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GBP to PAB Exchange Rate

Currency Exchange Rates for Panamanian Balboa. Currency Information on Panamanian Balboa - PAB - Panamanian balboa – b/. The foreign exchange currency code for PAB represents the Panamanian Balboa exchange rate

The balboa is one of two official currencies of Panama; the other is the US dollar. The balboa was introduced in 1904, replacing the Colombian peso.

The balboa is continually equal to one US dollar and is pegged to it as such. The name ‘balboa’ is in recognition of the conquistador Vasco Nunez do Balboa.

Panama is a Central American country that borders Colombia, and it is one of the countries across the world whose currency has received changes and transformation over the years. Officially, the accepted currency in the country is the Panamanian Balboa, and one balboa is made up of 100 units of centesimos. The ISO 4217 code of the Panamanian Balboa is PAB. Panama also uses the U.S. dollar as one of its official currencies. To understand the generations and changes that have happened to the currency over the years, here is a brief history that looks into different transitions. 

 

History

In 1904, the Panamanian Balboa was launched and the objective was to offer a replacement to the Colombian peso that was used before the country attained independence. The country took this measure after attaining independence and it was a great idea to set off with their currency. The U.S. dollar also acts as a legal tender in the country and the Panamanian Balboa is tied to it, and from the time the balboa began circulating, it has been pegged on the dollar. The ratio of this relationship is at 1:1, which shows great stability and value in the currency. 

 

Introduction of coins

During the launch of the Panamanian Balboa in 1904, coins also came along in different denominations. These included 2.5, 5, 10 and 50 denominations of the centesimos. Later in 1930, the government released new coins of 1/10, ¼ and 2.5 denominations of balboa. A year later, new 1 balboa coins were released and their appearance and weight was similar to U.S. dollar coins. The country has managed to preserve the value of most of these denominations and in the modern setup there are still 1/10, ¼ and  coins, which weigh the same. 

 

Paper money had not been introduced in the country for the currency of the Panamanian Balboa; what was still in use was the U.S. dollar. Following an enactment of the constitution in 1941 that touched on Article 156, the government authorized banks, both in private and public space, to accept paper money and transact in the same. This saw the printing of 6,000,000 worth of notes. 

Currency Information on PAB. Coins are available in denominations of 1 and 5 centimos, as well as 1/10, ¼, ½, 1 and 2 balboas, banknotes are not issue in balboas, with US dollar notes being used instead.

Convert Pound to Panamanian Balboa

Convert GBP to PAB exchange rate. Buy and sell British Pounds to Panamanian Balboa. Convert PAB to GBP with a currency broker offering the best foreign exchange rates. Exchange GBP to PAB - Convert Pound to Panamanian Balboa for a Free Online Quote.

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