Central African CFA franc

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CFA of the Central African Franc (French: or just franc , ISO 4217 code: XAF ) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Congo Republic, Equatorial Guinea and Gabon. These six countries have a combined population of 48.0 million people (by 2014), and a combined GDP of US $ 88.2 billion (in 2012).

CFA stands for CoopÃÆ'  © ration financiÃÆ'¨re en Afrique centrale ("Financial Cooperation in Central Africa"). It is issued by BEAC (Banque des ÃÆ'â € tats de l'Afrique Centrale , "Central African Country Bank"), located in YaoundÃÆ' ©, Cameroon, for CEMAC members ( CommunautÃÆ'  © ÃÆ' â € ° conomique et Monà ©  © taire de l'Afrique Centrale , "Central African Economic and Monetary Community"). Franc is nominally divided into 100 centimes but no centime denomination is issued.

In some West African countries, West African CFA francs, worth the same as the Central African CFA francs, are in circulation.

Video Central African CFA franc

Histori

The CFA franc was introduced to the French colony in Equatorial Africa in 1945, replacing the French Equatorial franc of France. Equatorial Africa colonies and territories using CFA francs are Chad, Cameroun France, French Congo, Gabon, and Ubangi-Shari.

Currency continues to be used when these colonies gain their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984, replacing the Equatorial Guinean ekwele at a rate of 1 franc = 4 bipkwele.

Maps Central African CFA franc

Coins

In 1948, coins were issued for use in all colonies (excluding French Cameroun) in denominations of 1 and 2 francs. This is the last edition of 2-franc coins for nearly 50 years. In 1958, 5, 10, and 25-franc coins were added, which were also used in Cameroun France. This gave birth to the name Cameroun other than ÃÆ' â € ° tats de l'Afrique Equatoriale . In 1961, a nickel 50-franc coin was introduced, followed by a 100-franc nickel splinter in 1966.

From 1971, 100-franc coins were issued by each state. In 1976, 500-franc cupro-nickel coins were introduced. From 1985, this was also issued by each country. That year also saw the introduction of 5-, 25-, 50- and 100-franc coins for use in Equatorial Guinea.

In 1996, the centralized production of 100 franc coins continued, with a 500 franc coin reintroduced in 1998. In 2006, a 2 franc steel coin was introduced.

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Banknote

When the CFA Franc was introduced, a note issued by Caisse Centrale de la France d'Outre-Mer ("Outermost Central France") in 5, 10, 20, 100 and 1000 franc denominations was in circulation. In 1947, a series of new records were introduced for use in French Equatorial Africa, although the record did not have a colony name. Notes were published in 5, 10, 20, 50, 100 and 1000 franc fractions, followed by 500 francs in 1949, and 5000 francs in 1952. In 1957, the Institut d'Emission de l'Afrique Equatoriale FranÃÆ'§ aise et du Cameroun took over the production of banknotes, issued all previous denominations except for a bill of 5000 francs.

In 1961, the Banque Centrale des Etats de l'Afrique Equatoriale et du Cameroun took over the production of banknotes, with notes below 100 francs being issued. The name of the bank changed to Banque Centrale des Etats de l'Afrique Equatoriale in 1963. The 10,000-franc note was introduced in 1968, while the 100-franc note was replaced by coins in 1971.

In 1975, the bank's name changed again to Banque des ÃÆ'â € tats de l'Afrique Centrale and each state began issuing records on their own behalf, in denominations of 500, 1000, 5000 and 10,000 francs. This practice ended in 1993. Since then, paper money has been issued only with prominently displayed letters to distinguish between issues from different states. 2000 franc notes were introduced in 1993.

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See also

• The African Central Bank
• The African Union and the Malagasy (AMU)
• Arab Economic Unity Council (CAEU)
• Economic Community of West African Countries
• French Equatorial African franc
• West African CFA Franc

General:

• Monetary union
• Cameroonian Economy
• Economic Central African Republic
• Chad Economy
• The Republic of Congo's economy
• The Equatorial Guinea Economy
• Gabon Economy

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References

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External links

• (in French) Communicator  © konotemen et Monà ©  © taire de l'Afrique Centrale (Official Website of Central African Economic and Monetary Communities)
• CFA Franc Central African Banknote

Source of the article : Wikipedia