Exchange GBP to BIF- Convert Pound to Burundi Franc - Free Online Quote

GBP to BIF Exchange Rate

Currency Exchange Rates for Burundian Franc. Currency Information on Burundian Franc - BIF—Burundi Franc – FBu. The foreign exchange currency code for BIF represents the Burundian Franc currency exchange rate.

Burundi is a land locked country in the East of Africa. The currency for the county is the Burundian Franc (BIF), which is divided into 100 centimes, which have never been issued since Burundi declaration of independence from Belgium and creation of their own currency. The per capita GDP (based on Purchasing Power Parity) is estimated to be $7.892 billion with a per capita GDP (PPP) of $818. 80% of the population lives below the breadline. 

 

Importing and exporting money into Burundi

 

Burundi has the same restrictions for both the import and export of money into the country. There is no restriction with regards to foreign currencies, however the export of the Burundian Franc is limited to 2000 BIF. 

 

 

Brief economic trend

 

Burundi is a poor third world country where agriculture makes of more than 54% of the GDP and supports more than 70% of the citizens. Burundi is rich with nickel, petroleum, copper and other natural resources, but the ongoing civil war in the country has led to a lack of foreign investment and the potential of these resources is not being realised. Burundi relies heavily on foreign aid and assistance for the survival of the population and the national debt has risen from $456 million in 2009 to $1,381million in 2016 (46% of the countries GDP). Burundi is ranked the 89th worse country in the world, comparing debt to GDP. 

 

The World City Bank has rated Burundi as the 157th most difficult country to do business with out of 190 countries, largely due to the political instability. The main products exported from Burundi are coffee, tea, sugar, cotton and animal hides and the main export partner is Germany followed by Pakistan. Burundi imports mostly capital good, petroleum and foodstuffs from Saudi Arabia and China. 

 

Many attempts to stabilise and grow the economy have been implemented over the last few years in conjunction with the IMF (International Monetary Fund) but these have not had any significant impact on the growth of the economy. 

 

 

Main country banks

 

The main bank in the country is the Bank of the Republic of Burundi, which has been established to promote economic stability and is a government owned institution. For a country where the GDP is so low, Burundi has eleven Commercial banks, the top three being, FinBank Burundi, Banque Commerciale du Burundi (Burundi Commercial Bank) (BANCOB) and Banque de Gestion et de Financement (BGF). The country also has a branch of the Bank of Kenya.

 

Convert Pound to Burundi Franc

Currency Information on BIF. 100 centime make up 1 franc and no centime coins are in circulation currently. The coins in circulation and frequently used are 1, 5, 10 and 50 francs. Banknotes in circulation are available in 10, 20, 50, 100, 500, 1,000, 2,000, 5,000 and 10,000 francs.

The franc has been the official currency of Burundi since 1916, when the German colony was occupied by Belgium and the German East African Rupie was replaced with the Belgian Congo franc. Although the current system was introduced in 1960 as the Rwanda and Burundi franc. Plans are being discussed to introduce a new East African shilling – a common currency for the east African Community’s five member states, by the end of 2015.

Convert GBP to BIF exchange rate. Buy and sell British Pounds to Burundi Franc. Convert BIF to GBP with a currency broker offering the best foreign exchange rates. Exchange GBP to BIF- Convert Pound to Burundi Franc for a Free Online Quote.

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