Mali - Money

The unit of currency is the Communaute Financiere Africaine franc (CFA) which is equivalent to 100 centimes. It exchanged at CFAF647.25 for US$1 in January 2000 a depreciation from CFAF499.15 in 1995. Since 1 January 1999, the CFA franc has been effectively pegged

Exchange rates: Mali
Communauté Financiére Africaine francs per US$1
Jan 2001	699.21
2000	711.98
1999	615.70
1998	589.95
1997	583.67
1996	511.55
Note: From January 1, 1999, the CFA Fr is pegged to the euro at a rate of 655.957 CFA Fr per euro.
SOURCE: CIA World Factbook 2001 [ONLINE].

GDP per Capita (US$)
Country	1975	1980	1985	1990	1998
Mali	268	301	271	249	267
United States	19,364	21,529	23,200	25,363	29,683
Nigeria	301	314	230	258	256
Mauritania	549	557	511	438	478
SOURCE: United Nations. Human Development Report 2000; Trends in human development and per capita income.

to the euro at a rate of CFAF655.957 per euro. Mali left the CFA franc zone in 1962 and established its own currency, the Malian franc (Mfr), at par with CFA franc and its own central bank. However, smuggling and speculation rapidly undermined the new Malian franc forcing it to rejoin the CFA franc zone in 1967. It did not, however, rejoin the sub-regional monetary organization, the Union Monetaire Ouest-Africaine (West African Monetary Union, UMOA) until 1984.