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Half of the reserves of each CFA franc country have to be deposited to the French treasury - which is responsible for ensuring that euros can be exchanged for C
by seszett 7y ago
Half of the reserves of each CFA franc country have to be deposited to the French treasury - which is responsible for ensuring that euros can be exchanged for CFA franc, so obviously it has to hold a significant amount of CFA.
They can be withdrawn whenever the country leaves the CFA franc. But in the recent past, countries have been more eager to join than to leave.
- dmix 7y ago> But in the recent past, countries have been more eager to join than to leave. Hmm. That’s a strange form of colonialism
- kiliantics 7y agojust because a few rich/powerful people at the top of the country benefit from it and therefore actively embrace it, doesn't mean it's not colonialism