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Encyclopedia > CFP franc
CFP franc
franc pacifique (French)
10,000 CFP Franc issued in 1985 (French Polynesia side)
10,000 CFP Franc issued in 1985 (French Polynesia side)
ISO 4217 Code XPF
User(s) New Caledonia, French Polynesia, and Wallis and Futuna
Inflation 2.3% (French Polynesia 2005 est.), -0.6% (New Caledonia 2000 est.)
Source The World Factbook
Pegged with XPF = 0.00838 euro
Subunit
1/100 centime
Symbol F
Coins 1, 2, 5, 10, 20, 50, 100 francs
Banknotes 500, 1000, 5000, 10,000 francs
Central bank Institut d'émission d'Outre-Mer (IEOM)
Website www.ieom.fr

The CFP franc is a currency (called franc in everyday conversation) used in the French overseas country of French Polynesia, in the French sui generis collectivity of New Caledonia, and in the French overseas collectivity of Wallis and Futuna. Its name in French: franc pacifique or franc CFP, stood for Colonies françaises du Pacifique ("French colonies of the Pacific") and now stands for Change Franc Pacifique ("Pacific Franc Exchange"). Its ISO 4217 currency code is XPF. Image File history File links No higher resolution available. ... A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold. ... “EUR” redirects here. ... Centime is French for cent, and is used in English as the name of the fraction currency in several Francophone countries (including Switzerland and formerly France), where it is one hundredth of a franc. ... Pays doutre-mer (POM, French for overseas country) is the particular designation the collectivité doutre-mer (COM) of French Polynesia. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ...

Contents

1945–1949

It was created in December 1945, together with the CFA franc. The reason for the creation of these francs was the weakness of the French franc immediately after the Second World War. When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. New currencies were created in the French colonies to spare them the strong devaluation of December 1945. René Pleven, the French minister of finance, was quoted saying: "In a show of her generosity and selflessness, metropolitan France, wishing not to impose on her far-away daughters the consequences of her own poverty, is setting different exchange rates for their currency." The CFA franc and the other colonial currencies were set at a fixed exchange rate with the French franc. However, the CFP franc was set at a fixed exchange rate with the US dollar, which played a major role in the economy of the French Pacific territories since the Second World War. That situation ended in September 1949 when the CFP franc was given a fixed exchange rate with the French franc. 1945 (MCMXLV) was a common year starting on Monday. ... now. ... French Franc. ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km into the air. ... Wikipedia does not have an article with this exact name. ... The United States dollar is the official currency of the United States. ... René Pleven, French prime minister René Pleven (April 1901 - January 13, 1993) was a notable French politician of the Fourth Republic. ... Metropolitan France Metropolitan France (French: or la Métropole) is the part of France located in Europe, including Corsica (French: Corse). ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km into the air. ... 1949 (MCMXLIX) was a common year starting on Saturday (the link is to a full 1949 calendar). ...


1949–1985

The CFP franc has been issued by the IEOM (Institut d'émission d'outre-mer, "Overseas Issuing Institute") since 1967. The IEOM has its headquarters in Paris. 1967 (MCMLXVII) was a common year starting on Sunday of the Gregorian calendar (the link is to a full 1967 calendar). ... City flag City coat of arms Motto: Fluctuat nec mergitur (Latin: Tossed by the waves, she does not sink) Paris Eiffel tower as seen from the esplanade du Trocadéro. ...


Two slightly different sets of banknotes (bills) were issued: one set was used in French Polynesia, while the other set was used in New Caledonia and Wallis and Futuna (and also in Vanuatu before its independence). They shared the same design, but French Polynesia banknotes had the overprint "Papeete", while the other banknotes had the overprint "Nouméa". A £20 Bank of England banknote. ... Papeete Waterfront Papeete is the capital of French Polynesia, and is located on the island of Tahiti, which is part of the Society Islands, in French Polynesia. ... Orbital photo of Nouméa, New Caledonia, taken from the International Space Station. ...


Since 1985

The new highest denomination 10,000 CFP franc banknote (83.8 euro) issued in 1985 was the first one that was not overprinted with a city name. The 500 franc banknote, issued in 1992, and the 1000 and 5000 franc banknotes, issued in 1996, are also without the overprint. The designs of the 500, 1000, 5000 franc banknotes did not change. 1985 (MCMLXXXV) was a common year starting on Tuesday of the Gregorian calendar. ... 1992 (MCMXCII) was a leap year starting on Wednesday. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ...


Today, all banknotes are strictly identical from New Caledonia to French Polynesia. One side of the banknotes shows landscapes or historical figures of New Caledonia, while the other side of the banknotes shows landscapes or historical figures of French Polynesia.


The coins are still separated in two sets: one side of the coins is identical from New Caledonia to French Polynesia, while the other side of the coins is inscribed with the name "New Caledonia" in New Caledonia and in Wallis and Futuna, and with the name "French Polynesia" in French Polynesia. Both sets of coins can be used in all three French territories. The situation of the CFP coins is thus quite similar to that of the euro coins, which have a national side but can be used in all countries of the euro zone. The euro (EUR or €) is the currency of 13 European Union (EU) member states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain), three European microstates which have currency agreements with the EU (Monaco, San Marino and the Vatican City State), Andorra, Montenegro and the... The Eurozone (also called Euro-area or Euroland) is the subset of European Union member states which have adopted the Euro (€) currency, creating a currency union. ...


Historical exchange rates

  • December 26, 1945 to September 20, 1949 - Fixed exchange with the US dollar at 1 USD = 49.6 XPF. Non-fixed exchange rate with the French franc, which devaluates 4 times vs. the US dollar. From 1 XPF = 2.40 FRF (FRF = French franc) in December 1945, the exchange rate reached 1 XPF = 5.50 FRF in September 1949.
  • September 21, 1949 to December 31, 1959 - Fixed exchange rate with the French franc at 1 XPF = 5.50 FRF
  • January 1, 1960 to December 31, 1998 - Fixed exchange rate with the French franc at 1 XPF = 0.055 FRF (January 1, 1960: 100 'old' francs became 1 'new' franc)
  • January 1, 1999 onward - Fixed exchange rate with the euro at 1,000 XPF = 8.38 EUR (January 1, 1999: EUR replaced FRF at the rate of 6.55957 FRF = 1.00 EUR)

The 1960 event is merely a change in the currency in use in France; the relative value of the CFP franc (XPF) vs. the French franc is unchanged from 1949 to 1999. 1959 (MCMLIX) was a common year starting on Thursday of the Gregorian calendar. ... 1960 (MCMLX) was a leap year starting on Friday (the link is to a full 1960 calendar). ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean by UNESCO. [1]. // Coated in ice, power and telephone lines sag and often break, resulting in power outages. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ...


Now the Institut d'émission d'outre-mer states the conversion rate in either direction: "1 XPF = 0.00838 €; 1 € = 119.3317 XPF". In a strict mathematical sense, either one is an approximation of the other:

  • 1 / 0.00838 = 119.331742243437...
  • 1 / 119.3317 = 0.008380002966...

Therefore, it is more likely that the link is defined as 1 XPF = 0.00838 EUR.


Note that both definitions are different from the pre-euro rate:

  • 1 XPF = 0.055 FRF ~ 0.008384696... EUR, inversely
  • 1 EUR = 6.55957 FRF ~ 119.264909... XPF

That means CFP franc devalued slightly against French franc / euro in 1999.


Peculiarities

Before the French regulated the currency on Tahiti, French Polynesia, traders often used the Chilean dollar. The word 'dollar' became tārā (often written without accents as tara), and the term is still being used among native Tahitian and local Chinese traders as an unofficial money unit, valued 5 FCFP. When you would buy something in the shop costing, for example 200 FCFP, in the Tahitian language you would say: tārā e maha-ʻahuru (40 tārā). This article or section does not adequately cite its references or sources. ... Chilean notes currently in circulation: 1,000; 2,000; 5,000; 10,000; 20,000 pesos The peso is the currency of Chile. ... Tahitian, a Tahitic language, is one of the two official languages of French Polynesia (along with French). ...

Current XPF exchange rates
Use Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
Use XE.com: AUD CAD CHF EUR GBP HKD JPY USD
Use OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

now. ... ISO 4217 Code KMF User(s) Comoros Inflation rate 3% Source CIA World Fact Book, 2005 est. ... Currently there are several currencies pegged to the euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate. ... In economics, a monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency) among them, for example, the East Caribbean dollar. ...

External links

  • Discover the Franc Pacifique currency

  Results from FactBites:
 
Franc - Wikipedia, the free encyclopedia (783 words)
The franc was originally a French gold coin of 3.87 g minted in 1360 on the occasion of the release of King John II ("the good"), held by the English since his capture at the Battle of Poitiers four years earlier.
The French franc was the national currency of France from 1360 until 1641, and from 1795 until 2002.
Though abolished as a legal coin by Louis XIII in 1641 in favor of the gold louis or écu, the term franc continued to be used in common parlance for the livre.
CFP franc - Wikipedia, the free encyclopedia (673 words)
The CFP franc (in French: franc Pacifique or franc CFP ; CFP stood for Colonies françaises du Pacifique (i.e.
The new highest denomination 10,000 CFP franc banknote (83.8 euro) issued in 1985 was the first one that was not overprinted with a city name.
The 500 franc banknote issued in 1992, and the 1000 and 5000 franc banknotes issued in 1996 are also without the overprint.
  More results at FactBites »

 
 

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