West African Central Bank (BCEAO)
| Headquarters | avenue Abdoulaye Fadiga, Dakar , Senegal |
| founding | April 4th 1959 |
| country | Benin , Burkina Faso , Côte d'Ivoire , Guinea-Bissau , Mali , Niger Senegal and Togo |
| currency | |
| ISO 4217 | XOF |
| Website | |
| predecessor |
Institut d'Emission de l'Afrique Occidentale et du Togo |
| List of central banks | |
The Banque Centrale des Etats de l'Afrique de l'Ouest ( BCEAO , colloquial-phonetic is spoken by the BSAO bank ), translated as: West African Central Bank , is the central bank of the African countries Benin , Burkina Faso , Côte d'Ivoire , Guinea-Bissau , Mali , Niger , Senegal and Togo . These countries form the West African Economic and Monetary Union ( UEMOA ).
The head office is located in Dakar , the capital of Senegal , and at least one branch is maintained in each UEMOA country .
history
In 1853, the first private bank called Banque du Sénégal was founded in Senegal . On June 29, 1901, the Banque de l'Afrique Occidentale was founded, which acted as the central bank for the French colonies in Africa and took over their tasks and, in 1920, expanded its activities to the Central African French territories. As of December 26, 1945, the CFA franc BCEAO began to be issued. On January 20, 1955, there was an administrative separation between West and Central Africa, and the Institut d'Emission de l'Afrique Occidentale et du Togo was founded for West Africa, which became the Central Bank of West Africa on April 4, 1959.
West African Monetary Union (UMOA)
On May 12, 1962, the treaty establishing the West African Monetary Union (Union monétaire ouest-africaine; UMOA) was signed in Paris and amended several times in the following years. The West African Monetary Union is a currency zone with the currency unit CFA Franc BCEAO , to which the eight West African states Benin (formerly Dahomey ), Burkina Faso (formerly Upper Volta ), Ivory Coast , Guinea-Bissau , Niger , Senegal and Togo belong. Mali joined in 1968 . The UMOA commission is based in Abidjan . The UMOA deals with currency issues and should not be confused with the UEMOA, the West African Economic and Monetary Union . The Central Bank of the West African States (BCEAO) is the currency authority of the UMOA.
Web links
- Official website (English and French)