CFA Franc BCEAO

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CFA Franc BCEAO
Image description is missing
Country: West African Economic and Monetary Union
Subdivision: 100 centimes ( c )
ISO 4217 code : XOF
Abbreviation: F.
Exchange rate :
(August 28, 2020)

1  EUR  = 655.957 XOF (fixed)

1  EUR  = 655.957 XOF
1,000 XOF = 1.5245 EUR

1  CHF  = 609.739 XOF
1,000 XOF = 1.64 CHF

States of the UEMOA

The West African CFA franc ( Franc de la C ommunauté F inancière d ' A frique ), also briefly CFA franc is the currency of the West African Economic and Monetary Union (UEMOA), that is from Benin , Burkina Faso , the Ivory Coast , Guinea Bissau , Mali , Niger , Senegal and Togo .

It is issued by the West African Central Bank (BCEAO) headquartered in Dakar ( Senegal ) and has the ISO 4217 code XOF . It is expected to be replaced by the ECO at the end of 2020 .

Exchange rate peg

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

history

Period 1 CFA franc
corresponds
From To
December 26, 1945 October 17, 1948 1.70 FF (old)
October 17, 1948 1958 2.00 FF (old)
1958 January 12, 1994 0.02 FF
January 12, 1994 2002 0.01 FF
1999 today approx. 0.001524 EUR
1 CFA franc coin from 1948 made of aluminum

The CFA franc was introduced in several French colonies when the Bretton Woods Agreement was ratified on December 26, 1945 , and originally had a parity of 1 CFA franc to 1.70 French francs (FF). With the devaluation of the French franc on October 17, 1948, it changed to 1 CFA franc = 2 FF.

When France shortened two zeros with the introduction of the new franc in 1958, the CFA franc did not follow suit, which is why the new parity 1 CFA franc = 0.02 FF applied. This remained valid until January 12, 1994. At this point in time, the competitiveness of the African states in the CFA zone compared to their direct neighbors, which had devalued their currencies several times, was so damaged that parity could no longer be maintained. The CFA franc was devalued by half, which means that the CFA franc was now only worth FF 0.01.

Current coin set from 2003
BCEAO building in Ouagadougou, Burkina Faso

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

Designation CFA franc

Today the abbreviation CFA is the case of the West African CFA franc for franc de la C ommunauté F inancière d ' A frique . In the case of the neighboring Central African CFA franc she called Francesco de la C ooperation F inancière en A frique Centrale . 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 , p. 375 f. and 378.