Cameroon

Essimi Menye, Cameroon's Finance Minister, told reporters that the rumours that suggest that the CFA peg is in danger are inaccurate, stating the 14 economies which use the CFA franc are 'doing very well'. The last devaluation of the CFA franc was in 1994, when unlike today, the countries were heavily indebted, much poorer, and did not have investments pouring in, he said. Lucas Abaga Nchama, representing the Bank of Central African States, added that CFA zone countries also have comparatively strong current account positions.

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