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The Balboa is one of the official currencies of Panama, along with the US Dollar. The name is in honor of Vasco Núñez de Balbo, who was a Spanish explorer. The Balboa is subdivided into 100 cents.
- Panama has been experiencing economic and political difficulties in recent years. This has affected its economic growth and limited the average annual GDP to under 4%. The GDP rate could reach 6% if macroeconomic and political instability are achieved.
- The government of Panama has poor tax revenues, which affect the budget, creating continuous deficits and limiting the public sector’s ability to fund infrastructure improvements and basic local services.
- After the war between the United States and Afghanistan in 2001, Panama obtained financial help from the US, which has reduced the country’s international debt load.
- Following independence in 1904, the Colombian Peso was replaced by the Panamanian Balboa as the circulating currency of the country.
- The US Dollar, to which the Balboa is pegged, is also accepted in circulation at a fixed exchange rate of 1:1.
Symbols and Names
- Symbols: B/.
- Nicknames: none
ISO 4217 Code
- Centésimo = 1/100 of a Balboa
- Bills: none - U.S. banknotes are used
- Coins: 1, 5 centésimos. 1⁄10, ¼, ½ balboa
Countries Using This Currency
Currencies Pegged To PAB :
PAB Is Pegged To:
- United States Dollar at par