Panamanian balboa

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Balboa
Country:	Panama
Subdivision:	100 centésimos
ISO 4217 code :	PAB
Abbreviation:	B /., ฿
Exchange rate : (August 24, 2020)	1 PAB = 1  USD (fixed) 1  EUR  = 1.1847 PAB 1 PAB = 0.8441 EUR 1  CHF  = 1.1009 PAB 1 PAB = 0.90833 CHF

Obverse of a coin

Back of a coin

The balboa is the currency of Panama . It was named after the Spanish conquistador Vasco Núñez de Balboa , who was the first European to reach the Pacific on the west coast of Panama.

The Balboa is pegged to the US dollar at a rate of 1: 1 .

Circulation coins are available at 1 and 5 centésimos and at a tenth (un décimo), quarter (un cuarto), half (medio) and (since 2011) 1 balboa.

Balboa banknotes do not exist. In addition to the balboa, the US dollar (banknotes, coins) is the legal tender in Panama.

In 1941, during the first term of office of President Arnulfo Arias Madrid , the Republic of Panama also issued 1, 5, 10 and 20 balboas banknotes from October 2nd. President Arias was keen to reduce his country's fiscal dependence on the United States and to gain fiscal leeway. When it was overthrown just a week later, on October 9, 1941, in a US-backed military coup, the banknotes were withdrawn and, with a few exceptions, destroyed.

Footnotes

1. ↑ Holger M. Meding: Panama. State and Nation in Transition (1903–1941) . Böhlau, Cologne 2002, ISBN 3-412-02702-2 , p. 193.