Afro (currency)
The Afro is the proposed official currency of the African Union .
The Abuja Treaty is an international agreement signed on June 3, 1991 in Abuja , Nigeria . The treaty established the African Economic Community and covers almost all of Africa . The timetable in the Abuja Treaty provides for the Afro to be introduced by the African Central Bank by 2028 .
In 2018, South African President Cyril Ramaphosa spoke out in favor of a single currency in Africa. This could initially only be introduced as a digital currency. According to experts, the currency should be pegged to the South African rand .
Individual positions of the states
Egypt , Swaziland and Lesotho have reservations about the exact timing of monetary union and have expressed a desire for a two to three year delay. The South African Rand is currently the legal or accepted means of payment in South Africa, Swaziland, Lesotho and Namibia , as these form a common currency area with the Common Monetary Area .
The Seychelles have not joined due to economic fears and, like Cape Verde , want to try to join the euro at a later date. The status of Eritrea , South Sudan and Morocco , among others , is unclear.
Signatory
The signatories of the contract are:
See also
- Amero , allegedly planned North American monetary union
- African Central Bank , proposed central bank for the African Union
- Eco , another attempt for a common African currency, in the ECOWAS community
- Khaliji , another attempt at a common currency, in the Gulf Cooperation Council
- West African CFA franc , an existing West African currency union.
- Central African CFA franc , an existing Central African Monetary Union.
- Monetary union
- Special Drawing Right
Web links
- Dr Karis Muller, Australian National University : The Euro And African Monetary Integration. In: Humanitas Journal of European Studies. Volume I, Issue 1, November 2007.
- The Afro, a prototype currency for all Africa.
Individual evidence
- ↑ Cyril Ramaphosa is backing the Afro - but a single African currency may only work if it is pegged to the rand, says an economist. Business Insider South Africa, March 22, 2018.
- ^ African Economic Community (AEC). ( Memento from February 22, 2004 in the Internet Archive )
- ^ Treaty establishing the African Economic Community (AEC) - Part 1. ( Memento of May 12, 2008 in the Internet Archive )