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French Franc

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French Franc
The former currency of France. It traces its origins to the currency issued by King John the Good in 1360. The franc became the national currency following the French Revolution. It was initially pegged to silver, but wars of the 18th century led to the issue of paper currency, which caused inflation. In 1803, it was repegged to gold and silver. The franc was abandoned when France was part of the Latin Monetary Union but was readopted during World War I. Following World War II, the franc joined the Bretton Woods System and floated after that system's collapse. It was replaced by the euro in 1999 and was withdrawn from circulation in 2002.
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A meeting of economy and finance ministers of 14 African nations using a common currency that was pegged to the French franc started Friday with a French call to African nations to boost public spending.
French call for more spending in Africa franc zone by AFP / AFP Global Edition
If you think it is bad enough that the majority of the former French colonies in Africa fall in the "Bottom 50" of the least developed countries in the world, spare a thought for this fact: Poor as they are, they have, for over six decades, been depositing 65% of their foreign reserves in the French Treasury in Paris--thanks to an archaic colonial arrangement linking their local currency, the CFA franc, to the French franc and now the euro.
CFA: the grip France won't let go by Malanda, Regina Jere / New African
Belgium already adopted the French franc when it became independent in 1830.
History of Previous European Currency Unions by Sam Vaknin / Banking, finance and accounting community
 
 
 
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