Balboa

Hong Kong conglomerate CK Hutchison is seeking over $1.5 billion in damages from Panama after the country seized two ports, Balboa and Cristobal, due to U.S.-China tensions. CK Hutchison initiated new arbitration proceedings, alleging that Panama breached an investment protection treaty through sovereign acts against its assets.

Panama uses the US dollar alongside the balboa, eliminating currency risk for dollar holders and removing exchange controls. Panama City hosts one of Latin America’s largest international banking centers, attracting numerous local and foreign banks.