The

franc The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (King of the Franks) used on early French coins and until the 18th centu ...

(

ISO 4217 ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual ...

code is BIF) is the currency of

Burundi Burundi (, ), officially the Republic of Burundi ( rn, Repuburika y’Uburundi ; Swahili: ''Jamuhuri ya Burundi''; French: ''République du Burundi'' ), is a landlocked country in the Great Rift Valley at the junction between the African Gr ...

. 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 German(s) may refer to: * Germany (of or related to) **Germania (historical use) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizens of Germany, see also German nationality law **Ge ...

colony and replaced the

German East African rupie The Rupie was the currency of German East Africa between 1890 and 1916, continuing to circulate in the Tanganyika Territory until 1920. History The Indian rupee was the dominant currency used along the East African coast during the second half ...

with the Belgian Congo franc. Burundi used the currency of Belgian Congo until 1960, when the

Rwanda and Burundi franc The Ruanda-Urundi franc was a currency issued for the Belgian mandate territory of Ruanda-Urundi in 1960–62 which continued to circulate within its successor states of Rwanda and Burundi until 1964. The currency replaced the Belgian Congo franc ...

was introduced. Burundi began issuing its own francs in 1964. There were plans to introduce a common currency, a new East African shilling, for the five member states of the

East African Community The East African Community (EAC) is an intergovernmental organisation composed of seven countries in the Great Lakes region of East Africa: the Democratic Republic of the Congo, the United Republic of Tanzania, the Republics of Kenya, Buru ...

by the end of 2015. As of September 2022, these plans have not yet materialized.

Coins

In 1965, the ''Bank of the

Kingdom of Burundi The Kingdom of Burundi (french: Royaume du Burundi) or Kingdom of Urundi (''Royaume d'Urundi'') was a Bantu kingdom in the modern-day Republic of Burundi. The Ganwa monarchs (with the title of ''mwami'') ruled over both Hutus and Tutsis. Created ...

'' issued

brass Brass is an alloy of copper (Cu) and zinc (Zn), in proportions which can be varied to achieve different mechanical, electrical, and chemical properties. It is a substitutional alloy: atoms of the two constituents may replace each other wi ...

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. In 2011 new 10 and 50 franc coins were introduced.

Banknotes

From February 1964 until 31 December 1965, notes of the Banque d’Emission du Rwanda et du Burundi (Issuing Bank of Rwanda and Burundi), in denominations of 5, 10, 20, 50, 100, 500 and 1,000 francs, were overprinted with a diagonal hollow "BURUNDI" for use in the country. These were followed in 1964 and 1965 by regular issues in the same denominations by the Banque du Royaume du Burundi (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, 1,000 and 5,000 francs. 10 francs were replaced by coins in 1968. 2,000 franc 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. In 2015 Burundi launched a new series of banknotes. The 10, 20, and 50 franc banknotes have lost their legal tender status and the 100 franc banknote is the only note from the old series in circulation.

Historical exchange rates

On 3 January 2006, the franc was valued at 925 per $1. On January 1, 2008, the franc was valued at 1,129.40 per US dollar. On January 1, 2009, the franc was valued at 1,234.33 per U.S. dollar. On 10 July, the franc was valued at 1,587.60 per US dollar.

References

External links