02/12/2016: Peace Agreement Impact
After the signing of the peace agreement with FARC, the Colombian Peso strengthened and saw improvements in the economy.
01/01/2011: Replacement of Paper Banknotes with Polymer Banknotes
Panama replaced the paper banknotes with polymer banknotes to enhance durability and security of the Balboa currency.
24/07/2001: Exchange rate flexibility
Colombia allowed the Colombian Peso to have a flexible exchange rate, transitioning from a fixed exchange rate system.
21/10/1999: Colombia's Financial Crisis
Colombia faced a financial crisis resulting in a devaluation of the Peso and an economic recession.
04/07/1991: Introduction of a New Peso
A new Peso was introduced with a higher value, replacing the old Peso due to high inflation.
31/03/1983: Currency Control Law Implemented
Panama implemented a currency control law to regulate the use and circulation of the Balboa and prevent counterfeiting.
12/06/1953: Creation of Banco de la República
The central bank of Colombia, Banco de la República, was established to regulate and control the Colombian Peso.
15/10/1941: First Issue of Panamanian Balboa Banknotes
The first series of paper banknotes denominated in Balboa were issued by the Panamanian Currency Board.
01/10/1941: Introduction of the Balboa as Legal Tender
The Panamanian government introduced the Balboa as a legal tender, equivalent in value to the US dollar.
01/10/1908: Creation of Panamanian Currency Board
The Panamanian Currency Board was established to issue paper money and stabilize the monetary system.
01/01/1907: Use of US Dollar in Panama
The US dollar became the official currency of Panama due to the presence of American workers during the canal construction.
18/11/1904: Panama Canal Construction Begins
The construction of the Panama Canal started, which would later lead to the need for a national currency.
31/07/1886: Adoption of the Gold Standard
Colombia adopted the gold standard, linking the value of the Peso to gold, stabilizing the currency.
27/05/1837: Introduction of the Peso
The Colombian Peso was introduced as the official currency of Colombia, replacing the Spanish real.