French Pacific Territories

French owns Pacific Islands Territories' collectivity, namely New Caledonia, French Polynesia, and Wallis and Futuna. The CFP franc (XPF) is used in French Polynesia, New Caledonia, and Wallis and Futuna's French overseas collectivities. The initials CFP was originally Colonies Françaises du Pacifique (‘French colonies of the Pacific'), but was later changed to Communauté Financière du Pacifique (Pacific Financial Community). Its present term is Change Franc Pacifique (Pacific Franc Exchange).  

Since 1967, the CFP franc has been issued by the Institut d'émission d'outre-mer, 'Overseas Issuing Institute' or (IEOM). The IEOM's headquarters are in Paris. The CFP franc was initially issued in three distinct forms for New Caledonia, French Polynesia, and the New Hebrides, while Wallis and Futuna used the New Caledonian franc. The banknotes of New Hebrides carry the name of the territory while the notes of New Caledonia and French Polynesia could only be distinguished on the reverse of the notes by the name of their capitals Papeete and Nouméa, respectively. The New Hebrides franc was separated from the CFP franc in 1969 and was replaced in 1982 by the Vanuatu vatu. Today, all banknotes issued are strictly identical from French Polynesia to New Caledonia. One side of the banknotes shows landscapes or historical figures of French Polynesia, while the other side shows landscapes or historical figures of New Caledonia. Banknotes that are common to both French Polynesia and New Caledonia have been issued since 1985, although separate coinages continue. 

The Central Pacific Franc, also known as the "franc Pacifique" because of its use in the Pacific Ocean region, has banknotes that are denominated in 500, 1,000, 5,000, and 10,000 increments. At the same time, coins are minted in 1, 2, 5, 10, 20, 50, and 100 increments. 

The XPF is issued by the Paris-based Institut d'émission d'Outre-Mer, headquartered in Paris. Originally, the CFP franc had a fixed exchange rate with the U.S. dollar (USD), which played an important role in the French Pacific territories' economies following World War II. In 1949, the CFP franc developed to have a fixed exchange rate with the French franc (F). The CFP franc is currently pegged to the euro, with the 10,000 F, the highest denominated CFP note, equivalent to 83.8 euros. The CFP franc is a 72-year-old currency, one of France's two currencies after the Second World War.  

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