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The CFA franc, or Franc of the Financial Community of Africa, is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc.
The CFP franc is the currency used in the French overseas collectivities of French Polynesia, New Caledonia, and Wallis and Futuna. The initials CFP originally stood for colonies françaises du Pacifique but since 2022 is officially Collectivités françaises du Pacifique. Its ISO 4217 currency code is XPF. The CFP franc is subdivided into 100 centimes, although there are no centime denominations. The currency is issued by Institut d'émission d'outre-mer (IEOM).
The franc, also commonly distinguished as the French franc (FF), was a currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money. It was reintroduced in 1795. After two centuries of inflation, it was redenominated in 1960, with each new franc (NF) being worth 100 old francs. The NF designation was continued for a few years before the currency returned to being simply the franc. Many French residents, though, continued to quote prices of especially expensive items in terms of the old franc, up to and even after the introduction of the euro in 2002. The French franc was a commonly held international reserve currency of reference in the 19th and 20th centuries. Between 1998 and 2002, the conversion of francs to euros was carried out at a rate of 6.55957 francs to 1 euro.
The Syrian pound or lira is the currency of Syria. It is issued by the Central Bank of Syria. The pound is nominally divided into 100 piastres, although piastre coins are no longer issued. All banknotes and coins below 50 pounds are practically worthless by Dec 2022.
The lira was the currency of Italy between 1861 and 2002. It was introduced by the Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different states that would eventually form the Kingdom of Italy in 1861. It was subdivided into 100 centesimi, which means "hundredths" or "cents". The lira was also the currency of the Albanian Kingdom from 1941 to 1943.
The dinar is the monetary currency of Algeria and it is subdivided into 100 centimes. Centimes are now obsolete due to their extremely low value.
The dinar is the national currency of Tunisia. It is subdivided into 1000 milim or millimes (ملّيم). The abbreviation DT is often used in Tunisia, although writing "dinar" after the amount is also acceptable ; the abbreviation TD is also mentioned in a few places, but is less frequently used, given the common use of the French language in Tunisia, and the French derivation of DT.
The franc was the currency of Madagascar until 1 January 2005. It was subdivided into 100 centimes. In Malagasy the corresponding term for the franc is iraimbilanja, and five Malagasy francs is called ariary.
The Belgian franc was the currency of the Kingdom of Belgium from 1832 until 2002 when the Euro was introduced. It was subdivided into 100 subunits, each known as a centiem in Dutch, or centime in French and German.
The Guinean franc is the currency of Guinea. It is subdivided into one hundred centimes, but no centime denominations were ever issued.
The franc is the official currency of Comoros. It is nominally subdivided into 100 centimes, although no centime denominations have ever been issued.
The franc was the currency of the Anglo-French Condominium of the Pacific island group of the New Hebrides. It circulated alongside British and later Australian currency. The New Hebrides franc was nominally divided into 100 Centimes, although the smallest denomination was the 1 franc. Between 1945 and 1969, it was part of the CFP franc.
The zaire was the unit of currency of the Democratic Republic of the Congo and then of the Republic of Zaire from 1967 until 1997. All but six of the 79 series of banknotes issued bear the image of Mobutu Sese Seko. Two distinct currencies existed: zaire, and nouveau zaïre.
The peso was the currency of Guinea-Bissau from 1975 to 1997 and was divided into 100 centavos. It replaced the escudo at par. In 1997, in an effort to stop high inflation, Guinea-Bissau adopted the CFA franc, using a conversion rate of 65 pesos to the franc.
The Central African CFA franc is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries had a combined population of 55.2 million in 2020, and a combined GDP of over US$100 billion.
The West African CFA franc is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union : Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion as of 2018.
The franc was the official currency of the Principality of Monaco until 1995, when it changed to the French franc which was replaced by the euro in 2002. The franc was subdivided into 100 centimes or 10 décimes. The Monégasque franc circulated alongside the French franc with the same value. Like the French franc, the Monégasque franc was revalued in 1960 at a rate of 100 old francs = 1 new franc. The official euro-to-franc exchange rate was MCF 6.55957 to EUR 1.
The franc was the currency of Réunion until 1999. Before 1975, Réunion had its own franc, distinct from that of France. After 1975, the French franc circulated. Réunion now uses the euro. The Réunion franc was subdivided into 100 centimes.
The franc is the currency of New Caledonia and Wallis and Futuna, part of the CFP franc since 1945 and issued by the Institut d'émission d'outre-mer (IEOM) in Paris. It is subdivided into 100 centimes, although centime denominations are no longer in circulation.
The franc is the currency of French Polynesia, part of the CFP franc since 1945 and issued by the Institut d'émission d'outre-mer (IEOM) in Paris. It is subdivided into 100 centimes, although centime denominations are no longer in circulation.
References
- ↑ Linzmayer, Owen (2012). "Mali". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
