17) The 200 CFA franc
figure is the average price that shop owners pay producers for a bag of twenty sachets.
For example, when Togo's first president Sylvanus Olympio decided to issue Togolese national currency and discontinue the CFA franc
, he was assassinated by a former French army sergeant, supposedly on the orders of the French government.
Despite these pressures, a sudden and significant drop in the value of the two currencies--the Central Africa CFA franc
(XAF) and the West African CFA franc
(XOF)--is not currently expected, says the report Who's Most At Risk From A
The real benefit of the CFA franc
is that it improves the financing of credit to the economy.
For example, Ivory Coast, Senegal and Togo listed Sukuk Islamic bonds worth 766 billion CFA francs
Its CFA franc
is shared by 14 countries in West and Central Africa, with its value guaranteed by the French government.
The CFA Franc
is the currency of fourteen African countries, it was officially created on December 26, 1945 when France ratified the Bretton Woods Agreements, with the view of restoring the French monetary authority.
Prosecutors had demanded a seven-year prison term and a 250 million CFA franc
($413,784) fine for Karim Wade, who was known as the 'minister for heaven and earth' during his father's government as he controlled several key ministries.
In this context, the decision to retain the CFA franc
, a freely convertible common currency that is pegged to the euro at a significantly overvalued exchange rate, is a dubious one.
But France's woes are also being felt far beyond its borders, sparking rumors of a possible devaluation of the CFA franc
, the common currency of the franc zone, which comprises 14 African countries and the Comoros Islands in the Indian Ocean.
In the meantime, the Ecowas Commission is implementing a regional roadmap whose goal is to eventually merge the proposed regional currency, the Eco, with the long-established Francophone common currency, the CFA franc
, into a single regional medium of exchange.
The court ordered the confiscation of all the goods belonging to those convicted, each of whom was ordered to pay a single CFA franc
in symbolic compensation to the state.