices; usually it is 10% or
15% of the total.
Constitutional
Democracy, Actual President: Mr. Martin Torrijos Espino, member
of “Partido Revolucionario Democratico (PRD)”
(Revolutionary Democratic Party), elected in the year 2004.
The Republic of Panama is a sovereign and independent country.
The government is unitarian, republican and representative,
formed by a President, two Vice-Presidents, and twelve State
Ministries which compose the Executive Branch; The National
Assembly with 78 representatives which form the Legislative
Branch, and 9 Magistrates that form the Judicial Branch. These
3 powers constitute the government of the country.