Panamanian balboa

Encyclopedia : P : PA : PAN : Panamanian balboa

Named in honor of Spanish explorer/conquistador Vasco Núñez de Balboa, the balboa is the official currency of Panama. Its ISO 4217 code is PAB.

The balboa has been tied to the U.S. dollar (which is legal tender in Panama) at an exchange rate of 1:1 since 1904, and balboas can be exchanged for U.S. dollars in Panama at any time at a 1:1 ratio. The balboa is divided into 100 centésimos(or cents); modern 1, 5, 10, 25 and 50 centésimo coins are the same weight, dimensions and metallic composition as the U.S. penny, nickel, dime, quarter and half-dollar respectively. The National Bank of Panama, on occasion, places one-balboa coins into circulation, which are the same dimensions as the U.S. Eisenhower dollar. Panamanian bills denominated in balboas were printed in 1941 by President Arnulfo Arias. They were recalled several days later, giving it the name, "The Seven Day Dollar." Bills have not been printed since 1941 and they are not in circulation. For currency bills, Panama uses the U.S. dollar.

External links

• [Panama Coins]
• [Panama's Currency]
• [Banking in Panama]
• [What currency is used in Panama]