Science Fair Project Encyclopedia The CFP franc (in French:
franc Pacifique or franc CFP ; CFP stood for Colonies françaises
du Pacifique (i.e. "French colonies of the Pacific") and is now
standing for Change franc Pacifique (i.e. "Pacific franc
exchange"); ISO 4217 currency code: XPF) is a currency, called
"franc" in everyday conversation, used in the French overseas
"country" of French Polynesia, in the French sui generis
collectivity of New Caledonia, and in the French overseas
collectivity of Wallis and Futuna. It was created in December
1945, together with the CFA franc. The reason for the creation
of these francs was the weakness of the French franc immediately
after the Second World War. When France ratified the Bretton
Woods Agreement in December 1945, the French franc was devalued
in order to set a fixed exchange rate with the US dollar. New
currencies were created in the French colonies to spare them the
strong devaluation of December 1945. René Pleven, the French
minister of finance, was quoted say