Central African CFA franc

1 EUR = 655.957 XAF (fix)

1 EUR = 655.957 XAF 100 XAF = 0.1524 EUR

1 CHF = 536.132 XAF 100 XAF = 0.1865 CHF

The Central African CFA franc ( franc de la Coopération Financière en Afrique Centrale ) is the currency of the Central African Economic and Monetary Community ( CEMAC), ie:

It is issued by the Banque Centrale des Etats d' Afrique Centrale ( BEAC ) in Yaoundé / Cameroon and has the ISO 4217 Code XAF.

In circulation coins are located at 1, 2, 5, 10, 25, 50, 100 and 500 CFA and banknotes to 500, 1000, 2000, 5000 and 10,000 CFA francs.

Exchange rate peg

The CFA franc is coupled to a fixed exchange rate of 655.957 CFA francs per euro in the euro as well as with an exchange rate of 1 to the West African CFA franc of the West African Economic and Monetary Union.

History

The CFA Franc ( Franc des colonies françaises d' Afrique, short FCFA ) was introduced on 25 December 1945 the ratification of the Bretton Woods Agreement in several French colonies and originally had a parity of 1 CFA franc to 1.70 French franc ( FF). With the devaluation of the French franc on 17 December 1948, she changed to 1 CFA franc = 2 FF.

When France in 1958 shortened two zeros with the introduction of the new franc, the CFA franc moved not, which is why the new parity 1 CFA franc = 0.02 FF from December 26 and this was in the BEAC Franc de la now Communauté Française d' Afrique was called. Its parity held until January 12, 1994 validity. At the same time the Member States of the WAEMU zone you created the Franc Communauté Financière d' Afrique de la. As on November 22, 1972 saw the Banque Centrale des Etats d' Afrique Centrale ( BEAC ), changed the currency name in Franc de la Coopération Financière en Afrique Centrale, which he retained the abbreviation FCFA.

Around 1994 was the competitiveness of African countries in the CFA zone, compared with direct neighboring countries that had devalued their currencies repeatedly damaged such that parity could no longer be maintained. The CFA franc was devalued with effect from January 12, 1994 by half, which the CFA franc was now on only 0.01 FF value.

Since the introduction of the euro, on 1 January 1999, shall apply mutatis mutandis € 1 = 655.957 CFA.

Name CFA Franc

Today, the acronym CFA stands in the case of the CFA franc BEAC Franc de la Coopération Financière for en Afrique Centrale. In the case of neighboring CFA franc BCEAO Franc de la Communauté they called Financière d' Afrique. The two CFA franc currencies are together referred to as the CFA franc zone. It is also common the designation " CFA franc " for both currencies. However, this is inaccurate since there are two independent currency areas with different money and various central banks.

Historically focused on the designation CFA franc 1945-1958 for Colonies Françaises d' Afrique, then between 1958 and decolonization for Communauté Françaises d'Afrique.