Outsourced banknote production costs franc-zone states over half a billion euros

Evidence

Between 2013 and 2017, the BCEAO spent 226.8 million euros for the ‘maintenance of the currency circulation’, which involves the purchase, transport and insurance of banknotes, at an average cost of €45 million per year. Between the mid-2000s and 2017, the bill has reached over half a billion euros. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 244 (#corroborates, via linked claim)

The currencies issued by the BCC, the BEAC and the BCEAO each have their own currency code: KMF, XAF and XOF respectively. The CFA franc banknotes are produced in France by the Bank of France’s printing plant in Chamalières, in the department of Puy-de-Dôme, while the coins are minted at the Paris mint, located in Pessac, in the Gironde department. The countries of the franc zone are not the only ones to have their currencies produced abroad. Only eight of the 39 African countries that do not belong to the franc zone have their own printing facilities: Ghana, Nigeria, South Africa, Morocco, Egypt, Algeria, the Democratic Republic of the Congo and Sudan. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 243 (#expands, via linked claim)

Categorization

• XREF: connects to: Producing CFA francs in France costs franc zone states over half a billion euros — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 244; CFA franc notes and coins are printed and minted entirely in France — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 243; CFA franc notes are printed in France rather than by member states

Related

• CFA franc notes are printed in France rather than by member states (similarity 0.95)
• All CFA franc banknotes are physically printed inside France (similarity 0.92)
• Producing CFA francs in France costs franc zone states over half a billion euros (similarity 0.91)
• CFA currency is still physically manufactured in France (similarity 0.91)
• CFA franc notes and coins are printed and minted entirely in France (similarity 0.90)
• CFA notes and coins are still manufactured in France. (similarity 0.86)
• CFA francs are non-convertible among the three African franc-zone sub-units (similarity 0.80)
• The CFA system requires African central banks to deposit half their reserves with France. (similarity 0.80)
• CFA francs are not convertible anywhere in the world outside the French Treasury framework (similarity 0.79)
• Portugal replicated France’s currency cooperation model with Cabo Verde. (similarity 0.79)
• France avoided needing dollars to buy from CFA-zone countries. (similarity 0.79)
• Franc zone central banks bypass tender rules for banknote production (similarity 0.78)

Broader Connections

• Producing CFA francs in France costs franc zone states over half a billion euros #corroborates (1.00) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 244
• CFA franc notes are printed in France rather than by member states #expands (0.90)
• CFA franc notes and coins are printed and minted entirely in France #expands (0.80) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 243