Bank of France holds nearly 90 per cent of WAEMU gold reserves

Evidence

There is another important point to note: the Bank of France holds almost 90 per cent of the gold reserves of the BCEAO, and therefore of the WAEMU countries, estimated in 2017 at 1,174.234 ounces, or nearly 36.5 tons. In general, central banks store their own gold reserves, except in very specific historical circumstances, since gold is the currency of currencies. It is the only asset that, in times of crisis of the international monetary system, engenders the trust of economic agents, hence the term ‘safe haven’. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 245 (#expands, via linked claim)

Categorization

• XREF: connects to: Portugal replicated France’s currency cooperation model with Cabo Verde.; African franc-zone reserves effectively grant France subsidized loans below market rates.; Euro pegging diverts trade toward France and blocks local industrialization. (+1 more)

Related

• The Bank of France holds nearly 90 percent of BCEAO’s gold reserves (similarity 0.98)
• African central banks must deposit half their reserves at the French Treasury (similarity 0.81)
• The CFA system requires African central banks to deposit half their reserves with France. (similarity 0.81)
• African franc-zone reserves effectively grant France subsidized loans below market rates. (similarity 0.79)
• African states have effectively paid the French Treasury to hold their reserves. (similarity 0.79)
• France does not deposit its own reserves into the shared franc zone pot (similarity 0.79)
• Gold standard currencies had fixed parities and central banks limited issuance to gold reserves (similarity 0.79)
• France’s guarantee is backed by pooled African reserves and French central bank seats (similarity 0.78)
• Foreign paper currency could always be redeemed for gold at par at home (similarity 0.78)

Broader Connections

• The Bank of France holds nearly 90 percent of BCEAO’s gold reserves #expands (0.90) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 245