France greenlights bill to revamp W.African currency
Paris: France’s government on Wednesday approved draft legislation that will transform West Africa’s CFA franc into the “Eco”, a revamped currency with no lasting links to the region’s former colonial ruler.
The bill, which must still be approved by parliament, was okayed by the cabinet, spokeswoman Sibeth Ndiaye said.
The overhaul will see the currency, used by more than a dozen countries, maintain its fixed exchange rate of 655.96 to the euro, and an end to the Bank of France holding half the currency’s reserves.
The currency is used by Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. All but Guinea-Bissau are former French colonies. – AFP