Convert Panamanian Balboa to Cuban Peso
Please provide values below to convert Panamanian Balboa [PAB] to Cuban Peso [CUP], or Convert Cuban Peso to Panamanian Balboa.
How to Convert Panamanian Balboa to Cuban Peso
1 PAB = 0.0416666666666667 CUP
Example: convert 15 PAB to CUP:
15 PAB = 15 × 0.0416666666666667 CUP = 0.625 CUP
Panamanian Balboa to Cuban Peso Conversion Table
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Panamanian Balboa
The Panamanian Balboa (PAB) is the official currency of Panama, subdivided into 100 centésimos, used primarily for coinage alongside the US dollar.
History/Origin
Introduced in 1904, the Balboa was established as Panama's official currency to promote national identity, initially backed by gold, but since 1941 it has been pegged at par to the US dollar, which is also widely accepted in the country.
Current Use
Today, the Balboa is mainly used for coinage and official transactions within Panama, with the US dollar serving as the primary currency for most practical purposes, including banking and commerce.
Cuban Peso
The Cuban Peso (CUP) is the official currency of Cuba, used for everyday transactions within the country.
History/Origin
The Cuban Peso has been the official currency of Cuba since 1960, replacing the Cuban peso convertible (CUC) as the primary currency after the monetary reforms. It has undergone various changes in value and design over the years, reflecting Cuba's economic policies and relations.
Current Use
Today, the Cuban Peso is used mainly for domestic transactions, while the CUC is used for tourism and foreign trade. The CUP remains an essential part of Cuba's monetary system, with recent reforms aiming to unify the currency system.