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 stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries". The European Union's own assessment of the CFA's link to the euro, carried out in 2008, noted that "benefits from economic integration within each of the two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low" but that "the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability".
Evaluation
CFA franc
CFA franc | Evaluation
The European Union's own assessment of the CFA's link to the euro noted that "benefits from economic integration within each of the two monetary unions of the CFA franc zone, and remained remarkably low between them. The European Union's own assessment of the CFA's link to the euro, carried out in 2008, noted that "benefits from economic integration within each of the two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low" but that "the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability". Sorry. I cannot find the answer based on the context. 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.
when did the euro come out in spain
user
2002
assistant
what is this ?
user
The euro (symbol: €; code: EUR) is the official currency of 19 of the member states of the European Union.
assistant
are there any inflation risk associated with it ?
user
In the short term, there was a widespread impression in the population of the eurozone that the introduction of the euro had led to an increase in prices, but this impression was not confirmed by general indices of inflation and other studies.
assistant
what are its linguistic issues ?
user
Bulgaria has negotiated an exception; "euro" in the Bulgarian Cyrillic alphabet is spelled as eвро and not eуро in all official documents. In the Greek script the term ευρώ (evró) is used
assistant
are its exchange rates flexible ?
user
Yes - In the years following the Single European Act, the EU has liberalised its capital markets and, as the ECB has inflation targeting as its monetary policy, the exchange-rate regime of the euro is floating.
assistant
what are its direct uses ?
user
It has been used as a trading currency in Cuba since 1998, Syria since 2006, and Venezuela since 2018.
assistant
where is this country located ?
user
Sorry. I cannot find the answer based on the context.
assistant
where is this currency used ?
user
19 EU member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain
assistant
where is the first country located ?
user
Sorry. I cannot find the answer based on the context.
assistant
name some currencies pegged to this currency ?
user
CFA franc, Comorian franc. Cape Verdean escudo, Bulgarian lev)
assistant
which the first currency you have mentioned above ?
user
The CFA 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.
assistant
how is it evaluated ?
user
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 stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries". The European Union's own assessment of the CFA's link to the euro, carried out in 2008, noted that "benefits from economic integration within each of the two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low" but that "the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability".
CFA franc | Evaluation
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. They also argue that they have no say in deciding key monetary policies.
CFA franc | Criticism
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). They are distinguished in French by the meaning of the abbreviation CFA. 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 (), but the West African CFA franc cannot be used in Central African countries, and the Central Africa CFA franc cannot be used in West African countries.
CFA franc | Institutions
The CFA franc (in French: "franc CFA" , originally Franc of the French Colonies in Africa, recently Franc of the Financial Community of 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.
CFA franc | Introduction
Despite sharing the same exchange rate, the CFA franc is actually two currencies, the Central African CFA franc and the West African CFA franc, which are run by their respective central banks in Central and West Africa. The foreign exchange reserves of member countries are pooled and each of the two African central banks keeps 65% of its foreign reserves with the French Treasury. The franc zone was intended to provide African countries with monetary stability, with member countries such as Ivory Coast experiencing relatively low inflation at an average rate of 6% over the past 50 years compared to 29% in neighboring Ghana, a non-member country.
Françafrique | Franc zone
Fourteen African countries use the franc CFA (in west Africa, "Communauté financière africaine"; in equatorial Africa, "Coopération financière en Afrique centrale"), originally (1945) worth 1.7 French francs and then from 1948, 2 francs (from 1960: 0.02 new franc) but after January 1994 worth only 0.01 French franc. Therefore, from January 1999, 1 CFA franc is equivalent to €0.00152449. On 22 December 2019, it was announced that the CFA franc would be replaced in 2020 by an independent currency to be called Eco. A separate (franc CFP) circulates in France's Pacific territories, worth €0.0084 (formerly 0.055 French franc).
Franc | CFA and CFP francs
The Central African CFA franc (French: "franc CFA" or simply "franc", ISO 4217 code: XAF) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries have a combined population of 55.2 million people (as of 2020), and a combined GDP of US$113.322 billion (as of 2020). CFA stands for "Coopération financière en Afrique centrale" ("Financial Cooperation in Central Africa"). It is issued by the BEAC ("Banque des États de l'Afrique Centrale", "Bank of the Central African States"), located in Yaoundé, Cameroon, for the members of the CEMAC ("Communauté Économique et Monétaire de l'Afrique Centrale", "Economic and Monetary Community of Central Africa").
Central African CFA franc | Introduction
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 franc | Introduction
According to the BBC, "critics, such as those leading the anti-CFA movement, say true economic development for the 14 African countries can only be achieved if they get rid of the currency. They argue that in exchange for the guarantees provided by the French treasury, African countries channel more money to France than they receive in aid. They also argue that they have no say in deciding key monetary policies agreed to by European countries, which are members of the Eurozone."
Central African CFA franc | Criticism
Even though during the early 1950s to the mid 1980s, CFA countries experienced higher real GDP growth and lower inflation rates than other non-CFA Sub-Saharan countries, the economic shocks of the 1986 and 1993 caused the CFA franc to become increasingly overvalued and run increased deficits in the French Treasury. Some policymakers have argued that the CFA franc be tied to a basket of currencies rather than one currency as it currently is. Also, they state that it the reserve requirement should be restructured in order to give CFA countries more economic freedom.
West African CFA franc | Controversy
The CFA franc was created with a fixed exchange rate versus the French franc. This exchange rate was changed only twice: in 1948 and in 1994. Exchange rate: The 1960 and 1999 events were merely changes in the currency in use in France: the relative value of the CFA franc versus the French franc/euro changed only in 1948 and 1994.
CFA franc | Exchange rate
The codes are as follows: The country codes are used to identify and categorise flow of cash between the CFA franc countries, as well as repatriating banknotes to their country of origin.
West African CFA franc | Banknotes
The franc is nominally subdivided into 100 "centimes" but no centime denominations have been issued. In several west African states, the West African CFA franc, which is of equal value to the Central African CFA franc, is in circulation.
Central African CFA franc | Introduction
The Central Africa CFA franc (XAF) is known in French as the , where CFA stands for ("Financial Cooperation in Central Africa"). It is issued by the BEAC (, i.e., "Bank of the Central African States"), located in Yaoundé, Cameroon, for the six countries of the CEMAC (, i.e., "Economic and Monetary Community of Central Africa"): These six countries have a combined population of 45.0 million people (as of 2013), and a combined GDP of US$88.2 billion (as of 2012). In 1975, Central African CFA banknotes were issued with an obverse unique to each participating country, and common reverse, in a fashion similar to euro coins.
CFA franc | Central African
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.
CFA franc | Usage
The West African CFA franc (; or simply "franc", ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018). The acronym CFA stands for ' ("Financial Community of Africa") or ' ("African Financial Community"). The currency is issued by the BCEAO ("Banque Centrale des États de l'Afrique de l'Ouest", "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA ("Union Économique et Monétaire Ouest Africaine", "West African Economic and Monetary Union").
West African CFA franc | Introduction
The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997, replacing the Guinea-Bissau peso at a rate of 1 CFA franc = 65 pesos.
West African CFA franc | History
Moreover, the fixed exchange rate between the CFA Franc and the French franc has changed only once in 1994 when the CFA franc was considered overvalued. However, this monetary arrangement has enabled France to control the money supply of the CFA franc and to influence the decision-making process of the African central banks through their boards.
Françafrique | Franc zone
The franc zone, a currency union in sub-Saharan Africa, was established when the CFA franc (or "franc de la Communauté Financière Africaine") was created in 1945 as a colonial currency for over a dozen of France's African colonies. The zone continues to exist even after the colonies had achieved their independence in the early 1960s, with only three African countries ever leaving the zone, mostly for reasons of national prestige. One of the three countries, Mali, rejoined the zone in 1984. The CFA franc was pegged to the French franc (now the euro) and its convertibility was guaranteed by the French Treasury.
Françafrique | Franc zone
In 1998, in anticipation of Economic and Monetary Union of the European Union, the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros and ruled that:
CFA franc | European Monetary Union
The franc is nominally subdivided into 100 "centimes" but no centime denominations have been issued. The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both called the CFA franc.
West African CFA franc | Introduction
Note: There are two different currencies called the CFA franc.
List of currencies in Africa | Present currencies
2000 franc notes were introduced in 1993. The country letter codes are as follows:
Central African CFA franc | Banknotes
When the CFA franc was introduced, notes issued by the "Caisse Centrale de la France d'Outre-Mer" ("Central Cashier of Overseas France") in denominations of 5, 10, 20, 100 and 1000 francs were in circulation. In 1947, a new series of notes was introduced for use in French Equatorial Africa, although the notes did not bear the name of the colonies. Notes were issued in denominations of 5, 10, 20, 50, 100 and 1000 francs, followed by those of 500 francs in 1949, and 5000 francs in 1952. In 1957, the "Institut d'Émission de l'Afrique Équatoriale Française et du Cameroun" took over paper money production, issuing all of the earlier denominations except for the 5000-franc bill.
Central African CFA franc | Banknotes
In 1961, the "Banque Centrale des États de l'Afrique Équatoriale et du Cameroun" took over banknote production, with notes below 100 francs ceasing to be issued. The name of the bank changed to "Banque Centrale des États de l'Afrique Équatoriale" in 1963. 10,000-franc notes were introduced in 1968, whilst the 100-franc notes were replaced by coins in 1971. In 1975, the bank name changed again to the "Banque des États de l'Afrique Centrale" and the individual states began issuing notes in their own names, in denominations of 500, 1000, 5000 and 10,000 francs. This practice ended in 1993. Since then, the banknotes have been issued with only a letter prominently displayed to distinguish between the issues of the different states.
Central African CFA franc | Banknotes
Despite titular differences in some of the coinage, all were legal and exchangeable tender in all member nations. In 1996, centralized production of the 100-franc coin was resumed, with a single 500-franc coin reintroduced in 1998. Despite dropping state names and code letters, the overall design of the coins remained relatively unchanged.
Central African CFA franc | Coins
In 1981, The Comoros established an arrangement with the French government similar to that of the CFA franc. Originally, 50 Comorian francs were worth 1 French franc. In January 1994, the rate was changed to 75 Comorian francs to the French franc. Since 1999, the currency has been pegged to the euro.
Franc | Comorian franc
The franc was the currency of French West Africa. The French franc circulated, together with distinct banknotes from 1903 and coins from 1944. It was replaced by the CFA franc in 1945.
French West African franc | Introduction
When the CFA franc was introduced, notes issued by the Banque Centrale des États de l'Afrique Occidentale in denominations of 5, 10, 25, 50, 100 and 1000 francs were in circulation. 500-franc notes were added in 1946, followed by those of 5,000 francs in 1948. In 1955, the "Institut d'Emission de l'A.O.F. et du Togo" took over the production of paper money, issuing notes for 50, 100, 500 and 1000 francs. In 1959, the BCEAO took over the issuance of paper money and reintroduced a 5,000-franc note. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance.
West African CFA franc | Banknotes
The West African CFA franc (XOF) is known in French as the , where CFA stands for "Communauté financière d'Afrique" ("Financial Community of Africa") or ("African Financial Community"). It is issued by the BCEAO (, i.e., "Central Bank of the West African States"), located in Dakar, Senegal, for the eight countries of the UEMOA (, i.e., "West African Economic and Monetary Union"): These eight countries have a combined population of 102.5 million people (as of 2013), and a combined GDP of US$78.4 billion (as of 2012).
CFA franc | West African
The Madagascar-Comores CFA franc (XMCF) replaced the franc of Madagascar on December 26, 1945, with the creation of the other CFA francs. The CFA franc was worth 1.7 French francs until 1948 when a devaluation of the French currency increased the rate to 1 CFA franc = 2 French francs. When the new French franc was introduced in 1960, the rate became 1 CFA franc = 0.02 French francs. After independence from France, the privilege to issue banknotes was transferred to the "Institut d'Émission Malgache" on December 31, 1961. The CFA franc was replaced by the Malagasy franc on July 1, 1963.
Malagasy franc | History
Until 1962, Mali used the West African CFA franc. The Malian franc was introduced that year at par with the CFA franc but later declined in value relative to it. In 1984, Mali readopted the CFA franc, with 2 Malian francs = 1 CFA franc.
Malian franc | History
The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sénégal, Togo and Upper Volta. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own franc in 1961. In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs.
West African CFA franc | History
In 2019, a reform of the West African CFA franc was initiated. In May 2020, the French National Assembly agreed to end the French engagement in the West African CFA franc. The countries using the currency will no longer have to deposit half of their foreign exchange reserves with the French Treasury. The West African CFA franc is expected to be renamed to the "Eco" in the near future.
CFA franc | Reforms
In 1998 in anticipation of European Monetary Union, the Council of the European Union addressed the monetary agreements France has with the CFA Zone and Comoros and ruled that:
Comorian franc | European Monetary Union
There has been some debate over whether the West African CFA franc serves as way for France to keep influence in region, often to the detriment to these nations. For example one of the "rules" of the currency is that the central banks of all of the nations involved have to keep at least 50% of their foreign assets in the French Treasury. Some see this as a way to keep the currency stable while other see it as limiting the economic independence of the West African nations that are involved. Some studies have shown that the CFA franc has reduced intra-regional trade, made countries dependent on exporting a limited number of goods, narrowed the industrial base, and made the economies of these nations very vulnerable to external shocks.
West African CFA franc | Controversy
On 3 January 2006, the franc was valued at 925 per $1. On January 1, 2008, the franc was valued at 1,129.40 per US dollar. On January 1, 2009, the franc was valued at 1,234.33 per U.S. dollar. On 10 July, the franc was valued at 1,587.60 per US dollar.
Burundian franc | Historical exchange rates
Between 1945 and 1958, CFA stood for ("French colonies of Africa"); then for ("French Community of Africa") between 1958 (establishment of the French Fifth Republic) and the independence of these African countries at the beginning of the 1960s. Since independence, CFA is taken to mean (African Financial Community), but in actual use, the term can have two meanings (see Institutions below).
CFA franc | Name
The CFA franc was created on 26 December 1945, along with the CFP franc. The reason for their creation was the weakness of the French franc immediately after World War II. When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. New currencies were created in the French colonies to spare them the strong devaluation, thereby facilitating imports from France. French officials presented the decision as an act of generosity. René Pleven, the French minister of finance, was quoted as saying -
CFA franc | Creation
The CFA franc is guaranteed by the French treasury.
Decolonization | Economic development
The franc was the currency of French Equatorial Africa. The French franc circulated, together with distinct banknotes from 1917 and coins from 1942. It was replaced by the CFA franc in 1945.
French Equatorial African franc | Introduction
The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The Equatorial African colonies and territories using the CFA franc were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari. The currency remained in use when these colonies gained 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.
Central African CFA franc | History
In 1917, the General Government of French Equatorial Africa made emergency issues of 1 and 2 franc notes. A provisional issue of 25 franc notes was produced in 1925 by overprinting notes of French West Africa. No further notes were produced until 1940, when the General Government made an emergency issue of 1000 and 5000 franc notes. These were followed in 1941 by Free French issues for 5, 10, 20, 25, 100 and 1000 francs. The "Caisse Centrale de la France d'Outre-Mer" took over paper money production in 1944, issuing notes for 5, 10, 20, 100 and 1000 francs. These continued to circulate as CFA francs after 1945.
French Equatorial African franc | Banknotes
Following independence, the BAO was rechartered as the central bank for the francophone countries of West Africa. On 22 November 1962, the bank was renamed the Banque des Etats de l'Afrique Centrale (BEAC) and the CFA Franc was renamed the Franc de la Coopération Financière en Afrique Centrale (The CFA franc). Its last French President and Director General, Georges Gautier and Claude Panouillot, stepped down in 1962.
Bank of West Africa (BAO) | Independence
Old Madagascar coins and banknotes continued to circulate as this new currency. On 17 October 1948, the CFA franc was revalued to 2 French francs.
Comorian franc | History
In 1948, coins were issued for use in all the colonies (not including French Cameroun) in denominations of 1 and 2 francs. This was the last issue of a 2 franc coin for nearly 50 years. In 1958, 5, 10, and 25 franc coins were added, which were also used in French Cameroun. These bore the name "Cameroun" in addition to "États de l'Afrique Equatoriale". In 1961, nickel 50-franc coins were introduced, followed by nickel 100-franc pieces in 1966. From 1971, the 100 franc coins were issued for each of the individual member states, depicting the state name in which they were issued.
Central African CFA franc | Coins
The Franc's value compared to the US dollar varied over the years. After 1971, its lowest mark was in February 1985, when one dollar would have bought 66.31 franc. Its highest standing was in July 1980, when it stood at 27.96 to the dollar. After 1 January 1999, the rates are calculated from the Francs fixed conversion rate to the Euro.
Belgian franc | Historic exchange rates
In 1944, aluminium-bronze 50 centimes and 1 franc coins were issued. These were the only coins struck before the introduction of the CFA franc.
French West African franc | Coins
Over time, the number of countries and territories using the CFA franc has changed as some countries began introducing their own separate currencies. A couple of nations in West Africa have also chosen to adopt the CFA franc since its introduction, despite the fact that they were never French colonies.
CFA franc | Changes in countries using the franc
For coins struck prior to the CFA franc, see French West African franc In 1948, aluminium 1 and 2 franc coins were introduced. These were followed in 1956 by aluminium-bronze 5, 10, and 25 francs. All carried the name ""Afrique Occidentale Française"". In 1957, 10 and 25 franc coins were issued with the name of ""Togo"" were minted for use in that country, these were issued only for that year. From 1959, all coins have been issued by the BCEAO. From 1959 onward, the overall size and composition of the coins changed little, however ""République français"" and the stylized Marianne bust was dropped from all coins, replaced with the title ""Banque Centrale des États de l'Afrique de l'Ouest"" with the design on the 1, 5, 10, and 25 francs featuring a gazelle's profile, carried over from colonial issues, and a tribal mask between the denomination, which has become the emblem of the West African monetary union.
West African CFA franc | Coins
The "Banque de l'Afrique Occidentale" ("Bank of West Africa") began issuing notes in 1903. 100 franc notes were introduced that year, followed by 5 francs in 1904, 500 francs in 1912, 25 francs in 1917, 1000 francs in 1919 and 50 francs in 1920. 10 franc notes were introduced in 1943. In 1944, the government issued notes for 50 centimes, and 1 and 2 francs. The notes of the "Banque de l'Afrique Occidentale" continued to circulate after the introduction of the CFA franc.
French West African franc | Banknotes
The franc was re-established in 1997, replacing the "new zaïre" at a rate of 1 franc = 100,000 new zaïres. This was equivalent to 300 trillion old francs.
Congolese franc | Second franc, 1997–
Its currency is the CFA franc.
List of companies of Cameroon | Introduction
Ivory Coast is in the CFA Franc Zone, a former French colonial monetary zone created in 1939, which now gathers 14 Sub-Saharan countries using the CFA Franc. Following the Second World War, French authorities reformed the CFA and fixed its convertibility to the metropolitan Franc. As a result of decolonization, the CFA was further reformed with the creation of two monetary zones and their respective Central Banks, which got to control 35% of the reserves while 65% remained in the French Treasury. Owing to these monetary arrangements, France was able to remain the primary financial backer in its former African colonies.
Ivory Coast and the International Monetary Fund | Specificity of the Zone Franc and Distance from the IMF until the 1980s
Currency: Central African CFA franc (FCFA; since 1945)"See also Central African CFA franc."
List of people on banknotes | <a href="Central%20African%20Republic">Central African Republic</a>/<a href="Central%20African%20Empire">Central African Empire</a>
The French franc circulated on Réunion alone (except for a single coin issue) until 1874, when distinct issues of currency commenced. Initially, notes of the Banque de la Réunion and the Colonial Treasury circulated alongside French currency. In 1896, coins were issued, followed by bank tokens in 1920. In 1945, the CFA franc was created and was adopted in Réunion, with distinct coins introduced in 1948. Although Réunion's paper money was stamped with the equivalent value in new francs from 1960, the new franc did not replace the Réunion franc until 1975, when French currency replaced Réunion's at a rate of 1 French (new) franc = 50 Réunion (CFA) francs.
Réunion franc | History
The franc (; ; sign: CF; ISO 4217 code: KMF) is the official currency of Comoros. It is nominally subdivided into 100 "centimes", although no centime denominations have ever been issued.
Comorian franc | Introduction
right You can see here all Comorian franc banknotes
Comorian franc | Banknotes
Currency: Central African CFA franc (FCFA; since 1945)"See also Central African CFA franc."
List of people on banknotes | <a href="Chad">Chad</a>
Rwandan francs per US dollar:
Rwandan franc | Historical exchange rates
The per capita income of the Republic is often listed as being approximately $400 a year, one of the lowest in the world, but this figure is based mostly on reported sales of exports and largely ignores the unregistered sale of foods, locally produced alcoholic beverages, diamonds, ivory, bushmeat, and traditional medicine. The currency of the Central African Republic is the CFA franc, which is accepted across the former countries of French West Africa and trades at a fixed rate to the euro. Diamonds constitute the country's most important export, accounting for 40–55% of export revenues, but it is estimated that between 30% and 50% of those produced each year leave the country clandestinely.
Central African Republic | Economy
In 1943, the "Caisse Centrale de la France Libre" (Central Cashier of Free France) issued 5, 100 and 1000 francs notes of the same type as issued in French Equatorial Africa for use in Réunion. In 1944, the "Caisse Centrale de la France d'Outre Mer" (Central Cashier of Overseas France) issued 100 and 1000 francs notes in the same way. In 1947, the Caisse Centrale de la France d'Outre-Mer issued French Equatorial African notes for 5, 10, 20, 50, 100, 500, 1000 and 5000 francs overprinted with "La Réunion".
Réunion franc | Banknotes
50 franc coins were also issued in this manner between 1976 and 1996, after being reduced in size. However instead of depicting the state name each was given an identification letter on the top reverse. 50 franc coins with the letter "A" were issued for Chad, "B" for Central African Republic, "C" for Congo, "D" for Gabon, and "E" for Cameroon. In 1976, cupro-nickel 500-franc coins were introduced. From 1985, these were also issued by the individual states. That year also saw the introduction of 5, 25, 50 and 100 franc coins for use in Equatorial Guinea, which had recently joined the monetary union, depicting all titles and information in Spanish instead of the usual French, most notably the denomination as "franco" instead of "franc".
Central African CFA franc | Coins
These risks and returns have to be carefully analyzed and the instruments have to be properly valued applying various methods of valuation.
CFA Council of India | Focus Areas
The 1960 and 1999 events are merely changes in the currency in use in France; the relative value of the CFP franc (XPF) vs. the French franc / euro is unchanged since 1949.
CFP franc | Historical exchange rates
The franc (; ; sign: F or Fr), also commonly distinguished as the (FF), was a currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money. It was reintroduced (in decimal form) in 1795. After two centuries of inflation, it was revalued in 1960, with each (NF) being worth 100 old francs. The NF designation was continued for a few years before the currency returned to being simply the franc; some mostly older French residents continued to reference and value items in terms of the old franc (equivalent to the new centime) until the introduction of the euro (for coins and banknotes) in 2002.
French franc | Introduction
In 2010 the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including CIC, the sum of 384,900,000 Euros for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.
Crédit Industriel et Commercial | Controversy
, 1 Euro is equal to 10,417.46 Guinean Francs, which means that the highest valued banknote, of 20,000 Francs, has a value of less than 2 Euros.
Guinean franc | Exchange rate
In 1924, aluminium-bronze 50 centimes, 1 and 2 francs coins were introduced and were struck until 1926. These were the only coins issued until 1943, when the Free French issued bronze 50 centimes and 1 franc. Aluminium 1 and 2 francs were issued in 1948. (This needs correcting. Camerounian 25 Franc coins exist) Since the introduction of the CFA franc, Cameroon has issued 50 francs in 1960, 100 francs since 1966 and 500 francs since 1985.
French Camerounian franc | Coins
Coins were freely exchangeable until 17 February 2005 at Banque de France only (commercial banks were not required to accept the old coins after the transition period in 2002, but some did), by converting their total value in francs to euros (rounded to the nearest cent) at the fixed rate of 6.55957 francs for 1 euro. Banknotes remained convertible up until 17 February 2012. By that date, franc notes worth some €550 million remained unexchanged, allowing the French state to register the corresponding sum as revenue.
French franc | Euro exchange
The European Commission assesses a third country's legal and supervisory framework to determine an equivalence decision. It does this with advice from the three European Supervisory Authorities. The Commission bases this assessment process on a proportionality and risk-based approach. It then authenticates the third-country's compliance with the equivalence criteria. These criteria are applied in a proportionate way to the identified risks. Although the risks are the focus of the equivalence decision, other factors are also considered.
Stock market equivalence | Procedure for Granting Equivalence
The French franc was a commonly held international reserve currency of reference in the 19th and 20th centuries.
French franc | Introduction
Cost of Money is calculated by multiplying the applicable currency interest rate by the amount of money paid prior to the receipt of the Goods. If the money was to have remained in the buyer's account, interest would be drawn. That interest is essentially an additional cost associated with such Progress or Milestone payments. The manufacturing location is taken into consideration during the evaluation stage primarily to calculate for freight costs and regional issues. For instance, it is common in Europe for factories to close during the month of August for a summer holiday. Labor agreements may also be taken into consideration and may be drawn into the evaluation if the particular region is known to have frequent labor disputes.
Purchasing | Commercial evaluation
The CAC All-Tradable is a French stock market index representing all sectors of the French economy. This index replaced SBF 250 ("Société des Bourses Françaises 250 Index") on March 21, 2011. SBF 250 was launched on December 31, 1990, and its base value is 1,000. The CAC All-Tradable is calculated twice a day (at opening and at closing). It contains all the component stocks of the SBF 120 Index.
CAC All-Tradable | Introduction
The eventual goal is for the CFA franc and eco to merge, giving all of West and Central Africa a single, stable currency. The launch of the new currency is being developed by the West African Monetary Institute based in Accra, Ghana.
Economic Community of West African States | West African Monetary Zone
The franc was the currency of French Guiana until 2002. The French franc circulated alongside banknotes issued specifically for French Guyana between 1888 and 1961 and notes issued for French Guyana, Guadeloupe and Martinique (collectively referred to as the French Antilles) between 1961 and 1975. As an integral part of France, French Guiana is part of the European Union and the Eurozone, and starting in 2002, its currency is the euro.
French Guianan franc | Introduction
The franc is the name of several currency units, most notably the French franc. Franc or francs may refer also to:
Franc (disambiguation) | Introduction
The franc was the currency of Algeria between 1848 and 1964. It was subdivided into 100 centimes.
Algerian franc | Introduction
The CFP franc was created in December 1945, together with the CFA franc, used in Africa. The reason for the creation of these francs was the weakness of the French franc immediately after the Second World War. When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. New currencies were created in the French colonies to spare them the strong devaluation of December 1945. René Pleven, the French minister of finance, was quoted saying: “In a show of her generosity and selflessness, metropolitan France, wishing not to impose on her far-away daughters the consequences of her own poverty, is setting different exchange rates for their currency.” The other French colonial currencies were set at a fixed exchange rate with the French franc.
CFP franc | 1945–1949
When France adopted the euro, so did the French overseas departments and territories that used the French franc. The CFP franc, the CFA franc, and the Comorian franc, that are used in overseas territories and some African countries, had fixed exchange rates with the French franc, but not at par – for various historical reasons they were worth considerably less, at 1 French franc = 18.2 CFP francs, 75 Comorian francs or 100 CFA francs. The CFA franc and the Comorian franc are linked to the euro at fixed rates with free convertibility maintained at the expense of the French Treasury.
United Kingdom and the euro | Sterling zone
The franc remained Congo's currency after independence until 1967, when the "zaïre" was introduced, at a rate of 1 zaïre = 1,000 francs.
Congolese franc | First franc, 1887–1967
In 1888 the "Banque de la Guyane" introduced 100 and 500 francs notes, followed by 25 francs in 1910. Emergency issues of 1 and 2 francs notes were made between 1917 and 1919 with regular-type 5 francs notes introduced in 1922. Further emergency issues of 1 and 2 francs were made between 1942 and 1945. 1000 francs notes were introduced in 1942. In 1941, the "Caisse Centrale de France Libre" (Central Cashier of the Free French) began issuing paper money, in denominations of 100 and 1000 francs. These were followed, in 1944, by similar notes in the same denominations issued by the "Caisse Centrale de la France d'Outre Mer" (France).
French Guianan franc | Banknotes
Currency: Central African CFA franc (FCFA; since 1945)"See also Central African CFA franc."
List of people on banknotes | <a href="Gabon">Gabon</a>
It was pegged to the French franc with the same value as the CFA franc (1 FRF = 50 MGF), guaranteed by the French treasury. Denominations were given both in francs and ariary, with 5 francs = 1 ariary. Madagascar left the CFA franc zone in 1972 and the Malagasy franc was declared inconvertible. Banknotes were issued by the "Institut d'Émission Malgache" until 1974 when the Banque Centrale de Madagascar (Central Bank of Madagascar) took over that function.
Malagasy franc | History
The Congolese franc is the currency of the Democratic Republic of the Congo. It is subdivided into 100 "centimes".
Congolese franc | Introduction
The Independent Evaluation Office is an autonomous body established in 2001 to conduct independent evaluations of policies and activities of the International Monetary Fund.
Independent Evaluation Office | Introduction
The Malian franc was the independent currency of Mali between 1962 and 1984. Although technically subdivided into 100 "centimes", no subdivisions were issued.
Malian franc | Introduction
The Global Financial Centres Index (GFCI) is a ranking of the competitiveness of financial centres based on over 29,000 financial centre assessments from an online questionnaire together with over 100 indices from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the Economist Intelligence Unit. The first index was published in March 2007. It has been jointly published twice per year by Z/Yen Group in London and the China Development Institute in Shenzhen since 2015, and is widely quoted as a top source for ranking financial centres.
Global Financial Centres Index | Introduction
For the Eco to be implemented, ten convergence criteria, set out by the West African Monetary Institute (WAMI), must be met. These criteria are divided into four primary and six secondary criteria. Up to the fiscal year 2011, only Ghana has been able to meet all the primary criteria in any single fiscal year. The four primary criteria to be achieved by each member country are: The six secondary criteria to be achieved by each member country are:
Eco (currency) | Ten criteria
Coface's country risk analysis enables companies to assess the risk of a business defaulting in a given country, and to evaluate the overall quality of the business environment in the country to which it wishes to export goods or services. Coface assigns a rating to each of the 162 countries it monitors. This rating reflects the average risk of short-term non-payment for companies in this country. Eight ranks are used: Coface publishes its country risks assessments on a quarterly basis.
Compagnie Française d'Assurance pour le Commerce Extérieur | Country Risk Assessments
Currency: Central African CFA franc (FCFA; since 1945)"See also Central African CFA franc."
List of people on banknotes | <a href="Cameroon">Cameroon</a>
It is the result of an extensive analysis done on the historical time series of approximately 430 systemic assets and 835 single stocks worldwide. The systemic assets are bond, equity and commodity indices and a selection of currency pairs. The single stocks are mainly US and European, equities. The monthly FCO cockpit reports are usually divided into two parts: the first part presents the state of the world, based on the analysis of the systemic assets, including stock and bond indices, currencies and commodities; the second part zooms in on the bubble behavior of single stocks by calculating the bubble warning indicators as well as two financial strength indicators, which indicate the fundamental value of the stock and the growth capability respectively.
Didier Sornette | The financial crisis observatory (FCO)
Indeed, the CFA arrangements enabled French authorities to directly finance external deficits and impose some soft disinflationary adjustments, which dissuaded former colonies to go toward the IMF’s harsher lending conditions.
Ivory Coast and the International Monetary Fund | Specificity of the Zone Franc and Distance from the IMF until the 1980s
The CAC 40 index composition is reviewed quarterly by an independent Index Steering Committee (). If any changes are made, they are effected a minimum of two weeks after the review meeting. At each review date, the companies listed on Euronext Paris are ranked according to free float market capitalisation and share turnover over the prior 12 months. From the top 100 companies in this ranking, forty are chosen to enter the CAC 40 such that it is "a relevant benchmark for portfolio management" and "a suitable underlying asset for derivatives products". If a company has more than one class of shares traded on the exchange, only the most actively traded of these will be accepted into the index (generally this will be the ordinary share).
CAC 40 | Selection
The value of the French franc was locked to the euro at 1 euro = 6.55957 FRF on 31 December 1998, and after the introduction of the euro notes and coins, ceased to be legal tender after 28 February 2002, although they were still exchangeable at banks until 19 February 2012.
Franc | French franc
The statutes of the Central Bank of the Comoros (Banque Centrale des Comores / البنك المركزي القمري "Al-Bank al-Markazi al-Qomori") state that its board of directors shall have eight members who are chosen from the Comorian Government, the French Central Bank (Banque de France) and the French government. The post of Deputy Director of the Central Bank of the Comoros is held by a Banque de France official, who is responsible for monetary policy. Since 19 November 1999, all the central bank's official rates have been pegged to the Euro Overnight Index Average (EONIA) leading to a stabilisation of interest rate differentials with the euro.
Comorian franc | Central Bank
The foreign direct investment income of the CFC is taxed only by the country where it is incorporated until repatriation. At that time, income is subject to the (typically higher) U.S. tax rate minus the Foreign Tax Credits. (FN: See IRC 951-965) There are currently hundreds of billions of dollars of Foreign direct investment in CFC's because of the disincentive to repatriate those earnings. (See Bureau of Economic Analysis, National Economic Accounts, Integrated Macroeconomic Accounts for the United States, available at the Bureau of Economic Analysis.)
Repatriation | Repatriation of currency
The index value I of the CAC 40 index is calculated using the following formula: formula_1 with "t" the day of calculation; "N" the number of constituent shares in the index (usually 40); "Q" the number of shares of company "i" on day "t"; "F" the free float factor of share "i"; "f" the capping factor of share "i" (exactly 1 for all companies not subject to the 15% cap); "C" the price of share "i" on day "t"; "Q" the number of shares of company "i" on the index base date; "C" the price of equity "i" on the index base date; and "K" the "adjustment coefficient for base capitalization" on day "t" (reflecting the switch from the French franc to the Euro in 1999).
CAC 40 | Calculation
The main assessment criteria evaluated by the TCI for the award of the "Bandiera Arancione" are:
Bandiera arancione | Objectives
The franc was the currency of Réunion until 1999. Before 1975, Réunion had its own franc, distinct from that of France. After 1975, the French franc circulated. Réunion now uses the euro. The Réunion franc was subdivided into 100 "centimes".
Réunion franc | Introduction