Here is the complete financial historical report of Senegal, in International English, as requested:

Financial Historical Report of Senegal

Basic Data

• Country ISO Code: SN

• Official Language: French

• Language ISO Code: fr

• Current Official Currency: CFA Franc (Franc de la Communauté Financière Africaine)

• Currency ISO Code: XOF

• Issuing Authority: Central Bank of West African States (BCEAO)

History of the CFA Franc in Senegal

• The CFA franc was created on December 26, 1945, shortly after World War II, as the common currency of French colonies in Africa, originally named “Franc of the French Colonies of Africa.”

• The initial peg was set at 1 CFA franc = 1.70 French francs, adjusted to 2 French francs in 1948 due to the devaluation of the French franc.

• In 1960, with the introduction of the new French franc, the peg was adjusted to 1 CFA franc = 0.02 French francs.

• In 1994, the CFA franc was significantly devalued to 0.01 French franc.

• Since January 1, 1999, the CFA franc has been pegged to the euro at a fixed rate of 655.957 CFA francs = 1 euro, ensuring exchange rate stability for UEMOA countries, including Senegal.

Economic and Political Context

• The CFA franc is the official currency of 14 African countries, divided into two monetary zones: UEMOA (West Africa) and CEMAC (Central Africa).

• Senegal is part of UEMOA, whose issuing institution is the BCEAO.

• The CFA franc is viewed as a symbol of monetary stability but also as a continuation of French economic influence in the region.

• Senegal and other regional countries have expressed interest in replacing the CFA franc with a regional currency called the “eco,” initially planned for the coming years to enhance monetary sovereignty.

Summary

• The CFA franc has been Senegal’s official currency since 1945, with a history linked to French colonization and post-independence monetary cooperation.

• The currency has undergone several parity adjustments relative to the French franc and is currently pegged to the euro.

• The BCEAO is responsible for issuing and regulating the CFA franc in the UEMOA region.

• The future of the currency may involve adoption of the eco, a regional currency aiming for greater economic sovereignty among ECOWAS countries.

This report is based on official BCEAO information and recent historical and economic analyses.