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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	France's government on Wednesday approved draft legislation that will transform West Africa's CFA franc into the "Eco", a revamped currency with no lasting links to the region's former colonial ruler. The bill, which must still be approved by parliament, was okayed by the cabinet at a meeting Wednesday, spokeswoman Sibeth Ndiaye said. The overhaul will see the currency, used by more than a dozen countries, maintain its fixed exchange rate of 655.96 to the euro, and an end to the Bank of France holding half the currency's reserves. The currency is used by Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. All but Guinea-Bissau are former French colonies. Seven other members of the Economic Community of West African States (ECOWAS) have their own currencies, none of them freely convertible, and efforts are under way to get all to join the new Eco. Under an agreement with France, the reform entails the "withdrawal of French governance" from any aspect related to the new currency, Ivory Coast President Alassane Ouattara announced in December. The Bank of France holds half of the CFA franc's total reserves, but France does not make money on its deposits stewardship, annually paying a ceiling interest rate of 0.75 percent to member states. The arrangement guaranteed unlimited convertibility of CFA francs into euros and facilitated inter-zone transfers. CFA notes and coins were printed and minted at a Bank of France facility in the southern town of Chamalieres. The CFA franc, created in 1945, was seen by many as a sign of French interference in its former African colonies even after the countries became independent. leb/mlr/sjw/cdw
schema:headline	France greenlights bill to revamp W.African currency
schema:mentions	Alassane Ouattara Cabinet of the United Kingdom Benin Togo Interest rate Guinea-Bissau Economic Community of West African States Sibeth Ndiaye French language Seven Network Burkina Faso Mali CFA franc Ivory Coast Niger Senegal France President of the United States Chamalières Convertibility The Arrangement (film) Lebanon national rugby league team French West Africa Currency union Fixed exchange-rate system ReVamp Social justice CDW
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-20 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	71 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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