• Short Summary

    DELEGATES FROM FOURTEEN AFRICAN COUNTRIES WHOSE CURRENCIES ARE CLOSELY LINKED WITH FRANCE DECIDED IN PARIS TONIGHT (SUNDAY) THAT THEY SHOULD DEVALUE IN LINE WITH THE FRENCH FRANC.

  • Description

    DELEGATES FROM FOURTEEN AFRICAN COUNTRIES WHOSE CURRENCIES ARE CLOSELY LINKED WITH FRANCE DECIDED IN PARIS TONIGHT (SUNDAY) THAT THEY SHOULD DEVALUE IN LINE WITH THE FRENCH FRANC.

    MOST OF THE COUNTRIES CONCERNED ARE FORMER FRENCH COLONIES. NINE AFRICAN MINISTERS AND FIVE DIPLOMATIC REPRESENTATIVES MET FRENCH FINANCE MINISTER GISCARD D'ESTAING AT 1900 GMT AT THE FRENCH FINANCE MINISTRY. THE COUNTRIES REPRESENTED AT THE CONFERENCE WERE SENEGAL, MAURITANIA, IVORY COAST, DAHOMEY, TOGO, NIGER, MALI AND UPPER VOLTA, WHICH ARE GROUPED IN THE WEST AFRICAN MONETARY UNION, CONGO-BRAZZAVILLE, CHAD, GABON, CAMEROUN, AND THE CENTRAL AFRICAN REPUBLIC, WHICH FORM THE CENTRAL BANK OF EQUATORIAL AFRICA, AND MADAGASCAR.

    THE PRE-DEVALUATION PARITY OF THE CENTRAL AFRICAN FRANC WAS TWO FRENCH CENTIMES.

    NOW THE FOURTEEN COUNTRIES WILL DEVALUE BY THE SAME AMOUNT AS THE FRENCH FRANC - 12.5 PER CENT.

    M. GISCARD D'ESTAING TOLD REPORTERS AFTER THE MEETING THAT THE REPRESENTATIVES HAD 'UNANIMOUSLY APPROVED THE PRINCIPLE OF THE MAINTENANCE OF PARITY BETWEEN THEIR CURRENCIES AND THE FRENCH FRANC.'
    ASKED WHETHER DEVALUATION WOULD PRESENT ANY HARDSHIP FOR THE COUNTRIES, THE FRENCH FINANCE MINISTER SAID THAT SOME OF THEM - THOSE WHICH EXPORT PRIMARY COMMODITIES TO WORLD MARKETS WOULD FIND THEIR EARNINGS INCREASED IN TERMS OF THEIR DOMESTIC CURRENCIES.

    INDIVIDUAL CASES, HE ADDED, WOULD BE REVIEWED WHEN THE FRANC ZONE FINANCE MINISTERS MEET IN PARIS IN SEPTEMBER BEFORE THE INTERNATIONAL MONETARY FUND MEETING IN WASHINGTON.

    THE FUND TONIGHT GAVE ITS APPROVAL TO THE FRANC ZONE DEVALUATION.

  • Tags

  • Data

    Film ID:
    VLVA3NWRB0FMZHKBMVRGSNCK7AWGC
    Media URN:
    VLVA3NWRB0FMZHKBMVRGSNCK7AWGC
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    10/08/1969
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:57:00
    Time in/Out:
    /
    Canister:
    N/A

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