Currency code XAF is a 3 letter normalized code according to standard ISO-4217, the 2 first letters are the code of the issuing country, third letter is the initial of the currency. CFA francs are used in fourteen countries: twelve nations formerly ruled by France in The currency has been criticized for making economic planning for the developing countries of French West Africa all but impossible since the CFA's value is pegged to the euro (whose monetary policy is set by the European Central Bank).The CFA franc was created on 26 December 1945, along with the The CFA franc was created with a fixed exchange rate versus the The 1960 and 1999 events were merely changes in the currency in use in France: the The value of the CFA franc has been widely criticized as being too high, which many economists believe favours the urban elite of the African countries, who can buy imported manufactured goods cheaply at the expense of farmers who cannot easily export agricultural products.Over time, the number of countries and territories using the CFA franc has changed as some countries began introducing their own separate currencies. ... (XAF) is known in French ... Central African CFA banknotes were issued with an obverse unique to each participating country, and common reverse, in a fashion similar to euro coins.
The Central African CFA franc is the currency of six independent states spanning 3,000,000 km2 in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. "A strong currency like the CFA franc makes exports from the CFA-franc zone much more costly than they would ordinarily be and as a result economic growth suffers accordingly. Cameroon CFA Franc - XAF Cameroon is one of a handful of countries that use the Central African CFA franc.
However instead of depicting the state name each was given an identification letter on the top reverse.
The West African CFA franc uses both coins and banknotes, … 3 character alphabetic and 3 digit numeric ISO 4217 codes for each country.
That this effectively recreates a quasi-colonial trading relationship between France and its former African colonies that benefits France mightily has not been lost on observers. The Central African CFA franc is the currency of six independent states spanning 3,000,000 km2 in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. Banks operate with their own exchange rates. Central African CFA Franc - XAF: The currency of six independent states in central Africa. Central African CFA (XAF) Currency Exchange Rate Conversion Calculator This currency convertor is up to date with exchange rates from August 29, 2020. This was the last issue of a 2 franc coin for nearly 50 years. The letters CFA stand for Communaute Financiere Africaine. There is a central bank for the African states that issues this currency to all the participating countries. These fourteen countries have a combined population of 147.5 million people (as of 2013), and a combined GDP of US$166.6 billion (as of 2012).
50 franc coins were also issued in this manner between 1976 and 1996, after being reduced in size. West African CFA Franc - XOF: The currency of eight independent states in West Africa. Updated list of currency names. 2006 saw a redesign of all denominations of coins for the CFA franc, along with the introduction of a 2 franc piece. In 1958, 5, 10, and 25 franc coins were added, which were also used in French Cameroun.
A couple of nations in West Africa have also chosen to adopt the CFA franc since its introduction, despite the fact that they were never French colonies.
The CFA Franc BEAC is pegged to the Euroat 1 Euro = 655.957 XAF. These bore the name From 1971, the 100 franc coins were issued for each of the individual member states, depicting the state name in which they were issued. XAF Central African Franc * Country Central Africa Region Africa Sub-Unit 1 FCFA = 100 centime Symbol FCFA *Pegged: 1 EUR = 655.95700 XAF. The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the The currency remained in use when these colonies gained their independence. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. - See more at: Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88The role of Euro in Sub Saharan Africa, Economic papers 347, November 2008, A couple of nations in West Africa have also chosen to adopt the CFA franc since its introduction, despite the fact that they were never French colonies. In 2019, a reform of the West African CFA franc was initiated.