New Currency ECO in Africa, 15 Countries ECOWAS Adopting Country
New Currency ECO in Africa, CFA Franc Currency Name, ECO Currency Country List, ECOWAS Full Form, Current Affairs on ECO Currency, ASEAN New Currency, SAARC Currency.
New Currency ECO in Africa: There are 15 countries in Africa who are going to adopt new currency in Africa. They have agreed to look up vision of Europe type like Euro. In written exam of UPSC there may be question asked from ECOWAS, ECO than full form of ECOWAS and Name of th 15 countries who adopted ECO currency or name of currency adopted by 15 countries of Africa. Economic Community of West African States is called ECOWAS all these are 20 percent of Africa continent.
Launching Date of Eco currency: 2020.
ECO Country List 2019: Western Countries.
- Burkina Faso
- Cape Verde
- The Gamibia
- Ivory Coast
- Sierra Leone
ECOWAS Currency: The birth of ECOWAS, regional bloc of countries was created on May 1975. The main initial work of ECOWAS is to look up trade disputes, Taxation- double taxation problem. Eventually ECOWAS decided to make single currency. All this currency has already own current and some country have reserved their currency in other state.
CFA Franc Country List 2019: Total eight country of ECO Currency have deposit their foreign reserves with French treasury as per long monetary agreement. This currency is used by Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
- Nigeria Currency Name: Naira.
- XCHANGE Rate of CFA Franc: 1 Euro is equal to 655 CFA Franc.
- Reason of CFA is French Empire: 1919 to 1939 in this western country.
Benefits of SINGLE CURRENCY:
Visa Free Travel.
Goods Remove under Free Trade Agreement.
If you are a business and import and export in any country that may be conversion costs higher but single currency will not affect these problems.
Single currency gives competition and transparency.
Negative side of Currency:
Dominant Economy is Nigeria Biggest oil Exporter from these 15 Countries.
Nigeria will head ECO Currency.
ECO (Currency) Primary Target:
Fiscal Deficit not more than 4% of GDP.
SINGLE DIGIT INFLATION RATE at the end of each year.
10% Tax Revenue in Central bank deficit financing.
Breaking News: ASEAN country will also move to single country in 2022-23. PM Modi given idea on ground level suggested single currency but due to political problem it may not carry out.