The six members of the West African Monetary Union signed a new monetary agreement with France in Dakar on December 4.
The six members of the West African Monetary Union signed a new monetary agreement with France in Dakar on December 4. Under the agreement, the Central African Franc (CFA) will remain linked to the French France.
The signatories to the agreement were the Finance Ministers of the Ivory Coast, Dahomey, Upper Volta, Niger, Senegal and Togo. They also signed an agreement for a transactions account with France.
The agreements are being sent to France for signing by French Finance Minister, M. Valery Giscard D'Estaing.
Mr. Edouard Kdojo, Acting President of the West African Monetary Union's council, said that member states would be able to modify the parity of the CFA Franc with the French Franc after simple consultations with the French Government.
The new agreement follows talks in Paris between the African Finance Ministers and M. Giscard D'Estaing.