French cabinet approves bill to reform W. Africa CFA franc

French ministers on Wednesday approved draft legislation to transform the CFA franc into a broader-based "Eco", the government spokeswoman said.


A file photo taken on September 12, 2017 shows franc CFA banknotes, in Abidjan. (Photo: AFP)

The text was approved at a cabinet meeting, and would see the currency used now by more than a dozen countries maintain its peg at 655.96 to the euro, along with an end to its centralised reserves with the Bank of France, Sibeth Ndiaye added.