French Ministers Approve Bill to Reform West Africa CFA

French ministers on Wednesday approved draft legislation to transform the CFA franc into a broader-based “Eco”, the government spokeswoman said.

The text was approved at a cabinet meeting, and would see the currency used now by more than a dozen countries maintain its peg at 655.96 to the euro, along with an end to its centralised reserves with the Bank of France, Sibeth Ndiaye added.

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