Usage of: West African CFA franc (XOF) Central African CFA franc (XAF)
The CFA franc (French: franc CFA, [fʁɑ̃seɛfɑ]), or Franc of the Financial Community of Africa (French: franc de la Communauté financière africaine; originally the Franc of the French Colonies in Africa, French: franc des Colonies françaises d'Afrique; colloquially franc; abbreviation: F.CFA), is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries.[1] Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. On 22 December 2019, it was announced that the West African currency would be reformed and replaced by an independent currency to be called Eco.[2]
Both CFA francs have a fixed exchange rate (peg) to the euro: €1 = F.CFA 655.957 exactly, and member countries deposited half of their foreign exchange reserves with the French Treasury.[3] The currency has been criticized for restricting the sovereignty of the African member states, effectively putting their monetary policy in the hands of the European Central Bank. Others argue that the CFA "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries".[4]
In May 2020, the French National Assembly agreed to end the French engagement in the West African CFA franc, including the foreign reserve deposit requirements. The West African CFA franc is expected to be renamed as the "Eco" in the near future.[5]
^Nzaou-Kongo, Aubin (2020). "International Law and Monetary Sovereignty. The Current Problems of the International Mastery of the CFA Franc and the Crisis of Sovereign Equality". African Review of Law and Critical Thinking. 1 (1): 25–61. doi:10.6084/m9.figshare.12808835.v3. Retrieved 5 December 2020.
^"West Africa renames CFA franc but keeps it pegged to euro". Reuters. Archived from the original on 22 December 2019. Retrieved 22 December 2019.
^"A strong currency like the CFA franc makes exports from the CFA-franc zone much more costly than they would ordinarily be and as a result economic growth suffers accordingly. Since most of the countries that use the currency are poor, mostly agricultural economies, this has put a stranglehold on their trade and made them overly dependent upon continuing, privileged access to French and, though them, European markets. That this effectively recreates a quasi-colonial trading relationship between France and its former African colonies that benefits France mightily has not been lost on observers. - See more at: http://afkinsider.com/41946/forex-africa-african-euro/#sthash.bAiuUVxB.dpuf", FOREX Africa: The CFA Franc aka The African Euro, By Jeffrey Cavanaugh AFKI Original Published: 12 February 2014, 02:11pm, http://afkinsider.com/41946/forex-africa-african-euro/#sthash.bAiuUVxB.dpuf
^Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88
^Cite error: The named reference :3 was invoked but never defined (see the help page).
The CFAfranc (French: francCFA, [fʁɑ̃ seɛfɑ]), or Franc of the Financial Community of Africa (French: franc de la Communauté financière africaine; originally...
The West African CFAfranc (French: francCFA or simply franc, ISO 4217 code: XOF; abbreviation: F.CFA) is the currency used by eight independent states...
The Central African CFAfranc (French: francCFA or simply franc; ISO code: XAF; abbreviation: F.CFA) is the currency of six independent states in Central...
CFAfranc. Originally, 50 Comorian francs were worth 1 French franc. In January 1994, the rate was changed to 75 Comorian francs to the French franc....
currencies, such as the East Caribbean dollar, the CFP franc, the CFAfranc BEAC and the CFAfranc BCEAO. The predecessor to the euro, the European Currency...
government and 8 West African countries was reached, meaning to change the CFAfranc to the Eco; though no plan had been established as of January 2021. However...
Look up CFA in Wiktionary, the free dictionary. CFA may refer to: CFAfranc, a currency used by fourteen African countries Chartered Financial Analyst...
Until 1962, Mali used the West African CFAfranc. The Malian franc was introduced that year at par with the CFAfranc, but devalued relative to it in 1967...
the CFAfranc, whose exchange rate is tied to that of the euro and is guaranteed by the French Treasury. The eventual goal is for the CFAfranc and eco...
Central Africa (CEMAC) and share a common currency, the Central African CFAfranc. The African Development Bank, on the other hand, defines Central Africa...
(IEOM). The CFP franc was created in December 1945, together with the CFAfranc, used in Africa. The reason for the creation of these francs was the weakness...
Madagascar-Comores CFAfranc (XMCF) replaced the franc of Madagascar on 26 December 1945, with the creation of the other CFAfrancs. The CFAfranc was worth 1...
ever issued. The first Guinean franc was introduced in 1959 to replace the CFAfranc. There were 1, 5, 10 and 25 francs coins (made of aluminium bronze)...
coins from 1944. It was replaced by the CFAfranc in 1945. In 1944, aluminium-bronze 50 centimes and 1 franc coins were issued. These were the only coins...
de l'Afrique Centrale (BEAC). Members of both currency unions use the CFAFranc as their legal tender. Below is a list of the central banks and currencies...
The franc was the currency of Togo. Between 1924 and 1956, coins specifically for use in Togo were issued. Since 1945, Togo uses the West African CFA franc...
the eight west African countries which share the common West African CFAfranc currency and comprise the West African Economic and Monetary Union. The...
(CCFOM) in 1944. The region's currency was standardized in late 1945 as the CFAFranc. In 1955, the French government transferred the CCFOM's monetary role...
ouguiya = 10 old ouguiya, which in turn replaced the CFAfranc at a rate of 1 old ouguiya = 5 francs. The name ouguiya (أوقية) is the Hassaniya Arabic pronunciation...
trade, and export of uranium. The 50% devaluation of the West African CFAfranc in January 1994 boosted exports of livestock, cowpeas, onions, and the...
with figures in millions of CFAFrancs. For purchasing power parity comparisons, the US Dollar is exchanged at 470.70 CFAFrancs only. Mean wages were $0...
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