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$1|
|Note: From January 1, 1999, the CFA Fr is pegged to the euro at a rate of 655.957 CFA Fr per euro.|
|SOURCE: CIA World Factbook 2001 [ONLINE].|
|GDP per Capita (US$)|
|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.