‘Martinelli’ Coins to be Phased Out

The one balboa coin, popularly known as a Martinelli, will be gradually withdrawn from circulation, confirmed this Wednesday, June 5, by Javier Carrizo, general manager of the National Bank of Panama.  ”A bill is being worked on quite urgently, to remove these currencies from the system…in the coming months we will see results in this regard,” Carrizo said when asked about it.

Carrizo, who will remain in charge of the main Panamanian banking in the government of the president-elect 2024-2029, José Raúl Mulino, said that “the designated Minister of Economy and Finance, Felipe Chapman, is already aware of the initiative”.  According to Carrizo, the National Bank of Panama would be in charge of collecting the coins to gradually remove them from circulation.  He indicated that in the coming months there will be more information about the collection.

The one balboa coin has been in circulation since 2011. Its nickname, Martinelli, is the surname of the Panamanian president who decided to create this currency, a measure that did not enjoy much popularity.