At a glance
- ISO 4217 code
- GNF
- Numeric code
- 324
- Symbol
- Fr (also FG)
- Subunit
- Centime (1 Franc = 100 Centimes)
- Status
- Active
- Issuing authority
- Central Bank of the Republic of Guinea (Banque Centrale de la République de Guinée)
- Jurisdiction
- Republic of Guinea
More currencies: Active · Ancient & Historical · Demonetized
Overview
The Guinean Franc is the official currency of Guinea. It is issued and managed by the Central Bank of Guinea. The Franc floats on foreign exchange markets and has experienced chronic depreciation reflecting Guinea's structural economic challenges, resource curse dynamics, and political instability (military coup 2021).
Etymology & History
The word "Franc" derives from medieval French coinage. Guinea, as a French colony (French Guinea), adopted the franc system. The Guinean Franc was introduced in 1960 upon independence from France, replacing French West African francs and establishing Guinea's monetary independence under Sékou Touré's regime.
Guinea's monetary history includes French colonial francs, the Guinean Franc (1960–present), periods of hyperinflation (1990s), and ongoing currency instability.
Timeline of Key Events
| Year | Event |
|---|---|
| 1960 | Guinea gains independence; Guinean Franc introduced |
| 1960–1984 | Sékou Touré dictatorship; currency instability; isolation |
| 1985–2010 | Post-dictatorship reforms; partial stabilization attempts |
| 2010–present | Mining boom (bauxite); currency depreciation continues; 2021 coup |
Current Denominations
Coins in circulation: 50, 100, 250, 500 Francs (limited use)
Banknotes in circulation: 100, 500, 1,000, 5,000, 10,000 Francs
Withdrawn: None actively withdrawn (full series in circulation)
Exchange Rate Regime
Free float with Central Bank intervention during extreme volatility.
Convertibility
- Current account: Partially convertible
- Capital account: Heavily restricted
Monetary Policy Framework
Central Bank targets inflation and stability, though monetary policy frequently subordinated to fiscal pressures and political directives.
Notable Characteristics
- Bauxite-rich: World's largest bauxite reserves; mining-dependent economy
- Resource curse: Vast mineral wealth; yet among Africa's poorest nations
- Political instability: Multiple coups (2021); human rights concerns; authoritarian governance
- Remittance-dependent: Diaspora remittances critical survival source
- Hyperinflation legacy: High denomination notes reflect inflation episodes