The official currency is the US dollar. Formerly it was the Balboa, in honor of the Spanish Explorer Balboa (not Sylvester Stallone!)

Cost of living

Cable TV - (60 channels including HBO & Cinemax in English, CNN, English BBC, Discovery Channel, etc.), $40 per month.

Telephone - $6 to $40 per month, depending on whether or not you want 'free' minutes.

Mobile phones - There are several plans and companies available in Panama. Some sample fees: A simple service for one person starts at $10 per month, a plan with 500 'free' minutes costs $60 per month.

Internet - A DSL line is available that you can connect with an Ethernet card, to a LAN or to a PC with a USB port. The cost is $24 per month & up, depending on what bandwidth you want.

Electricity - $90 per month (running 2 air-conditioners 24 X 7)

Gas - No public gas mains exist, most people use small LPG tanks for gas stoves or grills.

Water - $8 up to 10,000 gallons

Groceries - The rule of thumb for groceries is that your bill will be about 2/3 of what it is in the U.S. A lot depends on what products you buy. Some products have price controls under what is called the "basic food basket". Products imported from Latin America under free trade agreements, or products grown locally or considered local cuisine (rice and beans) will have a lower price than imported "luxury" items. Here are some sample prices and sizes (in metric measurements, 1 kilo = 2.2 pounds)

Milk (gallon)- $2.75
Bacon (1/2 lb)-$1.55
Ice Cream (Premium-1 pint)-$1.45
Filete (whole-aged)-$2.50 a pound
Cafe Ruiz (1/2 lb premium)-$2.00
Bread (sandwich)-$.75
Paper towels-$1.25
Laundry detergent (1250 grams)-$2.16
Cigarettes (1 pack)-$1.30
Garbage bags (large heavyweight)-$1.45
Rice (25 lbs premium)-$6.39
Eggs-$.10 each
Ham (sliced sandwich type-1 lb)-$2.10
Soda (12 pack generic)-$2.99
Corn oil (96oz)-$3.95