West African countries will stop using the Financial Community of Africa (CFA) franc currency beginning sometime in 2020, according to French President Emmanuel Macron.
The ECO is supposed to replace the CFA franc which is currently being used in eight west African countries and six countries in central Africa.
During a trip to Ivory Coast on Saturday, in cooperation with eight West African countries -- Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo -- Macron announced at a joint news conference with the Ivorian president that France is working towards loosening up the supervision of the currency.
Under the deal, the Eco will remain tied to the euro but the African countries using it won’t have to keep 50% of their reserves in the French Treasury and there will no longer be a French representative on the currency union’s board. [[ Ссылка ]]
The move to drop the CFA franc is part of France's plan to rebuild relations with its former African colonies.
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