A practical currency and money guide to travel, living and doing business in French Guinea and the Euro (EUR).
What's in this French Guinea currency guide:
The official currency of French Guinea (country code: GF) is the euro, with symbol € and currency code EUR.
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
French Guinea, also known as Guinea, was a French colonial possession in West Africa that existed from 1891 to 1958. It was located on the Gulf of Guinea and bordered present-day Guinea, Sierra Leone, and Liberia. The colony was established as a protectorate of the French Third Republic, but later became an overseas territory. French Guinea was dissolved in 1958, when it gained independence and became the modern-day country of Guinea.
we would recommend visitors check the current information about travel to the modern-day Guinea, which can be different from what it was during the colonial period.
However, if you were to visit Guinea today, here are a few things to keep in mind:
Please note that the information provided here may not be current and that you should check with the Guinean authorities for the most updated information before planning a trip.
It's also important to note that Guinea is a country with high levels of poverty and a low development index, which is why it is important to be respectful of the local culture and customs while visiting, and to be mindful of the impact of tourism on the local communities.
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in French Guinea.
The economy of French Guinea, during the time it was a colony, was primarily based on agriculture, mining, and forestry. The main crops grown were coffee, cocoa, and palm oil, and the colony also had significant reserves of bauxite, gold, and diamonds. The French government invested heavily in infrastructure, including roads and ports, to support the economy.
In terms of doing business, French Guinea was primarily dependent on trade with France, and French companies had significant investments in the colony. There were also opportunities for foreign investment, particularly in the mining and agricultural sectors. However, the colony's economy was not as developed as some other French colonies in Africa, and it was affected by the global economic downturns of the 20th century.
After French Guinea gaining its independence, the economy of the new nation of Guinea has been based primarily on agriculture, mining, and forestry. The country has abundant natural resources, including bauxite, iron ore, gold, and diamonds, but it has struggled to develop its economy due to poor infrastructure, corruption, and political instability. The country remains one of the poorest in the world, with a GDP per capita of around $800.
Here we list some key points for expats and businesses to consider when managing financial dealings in French Guinea:
Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in French Guinea. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in French Guinea. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in French Guinea. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in French Guinea, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.
10 Mar 2023
|1% ▲||2 Week|
24 Dec 2022
|0.9% ▲||3 Month|
24 Mar 2022
|2.2% ▼||1 Year|
25 Mar 2018
|12.9% ▼||5 Year|
26 Mar 2013
|16.3% ▼||10 Year|
29 Mar 2003
|0.1% ▲||20 Year|
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to French Guinea or planning a trip or maybe living there, so will need to exchange and spend Euro.
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It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.