The value of a Panamanian balboa is equivalent to that of a U.S. dollar. This is because the Panamanian balboa has been pegged to the U.S. dollar at a fixed exchange rate of 1:1 since Panama relinquished control of the Panama Canal to the United States in 1904. This fixed exchange rate ensures that the value of the Panamanian balboa remains in sync with the U.S. dollar, making them interchangeable and equal in value.
