Finance Ministers from the Franc zone gathered in BRAZZAUILLE, the capital of the Congo, on Sunday (5 June) for the start of a two-day conference.
Finance Ministers from the Franc zone gathered in BRAZZAUILLE, the capital of the Congo, on Sunday (5 June) for the start of a two-day conference. The zone embraces all those countries and groups of countries whose currencies are linked with the French franc, at a fixed rate of exchange. The countries also agree to hold their reserves mainly in the form of French Francs and to effect their exchanges on the Paris market.
SYNOPSIS: President Joachim Opango, the leader of the Congo, chaired the meeting, which is the first such gathering to be held in his country. Representatives of most of the member countries, including France, attended.
Few details have been released about the meeting, but Congolese Radio says the conference will deal essentially with mutual financial and economic problems. There are two meetings a year, one in Africa and the other in France.
President Opango told delegates the Franc zone still provided a dynamic framework for co-operation on the monetary level. He said its continuing vitality could be attributed to continuing liaison and the unity between member countries in trying to find solutions to economic problems.