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)
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in classic literature ?
To-day, however, is the thirty-first of May, and he has not been yet, and to-morrow, at midday, the payment falls due; if, therefore, I don't pay to-morrow, those gentlemen can, by the terms of the contract, break off the bargain; I shall be stripped of everything; I shall have worked for three years, and given two hundred and fifty thousand francs for nothing, absolutely for nothing at all, dear M.
"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?"
You put twenty-thousand francs in my pocket and I knew nothing either!
It was not the one which we gave you, the one which you took to Box Five before our eyes; and yet that was the one which contained the twenty-thousand francs."
Giry took from her sleeve an envelope ready prepared and similarly addressed to that containing the twenty-thousand francs. The managers took it from her.
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!"
"Another hundred thousand francs, please to remember.
We are going to spend your two hundred thousand francs for you, et tu seras heureux comme un petit roi.
According to a person familiar with bank, Qatar bought roughly half of the 5.5 billion Swiss francs of the securities then issued.
The Swiss National Bank, by contrast, seems to be buying euros with francs without offsetting the purchases elsewhere.
Although not all of the assets managed by Swiss banks are held in Swiss francs, the existence of vast holdings within the Swiss banking market indicates the important role that Switzerland maintains in global finance.