Fanny Pigeaud and Ndongo Samba Sylla, "Africa's Last Colonial Currency: The CFA Franc Story" (Pluto Press, 2021)
New Books in African Studies
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The Convertibility Guarantee
The French government is represented with veto power in the organs of the CFA franc zone, central banks. It decides on monetary and exchange rate policy; no decision can be made without its approval. The guarantee of convertibility has been activated only in the 1980s to allow for the repatriation of income and capital by France's corporations. For most of the rest of the time, the C FA francs central banks have been net creditors from a French treasury. But people like us know this reality - particularly speaking,Central African countries' central Banks have been money to the French treasury.
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