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West Africa Renames Cfa Franc But Keeps It Pegged To Euro

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By Reuters

ABIDJAN, IVORY COAST (DECEMBER 21, 2019) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** FRENCH PRESIDENT, EMMANUEL MACRON, SEATED ON PODIUM WITH IVORIAN PRESIDENT, ALASSANE OUATTARA FRENCH DEFENCE MINISTER, FLORENCE PARLY, SIGNING AGREEMENT WITH IVORIAN DEFENCE MINISTER, HAMED BAKAYOKO MACRON LOOKING ON MACRON AND OUATTARA SEATED AS AGREEMENTS ARE SIGNED (FROM LEFT) FRENCH SPORTS MINISTER ROXANA MARACINEANU, FRENCH FINANCE AND ECONOMY MINISTER BRUNO LE MAIRE, FRENCH HEALTH MINISTER AGNES BUZYN AND PARLY SEATED FRENCH JUNIOR FOREIGN AFFAIRS MINISTER, JEAN-BAPTISTE LEMOYNE, SIGNING AGREEMENT WITH BAKAYOKO MACRON AND OUATTARA TAKING PLACES FOR NEWS CONFERENCE OUATTARA SPEAKING (SOUNDBITE) (French) IVORIAN PRESIDENT, ALASSANE OUATTARA, SAYING: "I am happy to announce that in agreement with the other heads of state of the WAEMU (West African Economic and Monetary Union), we have decided to reform the CFA franc with the three following major changes. Firstly, the renaming of the currency from the CFA franc to the Eco. Secondly, the end of the centralization of 50 percent of our reserves with the French treasury and the closing of the operating account. Thirdly, the withdrawal of France's representatives from all deciding and managing organs of the WAEMU." MACRON AND OUATTARA LISTENING TO QUESTION FROM REPORTER (SOUNDBITE) (French) IVORIAN PRESIDENT, ALASSANE OUATTARA, SAYING: "This Saturday 21 December 2019 is a historic day for our country and the whole of West Africa. This reform represents a big step in our will to make our region an integrated and dynamic economic space and a source of prosperity." MACRON AND OUATTARA LISTENING TO QUESTION FROM REPORTER (SOUNDBITE) (French) FRENCH PRESIDENT, EMMANUEL MACRON, SAYING: "I am very happy today to be at his (Ouattara's) side to announce these major historic reform. This reform aims to cross another step together, you mentioned the pillars of it a moment ago, dearest Alassane." MACRON SPEAKING (SOUNDBITE) (French) FRENCH PRESIDENT, EMMANUEL MACRON, SAYING: "Yes, it's the end of certain relics of the past. Yes it's progress. I do not think for a second that it's a loss of influence because it's a clarity given to friendship. I do not want influence through guardianship, I do not want influence through intrusion. That's not the century that's being built today and I believe that for our two countries, and for the relationship between the African continent and France, it's a balanced partnership." VARIOUS OF MACRON AND OUATTARA EMBRACING AT END OF NEWS CONFERENCE AND HOLDING ARMS UP VARIOUS OF LE MAIRE SIGNING AGREEMENT WITH BENIN'S FINANCE AND ECONOMY MINSTER AND COUNCIL PRESIDENT OF WAEMU MINISTERS, ROMUALD WADAGN END OF CONFERENCE, OUATTARA LEAVING / MACRON AND LE MAIRE SHAKING HANDS AND SPEAKING
Dateline: 2019

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