Subsection 2: Circulation of the Pacific franc

In New Caledonia, French Polynesia and the Wallis and Futuna Islands, France has the privilege of issuing currency.The currency which is legal tender and has the power of discharge in these territories is the French Pacific Collectivities franc or CFP franc.The parity of the CFP franc is set by decree.

Monetary issuance in New Caledonia, French Polynesia and the Wallis and Futuna Islands is carried out by the Institut d’émission d’outre-mer, whose status is set out in article L. 721-19.

I. – Cash payments denominated in CFP francs are rounded to the nearest multiple of 5 CFP francs and are made according to the following rounding rules:1° Amounts ending in 1, 2, 6 and 7 are rounded down to the nearest multiple of 5;2° Amounts ending in 3, 4, 8 and 9 are rounded up to the nearest multiple of 5.II. – Coins denominated in CFP francs may not be…