Converting from Panama Balboa (PAB) to Mongolian Tugrik (MNT)

What is Panama Balboa (PAB)

The Panama Balboa (PAB) is the official currency of Panama, a country located in Central America. Introduced in 1904, it was named after Vasco Núñez de Balboa, a Spanish explorer who was the first European to see the Pacific Ocean. The Balboa is pegged to the U.S. dollar (USD) at a rate of 1:1, which means that one Balboa is equivalent to one U.S. dollar. This peg allows for easy trade and commerce between Panama and the United States, as both currencies are commonly used in the country.

The PAB is subdivided into cents, with 100 centavos making up one Balboa. Coins are issued in denominations of 1, 5, 10, 25 cents, and Balboa coins of 1 Balboa, while banknotes are available in denominations of 1, 5, 10, 20, 50, and 100 Balboas. Since the U.S. dollar is widely accepted in Panama, you’ll often find that ATMs dispense both Balboas and U.S. dollars.

What is Mongolian Tugrik (MNT)

The Mongolian Tugrik (MNT) is the official currency of Mongolia, a landlocked country situated between China and Russia. Introduced in 1925, the Tugrik was designed to replace the Mongolian dollar. The name "Tugrik" means "purity," reflecting the idea of a stable and reliable currency. The Tugrik is symbolized by the letters "₮" and is subdivided into 100 mongos.

Since the economy of Mongolia has undergone significant changes, the exchange rate for the Tugrik can be quite volatile. Banknotes are issued in various denominations, including 1, 5, 10, 20, 50, 100, 500, 1000, 5000, and 20,000 Tugrik. Coins, which are less commonly used, are available in denominations of 1, 5, 10, 20, 50, and 100 Tugrik.

Converting PAB to MNT

When converting Panama Balboa (PAB) to Mongolian Tugrik (MNT), it is essential to check the current exchange rate, as this can fluctuate based on various economic factors. To convert, you can use the formula:

Amount in MNT = Amount in PAB × Exchange Rate (PAB to MNT)

For example, if the exchange rate is 2,800 MNT per PAB, then converting 10 PAB would result in:

Amount in MNT = 10 × 2800 = 28,000 MNT

In conclusion, understanding the basics of both the Panama Balboa and the Mongolian Tugrik is important when engaging in currency conversion. Being aware of the prevailing exchange rates will ensure that you receive fair value during your transactions.