Convert Gibraltar Pound to Panamanian Balboa
Please provide values below to convert Gibraltar Pound [GIP] to Panamanian Balboa [PAB], or Convert Panamanian Balboa to Gibraltar Pound.
How to Convert Gibraltar Pound to Panamanian Balboa
1 GIP = 0.7403 PAB
Example: convert 15 GIP to PAB:
15 GIP = 15 × 0.7403 PAB = 11.1045 PAB
Gibraltar Pound to Panamanian Balboa Conversion Table
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Gibraltar Pound
The Gibraltar Pound (GIP) is the official currency of Gibraltar, pegged at par to the British Pound Sterling and used alongside it locally.
History/Origin
Introduced in 1934, the Gibraltar Pound replaced the Gibraltar Pound issued during the British colonial period. It has maintained a fixed exchange rate with the British Pound since its inception, with coins and banknotes issued specifically for Gibraltar.
Current Use
The Gibraltar Pound is widely used in Gibraltar for everyday transactions, alongside the British Pound Sterling. It is accepted locally and is also used in some border areas of Spain, with coins and banknotes issued by the Government of Gibraltar.
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.