Guinean franc

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Guinean franc
franc guinéen  (French)
GNF5000.jpg
5000 franc of the current series
ISO 4217 code GNF
Central bank Central Bank of the Republic of Guinea
 Website www.bcrg-guinee.org
User(s)  Guinea
Inflation 21.4%
 Source The World Factbook, 2011 est.
Subunit
 1/100 centime
Symbol FG (possibly also Fr or GFr)
Coins 1, 5, 10, 25, 50 francs
Banknotes
 Freq. used 100, 500, 1000, 5000, 10,000 francs
 Rarely used 25, 50 francs

The Guinean franc (French: franc guinéen, ISO 4217 code: GNF) is the currency of Guinea.

Exchange rate[edit]

A stack of 5,000 GNF notes compared to 1 USD, 2005

From an average value of about 2500 Guinean francs to the pound sterling during the year 2000, the value of the currency has fallen to a current level (April 2006) of about 8000 to the GBP and about 4500 to the United States dollar (USD).

On 21 July 2010, Yahoo! Finance quoted the rate as 5,050 GNF to 1 USD. As of August 12, 2014, the exchange rate was 7,023 GNF to 1 USD.

Current GNF exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

Note: The official exchange rate and the exchange rate the population uses are different due to the lack of foreign currency in the banks.

History[edit]

First Guinean franc[edit]

The first Guinean franc was introduced in 1959 to replace the CFA franc. There were 1, 5, 10 and 25 francs coins (made of aluminium bronze) with banknotes (dated 1958) in 50, 100, 500, 1000, 5000 and 10,000 francs denominations. A second series of banknotes dated 1er MARS 1960 was issued on 1 March 1963, without the 10,000 francs. This series was printed without imprint by Thomas De La Rue, and includes more colors, enhanced embossing, and improved security features.[1] A new issue of coins in 1962 was made of cupronickel.

In 1971, the franc was replaced by syli at a rate of 1 syli = 10 francs.

Second Guinean franc[edit]

The Guinean franc was reintroduced as Guinea's currency in 1985, at par with the syli. The coins came in denominations of 1, 5 and 10 francs, with 25 francs (1987) and 50 francs (1994) added later. Banknotes were issued in denominations of 25, 50, 100, 500, 1000 and 5000 francs.

A second series issued in 1998 dropped the 25 and 50 francs banknotes, since they had been replaced by coins. 2006, the third issue were introduced in denomination of 500, 1000 and 5000 francs that are similar to previous issues, but the notable change was the use of full printing of the notes. On 11 June 2007, a 10,000 franc was issued.[2]

On July 9, 2012, the Central Bank of the Republic of Guinea issued a new 10,000 francs banknote which is similar to the original issue, but it has been revised. The banknote's main color was changed from green to red, and instead of a diamond shaped patch placed on the letters "RG" (for Republique de Guinée), it is now replaced by a holographic patch.[3]

See also[edit]

Historical:

References[edit]

  1. ^ Linzmayer, Owen (2012). "Guinea". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 
  2. ^ Nachthund (2007-01-07). "Update - Guinea.". Retrieved 2007-01-19. 
  3. ^ Guinea new 10,000-franc note confirmed BanknoteNews.com. Retrieved 2012-08-27.

External links[edit]