Comptoirs Francais Du Pacifique Franc (XPF)
Tue, Apr 15The Comptoirs Français du Pacifique Franc, commonly referred to as the CFP Franc (XPF), serves as the official currency for the French overseas collectivities located in the Pacific Ocean: French Polynesia, New Caledonia, and Wallis and Futuna.
The currency is issued and overseen by the Institut d’Emission d’Outre-Mer (IEOM), which functions as the central bank for these regions.
The CFP Franc is linked to the Euro at a fixed exchange rate of 1 Euro = 119.33174 CFP Francs. This peg offers stability for the CFP Franc against variations in the foreign exchange market and aids in promoting trade and investment between the French overseas collectivities and the European Union.
The CFP Franc is divided into 100 smaller units known as centimes. Coins are available in denominations of 1, 2, 5, 10, 20, 50, and 100 CFP Francs. Banknotes can be found in denominations of 500, 1,000, 5,000, and 10,000 CFP Francs.
The economies of French Polynesia, New Caledonia, and Wallis and Futuna are characterized by their small scale, limited natural resources, and reliance on trade with and assistance from France. Key economic sectors in these territories include tourism, agriculture, fishing, and, particularly in New Caledonia, nickel mining. The fixed exchange rate between the CFP Franc and the Euro helps sustain strong economic connections with France and the European Union.
In conclusion, the Comptoirs Français du Pacifique Franc, or CFP Franc, is the official currency utilized in the French overseas collectivities of French Polynesia, New Caledonia, and Wallis and Futuna. Managed by the Institut d’Emission d’Outre-Mer, the currency is pegged to the Euro at a fixed exchange rate, ensuring stability against foreign exchange fluctuations. The CFP Franc is divided into centimes and is available in various banknote and coin denominations. The economies of the territories using the CFP Franc are small and reliant on trade with France and the European Union, with tourism, agriculture, fishing, and mining being the primary economic sectors.
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