Currency of Panama

Balboa along with US dollar is known as the currency of panama. Balboa sign is b. / and code is PAB. Balboa is further divided into 100 centesimo’s. Panama currency is called balboa because of their honor and regard for the explorer of Spain and conqueror Vasco Nunez de balboa. In the nineteenth century the currency of panama was Colombian peso. However, in 1904 balboa replaced it. US dollar is used as the official currency at the same time in the country and they are exchanged for the rates are one ratio one.

National bank of panama is the central bank of the country. 1 and 5 centesimo and1/2 ¼ 1/10 1 and 2 balboa are available whereas in the form of banknotes there are no notes released by the government or the bank and in the form of an alternative US dollar is exchanged and used throughout the country. The economy of panama depends on dollar and it is free market economy. Services comprise the major part of economic system like banking, finance, trading or exporting. US are working in collaboration with the local government for the welfare of people. There is very low inflation seen in economy of panama in last few years.

Panama Currency Balboa