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West Africa economic bloc agrees changes to CFA franc with France: Ivorian president

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France’s President Emmanuel Macron is welcomed by Ivory Coast President Alassane Ouattara at the Petit Palais in Abidjan, Ivory Coast, December 21, 2019. REUTERS/Luc Gnago

ABIDJAN (Reuters) – The West African Economic and Monetary Union has reached an agreement with France to make changes to the CFA franc, Ivorian President Alassane Ouattara said on Saturday, in a historic shift away from the former colonial power.

Under the agreement, the currency remains pegged to the euro and will be renamed ECO. It also scraps a requirement for countries to keep 50% of reserves in the French treasury and the need for a French representative on the currency union’s board.

—— AUTO – GENERATED; Published (Halifax Canada Time AST) on: December 21, 2019 at 03:43PM

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