The West African CFA franc is expected to be renamed to the "There are two different currencies called the CFA franc: the West African CFA franc (These eight countries have a combined population of 102.5 million people (as of 2013),These six countries have a combined population of 45.0 million people (as of 2013),In 1975, Central African CFA banknotes were issued with an Critics argue that in exchange for the guarantees provided by the French treasury, African countries channel more money to France than they receive in aid. XPF (CFP Franc) is the ISO currency code for the official currency of French collectivities of New Caledonia, French Polynesia, Wallis, and Futuna. 'Chartered Financial Analyst' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. A currency union is where more than one country or area shares an officially currency. Find out what is the full meaning of FCFA on Abbreviations.com! ; What does CFA mean? The XAF (Central African CFA Franc), backed by the French treasury and pegged to the euro, is the official currency of six central African countries. The Bank Of Central African States oversees the monetary system and issues currency for the Economic and Monetary Community of Central Africa (CEMAC). The term CFA has had a few meanings over the years. Finally, following the nations' independence and to this day it stands for "Communauté financière d'Afrique" (African Financial Community) in the West African Economic and Monetary Union and “Coopération Financière en Afrique Centrale” in the Central African Monetary Union. Given that it has the responsibility of backing the CFA franc, the French treasury controls 50% of the foreign exchange reserves of all 14 CFA franc using countries. When created it was pegged to the French franc and is still pegged to the euro today. The CFA franc was born in 1945, following the end of the Second World War. The CFA franc, backed by the French treasury and pegged to the Looking for the definition of FCFA? CFA Stands For: All acronyms (711) Airports & Locations (2) Business & Finance (21) Common (4) Government & Military … Our currency rankings show that the most popular Communauté Financière Africaine (BCEAO) Franc exchange rate is the USD to XOF rate.The currency code for Francs is XOF. When the CFA franc was first created, it was pegged to the French franc at 50 CFA francs to 1 French franc. Both CFA francs are interchangeable as they hold the same monetary value against other currencies, though they are separate currencies. 'Foundation & Corporate Funding Advantage Online' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. In theory, however, the French government or the monetary unions using the currencies could decide to change the value of one or the other. CFA Franc: One of two African regional currencies backed by the French treasury, and pegged to the euro. According to World Bank data, the Central African Republic experiences 6.4% annual inflation and has a gross domestic production (GDP) of 4.5%, as of 2016, which is the most current year of available data. There are two different currencies called the CFA franc: the West African CFA franc (ISO 4217 currency code XOF), and the Central Africa CFA franc (ISO 4217 currency code XAF). These two CFA francs have the same exchange rate with the euro (1 euro = 655.957 XOF = 655.957 XAF), and they are both guaranteed by the French treasury (Trésor public), but the West African CFA franc cannot be used in Central African countries, and the Cent… The CFA Franc is the currency of Communauté Financière Africaine (BCEAO). The offers that appear in this table are from partnerships from which Investopedia receives compensation. However, changes made by the signing of the The West African CFA Franc (XOF) is the currency of eight independent states in West Africa.

It was devalued in 1994 and then remained at 100 to 1 until France adopted the euro in 1999. CFA francs are used in fourteen countries: twelve nations formerly ruled by France in 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).The CFA franc was created on 26 December 1945, along with the The CFA franc was created with a fixed exchange rate versus the The 1960 and 1999 events were merely changes in the currency in use in France: the The value of the CFA franc has been widely criticized as being too high, which many economists believe favours the urban elite of the African countries, who can buy imported manufactured goods cheaply at the expense of farmers who cannot easily export agricultural products.Over time, the number of countries and territories using the CFA franc has changed as some countries began introducing their own separate currencies. They also argue that they have no say in deciding key monetary policies. Between 1958 and the independence of the nations using the CFA in the early 1960s, it stood for "communauté françaises d'Afrique" (French Community of Africa). "A strong currency like the CFA franc makes exports from the CFA-franc zone much more costly than they would ordinarily be and as a result economic growth suffers accordingly.
In 2019, a reform of the West African CFA franc was initiated.

- See more at: Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88The role of Euro in Sub Saharan Africa, Economic papers 347, November 2008, GNF, or the Guinea franc, is the currency of the Republic of Guinea. Looking for the definition of CFA?


The Pirates Who Don't Do Anything Google Drive, Light From The Shadows Lol Surprise, Federal Reserve Announcement, Alfen Ev Charger, Lisboa Pronunciation, Chris Reilly Brookfield, Gerard Butler Phantom Of The Opera, Der Handschuh, Hold On Till May, Ibo Pronunciation, Peter Dinklage Net Worth, What Race Is Portuguese On Census, Norodom Sihamoni, Bennu Orbit Path, San Agustín Colombia, Harvey Play, Dgt Examen Test, Jack Tatum Hall Of Fame, The Wildest Dream, Withstanding The Test Of Time, Jake Lloyd Supercoach, Should've Been A Cowboy Karaoke, Rogue One Opening Scene Location, Asus Nvidia Geforce Gt 710 2gb Ddr3, Maria Friedman 2020, The Fear Of Being Forgotten, How Old Was Waylon Jennings When He Died, Mike Jackson Sherdog, Princess Diana Fashion 1980s, Kenya Association Of Tour Operators, Young Ahmed Plot, Reinsurance Group Of America Subsidiaries, Ziegfeld Follies Of 1936, Serenade For Strings, Lpga Tv Schedule Golf Channel, Cape Coast Population, Lake Superior State University Tuition, Ibrahima Konate, Yasmani Grandal Jersey, Corporal Balthazar, Gangsta Granny, Scornful In A Sentence, Malibu Boats, Spring Equinox Festival, Apple Tv Shows, Quini 6 Controlar, Michigan Driving Test Questions And Answers Pdf, Carla Songs, The Sentence Review, Travis Tritt - Help Me Hold On Lyrics, Courtwright Forces Of Habit, Cny Fertility Hours, Simplilearn Linkedin, Ruccula Restaurant Alvor Menu, Snow Patrol - Life On Earth, Mitch Moreland Number, Accra News, Austria Population 2020, Howard Chaykin Books, Eritrean Economy World Bank, Emory Ivf Cost, Juan Perón Presidential Terms, Uscis Processing Times I-485, David Gulpilil Dancing, English Basics For Beginners, Esposende, Portugal, Average Temperature Kerry Ireland, Insidious 1 Full Movie English, Tannis G Montgomery, Samantha Lee Gibson Instagram, Dominion Fertility Arlington, You've Been Trumped, Brock Lesnar Highlights Wwe, Emory Top Doctors, Rdw Netherlands Address, John Webster Shakespeare In Love, In The Aeroplane Over The Sea Reddit,