What is the CFP franc and where is it used?

The CFP franc, known in French as 'franc pacifique', is the currency utilized in the French overseas collectivities of French Polynesia, New Caledonia, and Wallis and Futuna. Its official ISO 4217 currency code is XPF.

What did the initials CFP originally stand for, and has this changed?

The initials CFP originally stood for 'colonies françaises du Pacifique', which translates to 'French colonies of the Pacific'. Since 2022, the official meaning has been updated to 'Collectivités françaises du Pacifique', meaning 'French Communities of the Pacific'.

Who is responsible for issuing the CFP franc?

The CFP franc is issued by the Institut d'émission d'Outre-Mer (IEOM), which translates to the Overseas Issuing Institute. The IEOM is headquartered in Paris.

What was the primary reason for the creation of the CFP franc in 1945?

The CFP franc was created in December 1945 as a response to the significant weakness of the French franc following World War II. This measure aimed to protect the French colonies' economies from the severe devaluation of the French franc that occurred after France ratified the Bretton Woods Agreement.

How was the CFP franc initially linked to the US dollar?

Following France's ratification of the Bretton Woods Agreement in December 1945, the CFP franc was set at a fixed exchange rate with the US dollar. This was distinct from other French colonial currencies, which were pegged to the French franc, and was influenced by the economic importance of the US dollar in the Pacific territories after World War II.

When did the CFP franc's exchange rate relationship change from the US dollar to the French franc?

The fixed exchange rate between the CFP franc and the US dollar ended in September 1949, at which point the CFP franc was given a fixed exchange rate with the French franc.

Since when has the Institut d'émission d'Outre-Mer (IEOM) been issuing the CFP franc?

The Institut d'émission d'Outre-Mer (IEOM) has been issuing the CFP franc since 1967.

How were the early banknotes of the CFP franc distinguished between territories?

Initially, banknotes for French Polynesia and New Caledonia could only be distinguished by the names of their respective capital cities, Papeete and Nouméa, printed on the reverse side. The New Hebrides franc banknotes bore the name of that territory.

When did the New Hebrides franc cease to be part of the CFP franc system?

The New Hebrides franc was separated from the CFP franc system in 1969. It was later replaced by the Vanuatu vatu in 1982 following the establishment of the Republic of Vanuatu.

What significant change occurred with the 10,000 CFP franc banknote?

The 10,000 CFP franc banknote was first issued in 1986 and was notable for being common to both French Polynesia and New Caledonia. Unlike earlier notes, it omitted the name of the capital city. Later, the capital city name was also omitted from updated 500, 1,000, and 5,000 franc banknotes issued after 1992 and 1995.

What was introduced in 2014 regarding CFP franc banknotes?

In 2014, a new series of banknotes with updated designs and smaller sizes was introduced. These new banknotes are identical for both New Caledonia and French Polynesia, with one side featuring elements from French Polynesia and the other from New Caledonia.

Describe the coin system in the French Pacific Territories before 2023.

Before 2023, the IEOM issued two distinct sets of coins, one for New Caledonia and one for French Polynesia, in denominations of 1, 2, 5, 10, 20, 50, and 100 francs. While the obverse side of these coins was identical across both sets, the reverse side was inscribed with either 'Nouvelle-Calédonie' or 'Polynésie française', featuring different designs. Despite these differences, both sets of coins were interchangeable and could be used in all three French territories.

What changes were implemented regarding CFP franc coins in September 2021 and January 2023?

In September 2021, a new, single set of coin designs common to all three French Pacific Territories was released. The 1 and 2 franc coins were discontinued, and a new bimetallic 200 franc coin was introduced. The older coins were fully withdrawn from circulation in January 2023.

What are the rounding rules for cash transactions following the withdrawal of 1 and 2 franc coins?

Since the lowest denomination in circulation is now the 5 franc coin, cash transactions are rounded. Amounts ending in 1 or 2 francs are rounded down to 0; amounts ending in 3 or 4 francs are rounded up to 5; amounts ending in 6 or 7 francs are rounded down to 5; and amounts ending in 8 or 9 francs are rounded up to 10. Transactions ending in 0 or 5 francs remain unchanged. These rounding rules do not apply to non-cash transactions.

What imagery is featured on the reverse sides of the current CFP franc coins (2021 onwards)?

The reverse sides of the current CFP franc coins feature a single design that depicts landscapes, artifacts, flora, and fauna representative of all three territories: French Polynesia, New Caledonia, and Wallis and Futuna.

What denominations of CFP franc banknotes are currently in circulation?

The currently circulating denominations of CFP franc banknotes are F 500, F 1,000, F 5,000, and F 10,000.

What are the dimensions of the F 1,000 CFP franc banknote?

The F 1,000 CFP franc banknote measures 126 by 66 millimeters.

What imagery is depicted on the F 5,000 CFP franc banknote?

The F 5,000 CFP franc banknote features a Nautilus shell, pennant coralfish, volute, and murex shells on one side, and Napoleonfish, coral, and an oyster with a pearl on the other side.

What historical or cultural elements are shown on the F 10,000 CFP franc banknote?

The F 10,000 CFP franc banknote displays the Jean-Marie Tjibaou Cultural Centre and a Kanak hut on one side, and crossed oars, a traditional fare hut, and palm trees on the other side.

What was the exchange rate of the CFP franc to the French franc from 1949 to 1959?

From September 21, 1949, to December 31, 1959, the CFP franc had a fixed exchange rate with the old French franc at a ratio of 1 CFP franc to 5.50 French francs (F.CFP 1 = FF 5.50).

How did the CFP franc's value relate to the French New Franc after 1960?

Following the introduction of the French New Franc (NF) on January 1, 1960, the CFP franc maintained a fixed exchange rate of 1 CFP franc to 0.055 New Francs (F.CFP 1 = NF 0.055), which equated to approximately 18.182 CFP francs per New Franc.

What is the fixed exchange rate between the CFP franc and the Euro?

Since January 1, 1999, the CFP franc has been pegged to the Euro. The fixed exchange rate is 1,000 CFP francs to €8.38, meaning €1 is approximately equal to 119.332 CFP francs.

What does the term 'tārā' refer to in Tahiti?

In Tahiti, 'tārā' is a term derived from the word 'dollar' and is used as an unofficial unit of currency among native Tahitian and local Chinese traders. It is equivalent to 5 CFP francs.

What is the ISO 4217 numeric code for the CFP franc?

The numeric code for the CFP franc under the ISO 4217 standard is 953.

What symbol is used for the CFP franc?

The symbol used for the CFP franc is 'F'.

What are the denominations of CFP franc coins currently in circulation?

The denominations of CFP franc coins currently in circulation are F 5, F 10, F 20, F 50, F 100, and F 200.

What materials are used for the F 5, F 10, and F 20 CFP franc coins?

The F 5 franc coin is made of stainless steel. The F 10 and F 20 franc coins are made of cupronickel.

What materials are used for the F 50, F 100, and F 200 CFP franc coins?

The F 50 and F 100 franc coins are made of a cupronickel-aluminium alloy. The F 200 franc coin is bimetallic, featuring a cupronickel ring and a cupronickel-aluminium centre.

What did the obverse side of CFP franc coins depict before the 2021 series?

Before the 2021 series, the obverse side of CFP franc coins, common to both New Caledonia and French Polynesia, featured the words 'Republique Française' (French Republic). It also depicted an allegorical representation of Minerva on the 1, 2, and 5 franc coins, or Marianne on higher denominations. The mint year and the IEOM initials were also present from 1972 onwards.

What is the relationship between the CFP franc and the Euro in terms of valuation?

The CFP franc is pegged to the Euro at a fixed rate of 1,000 CFP francs to €8.38. This means the value of the CFP franc is directly tied to the value of the Euro.

What were the inflation rates mentioned for French Polynesia and New Caledonia?

The provided text mentions an inflation rate of 0% for French Polynesia in 2015 and 1.9% for New Caledonia in 2017.

What was the exchange rate of the CFP franc to the French franc in September 1949?

In September 1949, the CFP franc was set at a fixed exchange rate with the French franc, where 1 CFP franc was equivalent to 5.50 French francs (F.CFP 1 = FF 5.50).

How did the CFP franc's value change relative to the French franc between December 1945 and September 1949?

Between December 1945 and September 1949, the CFP franc's value relative to the French franc depreciated significantly. It moved from F.CFP 1 = FF 2.40 in December 1945 to F.CFP 1 = FF 5.50 by September 1949, while the French franc itself devalued against the US dollar.

What is the primary purpose of the Institut d'émission d'Outre-Mer (IEOM)?

The primary purpose of the Institut d'émission d'Outre-Mer (IEOM) is to issue and manage the CFP franc currency for the French overseas collectivities in the Pacific.

What is the significance of the 2022 ordinance regarding the name of the CFP franc?

An ordinance from September 15, 2021, effective February 26, 2022, officially defined the name of the currency as 'le franc des collectivités françaises du Pacifique', which translates to 'the franc of the French Communities of the Pacific'.

What are the denominations of banknotes issued by the IEOM for the CFP franc?

The IEOM issues CFP franc banknotes in denominations of 500, 1,000, 5,000, and 10,000 francs.

What is the main color of the F 500 CFP franc banknote?

The F 500 CFP franc banknote is primarily green.

What is the main color of the F 1,000 CFP franc banknote?

The F 1,000 CFP franc banknote is primarily orange.

What is the main color of the F 5,000 CFP franc banknote?

The F 5,000 CFP franc banknote is primarily blue.

What is the main color of the F 10,000 CFP franc banknote?

The F 10,000 CFP franc banknote is primarily red.

How are the obverse and reverse sides of the current CFP franc banknotes designed?

The current CFP franc banknotes feature designs that represent both New Caledonia and French Polynesia. One side typically shows landscapes or historical figures from New Caledonia, while the other side features elements from French Polynesia.

What is the relationship between the CFP franc and the Euro regarding historical pegging?

While the CFP franc was initially pegged to the US dollar and then the French franc, its value relative to the French franc has remained unchanged since 1949. When the Euro replaced the French franc in 1999, the CFP franc was pegged to the Euro at a fixed rate, maintaining its established value.

Cfp Franc Wiki: The CFP Franc: A Pacific Monetary Journey

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Overview

Pacific Currency

The CFP franc (French: Franc pacifique), commonly referred to as the franc, is the official currency utilized across the French overseas collectivities (COMs) of French Polynesia, New Caledonia, and Wallis and Futuna. Its ISO 4217 currency code is XPF. While subdivided into 100 centimes, no centime denominations are currently in circulation. The currency is managed and issued by the Institut d'émission d'Outre-Mer (IEOM).

Name Evolution

The acronym CFP has evolved over time. Originally standing for colonies françaises du Pacifique ('French colonies of the Pacific'), it was later updated to Collectivités françaises du Pacifique ('French Communities of the Pacific') in 2022, reflecting administrative changes. This evolution underscores the currency's deep connection to the French territories in the Pacific.

Historical Context

Post-War Origins (1945-1949)

The CFP franc was established in December 1945, alongside the CFA franc for African territories. This was a strategic move following France's ratification of the Bretton Woods Agreement, which involved a significant devaluation of the French franc against the US dollar. To shield its overseas territories from this devaluation, new currencies were introduced. The CFP franc was initially pegged to the US dollar, reflecting the significant economic ties forged during World War II, before being fixed to the French franc in September 1949.

Centralized Issuance (1949-1985)

From 1967 onwards, the Institut d'émission d'outre-mer (IEOM), headquartered in Paris, has been responsible for issuing the CFP franc. Initially, distinct forms of the franc were issued for French Polynesia, New Caledonia, and the New Hebrides. Wallis and Futuna adopted the New Caledonian franc. Banknotes featured regional identifiers, while coins also had distinct reverse designs for each territory, though they were interchangeable across all three French Pacific regions.

The New Hebrides franc separated from the CFP franc system in 1969 and was eventually replaced by the Vanuatu vatu in 1982.
Banknotes initially came in denominations of 500, 1,000, and 5,000 francs.

Modernization and Unification (Since 1985)

The introduction of the 10,000 CFP franc banknote in 1986 marked a significant step. Subsequent banknote series, starting in the 1990s and a major redesign in 2014, featured common designs for all territories, with one side often depicting elements from New Caledonia and the other from French Polynesia. In 2021, a new series of coins was introduced, unifying the designs across all three territories and discontinuing the 1 and 2 franc denominations, leading to rounding rules for cash transactions.

Denominations

Coins

The CFP franc utilizes a range of coins, with a unified set of designs introduced in 2021 for all territories. The lowest denomination currently in circulation is the 5 franc coin. Cash transactions are subject to rounding rules for amounts not ending in 0 or 5.

CFP Franc Coinage (2021 onwards)
Image	Value	Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse	Common Name
	F 5	21 mm	1.9 mm	4.8 g	Stainless steel	Plain	Wavy-line design	Tiare and frangipani flowers, Cook pines, taro leaves	F 5
	F 10	23 mm	1.7 mm	5.6 g	Cupronickel	Milled	Wavy-line design	Sail canoe, white terns, rays, oysters	F 10
	F 20	26 mm	1.7 mm	7.1 g	Cupronickel	Milled	Wavy-line design	Napoleon fish, angelfish, turtles, reef fish	F 20
	F 50	24 mm	2.0 mm	6.6 g	Cupronickel-aluminium	Plain	Wavy-line design	Kagu, horned parakeets, breadfruit, ferns, niaouli	F 50
	F 100	27 mm	2.0 mm	8.3 g	Cupronickel-aluminium	Milled	Wavy-line design	Traditional Faré hut, Polynesian items	F 100
	F 200	25 mm	2.3 mm	8.5 g	Bimetallic: cupronickel ring, cupronickel-aluminium centre	Milled	Wavy-line design	Tiki, log drum, ukulele, Wallis tapa cloth	F 200

Banknotes

The CFP franc is issued in denominations of 500, 1,000, 5,000, and 10,000 francs. Modern banknotes feature distinct designs representing the landscapes and cultural elements of both New Caledonia and French Polynesia, symbolizing the unity of the territories under this currency.

Image		Value	Dimensions (mm)	Color			Design
Obverse	Reverse	Value	Dimensions (mm)	Main	Obverse	Reverse
		F 500	120 × 66			Green	Frangipani, tiare	Kava, bird of paradise
		F 1,000	126 × 66			Orange	Horned parakeet, kagu	Stingray, sea turtle
		F 5,000	132 × 73			Blue	Nautilus, pennant coralfish, shells	Napoleonfish, coral, oyster with pearl
		F 10,000	138 × 73			Red	Jean-Marie Tjibaou Cultural Centre, Kanak hut	Crossed oars, Faré hut, palm trees

Issuance and Administration

Institut d'émission d'Outre-Mer (IEOM)

The Institut d'émission d'outre-mer (IEOM) is the central bank responsible for issuing the CFP franc. Headquartered in Paris, the IEOM manages the currency's stability and circulation within French Polynesia, New Caledonia, and Wallis and Futuna. Its role is crucial in maintaining the financial integrity and smooth functioning of the currency across these distinct territories.

The "Tārā" Unit

Historically, before the formal establishment of regulated currency in Tahiti, traders often used dollars. This term evolved into tārā (or tala) in Tahitian and among local Chinese traders. It functions as an unofficial unit of value, equivalent to 5 francs. This linguistic artifact highlights the blend of historical influences on the region's economic practices.

Valuation and Exchange Rates

Historical Pegs

The CFP franc's value has been historically linked to major international currencies. Initially pegged to the US dollar upon its creation in 1945, it shifted to a fixed exchange rate with the French franc in 1949. Since the introduction of the euro, the CFP franc has maintained a fixed exchange rate with the euro at 1,000 XPF = €8.38.

Current Exchange Rates

The CFP franc's value is stable due to its fixed peg to the euro. While specific real-time rates fluctuate slightly based on market conditions, they can be readily accessed through major financial information providers. This stability is a cornerstone of its role in the economies of the French Pacific territories.

Territorial Usage

French Pacific Collectivities

The CFP franc serves as the official currency in three distinct French overseas collectivities:

French Polynesia: An archipelago in the South Pacific, known for its islands like Tahiti and Bora Bora.
New Caledonia: Located in the southwestern Pacific Ocean, famous for its lagoon and biodiversity.
Wallis and Futuna: A Polynesian archipelago situated between Fiji and Samoa.

These territories, while geographically dispersed, share this common monetary system.

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References

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The CFP Franc: A Pacific Monetary Journey

💡 Dive in with Flashcard Learning! 💡

Overview ℹ️

🏝️ Pacific Currency

📜 Name Evolution

Historical Context ⏳

🌍 Post-War Origins (1945-1949)

🏦 Centralized Issuance (1949-1985)

✨ Modernization and Unification (Since 1985)

Denominations 💵

🪙 Coins

📄 Banknotes

Issuance and Administration 🏦

🏛️ Institut d'émission d'Outre-Mer (IEOM)

🗣️ The "Tārā" Unit

Valuation and Exchange Rates 📈

🔄 Historical Pegs

📊 Current Exchange Rates

Territorial Usage 📍

🗺️ French Pacific Collectivities

Teacher's Corner 🧑‍🏫

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Disclaimer ⚠️

📜 Important Notice

Dive in with Flashcard Learning!

Overview

Pacific Currency

Name Evolution

Historical Context

Post-War Origins (1945-1949)

Centralized Issuance (1949-1985)

Modernization and Unification (Since 1985)

Denominations

Coins

Banknotes

Issuance and Administration

Institut d'émission d'Outre-Mer (IEOM)

The "Tārā" Unit

Valuation and Exchange Rates

Historical Pegs

Current Exchange Rates

Territorial Usage

French Pacific Collectivities

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Disclaimer

Important Notice