PANAMA

(PAB) Currency News >>

CURRENCY:

Balboa - PAB, Symbol B/.

DENOMINATIONS:

NOTE: There are no Panamanian banknotes.

COIN: B/.10 and 1, and 50, 25, 10, 5 and 1 centavos.

Please note: US currency is used alongside Panama's currency and one Balboa equals one US dollar.

CURRENCY:

US Dollar US$.

DENOMINATIONS:

NOTE: US$100, 50, 20, 10, 5, 2 and 1.

COINS: US$1, and 50, 25, 10, 5 and 1 cents.

US DOLLAR ACCEPTED?

Yes, widely.

CREDIT/DEBIT CARDS AND ATMS:

Most major credit cards are accepted.

CURRENCY EXCHANGE:

There are foreign exchange services at banks and foreign exchange offices.

TRAVELLER'S CHEQUES:

These are best in US dollars and are accepted.

BANKING HOURS:

Mon-Fri 0800-1500, Sat 0830-1200.

CURRENCY RESTRICTIONS:

No restrictions

COUNTRY OVERVIEW:

Panama is officially called the Republic of Panama and is located in between North and South America in a very narrow stretch of land. Some people refer to it as being within Central America but other refer to it as 'transcontinental'. The capital is Panama City and the official language is Spanish.

POPULATION:

Around 3 million.

ECONOMY:

Panama has a rapidly growing economy and the main element is services - tourism, banking, trading and commerce. Panama is a largescale trader and is part of the largest free trade zone in the Western Hemisphere.