Comorian franc
| Comorian franc | |
|---|---|
|
franc comorien (French) فرنك قمري (Arabic) |
|
| ISO 4217 | |
| Code | KMF |
| Denominations | |
| Subunit | |
| 1/100 |
centime no longer used |
| Symbol | CF |
| Banknotes | 500, 1000, 2000, 5000, 10,000 francs |
| Coins | |
| Freq. used | 25, 50, 100, 250 francs |
| Rarely used | 1, 2, 5, 10 francs |
| Demographics | |
| User(s) |
 Comoros
|
| Issuance | |
| Central bank | Banque Centrale des Comores |
| Website | www |
| Printer | Banque de France |
| Website | www |
| Mint | Monnaie de Paris |
| Website | www |
| Valuation | |
| Inflation | 6.3% |
| Source | The World Factbook, 2012 est. |
| Pegged with | euro = 491.96775 francs |
The franc (French: franc comorien; Arabic: فرنك قمري) (ISO 4217 currency code KMF) is the official currency of Comoros. It is nominally subdivided into 100 centimes, although no centime denominations have ever been issued.
The French franc became the currency of Comoros after the islands became a French protectorate in 1886. In 1891, Sultan Said Ali bin Said Omar of Grande Comore, Ngazidja issued coins denominated in centimes and francs which circulated alongside French currency. In 1912, the Comoros became a province of Madagascar, which was a French possession. French banknotes and coins circulated in the colony. Apart from an emergency issue of small change notes in 1920, the French currency circulated alone until 1925.
On 1 July 1925, the French government formed an agreement with the Banque de Paris et des Pays-Bas to create the Banque de Madagascar, headquartered in Paris, and granted it a private monopoly to issue currency for the colony of Madagascar. The Malagasy franc (French: franc malgache) was equivalent to the French franc and French coins continued to circulate as Madagascar had no coins of its own until 1943.
When the Comoros became a separate French territory in 1945, the name of the issuing bank was changed to the Banque de Madagascar et des Comores (still headquartered in Paris). A branch office opened in Comoros in 1953. While the banknotes were changed to reflect the new status of Comoros, the coins were not changed and bore only the name Madagascar. On 26 December 1945, the Madagascar-Comores CFA franc was established and its value was fixed at 1.7 French francs. Old Madagascar coins and banknotes continued to circulate as this new currency. On 17 October 1948, the CFA franc was revalued to 2 French francs.
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Wikipedia