1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 0.158 PAB (Panamanian Balboa). It is the official currency of Panama, along with the US Dollar. Panama, officially the Republic of Panama, is a country in Central America situated between North and South America. The currency wa named in honor of Vasco Núñez de Balbo, who was a Spanish explorer. 1 PAB (Panamanian Balboa) is sub-divided into100 Centesimos (Cents). The issue of the currency is controlled by the central bank, the National Bank of Panama. The PAB (Panamanian Balboa) is pegged to the United States Dollar at par.