(also CFA franc)
The basic monetary unit of Cameroon, Congo, Gabon, and the Central African Republic, equal to 100 centimes.
- This once-prosperous country has fallen into economic decline since France unilaterally devalued the CFA franc and allowed the International Monetary Fund to dictate economic policy.
- Modest initial growth was seriously undermined in 1994 by the 50 percent devaluation of the CFA franc, while privatization led to the retrenchment of 10,000 public workers.
- When the rebel spokesman was informed of the attack, he called the depot manager, apologized, and asked if he wanted to be paid in dollars or CFA francs.
From French Communauté Financière Africaine 'African Financial Community'.