franc

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franc

1. the former standard monetary unit of France, most French dependencies, Andorra, and Monaco, divided into 100 centimes; replaced by the euro in 2002
2. the former standard monetary unit of Belgium (Belgian franc) and Luxembourg (Luxembourg franc), divided into 100 centimes; replaced by the euro in 2002
3. the standard monetary unit of Switzerland and Liechtenstein, divided into 100 centimes
4. the standard monetary unit, comprising 100 centimes, of the following countries: Benin, Burkina-Faso, Cameroon, the Central African Republic, Chad, Congo-Brazzaville, C?te d'Ivoire, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, and Togo
5. the standard monetary unit of Burundi (Burundi franc), Comoros (Comorian franc), Democratic Republic of Congo (formerly Za?re; Congolese franc), Djibouti (Djibouti franc), Guinea (Guinea franc), Madagascar (franc malgache), Rwanda (Rwanda franc), and French Polynesia and New Caledonia (French Pacific franc)

Franc

 

(1) The monetary unit of France; it is divided into 100 centimes. A French franc with a gold content of 0.29032258 g of fine gold was introduced to replace the livre; it was in circulation from 1799 to 1914. A franc with this gold content is used as a unit of account by the Bank for International Settlements and the Universal Postal Union. The gold content of the franc has been lowered several times (to 0.05985 g of fine gold in 1928, 0.00746113 g in 1945, and 0.0018 g in 1958). On Jan. 1, 1960, a new franc, equivalent to 100 old francs, was introduced. From Apr. 24, 1972, to Jan 19, 1974, and from July 10, 1975, to Mar. 15, 1976, the franc was included in the system of limited exchange rate fluctuations of the countries in the Common Market (±2.25 percent against the central exchange rate).

The French franc is the monetary unit of France’s overseas departments (Guadeloupe, French Guiana, Martinique, and Reunion), the overseas territories of St. Pierre and Miquelon, and the principality of Monaco. According to the rate of exchange of the State Bank of the USSR of June 1977, 100 French francs were equivalent to 15 rubles.

(2) Either of two monetary units introduced on the basis of a decree by the French government on Dec. 26, 1945, for countries in Africa and the Pacific included in the franc zone (seeCURRENCY ZONES). In 1960 the franc used in Africa was named the franc of the Communauté Financière Africaine (CFA franc), and in 1967 the Pacific franc was named the franc of the Communauté Financière du Pacifique.

The CFA franc is the monetary unit of Benin (formerly Dahomey), the Ivory Coast, Upper Volta, Gabon, Cameroon, the Comoros, the Congo, Niger, Senegal, Togo, the Central African Republic, and Chad, with 50 CFA francs being equal to one French franc. The franc is also the monetary unit of Mali (100 Malian francs equaling one French franc); according to the June 1977 rate of exchange of the State Bank of the USSR, 1,000 Malian francs were equivalent to one ruble 50 kopeks. Djibouti (Afars and Issas) also uses the franc, with 38.6 Djibouti francs equivalent to one French franc. The Pacific franc is the monetary unit of New Caledonia, French Polynesia, and the islands of Wallis and Futuna; 18.18 Pacific francs are equivalent to one French franc. The franc is also the monetary unit of the New Hebrides, a joint possession of Great Britain and France; 16.16 New Hebrides francs are equivalent to one French franc.

(3) The monetary unit of Belgium, Luxembourg, Switzerland, Burundi, Rwanda, and Madagascar. The Belgian and Luxembourg francs are equal in value and are included in the system of limited exchange rate fluctuations in the Common Market. According to the June 1977 rates of exchange of the State Bank of the USSR, 100 Belgian francs were equivalent to two rubles six kopeks, and 100 Swiss francs were equivalent to 29 rubles 47 kopeks.

E. D. ZOLOTARENKO

References in classic literature ?
But, Baisemeaux, I can hardly believe what you tell me; besides, since the Bastile is capable of producing fifty thousand francs a year, why have you not tried to screw one hundred thousand out of it?
Giry took from her sleeve an envelope ready prepared and similarly addressed to that containing the twenty-thousand francs.
The problem which he had to solve was this: how to do away with any dangerous intermediary between the man who gives the twenty-thousand francs and the man who receives it.
Only, you forget, Richard, that I provided ten-thousand francs of the twenty and that nobody put anything in my pocket
In a bright spot, UBS's two private banking businesses saw net new money, viewed as an important indicator for future revenue in wealth management, of 29 billion francs, the highest such figure for a first quarter since 2008 and well above a poll forecast.
At 640 million francs, operating profit (EBIT) is 8 million francs up on the previous year s figure.
Swiss franc denominated loans started blooming in Cyprus in 2006, when the Republic was a candidate for euro area membership.
However, "amounts due to customers' savings and deposit accounts" was only CHF 52 million (down from CHF 63 million a year ago), while over CHF 100 million was due through other banks and the remaining amount of well over one billion Swiss francs have been classified as "other amounts due to the customers" from India.
The tobacco monopoly contributed 13,136,277 francs; cigars and cigarettes (separate taxes), 9,892,677 francs; native wines and liquor, 3,892,677; gallerias and regulated cockfighting in 20 provinces, 188,499 francs; and duties on playing cards, 2,750 francs.
Global Banking News-February 25, 2015--Serbian central bank orders relief for Swiss franc loan holders
The latest blow is for investors who took out 'stop-loss' orders to convert Swiss francs to euros should the 1.
These currency changes are good news to those whose savings are in francs while for those having credits tied to the Swiss currency this means they will have to pay more to settle their monthly credit installments.