However, Asian currencies gained slightly as investors dumped the U.S. dollar for currencies such as the Swiss franc and the euro.
In 2004, the value of the Malagasy franc dropped again to 9500 fmg to the dollar.
The existence of an African franc whose value was pegged to the French franc ensured that the former colonies enjoyed a hard and stable currency and that the French government had a say in their economies.
Today, the dollar dropped almost 2% against both the Swiss franc and the euro.
The basic unit of currency is the Comorian franc .
There were no long queues or flurries of excited bank customers looking to exchange the Luxembourg franc for the euro last week.
Against the Swiss franc , the dollar was at 1.2885 francs, down from 1.2949 francs late Thursday.
In 2002, France will convert from the franc to the euro for all financial transactions.
The Swiss franc can be subdivided into hundredths known as Rappen in German, centime in French, centesimo in Italian and rap in Rhaeto-Romanic.
On the other hand, the issue of half francs and quarter francs was maintained up until 1642.