W. Africa Monetary Union to Reform CFA Franc, Keep Euro Peg
- Ivorian president reveals change during briefing with Macron
- France will no longer have official on central bank board
Photographer: Pau Barrena/Bloomberg
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The West African Economic and Monetary Union has agreed with France to a number of changes to the CFA franc currency, including a new name, Ivory Coast’s President Alassane Ouattara said Saturday, as the West African bloc inches closer to a split from the French-backed currency.
The monetary union will keep its euro peg while moving its currency reserve from France, the former colonial power, Outtara said Saturday in Ivory Coast’s commercial capital Abidjan. France will no longer have a representative on the board of the central bank, Ouattara told reporters during a two-day visit by French President Emmanuel Macron.