Guinean franc

Guinean franc

ISO 4217
Code	GNF (numeric: 324)
Subunit
Unit
Plural
Symbol	FG ‎
Nickname

The Guinean franc (ISO 4217 code: GNF) is the official currency of Guinea. It is abbreviated as FG and is subdivided into 100 centimes, although centimes are not used in practice. The Guinean franc was first introduced in 1959, replacing the Guinea syli at par.

History

The Guinean franc was introduced in 1959, shortly after Guinea gained independence from France in 1958. Initially, the currency was pegged to the French franc, but it has since become a free-floating currency. The first series of banknotes was issued in denominations of 50, 100, 500, 1000, and 5000 francs.

In 1971, the Guinean franc was replaced by the Guinea syli at a rate of 1 syli = 10 francs. However, the syli was discontinued in 1985, and the Guinean franc was reintroduced at par with the syli.

Coins

The first coins of the Guinean franc were issued in 1962 in denominations of 1, 5, 10, 25, and 50 francs. These coins were made of aluminum. In 1971, the coins were replaced by the syli coins, but in 1985, the franc coins were reintroduced.

The current series of coins includes denominations of 1, 5, 10, 25, and 50 francs. These coins are made of various metals, including aluminum and nickel-plated steel.

Banknotes

The first series of Guinean franc banknotes was issued in 1959, with denominations of 50, 100, 500, 1000, and 5000 francs. In 1985, a new series of banknotes was introduced, featuring denominations of 25, 50, 100, 500, 1000, and 5000 francs.

In 2010, a new series of banknotes was introduced, with enhanced security features and new designs. The current series includes denominations of 500, 1000, 5000, and 10,000 francs.

Monetary Policy

The Central Bank of the Republic of Guinea is responsible for issuing the Guinean franc and managing the country's monetary policy. The bank aims to maintain price stability and support economic growth. The Guinean franc is a free-floating currency, and its value is determined by the foreign exchange market.

Economic Context

Guinea's economy is primarily based on agriculture and mining, with significant exports of bauxite, gold, and diamonds. The Guinean franc's value can be influenced by fluctuations in global commodity prices and domestic economic conditions.

Challenges

The Guinean franc has faced challenges such as inflation and currency depreciation. The Central Bank of the Republic of Guinea has implemented various measures to stabilize the currency and control inflation.

Also see

• Central Bank of the Republic of Guinea
• Economy of Guinea
• Guinea syli
• List of currencies in Africa