They were expected to announce some currency changes but instead opted for a complete change of the name.
CEMAC also want complete closure of the operating account (compte d’opération) at the Banque de France in order to allow the body to hold all of its foreign exchange reserves as opposed to the 50 per cent it currently holds, and the withdrawal of French representatives from the decision-making and control bodies of the BEAC (regional Central Bank).
CEMAC is currently considering joining West Africa, which is in the process of producing a regional currency called the ECO. Experts however consider the process delicate but judging by the recent Euro/Dollar crisis, which drastically affected the FCFA, they consider the move necessary.
