The CFA franc, is the official currency in 14 African countries; predominantly in former French colonies. It was introduced on 26 December 1945 with the ratification of the Bretton Woods agreement and had originally a parity of 1 CFA franc opposite 1,70 French franc (FF). With the devaluation of the French franc on 17 October 1948 it changed on 1 CFA franc = 2 FF.

When France shortened 1958 with the introduction of the new franc two zeros, the CFA franc did not pull also, why the new parity 1 CFA franc = 0.02 FF applied. This kept validity until 12 January 1994. At this time the competitive ability of the African states of the CFA zone was in such a manner damaged compared with direct neighboring countries, which had devalued their currencies several times, that will keep the parity no longer upright could. The CFA franc was devalued around half, whereby the CFA franc was from now on only 0.01 FF value.

Since the introduction of the euro 655.957 CFA francs apply according to 1 "€ =.

There are two different CFA franc zones with own central banks:

• The Central African economic and monetary union (CEMAC) with the Banque Centrale of the budget d'Afrique Centrale (BEAC) and the CFA franc BEAC (ISO 4217-Code: XAF) The member states are:
  • Equatorial Guinea
  • Gabon
  • Cameroon
  • Republic of the Congo
  • Chad
  • Central African republic

• The westAfrican economic and monetary union (UEMOA) with the Banque Centrale of the de l'Afrique de l'Ouest (BCEAO) and the CFA franc BCEAO (ISO 4217-Code: XOF) The member states are:
  • Benin
  • Burkina Faso
  • The Ivory Coast
  • Guinea-Bissau
  • Mali
  • The Niger
  • Senegal
  • Togo

The designation CFA franc stood from 1945 to 1958 for C'olonies d'Afrique, then between 1958 and the Entkolonialisierung for Fran§aises d'Afrique. Today the designation stands on the one hand for franc de la Financi¨re d'Afrique for the member states of the UEMOA and on the other hand for franc de la Financi¨re EN A'frique Centrale for the CEMAC states.

Related links

• Banque Centrale of the budget d'Afrique Centrale
• Banque Centrale of the de l'Afrique de l'Ouest

Articles in category "CFA franc"

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