The CFP franc (called the franc in everyday use) is the currency used in the French overseas possessions of French Polynesia, New Caledonia and Wallis and Futuna. The initials CFP originally stood for Colonies Françaises du Pacifique ("French colonies of the Pacific"). It was eventually changed to Communauté Financière du Pacifique ("Pacific Financial Community") before it was finally changed to its present official meaning, Comptoirs Français du...
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The CFP franc (called the franc in everyday use) is the currency used in the French overseas possessions of French Polynesia, New Caledonia and Wallis and Futuna. The initials CFP originally stood for Colonies Françaises du Pacifique ("French colonies of the Pacific"). It was eventually changed to Communauté Financière du Pacifique ("Pacific Financial Community") before it was finally changed to its present official meaning, Comptoirs Français du Pacifique ("French-Pacific Banking Agreement"). The ISO 4217 currency code is XPF.
The CFP franc was created in December 1945, together with the CFA franc. The reason for the creation of these francs was 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...
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