French Treasury

The French Treasury refers to the French government’s central treasury authority, which in the context of the CFA franc zone acts as the guarantor and settlement backstop for the convertibility of franc zone currencies. Central banks of franc zone African countries must deposit a portion of their reserves with it, and it guarantees unlimited convertibility by lending to those central banks or being financed by their surplus accounts.

Claims that use this term

• Unlimited CFA convertibility is guaranteed by the French Treasury lending as needed
• CFA francs are not convertible anywhere in the world outside the French Treasury framework
• French Treasury guarantees unlimited convertibility by lending money to franc zone central banks
• When franc zone accounts are in credit, the central banks finance the French Treasury
• African central banks must deposit half their reserves at the French Treasury
• French Treasury supervision is the backbone of the CFA system’s operations