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Sunday,
December 22, 2019 /09:59AM / By IMF/ Header Image
Credit: The National
Ms. Kristalina
Georgieva, the Managing Director of the International Monetary Fund (IMF),
issued the following statement today on the reform of the West African Economic
and Monetary Union (WAEMU)'s CFA franc framework:
"I welcome the
reforms to the WAEMU's CFA franc currency arrangement that were announced today
by Presidents Ouattara and Macron in Abidjan. They constitute a key step in the
modernization of long-standing arrangements between the West African Economic
and Monetary Union and France.
"The announced
measures build on WAEMU's proven track record in the conduct of monetary policy
and external reserve management. In recent years, the WAEMU has recorded low
inflation and high economic growth, the fiscal situation has improved, and the
level of foreign exchange reserves has increased.
"The reforms also
maintain key elements of stability that have served the region well, including
the fixed exchange rate with the euro and the guarantee of unlimited
convertibility provided by France.
"The IMF stands ready to engage with the regional authorities, as needed, and to support the implementation of this important initiative."
Related
News
1.
West Africa
renames CFA franc but keeps it pegged to euro - Reuters - Dec 21, 2019
2.
Swiss Franc May
be Threatened by the Dollar - May 29, 2017
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