Here is the complete financial historical report of Mali, in International English, based on the researched information:

Financial Historical Report of Mali

Basic Data

• Country ISO Code: ML

• Official Language: French

• Language ISO Code: fr

• Current Official Currency: West African CFA franc

• Currency ISO Code: XOF

Currency History in Mali

1. West African CFA Franc (until 1962)

• Until 1962, Mali used the West African CFA franc, a common currency for French colonies in West Africa, issued by the BCEAO (Central Bank of West African States).

• The CFA franc was pegged to the French franc and, since 1999, to the euro at a fixed rate.

2. Malian Franc (1962–1984)

• On July 1, 1962, Mali introduced its own national currency, the Malian franc, replacing the CFA franc at par (1 Malian franc = 1 CFA franc).

• The Malian franc was issued by the Central Bank of Mali, with coins and banknotes produced in then Czechoslovakia.

• Subdivided into 100 centimes, although fractional coins were not issued.

• The currency suffered from inflation and was devalued by 50% in 1967.

• The Malian franc was never fully accepted by the population, who preferred the CFA franc especially for trade with neighboring countries.

• In 1984, facing high inflation (~25%) and economic difficulties, Mali returned to the CFA franc at a conversion rate of 2 Malian francs = 1 CFA franc.

Details of the Malian Franc (1962–1984)

3. Return to the CFA Franc (since 1984)

• Since 1984, Mali has used the West African CFA franc again, a currency shared by 14 countries in the West African Economic and Monetary Union (WAEMU).

• The CFA franc is issued by BCEAO.

• It is pegged to the euro at a fixed rate of 655.957 XOF = 1 euro.

• The CFA franc facilitates regional trade but limits Mali’s monetary autonomy.

Economic and Monetary Context

• The Malian franc was introduced to assert monetary sovereignty after independence.

• Inflation, devaluations, and lack of confidence led to the return to the CFA franc.

• The CFA franc offers exchange rate stability and regional economic integration, though at the cost of monetary policy independence.

Current Status

• The West African CFA franc is the sole official currency in Mali.

• BCEAO manages currency issuance, control, and monetary policy for the region.

This report summarizes Mali’s currency evolution, highlighting the Malian franc period and the return to the CFA franc, which remains in use today.