Eight West African countries renamed common currency as 'Echo'

Eight West African countries renamed common currency as 'Echo'

The President of Ivory Coast has said that after changing the name of the currency, any interference of France in relation to the currency of these countries will stop. The announcement was made during French President Emmanuel Macron's visit to Ivory Coast.Eight countries in West Africa have recently decided to change the name of their common currency to the 'Echo'. These countries have also decided to separate the current currency 'CFA Franc' from the colonial ruler France.

These eight countries are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These countries have decided to end the existence of the French colonial period. All these countries, except Guinea-Bissau, are former colonies of France. This new currency will come into circulation in 2020.
The President of Ivory Coast has said that after changing the name of the currency, any interference of France in relation to the currency of these countries will stop. The French President said that it is expected that these countries of West Africa will establish new records of development with their new currency.main point
• This announcement was made during the visit of French President Emmanuel Macron to Ivory Coast.
• Ivory Coast President Elassane Outtara announced three major changes in the country's financial capital Abidjan.
• These changes included changing the name of the currency, keeping more than 50 per cent of the money reserves in the French treasury and stopping France's interference with the currency in any way.
• President of France, Emmanuel Macron, described it as a historic reform and said that Eco will start in the year 2020.History of CFA Frank
CFA Franc was initially linked to the French currency 'Franc'. It was later added to the euro nearly two decades ago. The currency is currently used by Benin, Burkina Faso, Guinea-Basau, Ivory Coast, Mali, Niger, Senegal and Togo in West Africa. All of these countries except Guinea-Basau were colonies of France.
CFA franc currency has been used in these countries since 1945. This is the reason that CFA Frank was seen as an intervention of France in the East African colonies even after the independence of these countries.