A planned new West African currency to replace the France-backed CFA franc this year has been derailed by the coronavirus pandemic and its launch could now be up to five years away, Ivory Coast's President Alassane Ouattara said on Saturday.
FILE PHOTO: Ivory Coast's President Alassane Ouattara submits the application for October presidential election at the Independent Electoral Commission in Abidjan, Ivory Coast August 24, 2020. REUTERS/Luc Gnago/File Photo
Last December, West Africa’s eight-nation monetary union announced it would sever some financial links with Paris and switch to the new currency, called the eco, by the end of 2020 while keeping it pegged to the euro. “We know the eco cannot be put in place this year because of COVID-19,” Ouattara told journalists during a visit to the city of Bouafle.
“We think it will be difficult to get to a 3% deficit for two or three years, so personally I don’t see the eco’s arrival for three to five years,” he said.
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