France’s President Emmanuel Macron is welcomed by Ivory Coast President Alassane Ouattara at the Petit Palais in Abidjan, Ivory Coast, December 21, 2019. REUTERS/Luc Gnago
December 21, 2019
ABIDJAN (Reuters) – The West African Economic and Monetary Union has reached an agreement with France to make changes to the CFA franc, Ivorian President Alassane Ouattara said on Saturday, in a historic shift away from the former colonial power.
Under the agreement, the currency remains pegged to the euro and will be renamed ECO. It also scraps a requirement for countries to keep 50% of reserves in the French treasury and the need for a French representative on the currency union’s board.
(Reporting by Ange Aboa; Writing by Alessandra Prentice; Editing by Dan Grebler)
