About the Central African CFA Franc
The CFA Franc was created in 1945. It was initially pegged to the French Franc and has been pegged to the Euro since 1999. It is used by six Central African countries.
CFA originally stood for 'Colonies Françaises d'Afrique' (French Colonies of Africa). After independence, it changed to 'Communauté Financière Africaine' (African Financial Community) for West Africa and 'Coopération Financière en Afrique Centrale' (Financial Cooperation in Central Africa) for Central Africa.
Interesting Facts
Pegged to the Euro
The Central African CFA Franc is pegged to the Euro at a fixed rate (1 EUR = 655.957 FCFA), providing stability for its member states.
Regional Currency
It serves as the common currency for six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon.
A History of Cooperation
The CFA Franc system is a legacy of French colonial rule, designed to foster monetary cooperation and stability among its member countries.
Historical Timeline
The CFA Franc is created.
The Bank of Central African States (BEAC) is established.
The CFA Franc's peg is transferred from the French Franc to the Euro.
Denominations
Banknotes
Coins
Security Features
Quick Facts
- ISO Code
- XAF
- Symbol
- FCFA
- Numeric Code
- 950
- Subunit
- Centime (1/100)
- Introduced
- 1945-12-26
Central Bank
- Name
- Bank of Central African States
- Headquarters
- Yaoundé, Cameroon
- Founded
- 1972
- Current Governor
- Abbas Mahamat Tolli (since 2017)
Economic Data
- Reserve Currency Share
- 0.0%
- Forex Volume Share
- 0.0%
- Inflation Rate
- 2.8%
- Interest Rate
- 5.00%
Exchange Rates
Used In
What Affects the XAF Exchange Rate?
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