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The Gibraltar Pound (GIP) is the official currency of Gibraltar, a British Overseas Territory located at the southern tip of the Iberian Peninsula. It is pegged to the British Pound Sterling (GBP) at par, meaning one Gibraltar Pound is equal to one British Pound. The GIP is primarily used for everyday transactions within Gibraltar, although the British Pound is also accepted widely.
The Panamanian Balboa (PAB) is the official currency of Panama, named after the Spanish explorer Vasco NĂșñez de Balboa. It is pegged to the US dollar at a one-to-one exchange rate, which means that both currencies circulate freely in the country, making transactions convenient for both locals and tourists.