24 Jun 2002

French Polynesia to stay out of euro zone

8:53 am on 24 June 2002

French Polynesia's finance minister, Georges Puchon, has ruled out the introduction of the European single currency in the territory.

A report by the French news agency AFP quotes Mr Puchon as saying a change of currency to the euro is not on the agenda because there are many advantages in keeping the Pacific franc.

However, Mr Puchon has not ruled out an eventual changeover to the euro.

Mr Puchon says the government may consider the situation but he says there are benefits from a stability with the Pacific franc as France guarantees its parity with the euro.

He says the outlook for French Polynesia is optimistic and reasonable.

Mr Puchon says tourism, which is the leading earner, is regaining its vigour.