HUF to XAF

HUF - Hungarian Forint (Ft)
XAF - Central African CFA Franc (FCFA)
1 HUF1 XAF

Currency conversion rates from HUF to XAF

HUFXAF
1 HUF1 XAF
5 HUF5 XAF
10 HUF10 XAF
20 HUF20 XAF
50 HUF50 XAF
100 HUF100 XAF
250 HUF250 XAF
500 HUF500 XAF
1000 HUF1000 XAF
2000 HUF2000 XAF
5000 HUF5000 XAF
10000 HUF10000 XAF
XAFHUF
1 XAF1 HUF
5 XAF5 HUF
10 XAF10 HUF
20 XAF20 HUF
50 XAF50 HUF
100 XAF100 HUF
250 XAF250 HUF
500 XAF500 HUF
1000 XAF1000 HUF
2000 XAF2000 HUF
5000 XAF5000 HUF
10000 XAF10000 HUF

HUF - Hungarian Forint (Ft)

The Hungarian forint is the official currency of Hungary, and has been in circulation since 1946. The code for the forint is HUF and the symbol is Ft. Its conversion factor has 6 significant digits, and it is a fiat currency.

The Forint is the official currency of Hungary, and is issued by the Hungarian National Bank. The modern Forint was introduced in 1946, after the second world war. The Forint was subdivided into 100 fillér, but fillér coins are no longer in circulation. The long-term goal of the Hungarian government is to replace the Forint with the Euro, although this transition has been delayed due to current economic issues.

The Hungarian Forint is the currency in Hungary (HU, HUN). The symbol for HUF can be written Ft. The exchange rate for the Hungarian Forint was last updated on January 18, 2019 from The International Monetary Fund. The HUF conversion factor has 6 significant digits.

Economy

  • Hungary has made a successful shift to a market economy after the first multi-party elections were held in 1990. Before the fall of the Communist regime in 1989, its economy was centrally planned.
  • Since 1990, foreign ownership and foreign investment have become commonplace, and Hungary receives about a third of the foreign investment flowing into the Central European area.
  • Production in Hungary has shifted from lower-value textiles and food products to higher-value sectors such as luxury vehicle production, renewable energy, tourism, and information technology. Over 60% of Hungary’s exports are related to machinery and equipment.
  • In recent years, Hungary has required financial assistance from world bodies such as the IMF and World Bank to service its large public debt. As one consequence, Hungary has delayed adopting the euro until 2020.

History

  • The name Forint has its origin in coins minted in Florence in 1252, called Fiorino d’oro.
  • Forint banknotes and fillér coins were introduced and circulated in August 1946, as a crucial step in the stabilization of the country after World War II.
  • Inflation (especially during the late 1980s) made fillér coins irrelevant, and they were removed from circulation in 1996. Coins continue to be minted in Forint denominations.
  • The Forint became fully convertible in 2001 after the high inflation of the 1990s when Hungary transitioned to a market economy.

More information about HUF - Hungarian Forint (Ft)


XAF - Central African CFA Franc (XAF)

Central African CFA Franc

The CFA Franc BEAC is pegged to the Euro at 1 Euro = 655.957 XAF. It is the currency for six independent states in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.

The Central African CFA is the currency in Cameroon (CM, CMR), Central African Republic (CF, CAF), Chad (TD, TCD), Congo (CG, COG), Equatorial Guinea (GQ, GNQ), and Gabon (GA, GAB). The Central African CFA is also known as Communaute Financiere Africaine BEAC Francs. The symbol for XAF can be written CFAF. The Central African CFA is divided into 100 centimes. The exchange rate for the Central African CFA was last updated on Today from The International Monetary Fund. The XAF conversion factor has 6 significant digits.

Economy

  • Cameroon is one of the most prosperous countries in Africa. The drop in commodity prices for its principal exports—petroleum, cocoa, coffee, and cotton—in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per-capita GDP fell by more than 60% from 1986 to 1994.
  • The Central African Republic (CAR) is classified as one of the world's least developed countries, with an estimated annual per capita income of $700 (2009).
  • Landlocked Chad's economic development suffers from its geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, such as the herding of livestock.
  • The economy of the Republic of the Congo is a mixture of village agriculture and handicrafts, an industrial sector based largely on petroleum extraction, support services, and a government characterized by budget problems and overstaffing.
  • Equatorial Guinea‘s GDP has forestry, farming, and fishing as major components. Subsistence farming predominates. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy under successive regimes has diminished the potential for agriculture-led growth.
  • Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP and 80% of exports. Oil production is now declining from its peak of 370,000 barrels per day (59,000 m3/d) in 1997. The 1998 fall-off in oil prices had a negative impact on government revenues and the economy. Gabon public expenditures from the years of significant oil revenues were not spent well.

History

  • BEAC stands for Banque des Etats de l'Afrique Centrale.
  • The CFA Franc BEAC was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African Franc. The equatorial African colonies and territories using the CFA Franc BEAC were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari.
  • The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA Franc in 1984, replacing the Equatorial Guinean Ekwele at a rate of 1 Franc = 4 Bipkwele.
  • In 1948, coins were issued for use in all colonies (except French Cameroon) in denominations of 1 and 2 CFA Franc BEAC. This was the last minting of a 2-franc coin for nearly 50 years.
  • In 1958, 5-, 10- and 25-franc coins were minted (and used in French Cameroon). These coins bore the name of Cameroon, as well as the États de l'Afrique Equatorial.
  • In 1961, nickel 50-franc coins were introduced, followed by nickel 100-franc coins in 1966. Since 1971, 100-franc coins were issued by individual states. In 1976, cupro-nickel 500 francs coins were introduced.
  • Since 1985, coins have also been issued by individual states. That year also saw the introduction of 5-, 25-, 50- and 100-franc coins for use in Equatorial Guinea.
  • When the CFA Franc BEAC was introduced, notes issued by the Caisse Centrale de la France d'Outre-Mer ("Central Cashier of Overseas France") in denominations of 5, 10, 20, 100 and 1,000 Francs were in circulation. In 1947, a new series of notes was introduced for use in French Equatorial Africa, although the notes did not bear the name of the colonies. Notes were issued in denominations of 5, 10, 20, 50, 100 and 1,000 Francs, followed by those of 500 Francs in 1949, and 5,000 Francs in 1952.

More information about XAF - Central African CFA Franc (XAF)