The Central African Republic franc is the official currency of the Central African Republic (CAR). It is the legal tender that is used for all transactions within the country. The currency is denominated by the symbol "CFA" followed by the currency code "XAF". The Central African Republic franc is part of the Central African CFA franc, which is a common currency used by several countries in Central Africa.
The Central African Republic franc is issued and regulated by the Bank of Central African States (BEAC). It is a fiat currency, which means that its value is not backed by a physical commodity such as gold or silver, but rather by the trust and confidence of its users.
The currency is available in both coins and banknotes, with various denominations to accommodate different transaction values. The coins are issued in denominations of 1, 2, 5, 10, 25, 50, 100, and 500 francs. Banknotes are available in denominations of 500, 1,000, 2,000, 5,000, and 10,000 francs.
The Central African Republic franc's exchange rate may fluctuate against other currencies depending on various economic factors such as inflation, interest rates, and economic stability. It is commonly used for trade, tourism, and various other financial transactions within the Central African Republic.
