CFA franc (XAF): the Central African currency issued by the BEAC

CFA franc (XAF): definition of the Central African currency

The CFA franc (XAF) is the common currency of the Central African states that belong to the Central African Economic and Monetary Community (CEMAC). The Bank of Central African States (BEAC), headquartered in Yaoundé, Cameroon, issues it for the whole zone. Its international code is XAF, and it is pegged to the euro at a fixed parity of 655.957 CFA francs to one euro, like the West African CFA franc.

The member countries of the CEMAC zone

Six states use the XAF: Cameroon, the Central African Republic, Congo, Gabon, Equatorial Guinea and Chad. They form the Central African Monetary Union, whose common central bank is the BEAC. French is an official or co-official language in all six countries.

This zone is distinct from that of the XOF, which brings together eight West African states around the BCEAO. The XAF code refers exclusively to the Central African currency, even though both currencies share the everyday name CFA franc. ECCAS, a wider organisation, brings these six countries together with other Central African states that use other currencies.

Issuance and operation of the BEAC

The BEAC is the zone's issuing institution: it puts banknotes and coins into circulation and conducts monetary policy. Its Monetary Policy Committee, chaired by the Governor, meets in ordinary session several times a year; the first of 2026 was held in Yaoundé on 2 April. The Governor of the BEAC is Yvon Sana Bangui.

The committee sets, among other things, the bank's intervention rate and the banks' reserve requirement ratios. It also reviews the foreign exchange reserves: in April 2026, they covered 4.52 months of imports and the external coverage rate of the currency stood at 68.0%.

The bank also controls foreign exchange in the zone. In February 2026, it declared itself fully committed to the repatriation of export revenues, which feed the reserves. It has also joined the Pan-African Payment and Settlement System, which opens a new payments corridor for the CEMAC.

Fixed parity and stability of the CFA franc (XAF)

The XAF rests on a fixed parity with the euro, which eases trade with the euro area and limits exchange rate risk, but which requires sufficient reserves and budgetary discipline from the states. In January 2026, the Governor ruled out any devaluation in Central Africa, pointing out that inflation remained below the community ceiling of 3% and that reserves covered more than four months of imports.

He stated that the bank had raised its policy rates and tightened foreign exchange controls, and he called on the states to tighten their budgets, speed up reforms and complement their programmes with the International Monetary Fund.

The BEAC cooperates with the BCEAO under an agreement concluded in 2008, notably on digital payments and cybersecurity.