Central African States To Dump Colonial CFA Franc For Local Regional Currency

Central African States To Dump Colonial CFA Franc For Local Regional Currency. According to multiple reports, the Economic and Monetary Community of Central Africa (CEMAC) has decided to stop using the colonial CFA Franc currency. They were expected to announce some minor currency changes but instead opted for a complete change of the name. Experts believe that this decision is required in light of the recent Euro/Dollar crisis, which has had a severe impact on the CFA Franc. The CEMAC is also apparently considering joining West Africa, which is developing a regional currency known as the ECO. The CFA franc is a colonial currency designed to promote economic integration and control over France’s colonies’ resources, economic structures, and political systems. Upon independence, the West African Economic and Monetary Union (WAEMU) and the Economic and Monetary Community of Central Africa (CEMAC) adopted the CFA franc. However, the continued use of the CFA franc has only benefited France by preservi