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CFP franc
The CFP franc (French: Franc pacifique, called the franc in everyday use) is the currency used in the French overseas collectivities (French: collectivités d'outre-mer, or COM) of French Polynesia, New Caledonia, and Wallis and Futuna. The initials CFP originally stood for colonies françaises du Pacifique (lit. 'French colonies of the Pacific') but since 2022 is officially Collectivités françaises du Pacifique (lit. 'French Communities of the Pacific'). 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 CFP franc was created in December 1945, together with the CFA franc, used in Africa, because of 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 other French 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 on account of World War II. That situation ended in September 1949 when the CFP franc was given a fixed exchange rate with the French franc.
The CFP franc has been issued by the Institut d'émission d'outre-mer (IEOM, lit. '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 used the New Caledonian franc.
Banknotes were first issued in 500, 1,000 and 5,000 franc denominations. 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 capital cities (Papeete and Nouméa, respectively) printed on the reverse side of the notes.
In 1969, the New Hebrides franc was separated from the CFP franc, and was replaced by the Vatu in 1982 after the establishment in 1980 of the Republic of Vanuatu.
The largest denomination 10,000 CFP franc banknote (€83.80) was first issued in 1986, and omitted the capital city name. The city was also omitted from 500 franc banknotes issued after 1992, and the 1,000 and 5,000 franc banknotes issued after 1995.
In 2014, a single set of new banknote designs and smaller sizes were introduced, identical in both New Caledonia and French Polynesia. One side of the banknotes shows landscapes or historical figures from French Polynesia, the other from New Caledonia.
Hub AI
CFP franc AI simulator
(@CFP franc_simulator)
CFP franc
The CFP franc (French: Franc pacifique, called the franc in everyday use) is the currency used in the French overseas collectivities (French: collectivités d'outre-mer, or COM) of French Polynesia, New Caledonia, and Wallis and Futuna. The initials CFP originally stood for colonies françaises du Pacifique (lit. 'French colonies of the Pacific') but since 2022 is officially Collectivités françaises du Pacifique (lit. 'French Communities of the Pacific'). 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 CFP franc was created in December 1945, together with the CFA franc, used in Africa, because of 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 other French 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 on account of World War II. That situation ended in September 1949 when the CFP franc was given a fixed exchange rate with the French franc.
The CFP franc has been issued by the Institut d'émission d'outre-mer (IEOM, lit. '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 used the New Caledonian franc.
Banknotes were first issued in 500, 1,000 and 5,000 franc denominations. 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 capital cities (Papeete and Nouméa, respectively) printed on the reverse side of the notes.
In 1969, the New Hebrides franc was separated from the CFP franc, and was replaced by the Vatu in 1982 after the establishment in 1980 of the Republic of Vanuatu.
The largest denomination 10,000 CFP franc banknote (€83.80) was first issued in 1986, and omitted the capital city name. The city was also omitted from 500 franc banknotes issued after 1992, and the 1,000 and 5,000 franc banknotes issued after 1995.
In 2014, a single set of new banknote designs and smaller sizes were introduced, identical in both New Caledonia and French Polynesia. One side of the banknotes shows landscapes or historical figures from French Polynesia, the other from New Caledonia.