Converting from Panama Balboa (PAB) to Lithuanian Lita (LTL)

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 Balboa is pegged 1:1 to the US dollar, meaning that one Balboa is equal to one US dollar. This peg makes the Balboa a stable currency, often used for transactions in Panama.

The Balboa comes in both coins and banknotes, although you will find US dollars being more widely used within the country. The coins of the Balboa come in denominations of 1 cent, 5 cents, 10 cents, 25 cents, and 50 cents. Banknotes, however, are not printed in Balboa; instead, the country uses the US dollar bills. This dual currency system allows for seamless trade and investment, as transactions can occur in either Balboas or US dollars.

To convert from PAB to another currency, such as the Lithuanian Lita (which has been discontinued since 2015), you would typically look at the prevailing exchange rates. Since the Balboa is directly tied to the US dollar, it's important to first convert the amount to USD if you're working with rates involving other currencies.

What is Lithuanian Lita (LTL)

The Lithuanian Lita (LTL) was the official currency of Lithuania until it was replaced by the Euro (EUR) on January 1, 2015. The Lita was adopted in 1993 following the country's independence from the Soviet Union, and it existed in both coins and banknotes. The Litas was divided into 100 centų.

Exchange rates for the Lita were historically fixed against the Euro at a rate of approximately 3.4528 LTL for 1 EUR during its final years. Even though the Lita is no longer in use, understanding its previous value can be helpful for historical references or those dealing with older transactions.

For anyone looking to convert PAB to LTL, it is important to note that since LTL is no longer a valid currency, any conversions now involve converting PAB to EUR and then referencing historical rates for LTL to EUR. As an example, if you had 100 PAB, this would be equivalent to 100 USD. Using the historical conversion, you would then convert USD to EUR, and subsequently, from EUR to LTL.

In summary, while converting from Panama Balboa to Lithuanian Lita today yields limited practical use, understanding these currencies and their economic significance offers valuable insights into international finance. Always check reliable financial websites for up-to-date conversion rates and historical data for accurate transactions.