Burundi Franc

Overview

The currency used in Burundi is the Burundi Franc (BIF). It is divided into 100 centimes. The symbol used for the Burundi Franc is Fbu.

Discussions are taking place to replace the Franc in 2015 with the East African Shilling, which forms part of the East African Community.

Economy

• Burundi resources are scarce and the manufacturing sector is underdeveloped.
• The main sector of the economy is agriculture, which accounts for 57% of the GDP.
• 70% of the labor force works in agriculture.
• Burundi relies on humanitarian assistance.
• Top industries are soap, shoes, construction, and blankets.
• The main agricultural products are tea, cotton, bananas, beef, hides, coffee, sweet potatoes, and corn.
• Export products are tea, hides, sugar, cotton, and coffee.
• Import products are foodstuffs, petroleum products, and capital goods.
• 53% of Burundi people live below the poverty level.
• In 1997, it was estimated that Burundi had a $1.27 billion external debt.
• During the late 1990s humanitarian aid stopped because of the coup in 1996. In 1999 the embargo was lifted and countries started giving aid again.
• The inflation rate is +/- 10% and GDP growth is 4.5%.

History

• Belguim occupied Burundi in 1916 and the Belgian Congo Franc became the official currency.
• In 1960, the Belgian Congo Franc was replaced with the Burundi and Rwanda Franc.
• In 1964, Burundi started issuing its own Francs and notes were printed over with the word Burundi on them.
• In 1966, the word Kingdom on the 20-franc notes was replaced with the word Republic.