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Panama: Country ProfilePanama's Motto: Pro Mundi Beneficio (for the benefit of the world)
Currency:Panama uses the US Dollar as local legal tender (the Panamanian Balboa is pegged to the Dollar, and Panama does not currently have any printed bills of Balboas). Therefore, the US Dollar is used in every day business in the streets in Panama. US coins are also used here, although Panama has printed the Balboa in coinage (1¢, 5¢, 10¢, 25¢, and 50¢ coins are available). Panama does not have any exchange controls or restrictions on the free movement of funds to and from Panama. It is also possible, in many businesses (hotels and restaurants) in Panama City, to pay in Euros (€), without any problem. Some of the banks in Panama City are now offering savings accounts and time deposits in Euros. Economy:Panama's economy is based on the services centre, which are drawn by the Panama Canal. These are principally: the banking sector, the Canal itself, the Colon Free Trade Zone, container ports and multi-modal centres, processing zones (re-packaging and assembly), call-centres, insurance, and ship/corporation registration. The services economy accounts for over 75% of Panama's GDP. For more information see: Wikipedia or Photius. Geography:Panama is the Isthmus between Central and South America. The country has often been called the Crossroads of the World, because we have the Atlantic (Caribbean) Ocean on one side and the Pacific on the other, with the Isthmus separating the continents of America.
The Panama Canal, as you can see on the map, bisects the isthmus at its narrowest (lowest) point, allowing passage from the Caribbean Sea to the Pacific Ocean. Panama has a surface area of 78,200 sq km (30,193 sq mi), which is slightly smaller than South Carolina or a third of the size of England or New Zealand. Due to its location, above the equator, the climate in Panama is tropical. There are two seasons - wet season and dry season. Both seasons are hot, and wet season is more humid than dry season. Annual rainfall on the east coast averages about 297 centimetres (117 inches), and on the west coast 165 centimetres (65 inches). The temperatures range from 23°C to 30°C (70°F to 84°F). However, with the humidity it often feels like 27° to 33°C. Government:
See also: Asamblea Legislativa, Nations Online History:Panama was discovered the Christopher Columbus in the early 1500s. It became a colony of Spain, and gained independence form Spain in 1820, when it became a "Department" of Gran Colombia. In 1903, with US backing it, Panama declared independence from Colombia, to become an independent nation (it had done this various time during the previous 80 years, but usually returned to form part once more of Gran Colombia or Nueva Granada, as it was sometimes called). Panama had a tumultuous history with the US occupation of the Canal Zone area, and in 1977, an agreement was signed for the complete transfer of the Canal and the fourteen US army bases from the US to Panama by 1999 apart from granting the US a perpetual right of military intervention, should Panama fail to maintain the neutrality of the Canal. For more information see: Wikipedia. Infrastructure:Compared to many countries in Central America, Panama has good infrastructure. Its telecommunications systems are well developed, especially since the laying of a fibre-optics cable through the Caribbean to Panama, resulting the growth of broadband services and international call-centres. The country has four major seaports, and air travel connects Panama to all Central American countries as well as North and South America. Miami and Houston are the principal departure site from the U.S. to Panama. Panama also has flights to Madrid (Spain) through Air Madrid and Iberia, and there is also talk that further direct flights to Europe will be introduced in 2006-2008. Population:Panama has a little over three million inhabitants. A large proportion of this population lives in Panama City and the surrounding areas (Chorrera, Arraijan, and towards Colon). The population is largely Catholic (about 85%), and of mixed ethnic race. The principal ethnicities (from which the mix has arisen) are: Afro-Antillean; Amerindian; Spanish (or European); and Chinese. The majority of the population is Mestizo (European/Amerindian). For more information see: Country Studies: Panama; Yahoo! World Factbook. Transportation:Panama has three major ports: Balboa, Cristobal and Colon (Manzanillo). The merchant marine is composed of about 5,000 ships registered in Panama, of which about 4,500 are foreign-owned. It has one principal international airport (Tocumen), which is currently under expansion. It has a single railway, at the moment, which runs from Colon to Panama City (along the side of the Panama Canal). It has about 4,000 km of paved highways, plus another 7-8,000 in unpaved roads. For more information see: Wikipedia www.koru-corporate-services-company.com Page updated 12-Sep-2007 | ||||||||||||||||
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Last edited: 04-Oct-2008 © Koru Corporate Services, Inc. 2006 - 2007 |
