Comments on: Why is Guinea Franc Guinea’s currency? http://www.myylt.com/2010/06/06/why-is-guinea-franc-guineas-currency/ Discussion of Forex Trading and Currency Trading Thu, 24 May 2012 02:51:28 +0000 http://wordpress.org/?v=2.3.3 By: H http://www.myylt.com/2010/06/06/why-is-guinea-franc-guineas-currency/#comment-26402 H Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2010/06/06/why-is-guinea-franc-guineas-currency/#comment-26402 Guinea first introduced its own currency the franc in 1959 at par with the CFA franc. In 1960 Guinea withdrew from the franc zone and the Guinean franc became the only legal tender. In 1971 the Guinean Franc was replaced by the syli, at a rate of one syli is equal to ten francs. The Guinean franc was reintroduced as Guinea's currency in 1985, at par with the syli, however national currency was also devalued at the time of the introduction of the new franc. The Guinean franc’s ISO 4217 code is GNF and the franc is divided into 100 centimes. Prices are no longer expressed using centimes due to their low value. Banknotes are currently issued by Banque Centrale de la Republique de Guinea. Current banknotes come in denominations of 100, 500, 1000 and 5000 francs, the old 25 and 50 franc notes remain legal tender but have been replaced by coins due to their low value. Coins come in denominations of 1, 5, 10, 25 and 50 francs. Guinea first introduced its own currency the franc in 1959 at par with the CFA franc. In 1960 Guinea withdrew from the franc zone and the Guinean franc became the only legal tender. In 1971 the Guinean Franc was replaced by the syli, at a rate of one syli is equal to ten francs. The Guinean franc was reintroduced as Guinea’s currency in 1985, at par with the syli, however national currency was also devalued at the time of the introduction of the new franc.

The Guinean franc’s ISO 4217 code is GNF and the franc is divided into 100 centimes. Prices are no longer expressed using centimes due to their low value. Banknotes are currently issued by Banque Centrale de la Republique de Guinea. Current banknotes come in denominations of 100, 500, 1000 and 5000 francs, the old 25 and 50 franc notes remain legal tender but have been replaced by coins due to their low value. Coins come in denominations of 1, 5, 10, 25 and 50 francs.

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