PABPanamanian BalboaPanamanian Balboa (PAB)
The Panamanian balboa is one of Panama's two official currencies and is fixed at one-to-one parity with the U.S. dollar. Panama issues balboa coins rather than a regular balboa banknote series, while U.S. dollar banknotes provide the paper money used in everyday circulation. One balboa is divided into 100 centesimos. The arrangement means PAB and USD have equal unit values, but they remain distinct currency identifiers in legal, accounting and historical records. PAB is therefore most visible on coins, price labels and records that need to distinguish the Panamanian unit precisely.
- ISO code
- PAB
- Symbol
- B/.
- Region
- Americas
- Currency type
- Fiat currency
- Exchange system
- Fixed at parity with the US dollar
- Last reviewed
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Quick facts
PAB at a glance
Currency profile
How PAB works
The Panamanian balboa is one of Panama's two official currencies and is fixed at one-to-one parity with the U.S. dollar. Panama issues balboa coins rather than a regular balboa banknote series, while U.S. dollar banknotes provide the paper money used in everyday circulation. One balboa is divided into 100 centesimos. The arrangement means PAB and USD have equal unit values, but they remain distinct currency identifiers in legal, accounting and historical records. PAB is therefore most visible on coins, price labels and records that need to distinguish the Panamanian unit precisely.
Ministry of Economy and Finance of Panama administers PAB within a fixed at parity with the u.s. dollar system.
- The balboa was established in 1904 after Panama's separation from Colombia.
- The reviewed cash profile records no regular national banknote series for banknotes and PAB 0.01, PAB 0.05, PAB 0.10, PAB 0.25, PAB 0.50, PAB 1 for coins.
Context
Why this currency matters
Panama established the balboa in 1904 after separation from Colombia and named it for Vasco Nunez de Balboa. The currency's dollar parity became a defining feature of Panama's monetary system. A one-balboa coin joined the coinage in 1931, and Panama briefly issued paper balboas in 1941 before U.S. dollar notes resumed the paper-currency role. This history explains why a modern conversion can show PAB as a separate ISO currency even though the official value is equal to USD. The distinction matters for coinage, historical documents, public accounts and any dataset that records the currency unit rather than only its value.
Monetary framework
Exchange arrangement
Panamanian Balboa operates under the reviewed fixed at parity with the u.s. dollar arrangement, with USD at one-to-one parity.
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History timeline
Key dates for PAB
Balboa established
Panama created the balboa after independence and fixed it at parity with the U.S. dollar.
Ministry of Economy and Finance of PanamaOne-balboa coin introduced
Panama added a one-balboa silver coin to the national coinage.
Ministry of Economy and Finance of PanamaBrief banknote issue
Panama issued balboa banknotes briefly in 1941; U.S. dollar notes later resumed the paper-currency role.
Ministry of Economy and Finance of Panama
Usage and economy
How PAB is used
- Balboa coins and U.S. dollar banknotes support everyday cash payments in Panama.
- PAB is used in Panamanian prices, public accounts and records that distinguish balboa units from U.S. dollars.
Country currency guides
Banknotes and coins
PAB currency units
PAB has no regular national banknote series; the official monetary framework documents the paper-currency arrangement.
The issuing authority documents the circulation coin system for PAB.
One Panamanian Balboa unit is recorded with 2 decimal places and uses Centesimo as its minor unit.
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Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
FAQ
PAB questions
Why does Panama use both PAB and USD?
The balboa is Panama's national unit and is fixed at parity with USD; balboa coins circulate while U.S. dollar notes supply ordinary paper currency.
Does Panama issue balboa banknotes?
Panama does not maintain a regular modern balboa banknote series. A brief paper issue appeared in 1941, but U.S. dollar notes perform the paper-currency role.
Can PAB and USD have different official values?
No. The official monetary arrangement maintains one balboa at the same value as one U.S. dollar.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.