Mali Currency

Mali currency comprises the CFA Franc. Mali currency is denoted by the symbol CFAF. The ISO code of Mali currency is XOF. Malian currency comprising CFA Franc is subdivided into 100 divisions. Each subdivision is known as centimes. Currency of Mali was independent during 1962 to 1984. In spite of being technically subdivided into 100 centimes, there were no issuance of subdivisions.

History of Mali currency:

Mali currency consisting of West African CFA( Communaute Financiere Africaine) Franc was used till the year 1962. The same year the Malian franc was introduced.

The Malian franc was at par with the Communaute Financiere Africaine Franc or the CFA franc. Mali currency became re associated with the CFA franc in the year 1967. Mali suffered a trade deficit till the 1970s. However, Mali Currency has sluggishly Presently, the Central bank of West African states, is responsible for issuing banknotes in Mali.

Mali currency consisting of the CFA franc is used in 14 states of West Africa and Central Africa. The CFA Franc is pegged against Euro at 655.96. The CFA Franc will also be determined by the United States Dollar or the USD as well as the Sterling.

Exchange rates:

Exchange rates are determined by the supply as well as demand of the currencies in the market.

The supply as well as demand of the currencies are influenced by the interest rates prevailing in the market. The prevailing economic conditions in the market also determine the exchange rates of different currencies.

Denomination of banknotes and coins:

Mali currency consisting of coins:

Aluminium coins in denominations of 25,10,5 were issued in 1962. Coins made of aluminium and bronze were issued during '75-'77.

Banknotes:

Bank of Republic of Mali issued banknotes in 1962. The denomination were 5000 francs, 1000 francs, 500 francs, 100 and 50 francs. Banknotes were issued for the second time in the year 1967. The denominations were the same as the banknotes issued for the first time. Central bank of Mali started producing banknotes in 1971. The Central bank issued the 3rd series of banknotes. The denominations were 10,000 , 5000, 1000, 500 and 100 francs.