XOF to USD currency chart. Bustling is the history of the CFA Franc. On the last week currencies rate was cheaper for -2.11493 XAF.Last month was lower on - 0.04341. With the history chart of this currency pairs you can review market history and analyze rate trends. New currencies were created in the French coloniesto spare them the strong devaluation, thereby facilitating imports from France. Simultaneously, the appreciation of the French franc against other major currencies made the zone’s exports less competitive. The CFA franc was created in December 1945 when the French government ratified the Bretton Woods Agreement and became the currency of les colonies françaises de l’Afrique or the CFA (“French Colonies of Africa”). Some eight Francophone West African states, lead by Côte d’Ivoire, decided in December 2019 to … Total freedom of transfer within the Franc Zone. 1 January 1960 to 11 January 1994 – 1 CFA franc = 0.02 FRF (1 January 1960: the French franc redenominated, with 100 "old" francs becoming 1 "new" franc) 12 January 1994 to 31 December 1998 – 1 CFA franc = 0.01 FRF (sharp devaluation of the CFA franc to help African exports) At the time, the name meant "franc of the French Colonies of Africa". This page shows the historical data for CFA Franc (BEAC)(XAF) To Hong Kong Dollar(HKD) From Wednesday 21/10/2020 To Thursday 12/11/2020. The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. 3 At that point, the French franc was converted to the euro at 6.55957 to 1. The new French franc of December 1958  had a fixed parity of one French franc (FF) for 50 FCFA. Goods produced by the CFA franc zone countries were priced out of the world market when the exchange rate for the CFA franc was artificially high. Can take place into foreign currencies through the exchange markets of Paris, with the French franc as its anchor. Guinea Franc to West African CFA franc exchange rate on 4 January 2021 (04/01/2021) Last 180 days XOF/GNF history: XOF/GNF historical rates Other XOF Historical Exchange Rates for 04/01/2021 The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sénégal, Togo and Upper Volta. You also can click the currency name to view the exchange rates of this currency converting to other currencies. History of the West African CFA Franc (XOF) Along with the Central African CFA franc (XAF), the West African CFA franc (XOF) makes up the currency for most of central and west Africa. The CFA franc was created on 26th December 1945 in the wake of the Bretton Woods conference, in order to cushion the colonies from a strong devaluation of the franc. August 2, 1993: suspension by the BCEAO of purchases of banknotes issued by the BCEAO when exported outside the African countries belonging to the Franc Zone. CFA is the acronym for Communauté Financière Africaine (African Financial Community). Our currency rankings show that the most popular Communauté Financière Africaine (BCEAO) Franc exchange rate is the USD to XOF rate. Initially issued by the Caisse centrale de la France d’Outre-mer, then by the BEAC and the BCEAO from 1977 and 1978 respectively, it is still made in France. The currency lost half its value in one night as one French franc, previously worth 50 FCFA, became worth 100 FCFA. Export to Excel Export this data to a CSV file which can be imported by Microsoft Excel. CFA Franc (BCEAO)(XOF) To Euro(EUR) Exchange Rate History This page shows the historical data for CFA Franc (BCEAO)(XOF) To Euro(EUR) From Saturday 24/10/2020 To Sunday 15/11/2020. View a graph which plots historical exchange rates for the CFA BCEAO Franc against the US Dollar Invert table The table currently shows historical exchange rates for CFA BCEAO Francs per 1 US Dollar. Initially, the French colonies used currencies linked to the French franc but after independence,  several countries left the franc zone: Tunisia in 1958, Morocco in 1960, Guinea in 1959, Algeria in 1964, Madagascar and Mauritania in 1973. The states include : The CFA franc was created on December 26, 1945, the date on which France ratified the Bretton Woods Agreements and made its first declaration of parity to the International Monetary Fund (IMF). The currency is currently used by 140m people in 14 countries. The reason for their creation was the weakness of the French franc immediately after World War II. It was devalued in 1994 and then remained at 100 to 1 until France adopted the euro in 1999. This page shows the exchange rate of Euro (EUR) To CFA Franc (BEAC) (XAF) on 24 Nov 2020 (24/11/2020).If you would like to view the current exchange rate of the currency pair, please visit Euro (EUR) To CFA Franc (BEAC) (XAF) Exchange Rates Today. © 2017 Central Bank of West African States (BCEAO), The Conference of Heads of State and Government, The Regional Council for Public Savings and Financial Markets, Characteristics of the CFA F 10,000 banknote, Instruments of Monetary Policy Implementation, Situation of credits and microfinance institutions, Press statement of the meeting of the Monetary Policy Committee of the BCEAO, held in Dakar on June 1, 2016, Press statement of the ordinary meeting of the Council of Ministers of the West African Economic and Monetary Union (WAEMU), held in Dakar on March 24, 2016. The CFA Franc was created in 1945, binding fourteen African states and split into two monetary zones. The CFA franc was created on 26 December 1945, along with the CFP franc. The prime objective of the monetary policy of the BCEAO is to ensure price stability. Would you like to invert the currencies pairs? History Creation. The CFA franc was created on 26 December 1945, along with the CFP franc. With France’s membership of the euro on 1st January 1999, the parity remained the same, adjusted automatically, making one euro worth 6.55957 FF francs – equivalent to  655.957 FCFA. The French Treasury guaranteed the currency under a fixed exchange rate dependent on the deposit of 50% of CFA franc reserves into the French central bank. The CFA franc follows the same monetary policies set by the European Central Bank and executed by the Central Bank of West African States and the Bank of Central African States respectively. The CFA franc is used in 14 countries, 12 of which are former French colonies. The CFA franc, used by 14 countries yet economically bound to France, is the last colonial currency on the African continent. With the history chart of this currency pairs you can review market history and analyze rate trends. Guaranteed in French francs by the French Treasury. History of CFA Franc The CFA franc was born in 1945, following the end of the Second World War. Comoros has always been part of the franc zone but has its own currency, the Comorian franc, which is pegged to the euro at a different rate. XE’s free live currency conversion chart for CFA Franc to US Dollar allows you to pair exchange rate history for up to 10 years. In 1985, Equatorial Guinea, a former Spanish colony, joined the CFA zone, as did the former Portuguese colony of Guinea-Bissau in 1997. In 1960, Guinea-Conakry left the franc zone, and set up its own currency and central bank. Features and Functionality. Previously, French colonies had their currencies pegged to the French franc. French and international media had long taken its existence as something of a dirty secret, even though it is used by some 187 million people. This double whammy, combined with rising wages and payment arrears, resulted in falling investment and capital flight. René Pleven, the French Finance Minister, explained the circumstances of its creation in these terms, “In a show of her generosity and selflessness, metropolitan France, wishing not to impose on her faraway daughters the consequences of her own poverty, is setting different exchange rates for their currency.”. … You also can click the currency name to view the exchange rates of this currency converting to other currencies. When the CFA franc was first created, it was pegged to the French franc at 50 CFA francs to 1 French franc. When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. This page shows the exchange rate of CFA Franc (BCEAO) (XOF) To Singapore Dollar (SGD) on 11 Sep 2020 (11/09/2020).If you would like to view the current exchange rate of the currency pair, please visit CFA Franc (BCEAO) (XOF) To Singapore Dollar (SGD) Exchange Rates Today. Full history please visit USD/XOF Currency Exchange History (See previous story). Euro(EUR) To CFA Franc (BCEAO)(XOF) Exchange Rate History This page shows the historical data for Euro(EUR) To CFA Franc (BCEAO)(XOF) From Saturday 12/12/2020 To Sunday 03/01/2021. History. However, the CFA zone balance of payments has been positive for five years and grew at 4.3% in 2010. While some believe that this divisive currency should be resting in the old collections of numismatists fond of colonial history, the CFA franc still runs today in the veins of 14 African economies. The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. I have been commissioned to write the Introduction (Preface) to the upcoming book – The Last Colonial Currency: A History of the CFA Franc – by Fanny Pigeaud and Ndongo Samba Sylla, which is an English version of the original 2018 book, L’arme invisible de la Françafrique.It will soon be published by Pluto Press (UK) – as soon as I finish this introduction. The currency, backed by the French treasury and fixed to the euro, is currently being used by more than 160 million people in West and Central Africa (Max Planck Sciences Po Center). The currency code for Francs is XOF. It was later known as the “franc of the African Financial Community” to the member States of the West African Monetary Union (WAMU) and as the “franc of Financial Cooperation in Central Africa” to the member countries of the Central African Monetary Union (CAMU). The CFA Franc Africa History Blog V This year, the CFA franc is turning 75 years old. The CFA was later split into the Communauté Fin… Export to Excel Export this data to a CSV file which can be imported by Microsoft Excel. Yesterday this currency exchange rate was on 0.98754 XAF higher than today. Africa’s two monetary unions, the Western African Economic and Monetary Union (WAEMU) and the Central African Monetary Union (CAMU) use the CFA franc. The devaluation of 1994 proved to be a real shock for the economies of the zone. The CFA franc, used by fourteen countries yet economically bound to France, is the last colonial currency on the African continent. View a graph which plots historical exchange rates for the US Dollar against the CFA BEAC Franc Invert table The table currently shows historical exchange rates for US Dollars per 1 CFA BEAC Franc. December 20, 1993: suspension by the BCEAO of purchases of banknotes issued by it that are held in the CAMU Zone. The CFA franc was created on December 26, 1945, the date on which France ratified the Bretton Woods Agreements and made its first declaration of parity to the International Monetary Fund (IMF). The convertibility of the CFA franc to the euro is guaranteed by the French Treasury. REUTERS/Luc Gnago. The page provides the exchange rate of 1 US Dollar (USD) to CFA Franc BCEAO (XOF), sale and conversion rate. Welcome to the USD XOF history summary. In the rarified realm of currency negotiations, the year had started on a positive note. This parity would not change for the next 36 years, until the devaluation of the CFA franc was imposed by France, on  12th January 1994. Exchange Rates Updated: 24/Nov/20 06:30 UTC. Both versions of the CFA franc are hard-pegged to the euro. September 17, 1993: entry into force of the decision by the authorities of the Bank of Central African States (BEAC) to suspend purchases of banknotes issued by it when exported into the WAMU Zone. This graph show how much is 11500 Swiss Francs in CFA Francs - 6972686.08992 XAF, according to actual pair rate equal 1 CHF = 606.3205 XAF. Invert the table to see US Dollars per 1 CFA BCEAO Franc. 1 US Dollar (USD) = 553.894 CFA Franc BCEAO (XOF) USD To XOF Exchange Rates RSS Feed. The CFA franc was initially the franc of the French Colonies of Africa since December 1945. France, similar to … The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.These eight countries had a combined population of 105.7 million people in 2014, [1] and a combined GDP of US$128.6 billion (as of 2018). The name was later changed but the acronym and its symbolic charge remain. ‘Eco warriors’ battle over future of West African currency. At the time, Guinea-Conakry, under Sékou Touré, was the only one to reject the offer and the country obtained independence in October 1958, some two years before the other colonies. This page shows the historical data for CFA Franc (BEAC)(XAF) To United States Dollar(USD) From Tuesday 08/12/2020 To Wednesday 30/12/2020.
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