France - Central African Republic

In the late 19th century, France gradually expanded its influence into Central Africa. The territory of the present-day Central African Republic officially became a French colony in 1905 and became part of French Equatorial Africa. During the colonial period, France developed an economic and political system focused on the exploitation of the local population and the extraction of raw materials (e.g., timber, diamonds). The country gained independence from France on August 13, 1960, and the Central African Republic was established. Jean-Bédel Bokassa seized power in a coup in 1965 and crowned himself emperor in 1976, establishing the Central African Empire. France helped overthrow his rule in 1979 and restored the republic. France has provided military assistance several times during times of political instability, such as after Bokassa's fall and other coups. After independence, close economic ties remained. France was long the largest trading partner, especially in exports (diamonds, timber, coffee). French remains the official language, and Francophone culture continues to dominate education and public administration. In recent years, France's influence in the region has declined, partly due to the growing Russian presence and the withdrawal of French military troops.

The coinage of France and the Central African Republic is a particularly interesting example of how the influence of the colonial past remains in economic systems. The official currency of the Central African Republic is the CFA franc (XAF), issued by the Banque des États de l'Afrique Centrale (BEAC). The CFA franc was originally pegged to the French franc, but is now pegged to the euro at a fixed rate of 1 euro = 655.957 XAF. CFA franc coins and banknotes are minted in France and are linked to the French financial system. African countries are required to keep 50% of their foreign exchange reserves in the French treasury.Numismatic curiosities: for example, the 1971–1972 100 franc coin has the inscription "REPUBLIQUE CENTRAFRICAINE" on the obverse and "BANQUE CENTRALE 100 FRANCS" on the reverse.The coins often feature animal and plant motifs, referring to the country's natural wealth.The CFA franc system has been widely criticized for limiting the monetary independence of African countries.France's influence in the region is declining, and more and more countries are questioning the benefits of financial cooperation.