Convert Cuban Peso to Panamanian Balboa
Please provide values below to convert Cuban Peso [CUP] to Panamanian Balboa [PAB], or Convert Panamanian Balboa to Cuban Peso.
How to Convert Cuban Peso to Panamanian Balboa
1 CUP = 24 PAB
Example: convert 15 CUP to PAB:
15 CUP = 15 × 24 PAB = 360 PAB
Cuban Peso to Panamanian Balboa Conversion Table
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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.
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.