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Central Bank of West African States (BCEAO)
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Central Bank of West African States (BCEAO)

by Aisha MeyerMay 8, 2017
Overview
Abbreviation

BCEAO

Founded

1959

Headquarters

Dakar, Senegal

Area served

West African Economic and Monetary Union

Website

http://www.bceao.int/

Central Bank of West African States (BCEAO)

The Central Bank of West African States (BCEAO) or Banque Centrale des États de l’Afrique de l’Ouest is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union (UEMOA):

  • Benin
  • Burkina Faso
  • Guinea-Bissau
  • Côte d’Ivoire
  • Mali
  • Niger
  • Senegal
  • Togo

Its predecessor, the Institut d’Emission de l’Afrique Occidentale Française et du Togo, was created in 1955 and was transformed into BCEAO in 1959.

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About The Community Member
Aisha Meyer
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and usually also prints the national currency, which usually serves as the state's legal tender.

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