Editing CFP franc (section)

=== 1945–1949 ===

The CFP franc was created in December 1945, together with the [[CFA franc]], used in Africa, because of the weakness of the [[French franc]] immediately after the [[World War II|Second World War]]. When France ratified the [[Bretton Woods system|Bretton Woods Agreement]] in December 1945, the French franc was devalued in order to set a fixed exchange rate with the [[United States dollar|US dollar]]. New currencies were created in the French colonies to spare them the strong devaluation of December 1945. [[René Pleven]], the French minister of finance, was quoted saying: "In a show of her generosity and selflessness, [[metropolitan France]], wishing not to impose on her far-away daughters the consequences of her own poverty, is setting different exchange rates for their currency."<ref>[https://books.google.com/books?id=wMcgAQAAMAAJ&q=%22In+a+show+of+her+generosity+and+selflessness,+metropolitan+France,+wishing+not+to+impose+on+her+far-away+daughters+the+consequences+of+her+own+poverty,+is+setting+different+exchange+rates+for+their+currency.%22 ''International Currency Review''], Volume 31, Currency Journals Limited, 2006, page 17</ref> The other French colonial currencies were set at a fixed exchange rate with the French franc. However, the CFP franc was set at a fixed exchange rate with the US dollar, which played a major role in the economy of the French Pacific territories on account of [[World War II]]. That situation ended in September 1949 when the CFP franc was given a fixed exchange rate with the French franc.