CFA franc

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Published on December 9, 2021 1:56:46 PM ● Video Link: https://www.youtube.com/watch?v=r52pUH0N6P8

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CFA franc, by Wikipedia https://en.wikipedia.org/wiki?curid=5663 / CC BY SA 3.0

#Economy_of_Benin
#Economy_of_Chad
#Currencies_introduced_in_1945
#Fixed_exchange_rate
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Usage of: West African CFA franc （XOF） Central African CFA franc （XAF） The CFA franc （French: franc CFA, [fʁɑ̃ seɛfɑ], Franc of the Financial Community of Africa, originally Franc of the French Colonies in Africa,
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.
Both currencies are guaranteed by the French treasury.
Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable.
The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc.
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.
CFA francs are used in fourteen countries: twelve nations formerly ruled by France in West and Central Africa （excluding Guinea and Mauritania,
which withdrew）, plus Guinea-Bissau （a former Portuguese colony）, and Equatorial Guinea （a former Spanish colony）.
These fourteen countries have a combined population of 147.
5 million people （as of 2013）, and a combined GDP of US$166.
6 billion （as of 2012）.
The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc.
The currency has been criticized for making economic planning for the developing countries of French West Africa all but impossible since the CFA's value is pegged to the euro （whose monetary policy is set by the European Central Bank）.
Others disagree and argue that the CFA "helps stabiliz...