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Thu, 23 Jan 2020 08:44 GMT

France, West Africa Economic Bloc Agree Renaming CFA Franc

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7Dnews London

Sat, 21 Dec 2019 19:59 GMT

Ivorian president Alassane Ouattara on Saturday December 21st said changes will take place to the CFA franc, a currency tied to the euro, following an agreement between France and the West African Economic and Monetary Union, Reuters reported.

The CFA franc, which is denounced by many as a colonial hangover, will be renamed ECO. The agreement cancels a necessity to keep 50% of reserves in the French treasury.


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