DEFINITION of 'BIF (Burundi Franc)'
The currency abbreviation or currency symbol for the Burundi franc (BIF). The Burundi franc is made up of 100 centimes, but coins haven't been issued in these denominations since Burundi introduced its own currency.
BREAKING DOWN 'BIF (Burundi Franc)'
Burundi began issuing its own currency (francs), in 1964, before which Burundi used German East African rupies (prior to 1916), Belgian Congo francs (1916 - 1959), and Rwanda and Burundi francs (1960 - 1963). Plans are underway to change the national currency once more by the end of 2009 with a common currency (the East African shilling) for the five member states of the East Afican Community.