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The CFP franc was established in 1945 primarily to bolster the French franc's stability following the conclusion of World War I.
Answer: False
Explanation: This statement is inaccurate. The CFP franc was created in December 1945 to safeguard the economies of French colonies from the severe devaluation of the French franc that ensued subsequent to World War II and France's ratification of the Bretton Woods Agreement.
Immediately following its inception in 1945, the CFP franc was pegged to the French franc.
Answer: False
Explanation: This statement is incorrect. Upon its creation in 1945, the CFP franc was initially pegged to the US dollar, not the French franc.
The New Hebrides franc was separated from the CFP franc system in 1982.
Answer: False
Explanation: This statement is inaccurate. The New Hebrides franc ceased to be part of the CFP franc system in 1969, not 1982.
What was the main economic reason for establishing the CFP franc in 1945?
Answer: To protect the economies of French Pacific colonies from the devaluation of the French franc after World War II.
Explanation: The primary economic impetus for establishing the CFP franc in 1945 was to shield the economies of the French Pacific colonies from the substantial devaluation of the French franc that ensued after World War II and France's ratification of the Bretton Woods Agreement.
Which territory's currency separated from the CFP franc system in 1969?
Answer: New Hebrides
Explanation: The currency of the New Hebrides territory was separated from the CFP franc system in 1969.
The initials CFP originally signified 'Collectivités françaises du Pacifique'.
Answer: False
Explanation: This assertion is incorrect. The initials CFP originally stood for 'colonies françaises du Pacifique' (French colonies of the Pacific). The designation was officially updated to 'Collectivités françaises du Pacifique' (French Communities of the Pacific) in 2022.
The numeric code for the CFP franc under ISO 4217 is 953.
Answer: True
Explanation: This statement is accurate. The numeric code designated for the CFP franc under the ISO 4217 standard is 953.
The symbol commonly employed for the CFP franc is 'XPF'.
Answer: False
Explanation: This statement is incorrect. While 'XPF' is the official ISO 4217 currency code for the CFP franc, the symbol commonly used for the currency itself is 'F'.
What was the original meaning of the initials CFP when the currency was created?
Answer: Colonies françaises du Pacifique
Explanation: The initials CFP originally signified 'colonies françaises du Pacifique', translating to 'French colonies of the Pacific'.
What is the ISO 4217 currency code for the CFP franc?
Answer: XPF
Explanation: The official ISO 4217 currency code designated for the CFP franc is XPF.
Early CFP franc banknotes for French Polynesia and New Caledonia were distinguishable solely by the names of their respective capital cities printed on the reverse.
Answer: True
Explanation: This statement is accurate. Initially, banknotes intended for French Polynesia and New Caledonia could be differentiated only by the names of their capital cities, Papeete and Nouméa respectively, appearing on the reverse side.
The 10,000 CFP franc banknote, first issued in 1986, was initially unique to French Polynesia.
Answer: False
Explanation: This statement is incorrect. The 10,000 CFP franc banknote, introduced in 1986, was notable for being common to both French Polynesia and New Caledonia, as it omitted the capital city name previously used for differentiation.
New CFP franc banknotes introduced in 2014 are identical for all territories and feature elements from only one territory.
Answer: False
Explanation: This statement is inaccurate. While the banknotes introduced in 2014 are identical for both New Caledonia and French Polynesia, they feature elements from *both* territories, not just one.
The currently circulating CFP franc banknotes include denominations of F 50, F 100, F 500, and F 1,000.
Answer: False
Explanation: This statement is inaccurate. The currently circulating denominations of CFP franc banknotes are F 500, F 1,000, F 5,000, and F 10,000. Denominations of F 50 and F 100 are coin denominations.
The F 1,000 CFP franc banknote measures 126 by 66 millimeters.
Answer: True
Explanation: This statement is accurate. The F 1,000 CFP franc banknote has dimensions of 126 by 66 millimeters.
The F 5,000 CFP franc banknote features imagery related to marine life like shells and fish.
Answer: True
Explanation: This statement is accurate. The F 5,000 CFP franc banknote prominently features imagery related to marine life, including various shells (Nautilus, volute, murex) and fish such as the pennant coralfish and Napoleonfish.
The F 10,000 CFP franc banknote showcases modern architectural elements like the Jean-Marie Tjibaou Cultural Centre.
Answer: True
Explanation: This statement is accurate. The F 10,000 CFP franc banknote prominently features modern architectural elements, specifically the Jean-Marie Tjibaou Cultural Centre, alongside other cultural and natural imagery.
How were early CFP franc banknotes for French Polynesia and New Caledonia primarily differentiated?
Answer: By the names of their respective capital cities printed on the reverse.
Explanation: Initially, banknotes intended for French Polynesia and New Caledonia could be differentiated only by the names of their capital cities, Papeete and Nouméa respectively, appearing on the reverse side.
What notable change occurred with the 10,000 CFP franc banknote first issued in 1986?
Answer: It omitted the name of the capital city, making it common to both French Polynesia and New Caledonia.
Explanation: The notable change with the 10,000 CFP franc banknote, first issued in 1986, was its design commonality between French Polynesia and New Caledonia, achieved by omitting the specific capital city name previously used for differentiation.
What characterizes the CFP franc banknotes introduced in 2014?
Answer: They are smaller in size and feature elements from both French Polynesia and New Caledonia.
Explanation: The CFP franc banknotes introduced in 2014 are characterized by updated designs and reduced dimensions. Crucially, they are identical for both New Caledonia and French Polynesia, incorporating elements from each territory on opposing sides.
Which of the following are denominations of CFP franc banknotes currently in circulation?
Answer: F 500, F 1,000, F 5,000, F 10,000
Explanation: The CFP franc banknotes currently in circulation are denominated as F 500, F 1,000, F 5,000, and F 10,000.
What specific marine life is mentioned as being depicted on the F 5,000 CFP franc banknote?
Answer: Nautilus shell, pennant coralfish, and Napoleonfish
Explanation: The F 5,000 CFP franc banknote depicts specific marine life, including a Nautilus shell, pennant coralfish, volute, murex shells, Napoleonfish, and an oyster with a pearl.
The F 10,000 CFP franc banknote features which significant cultural landmark?
Answer: The Tjibaou Cultural Centre
Explanation: The F 10,000 CFP franc banknote prominently features the Jean-Marie Tjibaou Cultural Centre, a significant architectural landmark.
What is the primary color of the F 1,000 CFP franc banknote?
Answer: Orange
Explanation: The F 1,000 CFP franc banknote is predominantly orange in color.
How are the obverse and reverse sides of the current CFP franc banknotes (post-2014) generally designed?
Answer: Each side represents elements from both New Caledonia and French Polynesia.
Explanation: The current CFP franc banknotes are designed such that each side incorporates elements representing both New Caledonia and French Polynesia, with one side typically showcasing imagery from New Caledonia and the other from French Polynesia.
Before 2023, the IEOM issued separate coin designs for New Caledonia and French Polynesia, but these coins were interchangeable.
Answer: True
Explanation: This statement is accurate. Prior to 2023, the IEOM issued distinct coin designs for New Caledonia and French Polynesia, yet these coins maintained interchangeability across all three French Pacific territories.
A new, single set of CFP franc coin designs common to all three territories was released in September 2021.
Answer: True
Explanation: This statement is accurate. A unified series of CFP franc coin designs, intended for use across all three French Pacific Territories, was introduced in September 2021.
The reverse sides of current CFP franc coins (2021 onwards) feature designs representative of all three territories.
Answer: True
Explanation: This statement is accurate. The reverse sides of the CFP franc coins issued since 2021 showcase a unified design incorporating elements representative of all three territories: French Polynesia, New Caledonia, and Wallis and Futuna.
The CFP franc coins currently in circulation include denominations of F 5, F 10, F 20, F 50, F 100, and F 200.
Answer: True
Explanation: This statement is accurate. The denominations of CFP franc coins currently in circulation are F 5, F 10, F 20, F 50, F 100, and F 200.
The CFP franc coins denominated F 5, F 10, and F 20 are all manufactured from stainless steel.
Answer: False
Explanation: This statement is inaccurate. While the F 5 franc coin is indeed made of stainless steel, the F 10 and F 20 franc coins are composed of cupronickel.
The F 50 and F 100 CFP franc coins are made of a cupronickel-aluminium alloy.
Answer: True
Explanation: This statement is accurate. The F 50 and F 100 franc coins are manufactured from a cupronickel-aluminium alloy.
Prior to the 2021 series redesign, the obverse face of all CFP franc coin denominations prominently featured the figure of Marianne.
Answer: False
Explanation: This statement is incorrect. Before the 2021 series, while the obverse side of CFP franc coins bore the inscription 'République Française', the allegorical figure depicted varied. Marianne appeared on higher denominations, whereas an allegorical representation of Minerva was featured on the 1, 2, and 5 franc coins.
Which of the following denominations of CFP franc coins are currently in circulation?
Answer: 5, 10, 20, 50, 100, 200 francs
Explanation: The currently circulating denominations of CFP franc coins include F 5, F 10, F 20, F 50, F 100, and F 200.
What kind of imagery is featured on the reverse sides of the current CFP franc coins issued since 2021?
Answer: A single design representing elements from all three territories.
Explanation: The reverse sides of the CFP franc coins issued since 2021 showcase a unified design incorporating elements representative of all three territories: French Polynesia, New Caledonia, and Wallis and Futuna.
Which materials are used for the F 10 and F 20 CFP franc coins?
Answer: Cupronickel
Explanation: The F 10 and F 20 CFP franc coins are manufactured from cupronickel.
The CFP franc's exchange rate relationship transitioned from the US dollar to the French franc in September 1949.
Answer: True
Explanation: This statement is accurate. The fixed exchange rate between the CFP franc and the US dollar concluded in September 1949, at which point it was re-pegged to the French franc.
From 1949 to 1959, the exchange rate was 5.50 French francs for every 1 CFP franc.
Answer: True
Explanation: This statement is accurate. From September 1949 until the end of 1959, the fixed exchange rate between the CFP franc and the old French franc was established at 1 CFP franc to 5.50 French francs.
Following the currency reform in 1960, the CFP franc was valued at approximately 18.182 French New Francs for each CFP franc.
Answer: False
Explanation: This statement is inaccurate. After the introduction of the French New Franc in 1960, the exchange rate was fixed at 1 CFP franc to 0.055 New Francs, which translates to approximately 18.182 CFP francs per New Franc, not the other way around.
The current fixed exchange rate pegs 1 Euro to approximately 119.332 CFP francs.
Answer: True
Explanation: This statement is accurate. Since January 1, 1999, the CFP franc has been pegged to the Euro at a fixed rate wherein 1 Euro is equivalent to approximately 119.332 CFP francs.
The CFP franc's value relative to the French franc has remained constant since 1949.
Answer: True
Explanation: This statement is accurate. The exchange rate between the CFP franc and the French franc has been maintained consistently since its establishment in 1949.
How was the CFP franc initially linked financially after its creation in 1945?
Answer: It was pegged to the US dollar.
Explanation: Upon France's ratification of the Bretton Woods Agreement in December 1945, the CFP franc was initially established with a fixed exchange rate relative to the US dollar.
In what year did the CFP franc cease its fixed exchange rate with the US dollar and adopt one with the French franc?
Answer: 1949
Explanation: The CFP franc transitioned from its fixed exchange rate with the US dollar to one pegged with the French franc in September 1949.
What was the fixed exchange rate between the CFP franc and the old French franc from late 1949 to the end of 1959?
Answer: 1 CFP franc = 5.50 French francs
Explanation: From September 1949 until the end of 1959, the fixed exchange rate between the CFP franc and the old French franc was established at 1 CFP franc to 5.50 French francs.
How is the CFP franc pegged to the Euro since January 1, 1999?
Answer: 1 Euro = 119.332 CFP francs
Explanation: Since January 1, 1999, the CFP franc has been pegged to the Euro at a fixed rate wherein 1 Euro is equivalent to approximately 119.332 CFP francs.
Subsequent to the discontinuation of the 1 and 2 franc coins, all cash transactions are rounded to the nearest 5 franc increment.
Answer: False
Explanation: This statement is inaccurate. While cash transactions are indeed rounded following the withdrawal of the 1 and 2 franc coins, the rounding rules are specific: amounts ending in 1 or 2 are rounded down to 0; 3 or 4 are rounded up to 5; 6 or 7 are rounded down to 5; and 8 or 9 are rounded up to 10. Therefore, not all transactions are simply rounded to the nearest 5 franc unit.
In Tahiti, the term 'tārā' represents an official currency denomination equivalent to ten CFP francs.
Answer: False
Explanation: This statement is incorrect. In Tahiti, 'tārā' is an unofficial unit of currency used among native Tahitian and local Chinese traders, derived from the word 'dollar'. Crucially, it is equivalent to 5 CFP francs, not 10.
According to the rounding rules, how are cash transactions ending in 7 CFP francs treated?
Answer: Rounded down to 5 francs.
Explanation: Cash transactions concluding in 7 CFP francs are subject to rounding down to the nearest 5 franc denomination.
What does the term 'tārā' represent in Tahiti, according to the source?
Answer: An unofficial unit of currency equivalent to 5 CFP francs.
Explanation: In Tahiti, the term 'tārā' represents an unofficial unit of currency, derived from the word 'dollar', utilized by native Tahitian and local Chinese traders, and is equivalent to 5 CFP francs.