How does the CFA franc work?

Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. Both CFA francs have a fixed exchange rate to the euro: 100 CFA francs = 1 former French (nouveau) franc = 0.152449 euro; or 1 € = 6.55957 FRF = 655.957 CFA francs exactly.

What is the meaning of CFA franc?

African Financial Community
The CFA franc, backed by the French treasury and pegged to the euro, refers to both the Central African CFA franc (XAF) and the West African CFA franc (XOF), and is accepted in 14 member countries. CFA stands for Communatué financière d’Afrique or African Financial Community.

How many countries use the CFA franc today?

14 countries
What is the CFA franc zone? The CFA franc zone consists of 14 countries in sub-Saharan Africa, each affiliated with one of two monetary unions.

Who is on the CFA franc?

The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo….

WHO issues CFA franc?

France
France maintains the position that the CFA franc is an ‘African currency’, existing only as a support to Africans, who retain their ‘sovereignty’. Some heads of state, like Alassane Ouattara in Côte d’Ivoire and Macky Sall in Senegal take the same line.

Who uses the franc?

Switzerland
Liechtenstein
Swiss franc/Countries

franc, originally a French coin but now the monetary unit of a number of countries, notably Switzerland, most French and former Belgian overseas territories, and some African states; at one time it was also the currency of France, Belgium, and Luxembourg.

Does Burundi use the franc?

The currency used in Burundi is the Burundi Franc (BIF). It is divided into 100 centimes. The symbol used for the Burundi Franc is Fbu. Discussions are taking place to replace the Franc in 2015 with the East African Shilling, which forms part of the East African Community.

Is the CFA pegged to the euro?

Since the 1940s, the CFA has been pegged to European currencies—first to the French franc, and, since 1999, to the euro. Until recently, the CFA countries deposited 50 percent of their reserves in the French Treasury in return for a convertibility guarantee.

Which countries have CFA?