Burundi Franc - BIF

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.

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.

General Information