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No, Cemac’s CFA Franc has not devaluated

No, Cemac’s CFA Franc has not devaluated

The answer is:
Paru le mardi, 14 mai 2019 12:38

The Euro-CFA Franc nexus is still tied up

A photo of a PNB Paribas ATM receipt currently shared on social media makes people think that there has been a devaluation of the Central African CFA Franc. It seems the exchange rate applied on the receipt is €1 to XAF741.28 but we all know the CFA franc is currently tied to the euro at a fixed exchange rate of one euro to 655 CFA francs. What happened?

A scrutinized analysis of the receipt shows there is a 6% commission that has been invoiced. “I accept to be charged in XAF; conversion made with the Alternate Solutions exchange rate of May 10, 2019 with a 6% commission,” we can read on the paper. This commission rate adds up to traditional exchange fees. Thus it increases cumulative amount, meaning that one euro was at that time equivalent to XAF741.

Sylvain Andzongo

Dernière modification le mardi, 14 mai 2019 12:43

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