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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 .
The 100 and 1000 franc notes have two variants. The earlier issue lacked the state title "République française". The 500 and 5000 franc notes have had the state title since their introductions. The 100 franc notes were replaced by coins in 1976. In 1985, 10,000 franc notes common to all the French Pacific Territories were introduced. These ...
Building at 115, rue Réaumur in Paris, the head office of IEOM and IEDOM. The Institut d'émission d'outre-mer (IEOM, lit. ' overseas institution of issue ') is a public bank of issue that issues the CFP franc, the currency of the French overseas collectivities French Polynesia, New Caledonia, and Wallis and Futuna.
The Treasury again issued 50 centime, 1 and 2 franc notes in 1942 in the name of the Free French, with 5 and 20 franc notes added in 1943. In 1969, the Institut d'Emission d'Outre-Mer, Nouméa took over the issuance of paper money, introducing notes for 100, 500, 1000 and 5000 francs. The 100 and 1000 franc notes have two variants.
CFP franc ₣ XPF Centime: ... Philippine peso ₱ PHP Sentimo: ... 1000 Liechtenstein: Swiss franc: Fr CHF Rappen: 100 Lithuania: Euro € EUR Cent: 100
In 1945, the CFP franc was introduced to insulate France's Pacific colonies from the devaluation of the French franc and the New Hebrides used a combination of New Caledonian franc coins and locally issued notes. In 1949, the CFP franc's relationship to the French franc stabilized at 5.5 French francs = 1 CFP franc.
Along with the French territories of New Caledonia and French Polynesia, the territory uses the CFP Franc, which is fixed vs. the euro, at the rate of 1,000 XPF = 8.38 euro. In 1991, BNP Nouvelle-Calédonie, a subsidiary of BNP Paribas , established a subsidiary, Banque de Wallis et Futuna, which currently is the only bank in the territory.
After the franc left the gold standard, only the franc circulated. During the Second World War, a full set of banknotes was introduced for the islands. In 1945, Saint Pierre and Miquelon adopted a franc tied to the CFA franc, thus avoiding some of the devaluation imposed on the metropolitan currency (c.f. Réunion franc). Coins were issued for ...