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The Role of IEOM in French Polynesia’s Financial Regulation

The Institute for Overseas Emissions (IEOM) is a public national institution based in Paris, founded and authorized by the French government in December 1966. Its purpose is to issue a uniform currency in French Pacific territories. Apart from its headquarters in metropolitan France, IEOM is also present in New Caledonia, French Polynesia, Wallis and Futuna Islands, and French Southern and Antarctic Lands.

As a central bank, IEOM provides all banking services except foreign exchange reserves. Its main categories of activities include:

  • Emission of currency
  • Supply of economic, financial, and statistical data
  • Monitoring of the banking system
  • Conduct of monetary policy
  • Provision of central banking services to the banking community, businesses, individuals, and public institutions

Among these activities, IEOM issues the legal tender in territories under its jurisdiction, known as the “CFP franc” (international code XPF). The convertibility of the CFP franc is guaranteed by the French Republic, based on a fixed exchange rate against the euro:

  • 1,000 F CFP = 8.38 euros
  • 1 F CFP = 0.00838 euro

IEOM also issues banknotes and coins with face values of 10,000, 5,000, 1,000, and 500 F CFP for the former, and 100, 50, 20, 10, 5, 2, and 1 F CFP for the latter…

In addition to issuing currency, IEOM contributes to maintaining the stability of the banking system in cooperation with the national institution for supervision and regulation, “ACP”. It also guides credit policy by refinancing short- and medium-term loans granted by banks to solid businesses in priority sectors.

Monetary Policy Decisions

The IEOM’s monetary policy decisions take into account the specificity of these territories and their sensitivity to globalization. The institute publishes monthly and quarterly economic and financial bulletins, as well as an annual report analyzing the economic and financial situation of each territory.

Central Banking Services

Finally, IEOM provides central banking services to the banking community, businesses, individuals, and public institutions, including:

  • Risk evaluation
  • Financial statement database
  • Interbank transfers
  • Unpaid check database
  • Risk database
  • Public and private transfers between territories and metropolitan France

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