Panama

Panama is a democratic country with an executive branch led by a president elected to a 5-year term, a unicameral legislature, and judicial branch.  The country is divided into 10 provinces and three indigenous territories known as comarcas.  It became independent from Colombia on November 3, 1903.  Panama has a rapidly developing economy, but also faces problems of corruption and has a weak, non-transparent judiciary.  Outside the Panama City area, which has many first-class hotels and restaurants, tourist facilities vary in quality.  Panama has two official currencies, the Balboa and the U.S. dollar.  While both the Balboa and U.S. dollar units circulate in coin form, the U.S. dollar is the only paper currency in use.  When traveling to or doing business in Panama, please take note of the many national and regional holidays as the government and most businesses close on these days.  Read the Department of State’s Fact Sheet on Panama for additional information.