Central African CFA Franc

Overview

Economy

• Central African Economic and Monetary Union (CEMAC) is a member of AU, CEMAC, ECCAS, CEEAC.
• Main industries include: Oil and gas, Mining, Forestry, Agriculture, Manufacturing.
• Central African Economic and Monetary Union (CEMAC) is part of the World Trade Organization.
• Imports are machinery, electrical equipment, transport equipment, fuel, food.
• Major exports include crude oil, timber, cotton, coffee, sugar, diamonds, iron ore.
• GDP: $115.8 billion (2023 est., combined CEMAC).
• GDP per capita: $2,095 (2023 est., CEMAC average).
• Unemployment rate: 7.1% (CEMAC average, 2020 est.).
• Inflation rate: 4.2% (2023 est., CEMAC average).
• Main trading partners: China, European Union, United States, India, Turkey.
• Trade agreements: EU Economic Partnership Agreement, African Continental Free Trade Area.

History

• Previous currencies used: French franc, Various colonial currencies.
• The CFA franc was introduced in 1945 for French colonies. The Central African version was created in 1959 when the region formed a monetary union separate from West Africa.
• 1945: CFA franc introduced in French colonies
• 1959: Central African monetary union formed
• 1960s: Independence of member countries
• 1999: Peg switched from French franc to euro
• 2019: Monetary reforms and reduced French oversight
• Exchange rate peg: EUR (1999-present) at 655.957 XAF = 1 EUR.
• Exchange rate peg: FRF (1945-1999).
• Currently pegged to EUR at 655.957 XAF = 1 EUR.

General Information

• ISO 4217 Code: XAF
• Symbols: XAF/Fr
• Currency Subunits: 100 centimes
• Central Bank: Bank of Central African States (BEAC)
• Monetary Policy: Currency board system maintaining EUR peg. Common monetary policy across six member countries with focus on regional economic integration.
• Bills: 500 XAF, 1000 XAF, 2000 XAF, 5000 XAF, 10000 XAF
• Coins: 1 franc, 2 francs, 5 francs, 10 francs, 25 francs, 50 francs, 100 francs, 500 francs
• USD Exchange Rate: Variable (approximately 600-620 XAF per USD)
• Pegged To: EUR at 655.957 XAF = 1 EUR
• Capital: Yaoundé (BEAC headquarters)
• Population: 55.3 million (2023 est., CEMAC total)
• Area: 3,020,142 km² (CEMAC total)
• Languages: French (official), Arabic (Chad), Spanish (Equatorial Guinea), Portuguese (São Tomé - observer), Various local languages
• Time Zones: UTC+1 (West Africa Time)
• Government Type: Monetary union of sovereign republics
• Head of Government: BEAC Governor, individual country presidents
• Independence: 1960s (individual countries)
• Ethnic Groups: Various African ethnic groups by country
• Religions: Christianity 80%, Islam 15%, Traditional beliefs 5%
• Literacy Rate: 65.7% (regional average)
• Transport: Regional airports, limited road networks, ports (Douala, Libreville), railway connections
• Communications: Expanding telecommunications, 23% internet penetration (regional average)
• Energy: Oil and gas 70%, Hydroelectric 25%, Other 5%
• Countries Using This Currency: Central African Economic and Monetary Union (CEMAC)
• Data Sources: Central Bank: Bank of Central African States (beac.int), Economic Data: CEMAC Commission, World Bank, IMF, Trade Data: Individual country customs services, Demographic Data: National statistical offices, Geographic Data: Regional meteorological services, Historical Data: BEAC archives
• Last Updated: 2025