Extra Extra Read All About It: The End of The CFA
The CFA franc is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. Both currencies are guaranteed by the French treasury. Although separate both currencies are interchangeable.Source.
That's all in the past as as of tomorrow, the CFA will be ditched for the ECO unless they decide to change the name at a latter date. Thanks to this change the central bank of the nations of West Africa will no longer have to deposit half of their reserves to the Treasury of France each year.
Source.
One if the main goals of the CFA was to make it so that all the involved countries may share the sammw currency without fears of inflation going crazy since it was pegged to the €uro. Well fear not, the new token paper money is still pegged to the Euro for quote on quote stability.
Anywho, I'm way too sleepy to keep writing now. Anyways, Great freakin news and congrats to my fellow West/Central African brothers and sisters!
PEACE!!
