PANAMANIAN MONETARY UNIT Meaning and
Definition
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The Panamanian Monetary Unit refers to the official currency of Panama, which is known as the Panamanian Balboa (PAB). The monetary unit is named after the famous Spanish explorer Vasco Núñez de Balboa, who played a significant role in the discovery and conquest of Panama in the 16th century. The Panamanian Balboa is equivalent, in terms of value, to the United States dollar (USD) and has been in circulation since 1904.
The Panamanian Monetary Unit, or the Panamanian Balboa, is subdivided into 100 centavos, similar to the USD. However, due to its equivalence with the US dollar, coins and banknotes of the USD are also widely accepted as legal tender in Panama. Consequently, the currency used in Panama is essentially a hybrid of the USD and the Panamanian Balboa.
The central authority responsible for the regulation and issuance of the Panamanian Monetary Unit is the National Bank of Panama, known as the Banco Nacional de Panamá. This institution monitors and controls the circulation of coins and banknotes within the country, ensuring its stability and availability to the public.
In conclusion, the Panamanian Monetary Unit is the official currency of Panama, known as the Panamanian Balboa, which holds a fixed exchange rate with the United States dollar. The currency is regulated by the National Bank of Panama and has been in use since 1904.
Common Misspellings for PANAMANIAN MONETARY UNIT
- oanamanian monetary unit
- lanamanian monetary unit
- -anamanian monetary unit
- 0anamanian monetary unit
- pznamanian monetary unit
- psnamanian monetary unit
- pwnamanian monetary unit
- pqnamanian monetary unit
- pabamanian monetary unit
- pamamanian monetary unit
- pajamanian monetary unit
- pahamanian monetary unit
- panzmanian monetary unit
- pansmanian monetary unit
- panwmanian monetary unit
- panqmanian monetary unit
- panananian monetary unit
- panakanian monetary unit
- panajanian monetary unit
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