What currency is used in Panama?
Posted on Oct 21, 2025 / Finance
Panama uses the Panamanian balboa, written as PAB, alongside the U.S. dollar. The balboa is pegged to the dollar at a 1:1 ratio. Coins are issued in balboa denominations, while U.S. banknotes are used for bills. Cash is widely used, and cards are accepted in cities like Panama City. Using the U.S. dollar makes trade and tourism very convenient. Banks and ATMs handle both currencies easily. The dual currency system reflects Panama’s strong economic ties with the United States.
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