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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.
The Dominican Peso (DOP) is the official currency of the Dominican Republic, used for all financial transactions within the country. It is subdivided into 100 centavos and is typically represented by the symbol 'RD$' or simply '$' when used in local contexts.