The unit of account is the West African CFA franc. There are no restrictions on the import of local currency. Monetary policy in Côte d'Ivoire is set by the regional central bank, the Central Bank of West African States (BCEAO). The Bank aims to conduct a prudent policy
|Exchange rates: Côte d'Ivoire|
|Communauté Financiére Africaine francs (CFA Fr) per US$1|
|Note: From January 1, 1999, the CFA Fr is pegged to the euro at a rate of 655.957 CFA Fr per euro.|
|SOURCE : CIA World Factbook 2001 [ONLINE].|
|GDP per Capita (US$)|
|Note: Data are estimates.|
|SOURCE : Handbook of the Nations , 17th, 18th, 19th and 20th editions for 1996, 1997, 1998 and 1999 data; CIA World Factbook 2001 [Online] for 2000 data.|
consistent with the fixed exchange rate to the French franc, which since January 1999 has implied a fixed exchange rate to the euro, the new common currency of the European Union. In January 2000 the exchange rate was 647CFA Fr = US$1, a depreciation in the value of the CFA franc of 23 percent from 499CFA Fr = US$1 in 1995.
The BCEAO controls monetary policy in the Côte d'Ivoire, and a cautious rate of increase in the money supply has kept the inflation rate low in since 1995. In 1999 inflation was estimated at 0.8 percent a year.