The CFA franc from CEMAC and WAEMU will soon be interchangeable
The central banks are working on linking the regions' payment systems.It will soon be possible to use the CFA franc of the West African Economic and Monetary Union (WAEMU) within the Central African Economic and Monetary Community (CEMAC) and vice versa, it was announced over the weekend.
"I will not give an exact date, but it's coming soon, and will consolidate the integration of our two regions," said the Governor of the Bank of Central African States (BEAC), Lucas Abaga Nchama, on April 9th.
Tiémoko Kone, the Governor of the Central Bank of West African States (BCEAO), explained that the central banks are working on the interconnection of the payment systems of CEMAC and WAEMU.
He added this will ensure that the move does not facilitate the financing of terrorism or money laundering.
The negotiations to make the CFA franc interchangeable have been ongoing since 2012.
The aim for both regions is to promote regional integration and stimulate trade as well as economic growth.