CFA franc BEAC

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CFA franc BEAC
Country: Central African Economic and Monetary Community
Subdivision: 100 centimes
ISO 4217 code : XAF
Abbreviation: F.
Exchange rate :
(August 28, 2020)

1  EUR  = 655.957 XAF (fixed)

1  EUR  = 655.957 XAF
100 XAF = 0.1524 EUR

1  CHF  = 609.739 XAF
100 XAF = 0.164 CHF

Current Central African CFA coins
African countries with the CFA franc as their currency.
  • CFA franc BCEAO of the UEMOA
  • CFA franc BEAC from CEMAC

    • The Central African CFA franc ( Franc de la C ooperation F inancière en A frique Centrale ) or shortly CFA franc is the currency of the Central African Economic and Monetary Community (CEMAC), ie:

    1. Equatorial GuineaEquatorial Guinea Equatorial Guinea ,
    2. GabonGabon Gabon ,
    3. CameroonCameroon Cameroon , the
    4. Congo RepublicRepublic of the Congo Republic of the Congo ,
    5. ChadChad Chad and the
    6. Central African RepublicCentral African Republic Central African Republic .

    It is issued by the Banque Centrale des États d'Afrique Centrale (BEAC) in Yaoundé / Cameroon and has the ISO 4217 code XAF.

    There are coins in circulation of 1, 2, 5, 10, 25, 50, 100 and 500 CFA francs and banknotes of 500, 1000, 2000, 5000 and 10,000 CFA francs.

    The CFA franc is divided into 100 centimes (abbreviation c ).

    Exchange rate peg

    The CFA franc BEAC is linked to the euro at a fixed exchange rate of 655.957 CFA francs per euro and an exchange rate of 1 to the CFA franc BCEAO of the West African Economic and Monetary Union .

    history

    The CFA franc ( Franc des colonies françaises d'Afrique , FCFA for short ) was introduced in several French colonies on December 25, 1945 when the Bretton Woods Agreement was ratified and originally had a parity of 1 CFA franc to 1.70 French Franc (FF). With the devaluation of the French franc on December 17, 1948, it changed to 1 CFA franc = 2 FF.

    When France cut two zeros with the introduction of the new franc in 1958, the CFA franc did not go along with it, which is why the new parity 1 CFA franc = 0.02 FF applied from December 26th and this is now franc de la in the BEAC area Communauté Française d'Afrique was called. Its parity remained in effect until January 12, 1994. At the same time, the Franc de la Communauté Financière d'Afrique was created for the member states of the UEMOA zone . When the Banque Centrale des États d'Afrique Centrale (BEAC) was established on November 22, 1972 , the currency name changed to Franc de la Coopération Financière en Afrique Centrale , which kept the abbreviation FCFA . In 1984, Equatorial Guinea, a former Spanish colony, took over the CFA franc BEAC as the successor currency to the Ekwele .

    Around 1994, the competitiveness of the African countries in the CFA zone compared to their direct neighbors, which had devalued their currencies several times, was so damaged that parity could not be maintained. The CFA franc was devalued by half with effect from January 18, 1994, so that the CFA franc was now only worth FF 0.01.

    Since the introduction of the euro on January 1, 1999, the equivalent of € 1 = 655.957 CFA francs applies.

    Designation CFA franc

    Today the abbreviation CFA is the case of the Central African CFA franc for franc de la C ooperation F inancière en A frique Centrale . In the case of the neighboring West African CFA franc she called Francesco de la C ommunauté F inancière d ' A frique . The two CFA franc currencies are collectively known as the CFA franc zone . The designation “CFA Franc” is also common for both currencies. However, this is imprecise, as they are two independent currency areas with different money and different central banks.

    Historically, the name was CFA 1945-1958 for C olonies F rançaises d ' A frique , then between 1958 and the decolonization of C ommunautés F rançaises d' A frique .

    Web links

    Individual evidence

    1. ↑ Helmut Kahnt, Bernd Knorr: Old dimensions, coins and weights. A lexicon. Bibliographisches Institut, Leipzig 1986, licensed edition Mannheim / Vienna / Zurich 1987, ISBN 3-411-02148-9 , pp. 375–377 and 380.
    2. ↑ a b c d BEAC: Histoire de la BEAC . on www.beac.int ( Memento of the original from September 27, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (French) @1@ 2Template: Webachiv / IABot / www.beac.int
    3. ↑ BEAC: Histoire du Franc CFA . on www.beac.int ( Memento of the original from September 27, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.beac.int