FRANCE SETS EURO RATE FOR ITS PACIFIC TERRITORIES

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NOUMEA, New Caledonia (January 1, 1999 - Radio Australia)---The French Ministry of Finance has announced the rate of the Euro against the currency in France's three Pacific territories -- New Caledonia, French Polynesia and Wallis and Futuna.

One thousand Pacific francs will buy 8.38 Euros.

The Euro to French franc rate was set at one to 6.55.

Under the Maastricht Treaty, which set out the responsibilities of the European Union and its component states, the European Central Bank was expressly left out of the financial administration of the French Pacific territories.

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