Congolese Franc

The Central African CFA franc is the currency of six independent states in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. It is pegged to the euro at a rate of 1 EUR = 655.957 FCFA. It is also the currency used in the French overseas collectivities of Gabon and Equatorial Guinea. The ISO currency code is XAF. The CFA franc was introduced in 1945, replacing the French Equatorial African franc. The French colonies of Cameroon and French Equatorial Africa had used the same franc, which was itself equal to the French franc. When France devalued the CFA franc in 1948, the four colonies subsequently devalued their francs. In 1958, the CFA franc was revalued, this time against the French franc, at a rate of 1 CFA franc = 1.2 French francs. In 1960, Cameroon, the Central African Republic, Chad, Congo, Gabon and Equatorial Guinea began using the CFA franc, with Equatorial Guinea adopting it in 1963. The currency was initially issued by the Bank of France. When France devalued the franc in January 1994, the CFA franc was devalued by 50%. This had a profound effect on the economies of Cameroon and Equatorial Guinea, which are both highly dependent on oil exports. In January 1995, Cameroon and Equatorial Guinea pegged the CFA franc to the US dollar at a rate of 1 USD = 665.957 CFA francs. The CFA franc is used in all six countries of the Central African Monetary Union (CAMU): Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon. The Banque des Etats de l'Afrique Centrale (BEAC) is the central bank of CAMU, and is responsible for issuing the currency. The CFA franc is also used in the French overseas collectivities of Gabon and Equatorial Guinea. These two countries are not members of CAMU, but have opted to use the CFA franc as their official currency. The CFA franc is pegged to the euro at a rate of 1 EUR = 655.957 FCFA. This peg has been in place since January 1999, when the CFA franc was devalued against the euro by 50%. The CFA franc is also pegged to the French franc at a rate of 1 CFA franc = 0.152449 French francs. The CFA franc is used in all six countries of the Central African Monetary Union (CAMU): Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon. The Banque des Etats de l'Afrique Centrale (BEAC) is the central bank of CAMU, and is responsible for issuing the currency. The CFA franc is also used in the French overseas collectivities of Gabon and Equatorial Guinea. These two countries are not members of CAMU, but have opted to use the CFA franc as their official currency. The CFA franc is pegged to the euro at a rate of 1 EUR = 655.957 FCFA. This peg has been in place since January 1999, when the CFA franc was devalued against the euro by 50%. The CFA franc is also pegged to the French franc at a rate of 1 CFA franc = 0.152449 French francs.