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Vol 51 No 14

Published 9th July 2010

How the CFA Franc zone works

The initials CFA once stood for the Communauté française d’Afrique, later changing to Communauté financière d’Afrique. The name is a colonial legacy and considerable monetary powers are still reserved to the Banque de France, the French central bank. The value of the CFA franc was fixed to that of the French franc until 2002, when France gave up its own currency and adopted the euro; the exchange rate since then remains fixed at 656 CFA francs to the euro.

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