Eight Countries Will Withdraw CFA Foreign Reserves from France

11-11-2019 Dimash Kurman 290

Last week, President of Benin, Mr. Patrice Talon, has announced that Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Togo, and Senegal will withdraw their foreign reserves of West African Francs from France. 

The President has not specified the timeline of the withdrawal. However, Mr. Talon said the reserve will be distributed across the partnered central banks around the globe for more liquidity in the future.   

Historically, CFA has been tied to the monetary policy of France and the European Union, which by many economists cause economic stagnation and high dependency on the value of Euro. Furthermore, the high dependency on France for the value put the countries on the continent into the hostage situation of the neo-colonialism situation, where France has the last word in where and how countries in the CFA bloc spend their money. 

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