PANAMA

CURRENCY: Balboa.

EXCHANGE RATE: B1 = US$1.

OFFICIAL LANGUAGE: Spanish, but English is widely spoken in the cities.

POPULATION: 2 million.

CAPITAL: Panama City.

INTERNATIONAL CODE: TELEPHONE 507.

CURRENCY CONTROLS: The Balboa is pegged to the US$ at a fixed parity.There are no restrictions on its export or import.The US$ is legal tender in Panama under the Monetary Convention signed in 1904 between the governments of Panama and the US.Although the Balboa is the official currency under Panama law, it has never been issued except for small coins which circulate together with the respective US$ coins.

GAMING INFORMATION: With over a dozen casinos, 10 in Panama City, 2 in Chiriqui Province, and 1 in Colon, Panama has become an important gaming center.Contributing to this importance are honest state run casinos where winnings, regardless of the amount, are not taxed.Casino generated income is mostly used for charity to support public institution such as children's homes.Admission to all casinos is free with the exception of minors an "undesirable persons".All casinos have slot machines; they are known as tranganiqules (nickel swallowers).These automatic machines take bets from 50 to $1 and may pay from 100, 200, or more times the amount of the bet.