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 periodicals archive ?
Doubts about France and Italy, in particular, prompted a general flight to German marks from French francs, Italian lira, and other currencies from European countries where high unemployment and concerns about fiscal consolidation persisted.
If a forward contract is not purchased, the importer is, in effect, speculating that the price of the French francs will be lower when the invoice is due.
Hence, in that year, the French Franc, which before the devaluation was exchanging at 50FF to the dollar, was readjusted to 119 FF to the dollar.
In the near-term, the French Franc could encounter downward pressure against the Mark as concern rises over France's ability to meet the Maastricht Treaty's deficit criteria.
The same cannot be said for the group of countries still clustering round the DM--which includes the French franc. For them, the attainment of low inflation is likely to remain a key priority in the near-term.
Though France itself is not a member of the CFA, it insured the CFA's convertibility at a fixed price, set and controlled rules for credit withdrawal, and maintained a ratio of 50 CFA:1 French franc (FF) until 1994 when, after a shock devaluation, the CFA slumped to 100:1FF.
Many currencies, including the French franc and Irish punt, faced exctinction.
AThere is no fixed rate, so it will vary, as the pound varies against the French franc and German mark, for example.
The 12 national currencies being replaced by the euro from January 1 are the French franc, German mark, Spanish peseta, Dutch guilder, Italian lira, Greek drachma, Irish punt, Austrian schilling, Portuguese escudo, Belgian franc, Luxembourg franc, and Finnish markka.
It is roughly equivalent to : French Franc .33;German Mark .9.87;Italian Lira .9681:Irish Punt .4,94;Finnish Markka .30;Belgian/Luxembourg France .202 francs;Dutch Guilder .11;Austrian Schilling .79;Spanish Peseta .832;Portuguese Escudo .1002;Greek Drachma .1704--
In this environment, funds that had been invested in higher-yielding European currencies, such as the Italian lira, French franc, and Spanish peseta, were suddenly pulled out and reinvested in the mark.
"For example, one French franc will buy one kilo of maize and one Irish punt will buy a school book."