Central African countries want to dump colonial currency

The Economic and Monetary Community of Central Africa (CEMAC) has taken a decision to stop using the Franc CFA (FCFA). They were expected to announce some currency changes but instead opted for a complete change of the name.

CEMAC also want complete closure of the operating account (compte d’opération) at the Banque de France in order to allow the body to hold all of its foreign exchange reserves as opposed to the 50 per cent it currently holds, and the withdrawal of French representatives from the decision-making and control bodies of the BEAC (regional Central Bank).

CEMAC is currently considering joining West Africa, which is in the process of producing a regional currency called the ECO. Experts however consider the process delicate but judging by the recent Euro/Dollar crisis, which drastically affected the FCFA, they consider the move necessary.

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Heads of State have proposed that the results of the various reflections by the BEAC should be shared with ministers of economy and finance of the member states according to Camer.be.

The Central African Republic had earlier adopted Bitcoin as a legal tender.

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