Post this under the category of “Forward Thinking”

The government of Panama is investigating in conjunction with the banking sector and representatives of the European Union how to facilitate financial transactions with the Euro and other foreign currencies.

A statement by the Presidency of Panama reads:

Mechanisms Sought to facilitate financial transactions in foreign currencies

President Ricardo Martinelli announced on Thursday, August 23, a meeting with banks, regulators and European Union ambassadors accredited in Panama to discuss possible ways to make financial transactions easier with foreign currencies, particularly the euro, in compliance with existing standards.

“If we want to improve our competitiveness in order to be consistent with the growth of the Panamanian economy we must look for every mechanism to optimize foreign investment in the country”, the president said during a meeting that was held in the Hall of the Presidency Los Tamarindos .

The Panamanian banking center has started to take deposits and transactions in euros, and the Superintendency of Banks has stated that there are more than 10 banks operating in this currency.

Source: Presidencia de Panamá