Currency... The Balboa, which is divided into 100 centésimos, is the basic monetary unit. One Balboa equals one US Dollar. US paper money is the only paper currency used. the government mints their own coins in the same size and denomination as US coins, which are also accepted. Income per person is $1,780 which represents about 8.1% of the US rate. Unemployment rate is about 25%. Trade... The US receives more than 60% of Panama's exports. In the late 1980's Panama's exports earned $2.7 billion, and its imports cost $3.2 billion. Chief industries include: oil refining, international banking. Chief crops include: bananas, pineapples, cocoa, corn, coconuts and sugar. Chief mineral is copper. Other resources: forests (mahogany), shrimp, fish products. The value of Panama's catch of fish exceeds the combined fishing total in the economy of its neighbors; nearly a fifth of Panama's foreign income is earned from the sale of shrimp and fish meal.

History The word "panama" comes from a word used by the village fisherman to explain the abundance of fish and seafood in the bay. Another theory suggests that when the Spaniards first landed on the north coast asking for gold and riches, the natives responded "pana-mai", which meant "far away" as in "go far away." The Panama Canal... 1855, railway completed between Panama City and Colon 1880-1900, unsuccessful construction by the French 1903, treaty establishes the Canal Zone 1914, 52-mile lock canal finished by the US Army Corp of Engineers 1977, treaties eliminate the Canal Zone the end of 1999