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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 Turkish Lira (TRY) is the official currency of Turkey and the Turkish Republic of Northern Cyprus. It serves as a medium of exchange for goods and services within the country and plays a crucial role in the Turkish economy.