The Belgian franc, also known as the Belgian franc, was introduced as the official currency of Belgium in 1832. The currency’s ISO 4217 code is BEF and the official abbreviation is fr. The centime serves as a sub-unit of the Belgian franc.
The official exchange rate between the Belgian franc and the euro is 40.3399: 1.
Exchange of currency
Belgian franc banknotes can still be exchanged for euros at the National Bank of Belgium. This regulation is valid indefinitely. However, coins have not been changed since December 31, 2004. Up to an amount of 20,000 BEF, it can also be exchanged by post.
History of the Belgian franc
The Belgian franc owes its name to the French franc, which was the model for the Belgian currency. For a long time, the Belgian franc was linked to the French model in a 1: 1 ratio.
The reason: Like France, Belgium was at that time in the Latin Monetary Union, a currency union founded in 1865.
In 1922, Luxembourg and Belgium formed an economic and monetary union (the UEBL), so that the Belgian franc was at a fixed exchange rate from that point on could be exchanged 1: 1 for the Luxembourg franc.
In addition, both currencies were introduced as official currencies in both Luxembourg and Belgium. This monetary union lasted until 2002. It was only dissolved with the introduction of the euro. The years 1914 to 1944 in Europe, including Belgium, were marked by wars and thus also currency crises. The first major inflation of the Belgian franc occurred during the First World War.
In the period from 1914 to 1918, the amount of money in circulation doubled while Belgium’s economy came to a standstill. It got even worse in World War II. From 1940 to 1944, the amount of banknotes in circulation tripled and the economy was finally ruined by that time.
The National Bank of Belgium was also in exile in England, from where the reconstruction of the country, its economy and the stabilization of the currency began after the Second World War.
Overall, the Belgian franc was replaced by the euro as the official currency of Belgium (and Luxembourg) with the introduction of the euro.
In 1999, the euro was first introduced as book money, followed by its introduction as cash in 2002.