Burundian franc

Infobox Currency
currency_name_in_local = franc burundais fr icon
image_1 = Burundi 2006 circulating coins.jpg
image_title_1 = All coins of the Burundian franc
iso_code = BIF
using_countries = BDI
inflation_rate = 2.8%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2006 est.
subunit_ratio_1 = 1/100
subunit_name_1 = centime
symbol = FBu
used_coins = 1, 5, 10 francs
used_banknotes = 10, 20, 50, 100, 500, 1000, 2000, 5000, 10000 francs
issuing_authority = Burundi Central Bank
issuing_authority_website = www.brb.bi

The franc (ISO 4217 code is BIF) is the currency of Burundi. It is nominally subdivided into 100 "centimes", although coins have never been issued in centimes since Burundi began issuing its own currency. Only during the period when Burundi used the Belgian Congo franc were centime coins issued.

History

The franc became the currency of Burundi in 1916, when Belgium occupied the former German colony and replaced the German East African rupie with the Belgian Congo franc. Burundi used the currency of Belgian Congo until 1960, when the Rwanda and Burundi franc was introduced. Burundi began issuing its own francs in 1964.

There are plans to introduce a common currency, a new East African shilling, for the five member states of the East African Community by the end of 2009.

Coins

In 1965, the "Bank of the Kingdom of Burundi" issued brass 1 franc coins. In 1968, "Bank of the Republic of Burundi" took over the issuance of coins and introduced aluminum 1 and 5 francs and cupro-nickel 10 francs. The 5 and 10 francs have continuous milled edges. Second types of the 1 and 5 franc coins were introduced in 1976, featuring the coat of arms.

Banknotes

In 1964, notes of the "Bank of Emission of Rwanda and Burundi", in denominations of 5, 10, 20, 50, 100, 500 and 1000 francs, were overprinted with the word "Burundi" for use in the country. These were followed in 1964 and 1965 by regular issues in the same denominations by the Bank of the Kingdom of Burundi.

In 1966, notes for 20 francs and above were overprinted by the Bank of the Republic of Burundi, replacing the word "Kingdom" with "Republic". Regular issues of this bank began in denominations of 10, 20, 50, 100, 500, 1000 and 5000 francs. 10 francs were replaced by coins in 1968. 2000 francs notes were introduced in 2001, followed by 10,000 francs in 2004. Photographer Kelly Fajack's image of school kids in Burundi was used on the back of the Burundian 10,000 franc note.

Historical exchange rates

On 3 January 2006, the franc was valued at 925 per US$1. On January 1, 2008, the franc was valued at 1,129.40 per US dollar.

ee also

* Economy of Burundi

External links

Standard numismatics external links
world_coin_gallery_1_url = Burundi
world_coin_gallery_1_name = Burundi
banknote_world_1_url = burundi
banknote_world_1_name = Burundi
dollarization_1_url = bi
dollarization_1_name = Burundi
gfd_1_url = Burundi
gfd_1_name = Burundi
gfd_data_1_url = 5535
gfd_data_1_name = Burundi Franc
show_gfd_excel = Y