Converting from Panama Balboa (PAB) to Georgian Lari (GEL)

What is Panama Balboa (PAB)

The Panama Balboa (PAB) is the official currency of Panama, introduced in 1904. It is named after the Spanish explorer Vasco Núñez de Balboa. The currency exists in both coin and paper form, and it operates alongside the United States Dollar (USD), which is widely accepted as well.

The Balboa is pegged to the U.S. Dollar at a one-to-one exchange rate. This means that one Balboa is equivalent to one U.S. Dollar, making it easy for people to conduct transactions in Panama without worrying about fluctuating exchange rates. Coins are issued in denominations such as 1, 5, 10, 25, and 50 cents, and 1 Balboa coins, while banknotes are available in Balboa denominations of 1, 5, 10, 20, 50, and 100.

Because the U.S. Dollar is more commonly used in everyday transactions, the Balboa's presence is mostly seen in coin form. The Balboa serves as a symbol of national identity for Panamanians and plays a vital role in their economy.

What is Georgian Lari (GEL)

The Georgian Lari (GEL) is the official currency of Georgia, a country located at the intersection of Eastern Europe and Western Asia. The currency was introduced in 1995, replacing the previous currency, the Soviet Ruble. The Lari derives its name from the word "lari," which means "to earn" in the ancient Georgian language.

The Lari is divided into 100 tetris, and it is available in both coin and banknote forms. The coins come in denominations of 1, 2, 5, 10, 20, and 50 tetris, and 1 and 2 Lari. The banknotes are issued in denominations of 1, 2, 5, 10, 20, 50, 100, and 200 Lari.

The Lari has undergone several changes since its introduction. It has faced fluctuations, often influenced by economic conditions both locally and internationally. However, the currency has stabilized over the years and today reflects Georgia's growing economy.

Converting PAB to GEL

When converting Panama Balboa to Georgian Lari, understanding current exchange rates is pivotal. Since the Balboa is pegged to the U.S. Dollar, an intermediary conversion often happens through USD to GEL.

For example, if you are converting ＄100 PAB to GEL, first convert to USD, resulting in ＄100 USD. Next, you would check the current USD to GEL exchange rate, which may vary daily due to market conditions. If the rate is, say, 3 GEL for 1 USD, you would end up with 300 GEL from 100 PAB.

Exchange Rate Understanding

Always make sure to verify exchange rates through reliable financial institutions or currency converters, as rates can change quickly. Being informed will ensure you get the best value for your currency exchange needs.