The BNCI prepares its customers for the new franc

Since the Liberation, the franc was battered by several devaluations Consequently, the French Minister of Finance, Antoine Pinay, decides in 1958 to change the monetary unit. A “new franc” (also known as the heavy franc), whose value equals 100 francs, should replace the current money on 1 January 1960. If the aim of the reform is to give the sense that the franc is more stable, it requires preparing the population at large. This pedagogical letter from the Banque Nationale pour le Commerce et l’Industrie (BNCI) to its customers aims to support them during this change. The BNCI underlines in particular the minor impact of the reform on its customers’ banking operations.
In spite of decades of use, some people still talked of “old francs” when the Euro replaced the franc in 2002.