What is ‘xaf (CFA franc beac)’
Central African CFA (Central African franc) is the currency of six independent States in Central Africa. The Bank of Central African States controls and issues the currency. Members of the Central African monetary Union, known as economic and monetary Union of Central Africa include Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea and Gabon.
TSFO stands for “Communatué financièreбыл d’afrique” which translates from the African financial community in English.
Breaking down the ‘francs CFA (Central African franc)’
Appeal to Central African franc (xaf) in circulation are banknotes of 500, 1000, 2000, 5000 and 10000 francs. Coins circulate in denominations 1, 2, 5, 10, 25, 50, 100, and 500 francs.
The CFA franc beac has its roots in African colonial Empire of France. France ruled much of West and Central Africa since the mid-nineteenth century to the mid twentieth century. In 1910, the French government created the French Equatorial Africa, which was a Federation of French colonial possessions in Equatorial Africa, stretching North from the Congo river in the Sahel.
The colony of French Equatorial Africa Equatorial French used the franc as the official currency of the region. This money was in circulation from 1917 to 1945, when the CFA franc beac replaced it. As the countries of the region gained independence from France, they retained the Central African franc as the national currency.
The influence of the six economies in the African franc
In 1964, the creation of Customs and economic Union of Central Africa happened with the signing of the Treaty of Brazzaville. The signatory countries, Cameroon, Central African Republic, Chad, Republic of Congo and Gabon. Equatorial Guinea, the only former Spanish colony in the monetary Union, acceded to in 1983 and adopted the Central African franc as its currency next year.
The Bank of Central African States, formed in 1972, replaced the Central Bank of Equatorial Africa and Cameroon currency Manager, and banking Manager.
Culture and economy of the six countries that use the CFA franc beac diverse.
- Although the public debt of the Republic of Cameroon has decreased, the country still struggles with poverty-stricken, subsistence farming population. Cash crops are coffee, sugar, and tobacco, but the country also has a growing industrial sector. In 2017, according to the world Bank shows annual growth in gross domestic product (GDP) of 3.2% with annual deflator of inflation to 2.8 percent.
- The Republic of Gabon is rich in petroleum resources, which account for almost half of the country’s income. In 2017, according to the world Bank shows annual growth in gross domestic product (GDP) by 1.1% with annual inflation deflator of 1.3 percent.
- Holding is one of the world’s worst records for human rights violations and human trafficking in the Republic of Equatorial Guinea is rich in oil reserves. Oil provides all of the country’s income. In 2017, according to the world Bank shows annual growth in gross domestic product (GDP) growth of negative 3.2% annual deflator inflation rate of 12.5 percent.
- Republic of the Congo state is an important producer of oil and is the country’s GDP. The distribution of wealth is uneven among the population. In 2017, according to the world Bank shows annual growth in gross domestic product (GDP) of 3.2% with annual deflator of inflation to 2.8 percent.
- A number of conflict and violence undermined the Republic of Chad since independence in 1960. This uncertainty has a place in Chad, as one of the poorest countries in the world index of human development (HDI). In 2017, according to the world Bank shows annual growth in gross domestic product (GDP) growth of negative 4.6% in the annual inflation rate deflator 14.6 percent.
- In the Central African Republic has deposits of uranium, oil, diamonds and gold, but it remains one of the poorest countries in the world. The HDI list it as one of the most unhealthy places in the world to live. The main exports of industrial diamonds. In 2017, world Bank data shows annual gross domestic product (GDP) growth of 4.3% with annual deflator of inflation, of 4.5 percent.