Converting from Panama Balboa (PAB) to Armenian Dram (AMD)

What is Panama Balboa (PAB)

The Panama Balboa (PAB) is the official currency of Panama, named after the Spanish explorer Vasco Núñez de Balboa. It is pegged to the United States Dollar (USD) at a 1:1 exchange rate, which means that one Balboa is equal to one US dollar. Although the Balboa is a legal tender, the USD is the primary currency used in everyday transactions, with Balboa coins used for change.

The Balboa was introduced in 1904 as a part of an effort to stabilize the economy following the construction of the Panama Canal. In practice, the Balboa exists primarily in coin form, while paper money is typically issued in USD. This dual currency system helps streamline transactions and simplifies trade with other countries.

In summary, the Panama Balboa provides Panama with a stable currency system, primarily due to its direct tie to the US dollar. For travelers or businesses operating in Panama, it is essential to understand Balboa usage, as it greatly affects the exchange rates and financial transactions in the country.

What is Armenian Dram (AMD)

The Armenian Dram (AMD) is the official currency of Armenia. First introduced in 1993 after Armenia gained independence from the Soviet Union, the Dram replaced the Soviet Ruble. The name "Dram" originates from an ancient Armenian unit of weight used for measuring precious metals.

The currency has undergone several revisions, with the Central Bank of Armenia responsible for issuing both banknotes and coins. The Dram is subdivided into 100 luma, although luma coins are not commonly used in modern transactions. The value of the Dram is subject to fluctuations influenced by various factors, including economic policies, inflation, and international market trends.

As of the latest exchange rates, the value of the AMD is notably lower than that of major currencies, making it crucial for travelers and businesses to stay updated about current PAB to AMD conversion rates. Exchange rates can differ; hence, checking reliable financial sources or currency exchange platforms is advisable for accurate and current information.

To convert from Panama Balboa (PAB) to Armenian Dram (AMD), you should refer to the latest exchange rates. For example, if the exchange rate is approximately

1 PAB = 20 AMD

, a conversion of 100 PAB would yield 2,000 AMD. Remember, rates vary, so it’s wise to consult with designated financial institutions or online converters before making any transactions.

In conclusion, understanding both the Panama Balboa and Armenian Dram is essential for effective financial transactions when engaging in trade or travel between these two regions. Staying informed about current exchange rates will ensure you have a smooth financial experience.