The Activities of Commercial Banks in French-Speaking African States

On May 12th, 1962, the West African Monetary Union was established by treaty between six French-speaking African states, Senegal, Ivory Coast, Upper Volta, Niger and Dahomey. This Union is linked with France by a system of “operations accounts” concluded between the French Treasury and individual is...

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Bibliographic Details
Published in:Journal of African law 1975, Vol.19 (1-2), p.36-51
Main Authors: Alibert, J., Sathoud, J.-E.
Format: Article
Language:English
Subjects:
Bank accounts
Bank capital
Bank credit
Bank loans
Banking legislation
Central banks
Commercial banks
Credit
Development banks
Guarantees
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Summary:On May 12th, 1962, the West African Monetary Union was established by treaty between six French-speaking African states, Senegal, Ivory Coast, Upper Volta, Niger and Dahomey. This Union is linked with France by a system of “operations accounts” concluded between the French Treasury and individual issuing banks. The system ensures the free inter-state convertibility of their currencies and with the French franc, the C.F.A.F. (Communauté Financière Africaine Franc) being guaranteed by the French Republic. Under this system commercial and financial transactions are free within this monetary area, and within the Franc Zone. A common central bank, the Central Bank of West African States, was set up.
ISSN:0021-8553
1464-3731
DOI:10.1017/S0021855300006902