#303 CFA franc
The CFA franc is a common name for two separate currencies used in West and Central Africa. These currencies are guaranteed by the French Treasury and were historically associated with French colonial rule. As of my last knowledge update in September 2021, here is some information about the CFA franc:
Two CFA Francs: There are two versions of the CFA franc: the West African CFA franc (XOF) and the Central African CFA franc (XAF). These are used by different groups of countries in Africa.
Countries Using the CFA Franc: The West African CFA franc (XOF) is used by eight West African countries, including Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The Central African CFA franc (XAF) is used by six Central African countries, including Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon.
History: The CFA franc was originally introduced by France during its colonial rule in Africa. After decolonization, these countries continued to use the CFA franc, which was pegged to the French franc. Later, the peg was shifted to the Euro.
Guarantee by the French Treasury: One of the distinctive features of the CFA franc is that it is guaranteed by the French Treasury. This means that the African countries using the CFA franc have a fixed exchange rate with the Euro, and the French Treasury holds a significant portion of their foreign exchange reserves. In return, these countries deposit their foreign exchange reserves with the French Treasury.
Controversy: The use of the CFA franc has been a subject of controversy and debate. Critics argue that it limits the economic independence of the African countries using it, as they don't have control over their monetary policies. Proponents argue that the stability it provides is beneficial.
Reforms: In December 2019, the countries using the CFA franc announced plans to reform the currency, including changing its name to the "eco" and reducing the amount of foreign exchange reserves held with the French Treasury. These reforms were aimed at giving the member countries more control over their monetary policy.
www.antharas.co.uk/ companies website or top book distributors!
-
8:04
AV
19 days ago#1149 Press release - Pension funds can fire up the UK economy
71 -
DVR
Kim Iversen
4 hours agoTelegram CEO Arrested Is RUMBLE Next? Tulsi Gabbard Officially Endorses Donald Trump
28.1K71 -
LIVE
Akademiks
1 hour agoDrake - Game 2 Incoming? Yung Miami vs Big Ak OTW? Diddy Check in [Quick stream]
3,975 watching -
1:11:54
Steve-O's Wild Ride! Podcast
4 days ago $0.40 earnedChris Pontius Is Doing Incredibly Well - Wild Ride #229
4.71K -
UPCOMING
Man in America
7 hours ago🔴 LIVE: Mosquito Lockdowns, Telegram CEO Arrest & Trump’s UNITY Party
5.73K2 -
LIVE
We Like Shooting
13 hours agoWe Like Shooting 573 (Gun Podcast)
295 watching -
LIVE
Flyover Conservatives
19 hours agoRFK's Support for Trump: How Will it Shake the Political Landscape? - Harrison Fields; Lies Unveiled: Employment Numbers Riddled with Manipulation - Dr. Kirk Elliott | FOC Show
1,084 watching -
1:03:55
Glenn Greenwald
6 hours agoTelegram Founder & CEO Arrested in France as Online Censorship Escalates; Interview: Congressman Warren Davidson (R-OH) Speaks Out Against Speech Crackdowns | SYSTEM UPDATE #322
50.1K106 -
1:00:32
Donald Trump Jr.
9 hours agoUnity vs the Uniparty: America First, Always. Interviews with Rep Jim Jordan & Steve Moore | TRIGGERED Ep.168
100K203 -
DVR
LFA TV
1 day agoThe Ascendent MAGA Party | TRUMPET DAILY 8/26/24 @9pm
9.24K