ECO – New Currency for Eight West African Countries | Eco Currency will replace CFA Franc #upsc #ias

ECO – New Currency for Eight West African Countries | Eco Currency will replace CFA Franc #upsc #ias
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In an agreement between the West African Economic and Monetary Union Heads of State, it is decided to reform the CFA franc with the following three major changes :

The name change of the currency from the CFA franc to the Eco(most probably from july 2020).

This will officially end the French-backed currency CFA francs for the eight countries belonging to the Economic Community of West African States (ECOWAS) :  Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

2) France will stop holding “50 percent of the reserves in the French Treasury“ : French colonies have had to store 50% of their foreign currency reserves with France in return for France guaranteeing the currency.

and will withdraw “French governance” related to the currency : A French representative has been on the board of the currency’s union.

3) The Eco’s value will be pegged to the euro, just like the CFA has been for two decades(since 1999).

This “RaMeenaa online classses” tutorial is all about the Eco currency which will be adopted by eight west african countries and this eco currency will replace CFA franc currency.So, watch this video to gain complete knowledge of ECO currenct ,their benefits and demirts.Complete analysis in the video.
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