Best Bitcoin Exchange for Mali

Mali is one of the largest countries in Africa with a total area of more than 480,000 square miles. Since 1988, the country has undergone several economic reforms, starting with the signing of an agreement with the World Bank and the IMF. The economic adjustment programme implemented by the Malian government between 1992 and 1995 led to economic growth and eliminated financial imbalances in the country. Despite ongoing economic reforms and programs, Mali remains one of the poorest countries in the world, with the average worker receiving about $1,500 a year. Mali’s financial operations are conducted by the Central Bank of West African States.

Malian currency

The currency of Mali is the West African CFA franc, designated by the CFAF symbol and having an ISO code of XOF. The West African CFA franc broke into 100 subdivisions known as centimes. Mali previously had an independent currency, the Malian franc, which was used between 1962 and 1984 before the CFA franc was reintroduced as the official currency. Although the CFA franc is divided into 100 centimes, the subdivisions are not in circulation in the country.

History of the currency of Mali

The West African CFA franc was used as the Malian currency until 1962, when it was replaced by the Malian franc. The Malian franc was at eye level with the CFA franc and was also divided into 100 centimes, although the subdivisions were not issued. In 1967, however, the Malian franc depreciated significantly against the CFA franc, with Mali showing a trade deficit until the 1970s. Mali reintroduced the CFA franc at an exchange rate of 2 Malian francs to 1 CFA franc in 1984.

The CFA franc

The Franc of the Communaute Financiere Africaine (CFA) is currently the official currency of Mali. CFA Franc is a designation for the two currencies issued in West and Central Africa. The two currencies assume permanent parity and are effectively exchangeable. The CFA franc coins and notes are issued in Mali by the West African Central Bank. The currency is issued in 14 West and Central African countries. The CFA franc was developed in 1945 as a result of the weakness of the French franc after the Second World War. The CFA franc was founded in French colonies to decouple the colonies from the strong devaluation of the French franc and thereby promote exports to France.

Banknotes and coins

In 1961 aluminium coins from 1961 were issued in various denominations, including 5, 10 and 25 francs. The second series of aluminium and bronze coins was issued between 1975 and 1977 in additional denominations of 50 and 100 francs. In 1962, banknotes in the currencies 50, 100, 500, 1000 and 5000 were issued by the Bank of the Republic of Mali. A second series of banknotes was issued in 1967 in the same denominations as those issued in 1962. In 1971, the Central Bank of Mali began issuing banknotes producing the third series of banknotes in denominations ranging from 100 to 10,000 francs.

At a Glance

• Currency code: CFA Fr, XOF
• Banknotes with a value of 10,000, 5,000, 2,000, 1,000 CFA Fr are in circulation. Coins are available in denominations of 500, 250, 200, 100, 50, 25, 10, 5 and 1 CFA Fr.
• The CFA Franc (XOF) is issued by the Banque des Etats de l’Afrique de l’Ouest (BCEAO) and used by the 8 members of the African Economic and Monetary Union (UEMOA) Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. The CFA Franc (XAF) issued by the Banque des Etats de l’Afrique Centrale (BEAC) is not legal tender in Mali. The CFA franc is pegged to the euro at a fixed exchange rate.
• Currency exchange: most banks in Mali exchange cash. The money exchange in banks can take quite a long time, often supermarkets (which attach importance to foreign exchange) exchange the money faster. The euro is the easiest to exchange, US dollars are also accepted (with higher commission). Euro banknotes are often accepted as means of payment in Mali, but hardly inland.
• Credit cards: Payments with Visa, Diners Club and Eurocard are only accepted in better hotels and restaurants of Bamako.
• ATMs: Cash withdrawals with Visa cards are only possible at BDM in Bamako, sometimes also at Bicim.
• Travelers Cheques: Accepted in banks (although not as popular as cash). It is recommended that they be issued in euros or US dollars, the exchange commission is around 2%.
• Foreign exchange regulations: The import and export of the local currency is unlimited. The import and export of foreign currencies is also unlimited. There is an obligation to declare amounts equivalent to 25,000 CFA CHF or more.
• Bank opening hours: Mon – Fri 08.00 – 12.00 and 15.00 – 17.00 o’clock, Sat 08.00 – 12.00 o’clock.