Burundian Franc

The Burundian franc (French: franc burundais; ISO 4217 code: 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. There are no centime denominations in circulation. In 2009, new banknotes and coins were introduced. These replaced the old francs and centimes, which had been in circulation since Burundi's independence in 1962. The exchange rate is currently about 20 francs to 1 U.S. dollar. The franc was introduced in 1916, replacing the German East African rupee at par. It was pegged to the Belgian franc at par and circulated until 1942, when Belgian Congo francs began to be circulated. In 1945, the franc was pegged to the US dollar at a rate of 50 francs = 1 dollar. The franc was replaced in 1962 by the Burundi franc at a rate of 1 franc = 100 centimes. The franc was pegged to the US dollar at a rate of 50 francs = 1 dollar. In 1971, the franc was devalued to a rate of 25 francs = 1 dollar. In 1988, the franc was devalued again to a rate of 10 francs = 1 dollar. In 2006, the franc was devalued to a rate of 50 francs = 1 dollar, in line with other currencies pegged to the US dollar. The franc is currently pegged to the US dollar at a rate of 20 francs = 1 dollar.