A currency used in former French colonies in the South Pacific, namely French Polynesia, New Caledonia and Wallis and Futuna. It was introduced in 1945 to spare French colonies from the severe devaluation necessary to the French franc following World War II. Between 1949 and 1999, it was pegged to the French franc; since then, it has been pegged to the euro. See also: CFA franc.
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