Economic and Monetary Community of Central Africa (CEMAC) agreed on to quit in using the Franc CFA (FCFA)
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– …hoped to declare openly some moolah modifications, rather bent on for a full modification of the inscription.
CEMAC similarly crave for a finished closure of the operating account (compte d’opération) at the Banque de France in a bid to enable the body to hold all of its foreign exchange reserves as restrained to the 50% it presently holds, and the solitude of French proxies from the decision-making and regulate bodies of the BEAC (regional Central Bank).
CEMAC is now contemplating enlisting West Africa, which is in the procedure of creating a regional currency dubbed the ECO. Experts nevertheless deem the process delicate but judging by the recent Euro/Dollar crisis, that drastically affected the FCFA, they consider the action vital.
Heads of State have proposed that the outcomes of the numerous deliberations by the BEAC should be conveyed with Ministers of Economy and finance of the member states according to sources. The Central African Republic had earlier adopted Bitcoin as Currency as legal tender.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent