France formalizes the end of the CFA franc, which becomes theeco

This is a page of history that turns, sixty years after the african independence. A bill, passed Wednesday by the Council of ministers, ratifies the decision taken last December to put an end to the CFA franc. Created at the Liberation in 1945, he meant "the swiss franc of the French colonies in Africa". Such a symbol. The CFA franc "was seen as a remnants of Françafrique," was justified Emmanuel Macron on the 21st of December, in Abidjan, during the signing of the agreement between France and the member States of the west african monetary Union (WAEMU: Benin, Burkina Faso, Côte d'ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo). The six countries of the Cemac zone in central Africa, which also uses the CFA franc, but is another currency area-specific, are not affected by the reform.

see also : The end of the CFA Franc: what will change

Specifically, the text formalizes the name change of the CFA franc in eco. A choice dictated by its ease of pronunciation in French and in English. Another important provision, the central Bank of States of West Africa (BCEAO) will no longer have to drop half of its foreign exchange reserves with the Bank of France. It will be able to freely dispose of its reserves. This obligation was perceived as a dependency humiliating vis-à-vis, Paris, by the critics of the CFA franc.

SujetsFranc CFAAfriqueEco24 commentairesanonymele 22/05/2020 22:21

What the article does not say: half of the reserves blocked in the treasury, amounted to 13 billion euros since 60 years, when this is not possible, the French governments have systematically devalued the cfa in contrast to the agreements signed with his country. The cFa has always been printed in France to chamalieres and the Eco will also be in the agreements. A bit like if Europe would agree to print the euro to the us without the right to look and removing 50% of these reserves to the u.s. treasury !!! The guarantee of the eco must have his consideration, which is not announced here, De Gaulle said 'France has no friends it only has interests' in the paraphrasing , I don't know of any French government has applied different policy than the one in Africa, except that actually it goes in the pocket of a few leaders and not the French people. This is not so far from the scandal Le Floch-prigent with Elf. And this we also have to see and clean up a little here this will certainly allow others to let their people decide . I do myself still, not in the way France was ejected as easily the competition in area cfa by China and now even Turkey in its natural area of influence. We have been at war with qaddafi, and it is Turkey that is in the process of picking up the set while we are bogged down in Mali to fight against jihadists-narcotics, and receive as a bonus the immigrants...

eddy namic 66le 22/05/2020 16:44

for these countries, this does not change anything, they come when we ask for non-refundable aid which are detournées by the ministers in place !! africa is corrupt and will remain so !!

mistophorele 21/05/2020 22:02

A bullet to 2.0 instead of the ball 1.0 ? definitely our leaders are incorrigible.

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