Converting from Panama Balboa (PAB) to Turkish Lira (TRY)

What is Panama Balboa (PAB)?

The Panama Balboa (PAB) is the official currency of Panama, a country located in Central America. It was introduced in 1904 when Panama gained independence from Colombia. The Balboa is named after the Spanish explorer Vasco Núñez de Balboa, who was the first European to see the Pacific Ocean from the Americas.

The Balboa is pegged to the US Dollar (USD) at a 1:1 exchange rate, meaning that one Balboa is equal in value to one US Dollar. Although the Balboa is technically the official currency, US Dollars are widely used for most transactions in Panama, making it a unique situation in which both currencies circulate in the economy.

The Balboa is subdivided into cents, with one Balboa equal to 100 cents. Coins are available in denominations of 1, 5, 10, 25, and 50 cents, as well as in 1 Balboa. However, paper currency in Balboa is not printed; instead, denominations of USD are used interchangeably. This dual-currency system simplifies transactions for both locals and international visitors.

What is Turkish Lira (TRY)?

The Turkish Lira (TRY) is the official currency of Turkey, a country that straddles both Europe and Asia. The Lira has undergone several changes throughout its history, with the first version introduced in 1844. However, significant inflation led to a need for reform, resulting in the introduction of the New Turkish Lira in 2005. This reform removed six zeros from the currency, making it easier to manage and understand.

The Lira is divided into 100 kuruş. Coins are available in various denominations: 1 kuruş, 5 kuruş, 10 kuruş, 25 kuruş, 50 kuruş, and 1 Lira. Banknotes are available in denominations of 5, 10, 20, 50, 100, and 200 Lira.

The Turkey economy has faced challenges, including high inflation rates in recent years. Consequently, the value of the Turkish Lira has fluctuated against various currencies, including the US Dollar and Euro. This volatility can have a significant impact on exchange rates when converting from Balboa to Lira.

Converting PAB to TRY

To convert from Panama Balboa (PAB) to Turkish Lira (TRY), it is essential to check the current exchange rate, which fluctuates due to market conditions. The exchange rate can be expressed in terms of

TRY = PAB × Exchange Rate

For those planning to travel or conduct business in Turkey, it is crucial to stay updated on exchange rates and consider any fees that banks or exchange services may charge. Understanding these aspects will help ensure a smooth conversion process and allow you to make informed financial decisions.