About the Panamanian Balboa
The Balboa was introduced in 1904, replacing the Colombian Peso. It was named after the Spanish explorer Vasco Núñez de Balboa. Panama uses the U.S. Dollar as its paper currency.
The currency is named after Vasco Núñez de Balboa, the Spanish explorer who was the first European to cross the Isthmus of Panama and discover the Pacific Ocean.
Interesting Facts
Dollarized Economy
Panama does not issue its own paper currency; instead, it uses the U.S. Dollar for all banknote transactions. The Balboa exists only in coin form.
Named After an Explorer
The Balboa is named after Vasco Núñez de Balboa, the first European to see the Pacific Ocean from the Americas.
The Panama Canal's Influence
The Panamanian economy is heavily influenced by the Panama Canal, which generates significant revenue and facilitates international trade, contributing to its stable currency system.
Historical Timeline
Panama gains independence from Colombia.
The Balboa is introduced and pegged to the U.S. Dollar. The U.S. Dollar becomes legal tender.
Denominations
Coins
Quick Facts
- ISO Code
- PAB
- Symbol
- B/.
- Numeric Code
- 590
- Subunit
- Centésimo (1/100)
- Introduced
- 1904-01-01
Central Bank
- Name
- No Central Bank (Ministry of Economy and Finance)
- Headquarters
- Panama City, Panama
Economic Data
- Reserve Currency Share
- 0.0%
- Forex Volume Share
- 0.0%
- Inflation Rate
- 1.3%
- Interest Rate
- 6.00%
Exchange Rates
What Affects the PAB Exchange Rate?
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