The currency of French Polynesia (English: French Polynesia) is called CFP-Franc. The abbreviation CFP originally stood for Colonies Françaises du Pacifique which translated means French colonies in the Pacific. Later, the currency abbreviation CFP was reinterpreted as the French financial community (Communauté Financiére du Pacifique) before it received its current meaning Pacific Franc Exchange (Change Franc Pacifique).
The currency code of the CFP francs is XPF, he has the ISO number 4217. Its symbol is a F.
The CFP franc is a common currency and is used in New Caledonia, Wallis and Futuna in addition to the islands of French Polynesia.
History of the currency of French Polynesia
The CFP franc was created in December 1945. France ratified the Bretton Woods Agreement in December 1945.
The French franc was then devalued. A fixed exchange rate was established with the US dollar.
As a result, new currencies were created in the French colonies in order to protect the countries from the effect of the devaluation of their previous currency, the franc.
The CFP franc has been issued by the overseas central bank, the IEOM (Institute d´émission d´outre-mer) since 1967. The IEOM’s headquarters are in Paris.
The CFP’s exchange rate has always been tied to other currencies, first the dollar, then the French franc and now theEuros.
Fixed exchange rate with the US dollar from December 26, 1945 to September 20, 1945: 1 USD = 49.6 XPF. Flexible exchange rate with the French franc, which is devalued 4 times against the US dollar during this period: 1 XPF = 2.40 FRF (December 1945) then 1 XPF = 5.50 FRF (September 1949).
Fixed exchange rate with the French franc from September 21, 1949 to December 31, 1959: 1 XPF = 5.50 FRF.
Fixed exchange rate with the French franc from January 1, 1960 to December 31, 1998: 1 XPF = 0.055 FRF. (On January 1st, 1960, 100 “old” francs become a “new” franc).
Since January 1st, 1999 there has been a fixed exchange rate between the CFP franc and the euro.
Since January 20, 2014, new CFP franc banknotes have been in circulation. The face value of the notes has remained the same, 10,000, 5,000, 1,000 and 500 francs.
You can pay with both old and new banknotes until September 30, 2014, after which the old notes will be withdrawn from circulation. However, old banknotes can be exchanged for new ones at any time after the transition period has expired.
The new banknotes are smaller than their predecessors and have new and improved security features. The denominations of the coins are: 100, 50, 20, 10, 5, 2 and 1 franc. The motifs on the banknotes of the currency union are the same in all countries. The motifs on the coins differ.
Exchange into the currency of French Polynesia
The CFP franc has a fixed exchange rate with the euro, 1000 XPF is 8.38 euros. This rate applies to exchanges domestically as well as abroad.
However, there are often lower fees for withdrawals by credit card than when you change into CFP francs in your home country.