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A half-litre sachet of cold water sells for 25 CFA francs (approximately US$0.
A drop in oil prices, stalling integration efforts, and renewed political opposition have raised concerns about the long-term future of the CFA franc currencies used by Africa's two monetary unions," the report author and S&P Global Ratings credit analyst Remy Carasse said.
The Central African CFA franc zone is composed of six independent states: Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon.
The crime of illicit enrichment being proven, Karim Wade: six years in prison and a fine of 138 billion CFA francs," judge Henri Gregoire Diop said in the ruling, adding that Wade had hidden away funds in offshore companies in the British Virgin Islands and Panama.
5 percent, thereby guaranteeing the convertibility of the CFA franc, which it underwrites.
The CFA franc is convertible in euros and freely transferable to France, whose companies control the lion's share of the franc zone's private sector and receive most of its public contracts.
A common currency called the Eco, to be used by five Ecowas member states under the second monetary zone, is expected to eventually merge with the existing Francophone common currency, the CFA franc, into a single regional currency.
The CFA franc zone; common currency, uncommon challenges.
The much-awaited devaluation of the CFA franc provides a real-life natural experiment that sheds a lot of light on the interaction between traditional institutions and macroeconomic events.
Intra-regional barriers are also falling slowly through such blocks as COMESA, SADC, ECOWAS, and the respective Central and West African CFA franc zones which share common euro pegs and tariff regimes.
Each parallel central bank of the West African and Central African states administers its own CFA franc that is pegged to the euro and guaranteed by the Bank of France but accepted only in its own region.
The first application for the holographic STRAP is the new 10,000 denomination of the West CFA franc issued by the Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO)--the central bank for the eight countries comprising the West African Monetary.
As for the UN not having a common currency, many countries in the world use the US dollar and, in any case, there are already singlecurrencies in existence such as the East Caribbean Dollar and the CFA Franc in Africa, but these have not led to single, federal states.
Furthermore, Kabbaj underscores the significance of African-European economic relations in two spheres of development: the successful completion of the Uruguay Round of trade negotiations and the January 1994 devaluation of the CFA franc, which is the common currency of fourteen Francophone African nations.
The CFA Franc continued to weaken early this year, giving added incentive for the African producing countries to expand output despite the decline in international rubber prices.