- Monetary unit:
- the Country code:
- Panama, Republic
- of 78 200 sq. km
- Spanish (state), English
- PA (PAN) 591
Monetary unit of Panama is balboa which consists from 100 centesimos. In the cash circulation there are coins in nominal value 1 balboa and 50, 25, 10, 5 and 1 centesimo. The role of paper token moneys is executed by the US dollars which are a lawful legal tender.
The Rate to foreign exchanges is positioned proceeding from a solid parity, invariable since 1934: 1 balboa = 1 US dollar.
Balboa has been entered in 1904 and it is named in honour of the Spanish conquistador Vasko Nunesa of de Balboa. The gold content of balboa till 1934 made 1,5048 g of pure gold, i.e. Was a little above the contents of US dollar (1,50463), however actually the balboa was equated to dollar. After dollar devaluation of the USA in January, 1934 the official gold content of balboa has dropped to 0,888671 g of pure gold, i.e. to the dollar contents.
Issuing institute - the National bank of Panama; it is based in 1904 as a government agency. Manufactures coins in balboa, but is not central bank.
In 1941, notes in 20, 10, 5 and 1 balboa have been manufactured, however after some days they have been withdrawn from circulation, having received the name of "seven-day dollars.
It is updated 05.2012