Converting from Panama Balboa (PAB) to Israeli Shekel (ILS)

What is Panama Balboa (PAB)

The Panama Balboa (PAB) is the official currency of Panama. It was introduced in 1904 and is named after the Spanish explorer Vasco Núñez de Balboa. One unique feature of the Balboa is that it is pegged to the U.S. dollar (USD) at parity, meaning 1 PAB is equal to 1 USD. Most transactions in Panama are conducted in USD, and the Balboa is primarily used for coins, while banknotes are in U.S. dollars.

The Balboa's design and usage are heavily influenced by its economic ties to the United States. As a result, travelers and businesses often find it easy to exchange U.S. dollars in Panama, making it a convenient currency for both residents and visitors. The economy relies significantly on sectors like trade, finance, and tourism, contributing to the importance of the currency within the region.

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS), also known simply as the shekel, is the official currency of Israel. It was first introduced in 1985, replacing the old shekel due to hyperinflation and financial instability experienced in the 1970s and early 1980s. The new shekel consists of 100 agorot and is symbolized by ₪. The shekel is one of the most stable currencies in the region and has seen an increasing appreciation over the years.

The Israeli economy is known for its robust technology sector, agriculture, and tourism. The central bank, Bank of Israel, manages the currency and regulates the country's monetary policy. The shekel is traded on various international exchanges, making it accessible for foreign exchange.

Converting PAB to ILS

When it comes to converting Panama Balboas to Israeli Shekels, the process involves monitoring the current exchange rate between the two currencies. Since the Panama Balboa is pegged to the U.S. dollar, you can first convert PAB to USD and then from USD to ILS.

For instance, if the current exchange rate is ＄1 PAB = 1 USD＄ and ＄1 USD = 4 ILS＄, then we can conclude:

x PAB = x USD × 4 ILS

If you have 100 PAB, it would convert to:

100 PAB = 100 USD × 4 ILS = 400 ILS

To get the most accurate and up-to-date conversions, it’s recommended to use reliable financial services or currency converters. Understanding the dynamics of both currencies can aid travelers and businesses in making well-informed decisions regarding their financial transactions while navigating between Panama and Israel.