Central African CFA franc
Worldwide use:
- Cameroon
- Central African Republic
- Chad
- Republic of Congo
- Equatorial Guinea
- Gabon
Description:
BEAC (Banque des États de l'Afrique Centrale), Bank of the Central African states, is the issuer of the Central African Franc and is based in Cameroon. The Franc is subdivided into 100 Centimes but none have been issued. The coinage come in denominations of 1, 2, 5, 10, 25, 50, 100 and 500 Francs. The banknotes are issued in denominations of 500, 1000, 2000, 5000 and 10000 Francs.
The Central African Franc or CFA, was created immediately after World War 2 on 26th December 1945. It is the currency of six independent central African states. These include Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea and Gabon. CFA stands for Coopération financière en Afrique centrale, which translates to 'Financial Cooperation in Central Africa'. The CFA is pegged to the Euro.
Origin:
The CFA Franc zone consists of 14 countries in Sub-Saharan Africa, each affiliated with one of the two monetary unions: the West African Economic and Monetary Union and the Central African Economic and Monetary Union, of which Cameroon is a part. These two unions account for nearly 12 percent of Africa's GDP.
Component units:
- Centime (100)
Date introduced:
- 1945
Central bank:
- Bank of Central African States
Printer:
Mint:
