CFP franc 293782 221855525 2008-06-26T11:44:37Z 이형주 7198237 /* History */ {{Infobox Currency | currency_name_in_local = franc pacifique <small>{{fr icon}}</small> | image_1 = FrenchPolynesiaP4a-10000Francs-(1985) a.jpg | image_title_1 = 10,000 CFP Franc issued in 1985 (French Polynesia side) | iso_code = XPF | using_countries = {{PYF}} <br> {{NCL}} <br> {{WLF}} | inflation_rate = 2.3% (French Polynesia 2005 est.), -0.6% (New Caledonia 2000 est.) | inflation_source_date = ''[https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook]'' | pegged_with = XPF = 0.00838 [[euro]] | subunit_ratio_1 = 1/100 | subunit_name_1 = [[centime]] | symbol = F | used_coins = 1, 2, 5, 10, 20, 50, 100 francs | used_banknotes = 500, 1000, 5000, 10&nbsp;000 francs | issuing_authority = [[Institut d'émission d'Outre-Mer]] (IEOM) | issuing_authority_website = www.ieom.fr }} The '''CFP franc''' (called the ''franc'' in everyday use) is the [[currency]] used in the [[France|French]] overseas possessions of [[French Polynesia]], [[New Caledonia]] and [[Wallis and Futuna]]. The initials ''CFP'' originally stood for ''Colonies françaises du Pacifique'' ("French colonies of the Pacific") but now officially stand for ''Change Franc Pacifique'' ("Pacific Franc Exchange"). The [[ISO 4217]] currency code is ''XPF''. ==History== ===1945&ndash;1949=== The CFP franc 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 system|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. ===1949&ndash;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]]. The currency was initially issued in three distinct forms for [[French Polynesia]], [[New Caledonia]] and the [[New Hebrides]], see [[French Polynesian franc]], [[New Caledonian franc]] and [[New Hebrides franc]]. [[Wallis and Futuna]] use the New Caledonian franc. Although the banknotes of the New Hebrides bore the name of the territory, the notes of French Polynesia and New Caledonia could only be distinguished by the name of the capitals ([[Papeete]] and [[Nouméa]], respectively) on the reverse of the notes. In 1969, the New Hebrides franc was separated from the CFP franc and has been subsequently replaced by the [[Vanuatu vatu]] in 1982. ===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. 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 [[eurozone]]. ===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 euro (January 1, 1999: euro replaced FRF at the rate of 6.55957 FRF for 1 euro) The 1960 and 1999 events are merely changes in the currency in use in France; the relative value of the CFP franc (XPF) vs. the French franc / euro is unchanged since 1949. ==Coins== In 1949, New Caledonia and what was then called French Oceania (now French Polynesia) began to issue coins. The coins have been separated in two types: the obverses are identical, whilst the reverses are distinct. Both types 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 [[New Hebrides franc]] had a different history of coin issuance before being replaced by the [[Vanuatu vatu]] in 1982. ==Banknotes== The IEOM began issuing banknotes in New Hebrides in 1965, and in New Caledonia and French Polynesia in 1969. In 1985, a new banknote, the 10,000 francs, was introduced which did not bear any distinguishing mark and was common to both French Polynesia and New Caledonia. These were followed, between 1992 and 1996, by 500, 1000 and 5000 franc notes for all of the French Pacific Territories. The overall design has not changed since 1969. One side shows landscapes or historical figures of New Caledonia, while the other side of the banknotes shows landscapes or historical figures of French Polynesia. ==Tārā== Before the French regulated the currency on [[Tahiti]], [[French Polynesia]], traders often used the [[Chilean peso]], known in [[English language|English]] as a dollar. The word "dollar" became ''tārā'' (often written without accents as ''tara'', or ''tala''), and this term is still used among native Tahitian and local Chinese traders as an unofficial unit, worth 5 francs. Thus for a price of 200 francs, one would say tārā e maha-{{okina}}ahuru (40 tārā) in [[Tahitian language|Tahitian]]. {{Exchange Rate|XPF}} ==See also== *[[CFA franc]] *[[French Polynesian franc]] *[[New Caledonian franc]] *[[New Hebrides franc]] *[[Currencies related to the euro]] *[[Monetary union]] ==References== {{refbegin}} *{{numis cite SCWC|date=1991}} *{{numis cite SCWPM|date=1994}} {{refend}} ==External links== {{Standard numismatics external links | world_coin_gallery_1_url = Caledonia | world_coin_gallery_1_name = New Caledonia | world_coin_gallery_2_url = Polynesia | world_coin_gallery_2_name = French Polynesia | banknote_world_1_url = french_pacific_territories | banknote_world_1_name = French Pacific Territories | banknote_world_2_url = New_Caledonia | banknote_world_2_name = New Caledonia | banknote_world_3_url = Tahiti | banknote_world_3_name = French Polynesia | dollarization_1_url = nc | dollarization_1_name = New Caledonia | dollarization_2_url = pf | dollarization_2_name = French Polynesia | gfd_1_url = New_Caledonia | gfd_1_name = New Caledonia | gfd_2_url = French_Polynesia | gfd_2_name = French Polynesia | gfd_data_1_url = | gfd_data_1_name = | show_gfd_excel = Y }} * [http://www.photos-nouvelle-caledonie.com/v/francs-pacifique-XPF/ Discover the Franc Pacifique currency] {{Currencies of Oceania}} {{Franc}} [[Category:Monetary unions]] [[Category:Fixed exchange rate]] [[ast:Francu CFP]] [[ca:Franc CFP]] [[cs:CFP frank]] [[de:CFP-Franc]] [[el:Φράγκο CFP]] [[es:Franco CFP]] [[fr:Franc pacifique]] [[hr:CFP franak]] [[hu:Csendes-óceáni valutaközösségi frank]] [[it:Franco CFP]] [[lt:CFP frankas]] [[nl:CFP-frank]] [[ja:CFPフラン]] [[no:CFP-franc]] [[pl:Frank CFP]] [[pt:Franco CFP]] [[ru:Французский тихоокеанский франк]] [[fi:CFP-frangi]] [[sv:CFP-franc]]