Guinea Franc

forextradingwebsiteonline Franc (GuineaFranc) formerly known as: Guinea Syli (GuineanSyli) original symbol: GS.; GNS standard symbol: GNF Guinea Franc Introduction The Guinea Franc is issued by the Central Bank of Guinea Guinea Guinea was originally a French colony, the currency used is the colonial forextradingbrokerwebsite December 18, 1946, the first time the colonial franc On January 7, 1959, the gold content of the colonial franc was reduced to 0.0036 grams, and the official cashback forex forex trading site was 1 colonial franc equals 2 French francs On March 1, 1960, the Republic of Guinea established the Central Bank and issued its own currency, the Guinean franc (abbreviated GF), while announcing Withdrawal of the Guinean franc from the franc zone with a gold content equal to the former colonial franc, the official exchange rate was 50 Guinean francs to 1 French franc On July 8, 1966, Guinea and the International Monetary Fund agreed on a temporary exchange rate of 247 Guinean francs to 1 U.S. dollar On August 11, 1969, the French franc was devalued by 11.11% and the official exchange rate was changed to 44.44 Guinean francs to 1 French franc Due to the devaluation of the U.S. dollar, on January 1, 1972 Guinea readjusted the exchange rate and the official rate was 227.365 Guinean francs per U.S. dollar, but the gold content remained the same On October 2, 1972, Guinea issued a new currency, the Syli, to recover the Guinean franc at a ratio of 1:10, and the new official rate was 22.7365 Syli per U.S. dollar On February 14, 1973 Due to the devaluation of the U.S. dollar, the official exchange rate was changed to 20.4628 sili per U.S. dollar, with the same gold content On June 11, 1975, the Guinean syli was pegged to the SDR, setting the effective exchange rate at 24.6853 guinean syli per SDR 1975 to 1977, 60% of the banknotes in circulation were recycled In April 1981, new banknotes were issued at a ratio of 1:1 On December 1, 1982, the effective rate of exchange was declared by the Government of the Republic of Guinea to be limited to official transactions, with the rest of the exchange rate being a limited floating market rate, thus creating a dual exchange rate system. On October 7, 1985, the limited floating market rate became a secondary market rate based on the French franc to 36 Guineas and the U.S. dollar to 290.088 Guineas, mainly for exports, the introduction of tourism, and the exchange of funds with embassies and international organizations. On January 6, 1986, Guinea implemented a currency reform, decoupled from the SDR and renamed the Guinean Cyr to the Guinean Franc (GNF), and the two were equal in value. On January 28, the secondary market exchange rate was announced at 340 Guinean francs per U.S. dollar, which is adjusted weekly by the Central Bank, and on June 1, Guinea unified its exchange rate system and all transactions are based on the actual exchange rate set by the Central Bank on a weekly basis. 100, 500, 1000, 5000, etc. Guinean francs Minted coins: 1, 5, 10, 25, 50 Guinean francs 1 Guinean franc is equal to 100 raw dinars (Centimes) The original coin is the kori cauri, but below 50 kori rounded off not expressed; 50 kori or more into a Cyr