CAMEROON FRANC Meaning and
Definition
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Cameroon Franc refers to the official currency of the Republic of Cameroon, a country located in Central Africa. It is denoted by the currency code XAF and symbolized by the abbreviation FCFA, which stands for "Franc de la Communauté Financière Africaine" in French, meaning "Franc of the African Financial Community." The Cameroon Franc is not specific to Cameroon alone but is also shared as a currency by five other countries in the Central African region, including Chad, Republic of Congo, Equatorial Guinea, Gabon, and the Central African Republic. This shared currency is known as the Central African CFA franc.
The Cameroon Franc is managed by the Central African Monetary Union (CAMU) along with the other countries that use it. The currency is issued in the form of coins and banknotes, with the coins available in denominations of 1, 2, 5, 10, 25, 50, 100, and 500 francs, and banknotes in denominations of 500, 1000, 2000, 5000, and 10,000 francs.
The Cameroon Franc is backed by the foreign reserves of the CAMU member countries and remains pegged to the Euro. This means that its exchange rate is fixed to the Euro, with 1 Euro equal to around 655.957 XAF. The stability of the currency is maintained through the collaboration and monetary policies of the Central Bank of Central African States (BEAC). The Cameroon Franc is widely accepted for business and trade transactions within the member countries of the Central African Monetary Union.
Common Misspellings for CAMEROON FRANC
- xameroon franc
- vameroon franc
- fameroon franc
- dameroon franc
- czmeroon franc
- csmeroon franc
- cwmeroon franc
- cqmeroon franc
- caneroon franc
- cakeroon franc
- cajeroon franc
- camwroon franc
- camsroon franc
- camdroon franc
- camrroon franc
- cam4roon franc
Etymology of CAMEROON FRANC
The etymology of the word "Cameroon Franc" can be broken down into two parts: "Cameroon" and "Franc".
1. Cameroon: The name "Cameroon" is derived from the Portuguese word "Camarões", which means "shrimps" or "prawns". The Portuguese explorers named the region after encountering prawns near the Wouri River. Over time, the name evolved into "Cameroon" in English.
2. Franc: The term "Franc" originates from the Latin word "Francus", meaning "free". It was initially used to describe the currency of the French Republic when it was officially introduced in 1795 during the French Revolution. The use of the term "Franc" for currency spread to many French colonies, including Cameroon.
Therefore, the term "Cameroon Franc" combines the name of the country with the currency used in Cameroon.
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