Central African CFA franc

Infobox Currency
currency_name_in_local = franc CFA BEAC fr icon
image_1 = CFA.jpg
image_title_1 = 1000 Central African CFA francs
image_2 = Africa-countries-CEMAC.png image_title_2 = Member countries
image_3 = Africacoins.png iso_code = XAF
using_countries = Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, Gabon
pegged_with = euro = CFA655.957
subunit_ratio_1 = 1/100
subunit_name_1 = centime
symbol = FCFA
symbol_subunit_1 = c
nickname = céfa, franc
used_coins = 1, 2, 5, 10, 25, 50, 100, 500 francs
used_banknotes = 500, 1000, 2000, 5000, 10,000 francs
issuing_authority = Banque des États de l'Afrique Centrale
issuing_authority_website = www.beac.int

The Central African CFA franc (French: "franc CFA" or simply "franc", ISO 4217 code: "XAF") is the currency of six independent states spanning convert|740000000|acre|km2 in central Africa, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. CFA stands for "Coopération financière en Afrique centrale" ("Financial Cooperation in Central Africa"). It is issued by the BEAC ("Banque des États de l'Afrique Centrale", "Bank of the Central African States"), located in Yaounde, Cameroon, for the members of the CEMAC ("Communauté Économique et Monétaire de l'Afrique Centrale", "Economic and Monetary Community of Central Africa"). The franc is nominally subdivided into 100 "centimes" but no centime denominations have been issued.

In several west African states, the West African CFA franc, which is of equal value to the Central African CFA franc, is in circulation.

History

The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The Equatorial African colonies and territories using the CFA franc were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari. The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984, replacing the Equatorial Guinean ekwele at a rate of 1 franc = 4 bipkwele.

Coins

In 1948, coins were issued for use in all the colonies (not including French Cameroun) in denominations of 1 and 2 francs. This was the last issue of a 2-franc coin for nearly 50 years. In 1958, 5-, 10- and 25-franc coins were added, which were also used in French Cameroun. These bore the name "Cameroun" in addition to "États de l'Afrique Equatoriale". In 1961, nickel 50-franc coins were introduced, followed by nickel 100-franc pieces in 1966. From 1971, the 100-franc coins were issued by the individual states. In 1976, cupro-nickel 500-franc coins were introduced. From 1985, these were also issued by the individual states. That year also saw the introduction of 5-, 25-, 50- and 100-franc coins for use in Equatorial Guinea.

In 1996, centralized production of the 100-franc coin was resumed, with a single 500-franc coin reintroduced in 1998. In 2006, a steel 2-franc coin was introduced.

Banknotes

When the CFA franc was introduced, notes issued by the "Caisse Centrale de la France d'Outre-Mer" ("Central Cashier of Overseas France") in denominations of 5, 10, 20, 100 and 1000 francs were in circulation. In 1947, a new series of notes was introduced for use in French Equatorial Africa, although the notes did not bear the name of the colonies. Notes were issued in denominations of 5, 10, 20, 50, 100 and 1000 francs, followed by those of 500 francs in 1949, and 5000 francs in 1952. In 1957, the "Institut d'Emission de l'Afrique Equatoriale Française et du Cameroun" took over paper money production, issuing all of the earlier denominations except for the 5000-franc bill.

In 1961, the "Banque Centrale des Etats de l'Afrique Equatoriale et du Cameroun" took over banknote production, with notes below 100 francs ceasing to be issued. The name of the bank changed to "Banque Centrale des Etats de l'Afrique Equatoriale" in 1963. 10,000-franc notes were introduced in 1968, whilst the 100-franc notes were replaced by coins in 1971.

In 1974, the bank name changed again to the "Banque Centrale des États de l'Afrique Centrale" and the individual states began issuing notes in their own names, in denominations of 500, 1000, 500 and 10,000 francs. This practice ended in 1993. Since then, the banknotes have been issued with only a letter prominently displayed to distinguish between the issues of the different states. 2000-franc notes were introduced in 1993.

ee also

*Economy of Cameroon
*Economy of the Central African Republic
*Economy of Chad
*Economy of the Republic of the Congo
*Economy of Equatorial Guinea
*Economy of Gabon
* Euro
* Snake in the tunnel
* Amero
* West African CFA franc
* GAFTA
* ECOWAS
* AMU
* African Central Bank
* Monetary union

External links

Standard numismatics external links
world_coin_gallery_1_url = Cafrica
world_coin_gallery_1_name = Central African Republic and Central African States
world_coin_gallery_2_url = Cameroon
world_coin_gallery_2_name = Cameroon
world_coin_gallery_3_url = Chad
world_coin_gallery_3_name = Chad
world_coin_gallery_4_url = Congo
world_coin_gallery_4_name = Congo Republic
world_coin_gallery_5_url = equ_guinea
world_coin_gallery_5_name = Equatorial Guinea
world_coin_gallery_6_url = Gabon
world_coin_gallery_6_name = Gabon
banknote_world_1_url = central_african_states
banknote_world_1_name = Central African States
banknote_world_2_url = cameroon
banknote_world_2_name = Cameroon
banknote_world_3_url = central_african_republic
banknote_world_3_name = Central African Republic
banknote_world_4_url = chad
banknote_world_4_name = Chad
banknote_world_5_url = congo
banknote_world_5_name = Congo Republic
banknote_world_6_url = equitorial_guinea
banknote_world_6_name = Equatorial Guinea
banknote_world_7_url = gabon
banknote_world_7_name = Gabon
dollarization_1_url = cm
dollarization_1_name = Cameroon
dollarization_2_url = cf
dollarization_2_name = Central African Republic
dollarization_3_url = td
dollarization_3_name = Chad
dollarization_4_url = cg
dollarization_4_name = Congo-Brazzaville (Republic of Congo)
dollarization_5_url = gq
dollarization_5_name = Equatorial Guinea
dollarization_6_url = ga
dollarization_6_name = Gabon
gfd_1_url = Cameroon
gfd_1_name = Cameroon
gfd_2_url = Central_African_Republic
gfd_2_name = Central African Republic
gfd_3_url = Chad
gfd_3_name = Chad
gfd_4_url = Congo,_Republic_of_the_(Brazzaville)
gfd_4_name = Congo, Republic of the (Brazzaville)
gfd_5_url = Equatorial_Guinea
gfd_5_name = Equatorial Guinea
gfd_6_url = Gabon
gfd_6_name = Gabon
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y
*fr icon [http://www.cemac.cf/ Communauté Economique et Monétaire de l'Afrique Centrale] (Official Site of the Economic and Monetary Community of Central Africa)