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Business News of Tuesday, 12 April 2016

Source: APAnews

UEMOA, CEMAC Franc CFA soon interchangeable- Official

The interchangeability of the CFA franc between Central Africa’s Economic and Monetary Community (CEMAC) and the West African Economic and Monetary Union (UEMOA) will “soon” be effective, the Governor of the Bank of Central Africa States (BEAC), told the Cameroonian daily “Mutations”’ published on Monday.

In his interview with the privately-owned daily, Lucas Abaga Nchama declined to give a date for the entry into force of this convergence measurement, indicating however that the two regional bodies would consolidate the integration.

I would like to reassure the public that we are working to take the appropriate measures to prevent money laundering and the financing of terrorism, he said.

The negotiations on the entry into force of the CFA franc interchangeability, which have been frozen for two decades, resumed in 2012, with a planned set of technical meetings considered by experts as dynamic.

Through a secured framework for exchanges, the planned discussions will focus on ways to restore the convertibility of bank notes between CEMAC and UEMOA.

It could be recalled that the CFA Currency Area groups Benin, Burkina Faso, Cameroon, Cote d’Ivoire, Congo, Gabon, Guinea Bissau, Equatorial Guinea, Mali, Niger, Senegal, Chad, Togo and the Central African Republic (CAR).