CLIENT ALERT

December 2019

   

 

For further information please contact:

Dr. Çağdaş Evrim Ergün
Partner, Ankara
c.ergun@cergun.av.tr

Gökseli Cengiz
Senior Associate, Istanbul
g.cengiz@cergun.av.tr

Ergün Avukatlık Bürosu İstanbul | Levent Loft II, D: 13-16, Levent
T +90 (212) 280 90 91

Ankara | Mahall Ankara, E Blok, D: 63, Çankaya
T +90 (312) 220 30 60

E info@cergun.av.tr

W cergun.av.tr

ECO New Monetary Currency of West Africa

CFA franc, which is the common currency of West African countries, will be replaced by the Eco in 2020. Eco will remain pegged to the euro to guarantee its stability but the relevant countries will not have to keep 50% of their reserves in the French Treasury and there will no longer be a French representative on the currency union’s board.

The CFA is used in 14 African countries with a combined population of approximately 150 million. However, the changes will only affect the West African CFA (rather than the Central African CFA) used by Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

 

This information is provided for your convenience and does not constitute legal advice. It is prepared for the general information of our clients and other interested persons. This should not be acted upon in any specific situation without appropriate legal advice. This information is protected by copyright and may not be reproduced or translated without the prior written permission of Ergün Avukatlık Bürosu.