Lhe bill ratifying the end of the CFA franc was adopted on Wednesday May 20, 2020, in the Council of Ministers by the French government. In its place, the ECO, the new single currency, adopted by the Heads of State and Government of the Economic Community of West African States (ECOWAS), in June 2019. Officially created on December 26 1945 by General de Gaulle's France, the CFA franc was the last colonial currency in use. On the eve of its disappearance, fifteen African countries were still using it and were required to pay 50% of their export earnings to the Banque de France. A monetary system regularly criticized by politicians or economists who believe that it hindered the development of the continent.
The end of the CFA franc
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Release Date | 2021-03-11T00:00:01Z |
Language | Français |
Number Of Pages | 200 |
Publication Date | 2021-03-11T00:00:01Z |
Format | large format book |