What does CFA stand for France?
What does CFA stand for France?
The CFA franc, backed by the French treasury and pegged to the euro, refers to both the Central African CFA franc (XAF) and the West African CFA franc (XOF), and is accepted in 14 member countries. CFA stands for Communauté financière d’Afrique or African Financial Community.
How the CFA franc works?
On 22 December 2019, it was announced that the West African currency would be replaced by an independent currency to be called Eco. Both CFA francs have a fixed exchange rate to the euro: 100 CFA francs = 1 former French (nouveau) franc = 0.152449 euro; or 1 € = 6.55957 FRF = 655.957 CFA francs exactly.
WHO issues CFA franc?
France
France maintains the position that the CFA franc is an ‘African currency’, existing only as a support to Africans, who retain their ‘sovereignty’. Some heads of state, like Alassane Ouattara in Côte d’Ivoire and Macky Sall in Senegal take the same line.
When was CFA franc created?
December 26, 1945
The CFA franc was created on December 26, 1945, the date on which France ratified the Bretton Woods Agreements and made its first declaration of parity to the International Monetary Fund (IMF). At the time, the name meant “franc of the French Colonies of Africa”.
Where is the CFA franc printed?
CFA notes and coins are printed and minted at a Bank of France facility in the southern town of Chamalieres. Both regional African banks that supervise the CFA variants have established price stability as their overriding objective.
What countries still use francs?
Before the introduction of the euro in 1999, francs were also used in France, Belgium and Luxembourg, while Andorra and Monaco accepted the French franc as legal tender (Monegasque franc)….Current.
| Countries | Currency | ISO 4217 code |
|---|---|---|
| Switzerland | Swiss franc | CHF |
| Togo | West African CFA franc | XOF |
What African countries use the franc?
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, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
Who uses French franc?
Countries that currently use the franc include Switzerland, Liechtenstein, and several former colonies of France and Belgium. Before the euro was introduced, the franc was used in France, Belgium, Luxembourg, Andorra, and Monaco. Typically, one franc is subdivided into 100 centimes.
What is Mali currency?
West African CFA franc
Mali/Currencies
Why is it called a franc?
The franc is any of various units of currency. The name is said to derive from the Latin inscription francorum rex (King of the Franks) used on early French coins and until the 18th century, or from the French franc, meaning “frank” (and “free” in certain contexts, such as coup franc, “free kick” ).
How many African countries use CFA?
There are eight independent African countries that use the West African CFA franc: Burkina Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Guinea-Bissau and Benin.
What does CFA franc stand for?
The CFA franc is one of two regional African currencies backed by the French treasury with pegging to the euro. 3 “CFA franc” can refer to either the Central African CFA franc, abbreviated XAF in currency markets, or the West African CFA franc, abbreviated XOF in currency markets.
What is the Central African CFA franc (XAF)?
Central African CFA franc (XAF) The CFA franc (in French: franc CFA [fʁɑ̃ seɛfɑ], or colloquially franc) 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.
What is the difference between CFA franc and GNF franc?
The CFA franc refers to both the Central African CFA franc and the West African CFA franc, used in 14 sub-Saharan African countries and backed by France. GNF, or the Guinea franc, is the currency of the Republic of Guinea. When created it was pegged to the French franc and is still pegged to the euro today.
What happened to the CFA franc in the 1980s?
In 1948, the rate changed to one CFA franc to two French francs after the devaluation of the French franc. This artificially high exchange rate for the CFA franc caused economic stagnation among the countries in the CFA franc zone in the 1980s and early 1990s.
