Presidential decree [No. 9] on the creation of the national currency; effective 01.03.1960
01.03.1960
Start of currency exchange: - 01.03.1960: Start of issuance of the new banknotes and coins - 15.03.1960: Demonetization of the West African currency.
01.03.1963
Ordinance on the replacement of the circulating banknotes (to fight capital flight, although officially on grounds of "bad quality"); effective 10.03.1963: - 11.03.1963: Start of withdrawal of the banknotes and exchange into new ones at par for Guinean residents - 14.03.1963: End of exchange period and demonetization of the former paper money (cash holdings outside Guinea were invalidated without compensation).
Valuation Regimes
1960-1972
Fixed rate against US Dollar
Rate Arrangements
01.03.1960
Fixed
US Dollar at 1 : 246.853 - [Gold parity] 3.60mg AU fine
±0.0%
01.01.1972
Fixed
US Dollar at 1 : 227.365
+8.6%
Time Period: 1972-1986
Currency: Guinean Syli
Transition
1 : 10
Sub-units
Syli / 100 Cauri
ISO4217
GNS
Timeline
02.10.1972
Government resolution (and announcement) on the currency reform; effective immediately (officially published only after the exchange, in the government & party gazette "Horoya" of 08.10.1972)
02.10.1972
Start of currency exchange: - 02.10.1972: Start of issuance of the new banknotes and coins - 05.10.1972: End of exchange period and demonetization of the former currency.
Valuation Regimes
1972-1975
Fixed rate against US Dollar
1975-1986
Fixed rate against IMF Special Drawing Rights (SDR) unit
Rate Arrangements
02.10.1972
Fixed
US Dollar at 1 : 22.737
±0.0%
13.02.1973
Fixed
US Dollar at 1 : 20.463
+11.1%
11.06.1975
Fixed
SDR at 1 : 24.685
+3.5%
Time Period: 1972-1986
Currency: 2nd Guinean Franc
Transition
1 : 1
Sub-units
(none)
ISO4217
GNF
Timeline
03.01.1986
Presidential decree [No. 4] on the currency reform; effective immediately
06.01.1986
Start of currency exchange: - 06.01.1986: Start of issuance of the new banknotes and coins - 28.01.1986: End of exchange period and demonetization of the former currency.
Valuation Regimes
1986-1991
Variable rate; on 28.01.1986 the official rate became inoperative and got abolished on 31.05.1986
1991-1994
Fixed rate against IMF Special Drawing Rights (SDR) unit