4000 Guinea UK Currency: A Comprehensive Guide

Introduction

The Guinea is the official currency of the Republic of Guinea, a country located in West Africa. Guinean franc, abbreviated as GNF, is also widely used in the country. Introduced in 1986, the Guinea franc has been pegged against the US dollar at a rate of 9876 GNF to 1 USD since 1994. This peg has helped stabilize the Guinean economy and has made it easier to conduct business with other countries.

History of the Guinea Franc

The Guinea franc was introduced in 1986 to replace the Guinea syli, which had been the country's currency since 1958. The syli was pegged to the French franc at a rate of 1 syli to 1 French franc. However, the syli was devalued several times in the 1970s and 1980s as the French franc strengthened.

The Guinea franc was initially pegged to the US dollar at a rate of 300 GNF to 1 USD. However, the franc was devalued several times in the 1990s and 2000s as the US dollar strengthened. The franc has been pegged at a rate of 9876 GNF to 1 USD since 1994.

Coins and Banknotes

The Guinea franc is issued in banknotes and coins. The banknotes are denominated in 500, 1000, 2000, 5000, and 10000 GNF. The coins are denominated in 1, 5, 10, 25, 50, 100, and 200 GNF.

Foreign Exchange Rates

The Guinea franc is not freely traded on the foreign exchange market. The official exchange rate is set by the Central Bank of Guinea. The black market exchange rate is often lower than the official rate.

Inflation

Inflation in Guinea has been relatively low in recent years. The annual inflation rate was 8.5% in 2021, according to the World Bank. This is down from a high of 27.2% in 2008.

Economic Outlook

The economic outlook for Guinea is positive. The country is rich in natural resources, including bauxite, iron ore, and gold. The government is also investing in infrastructure and education. This investment is expected to lead to economic growth in the coming years.

Conclusion

The Guinea franc is the official currency of the Republic of Guinea. It has been pegged against the US dollar since 1994. The franc is issued in banknotes and coins. The official exchange rate is set by the Central Bank of Guinea. Inflation in Guinea has been relatively low in recent years. The economic outlook for Guinea is positive.

Additional Resources

• Central Bank of Guinea
• World Bank
• International Monetary Fund

Tables

Table 1: Guinea Franc Banknotes

Table 2: Guinea Franc Coins

Table 3: Foreign Exchange Rates

Table 4: Inflation Rates