| Institut d'émission d'Outre-Mer | |
| |
| Name | Institut d'émission d'Outre-Mer |
|---|---|
| Bank of | Colonies Francais Pacifique |
| Established | 1966 |
| Headquarters | Paris, France |
| Purpose | Replace Indo-Chinese Piastre |
| Mint Mark | I.E.O.M |
| Website | [Main Page] |
The Institut d'émission d'Outre-Mer (acronym IEOM) is a French public institution responsible for monetary emission in territories overseas whose currency circulates in the Pacific Franc. The Institut d'émission d'Outre-Mer was created in December 22, 1966. Its headquarters is in Paris.
History[]
From 1888, the privilege of issuing currency in the French Pacific territory was held by the Bank of Indochina. Thus the bank opens branches in Noumea (1888) and Papeete (1905). The Act of September 25, 1948 withdrew the Bank of Indochina's privilege issue, but it was not until 1967 that the Institut d'émission d'Outre-Mer milled coins.
Missions[]
Unlike most central banks, the IEOM does not support foreign reserve. The institute is responsible for issuing the CFP franc. It is the guarantor of its parity with the Euro.
Mechanism[]
The rediscount rediscount facility of IEOM is a funding mechanism for companies aiming to guide the distribution of credit for firms belonging to economic sectors or areas of priority activities.