José Ramón Fernández, director of the Ministry of Economy and Finance, noted that the measure does not imply any changes in the Dollarized economy of the country. The coins will be used without any restrictions and with the same nominal value of the U.S. Dollar.
Fernandez explained that the Panamanian government pays the United States a high cost for the return of damaged notes, and that these have a lifespan of nine months to a year approximately. He added that it costs to acquire Dollars from the United States. However, in order to circulate the U.S. Dollar in Panama, the country must purchase at face value through the Central Bank in denominations and must bear all freight and insurance costs implicit in importing the currency," published Horacero.com.pa.
The Ministry of Economy and Finance in Panama is putting out to tender the services of issue and minting of coins in current circulation in various denominations.
Panama Government Purchase 2016-0-16-0-08-LP-011921:
"The object is to hire a company to provide the service of issue and minting of coins in current circulation in various denominations, for a nominal value of up to 37.2 million dollars during the period 2016-2019.
For every coin of 25 cents made by the Royal Mint of Canada, the Panamanian government paid 19 cents.
Data collected from documents published on PanamaCompra by Prensa.com shows that "... This year, the MEF signed with the Canadian company a contract for the manufacture of 12 million coins in denomintions of 25 cents with a value of 2 million 280 thousand US dollars. "
The mintage is scheduled to take place between 2016 and 2019, in denominations of 1 cent, 5 cents, 10 cents, 25 cents, 50 cents and 1 balboa.
From a statement issued by the Ministry of Economy and Finance in Panama:
In order to meet the needs of the National Bank of Panama (BNP) and of the entire commercial sector of the country for the availability of coins for daily productive activities and to raise funds for the National Treasury, the Minister of Economy and Finance Dulcidio De La Guardia, introduced a bill to the National Assembly that authorizes the minting and issuance of current circulation coins in different denominations, with a nominal value of up to 37.2 million dollars.
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