Devaluation of the CFA Franc in Senegal: the Reaction of Small Businesses

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Abstract

The devaluation of the Communauté financière africaine (CFA) franc occurred on 12 January 1994. Benin, Burkina Faso, Cameroon, Chad, Central African Republic, Comoros, Congo, Côte d'Ivoire, Equatorial Guinea, Gabon, Mali, Mauritania, Niger, and Senegal were immediately affected as the value of their currency decreased by 50 per cent. One French franc now became worth 100 instead of 50 CFA – in reality a 100 per cent increase in the cost of goods purchased on the international market with the CFA franc.

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Most cited references 12

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Adjustment in Africa: Reforms, Results and the Road Ahead

World Bank, The World Bank., mondiale Banque … (1994)

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Politics and Society in Contemporary Africa

Naomi Chazan, Robert G. Mortimer, John Ravenhill … (1992)

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Continuity and Change in Franco-African Relations

Guy Martin (1995)

While noticeable signs of change in relations between France and her former colonies in Africa began to appear in the post-cold war era, particularly since 1990, elements of continuity include their enduring historical and cultural ties; their informal, intimate, and secretive politico-diplomatic relations, typified by the bi-annual franco-African summit meetings; and the fact that when all is said and done, the contintent remains of great economic importance to France. As for the gradual process of democratisation which has swept throughout francophone Africa in recent years, there is evidence that this has been selectively supported by France according to criteria pertaining more to her core foreign-policy interests in Africa than to ideological, legalistic, or humanitarian considerations.

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Author and article information

Journal

Title: The Journal of Modern African Studies

Abbreviated Title: J. Mod. Afr. Stud.

Publisher: Cambridge University Press (CUP)

ISSN (Print): 0022-278X

ISSN (Electronic): 1469-7777

Publication date Created: December 1995

Publication date (Electronic): November 11 2008

Publication date (Print): December 1995

Volume: 33

Issue: 4

Pages: 669-683

Article

DOI: 10.1017/S0022278X00021492

SO-VID: 42115a01-7090-42e9-872d-622f33c109c2

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https://www.cambridge.org/core/terms

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