banner1
banner2
Banner3
Banner 4
 
News:
Equatorial Guinea
Select another country

Banking

On January 1, 1985, the country became the first non-Francophone African member of the franc zone, adopting the CFA as its currency when it became a member of the BEAC (Banque des Etats de l’Afrique Centrale). The BEAC, with the backing of the French treasury, served as the central bank of its six member states which form the Economic and Monetary Community of Central Africa: Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon. Consequently, Equatorial Guinea has adhered to the Franc Zone, using as currency the African Financial Community franc (Communauté Financière Africaine). The current governor of Gabon, Ali Bongo, was appointed in October 2009 in response to a bank scandal in which US$28.3 million went missing from the bank's Paris branch.

Equatorial Guinea Banks

The list of commercial banks licensed to operate in Equatorial Guinea includes: BGFIBank Guinee Equatoriale and Caisse Commune d’Epargne et d’Investissement Guinée Equatoriale (CCEI).

Currency

Equatorial Guinea’s official currency is the Central African CFA franc (symbol: franc, Code: XAF), which is the currency of the six independent states of the BEAC. It is issued by BEAC, located in Cameroon, for the members of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, "Economic and Monetary Community of Central Africa"). The franc is nominally subdivided into 100 centimes but no centime denomination has been issued. The circulated banknotes are 10,000, 5,000, 2,000, 1,000 and 500 francs domination. The CFA franc per US$ rate is 534 (2010). Equatorial Guinea’s inflation rate is 7.5% (2009).


Back to top>