Central Bank of West African States


The Central Bank of West African States is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union :
The Bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.

History

Its predecessor, the Institut d’Emission de l’Afrique Occidentale Française et du Togo, was created in 1955 and was transformed into BCEAO in 1959.
The treaty establishing the West African Monetary Union, signed on May 12, 1962, gave BCEAO the exclusive right to issue the currency as the common central bank for the then seven member countries:
On June 30, 1962 Mali left the group and adopted the Malian franc as national currency. On December 17, 1963 Togo officially joined the UMOA. On May 30, 1973 Mauritania withdrew and adopted the ouguiya as national currency. On February 17, 1984, Mali joined the UMOA again.

Governors