Benin
Certainly! Here is the complete historical financial report of Benin translated into English:
Basic Information: Benin
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Country ISO Code: BJ
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Official Language: French
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Language ISO Code: fr
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Current Currency: West African CFA franc (XOF)
Monetary History of Benin
1. Precolonial Currencies
Before colonization, Benin used various barter systems and local resources as means of exchange, reflecting the region’s rich cultural and economic diversity.
2. French Franc (Colonial Period)
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The French franc circulated in Benin (then Dahomey) during the colonial period, alongside region-specific banknotes issued from 1903 and coins from 1944.
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The Banque de l’Afrique Occidentale issued banknotes used throughout the region, including Benin.
3. CFA Franc (Since 1945)
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Created on December 26, 1945, initially called the “Franc of the French Colonies in Africa.”
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Renamed in 1958 to “Franc of the French Community of Africa.”
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After independence in 1960, Benin adopted the CFA franc as its official currency, remaining part of the Franc Zone.
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The CFA franc is issued by the Central Bank of West African States (BCEAO), established in 1959.
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Fixed historical parity: 1 euro = 655.957 XOF since 1999.
Coins and Banknotes
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Coins: 1, 5, 10, 25, 50, 100 CFA francs
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Banknotes: 500, 1000, 2000, 5000, 10,000 CFA francs
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Coins and banknotes feature cultural, historical, and natural symbols of the West African region.
Economic and Historical Context
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The CFA franc has supported monetary stability in the region, facilitating trade among member countries.
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As a member of the West African Economic and Monetary Union (UEMOA), Benin benefits from a common monetary policy.
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The CFA franc has undergone several historical adjustments, including devaluations in 1948 and 1994.
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Convertibility is guaranteed by the French government, a subject of ongoing debate and reform.
Issuing Authority
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Central Bank of West African States (BCEAO)
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Established in 1959, replacing the Issuing Institute of French West Africa and Togo.
Additional Information and Curiosities
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The CFA franc is shared by 14 African countries, including Benin.
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Benin officially joined UEMOA in 1984.
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Commemorative coins have been issued by BCEAO for regional events.
This report outlines the monetary evolution of Benin, from precolonial exchange systems to the current use of the CFA franc, a currency shared by several West African countries.
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