No plan to devalue CFA franc

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One thousand CFA francs
One thousand CFA francs

The Director General of the Treasury and the Economic Policy at the French Ministry of Economy, Finance and Employment, Xavier Musca, has said there is no plan to devalue the CFA franc.

“No Minister in the Franc zone countries has wished for the devaluation of the CFA franc. There will be none,” Musca told a news conference here Tuesday on the sidelines of the meeting of the Ministers of Finance of the Franc zone.

“The devaluation of the CFA franc is an issue involving the politicians. Our African partners have not planned it. France has not either,” he said.

“Our monetary relation with our African partners depends on the fixed parity between the euro and the CFA franc. The euro zone has accepted to ensure this convertibility. Things are going to the satisfaction of all,” the Director added.

However, several African economists, including Senegalese lecturer Moustapha Kassé, said the fixed parity between the CFA franc and the strong euro did not benefit African economies.

In supporting a devaluation of the currency of the French-speaking African countries, the experts maintained that the current situation was negatively affecting the export of African products denominated in US dollars.

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