The Central African CFA franc is the common currency in six other countries: Equatorial Guinea, Gabon, Cameroon, the Republic of Congo, Chad and the Central African Republic. ", "The Many Varieties of West African States Banknotes", West African States new 500-franc note to be issued 30 November 2012, "How the France-backed African CFA franc works as an enabler and barrier to development", Union Economique et Monétaire Ouest Africaine (UEMOA), "The exchange rate of the CFA Franc BCEAO", Saint Helena, Ascension and Tristan da Cunha, https://en.wikipedia.org/w/index.php?title=West_African_CFA_franc&oldid=991496717, 1945 establishments in French West Africa, Articles with French-language sources (fr), Articles containing Portuguese-language text, Articles containing Kinyarwanda-language text, Articles containing Italian-language text, Articles containing Luxembourgish-language text, Creative Commons Attribution-ShareAlike License, 500, 1,000, 2,000, 5,000, 10,000 francs CFA, 1, 5, 10, 25, 50, 100, 200, 250, 500 francs CFA, A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau), A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo), Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States) building, Dakar; man, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; Computerization in West Africa: hand touching a touch tablet PC which is connected to West African countries on the outline map of Africa, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; symbols of education and health, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; transportation, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; agriculture, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; telecommunications, This page was last edited on 30 November 2020, at 10:53. Countries that use CFA franc: Eight countries make up the West African Economic and Monetary Union and a further six are in the Central African Economic and Monetary Community. Usage. 500-franc notes were added in 1946, followed by those of 5,000 francs in 1948. Bitcoin et franc cfa is decentralized. These coins, however, proved to be unpopular in many regions and were discontinued after 1996. In 1948, aluminium 1 and 2 franc coins were introduced. As part of our series on the Tunis workshop, Ndongo Sylla focuses on the CFA franc, one of the most tangible elements of the ‘colonial pact’ in Africa. 50-franc notes were last issued in 1959, with 100 francs not issued since 1965. CFA franc hugely unpopular The CFA Franc, first introduced by France in 1945, has long been attacked as a colonial relic, triggering protests in countries such as Senegal and Ivory Coast. Bissau 5 The mint mark is located on the reverse on the left side of the denomination or date while the engraver's mark is located on the right. The CFA franc was created in December 1945 when the French government ratified the Bretton Woods Agreement and became the currency of les colonies françaises de l’Afrique or the CFA (“French Colonies of Africa”). There is solely two pieces of advice around timing we can give. Eight countries comprise the West African Monetary Union (WAMU), Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. All CFA coins depict both a mint mark, along with an engraver's privy mark. It was devalued in 1994 and then remained at 100 to 1 until France adopted the euro in 1999. The CFA Franc Zones. The West African CFA Franc (XOF) is the currency shared by eight West-African nations: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, … Four fundamental principles guide France’s relationship with the CFA countries, Pierre Canac and Rogelio Garcia-Contreras explained in the Journal of … 04/87. France-Africa relations Also, they state that it the reserve requirement should be restructured in order to give CFA countries more economic freedom. In this context, we analyze whether a significant depreciation of the CFA Franc is possible, and whether a breakup scenario is conceivable. The CFA franc is the common currency for the Franc Zone. In 2003, bimetallic 200 and 500 franc coins were introduced, replacing smaller denomination notes. Any countries using the CFA franc as their form money are listed below. The CFA Franc, first introduced by France in 1945, has long been attacked as a colonial relic, triggering protests in countries such as Senegal and Ivory Coast. The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. Small, stainless steel 1 franc coins were introduced in 1976, replacing the larger aluminum 1 franc coins, and were struck until 1995. Over the past 50 years inflation has averaged 6% in Ivory Coast, which uses the CFA franc, and 29% in neighbouring Ghana, which does not. The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. The text validates the transition of the CFA franc – used by eight French West African countries – to become the newly mooted Eco, a currency to … The CFA Franc was created in 1945, binding fourteen African states and split into two monetary zones. DAKAR, Senegal. Eight countries comprise the West African Monetary Union (WAMU), Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. Bamako 6 In the simplest possible terms, the CFA franc is a currency used by 14 countries of Western and Central Africa, all of which are former French colonies. Here are answers to some of the most common questions. Businesses benefit from the stability of the CFA franc and the credibility of its currency exchange rate peg to the euro. Kwame Nkrumah stated, “…imperialism… claims, that … CFA Franc: One of two African regional currencies backed by the French treasury, and pegged to the euro. 12 of the countries are former French colonies and Equatorial Guinea, a former Spanish colony joined in 1985 while Guinea Bissau, a … The Franc Zone, which is based on a desire to ensure greater monetary and financial stability, brings together 15 Central and West African countries, plus Comoros. Mali The CFA will remain in use for now by the six Central Africa nations, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. They are both called the CFA franc. [9] The colour of the 5,000-franc note was changed from blue to green. The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. In 2004, a new series of notes was introduced in denominations of 1,000, 2,000, 5,000 and 10,000 francs, with the 500-franc note having been replaced by a coin the year before. In 1959, the BCEAO took over the issuance of paper money and reintroduced a 5,000-franc note. A major difficulty is that the export base is mainly primary goods and the one time across-the-board (all countries the same rate) devaluation increase capacity utilization rather than capacity expansion in almost all the countries. Guinea-Bissau From 1959, all coins have been issued by the BCEAO. CFA Franc: One of two African regional currencies backed by the French treasury, and pegged to the euro. Lomé Senegal When the CFA franc was first created, it was pegged to the French franc at 50 CFA francs to 1 French franc. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance. The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. France signs new monetary cooperation agreement On November 30, 2012, the Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States) issued a 500-franc banknote. Both versions of the CFA franc are hard-pegged to the euro. “As an economist, for me, the CFA franc is more than a symbol of the monetary system, which is designed to organise African countries in a way that treats the interest of French businesses, French government and more generally European businesses,” he tells RFI. Among the countries that border with Switzerland are: Austria, Germany (Euro / Swiss Franc converter), France and Italy.In 2016 Switzerland received a total of $ 2.493.570.398 USD in remittances. There are lots of countries that use the CFA franc for money, so if you're looking to find a comprehensive list of all of them then this is a great reference. International Monetary Fund, March 2004. Porto-Novo 2 The … In 2016 the largest franc zone country, Ivory Coast, had a real GDP per capita one-third lower than its 1978 peak. Six others are in the Central African Economic and Monetary Union (CAEMU). These fourteen countries have a combined population of 147.5 million people (as of 2013), and a combined GDP of US$166.6 billion (as of 2012). AFRICANGLOBE – The West African Economic and Monetary Union (UEMOA) is an organization of eight West African states. While CFA Franc countries have performed better in terms of inflation stability, concerns have been raised as a result of lower commodity prices and (particularly for oil and metal exporters) lower growth since 2014. For coins struck prior to the CFA franc, see French West African franc. The CFA Franc Zones: Neocolonialism and Dependency. Colonialism persists in many African countries due to the continuation of imperial monetary policy. Why did French colonial authorities create it and how does it work? [3] The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). French and international media had long taken its existence as something of a dirty secret, even though it is used by some 187 million people. Six others are in the Central African Economic and Monetary Union (CAEMU). Before the Eco can replace the CFA franc, as announced in Abidjan on 21 December 2019, a number of technical, legal and political hurdles must be cleared. Gabon The west African CFA franc, which is used by eight countries, will be ditched in 2020 and replaced by the eco, which will have far looser ties to France. It was established to promote economic integration among countries that share the Communauté Financière d’Afrique (CFA) franc as a common currency. 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