XAF to ARS

ARS - Argentine Peso ($)

Argentine Peso

The Argentine Peso (ARS) is the currency unit for Argentina. The Peso symbol is the same as the dollar sign ($). The Peso is subdivided into centavos; 1 Peso = 100 centavos. The previous currency of Argentina was also called the Peso; however, the currency evolved and fewer zeros are currently being used.

The Argentine Peso is the currency in Argentina (AR, ARG). The symbol for ARS can be written $. The Argentine Peso is divided into 100 centavos. The exchange rate for the Argentine Peso was last updated on May 24, 2019 from Yahoo Finance. The ARS conversion factor has 5 significant digits.

Economy

• Before 1826, the Spanish silver eight-real coin was named the Peso. After Argentina became independent, the country started using new coin denominations: Escudos, Soles, and Reales. The coins were in circulation until 1881.
• From 1881, to 1969 the silver and gold Pesos were introduced. The gold coin denominations were 2½ and 5 Pesos, the silver coins were 5, 10, 20, and 50 centavos, as well as 1 Peso, and the copper coins were 1 and 2 centavos.
• From 1970 to 1983, the "Peso Ley" replaced the previous peso; 1 Peso Ley = 100 Pesos Nacionale.
• From 1983 to 1991, the Peso was replaced by the previous currencies.
• In 1992, the last Peso was introduced and is referred to by the international market as the Peso Convertible. A fixed exchange rate was established between the Central Bank of Argentina and the United States Dollar at a rate of 1 USD = 1 Peso. The agreement expired in 2001.
• After 2001, the fixed agreement with the USA expired, and since 2002, the exchange rate has been fluctuating.

History

• Argentina’s economy is rated as a higher middle economy.
• The economy is sustained by the abundance of natural resources, a diverse industry base, and an export-focused agricultural program.
• During the early twentieth century Argentina was considered the richest country in the southern hemisphere.
• The top industries are appliances, electronics, textiles, beverages, furniture, printing, chemicals, pharmaceuticals, motor vehicles, and food processing.
• Export products are soybeans, natural gas, aluminum, steel, refined fuel, machinery, vegetable products, and other industry products.
• Import products are mainly capital goods, consumer durables for the automotive industry, freight vehicles, lubricants, and refined fuel.

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XAF - Central African CFA Franc (XAF)

Central African CFA Franc

The CFA Franc BEAC is pegged to the Euro at 1 Euro = 655.957 XAF. It is the currency for six independent states in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.

The Central African CFA is the currency in Cameroon (CM, CMR), Central African Republic (CF, CAF), Chad (TD, TCD), Congo (CG, COG), Equatorial Guinea (GQ, GNQ), and Gabon (GA, GAB). The Central African CFA is also known as Communaute Financiere Africaine BEAC Francs. The symbol for XAF can be written CFAF. The Central African CFA is divided into 100 centimes. The exchange rate for the Central African CFA was last updated on Today from The International Monetary Fund. The XAF conversion factor has 6 significant digits.

Economy

• Cameroon is one of the most prosperous countries in Africa. The drop in commodity prices for its principal exports—petroleum, cocoa, coffee, and cotton—in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per-capita GDP fell by more than 60% from 1986 to 1994.
• The Central African Republic (CAR) is classified as one of the world's least developed countries, with an estimated annual per capita income of $700 (2009).
• Landlocked Chad's economic development suffers from its geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, such as the herding of livestock.
• The economy of the Republic of the Congo is a mixture of village agriculture and handicrafts, an industrial sector based largely on petroleum extraction, support services, and a government characterized by budget problems and overstaffing.
• Equatorial Guinea‘s GDP has forestry, farming, and fishing as major components. Subsistence farming predominates. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy under successive regimes has diminished the potential for agriculture-led growth.
• Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP and 80% of exports. Oil production is now declining from its peak of 370,000 barrels per day (59,000 m3/d) in 1997. The 1998 fall-off in oil prices had a negative impact on government revenues and the economy. Gabon public expenditures from the years of significant oil revenues were not spent well.

History

• BEAC stands for Banque des Etats de l'Afrique Centrale.
• The CFA Franc BEAC was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African Franc. The equatorial African colonies and territories using the CFA Franc BEAC were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari.
• The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA Franc in 1984, replacing the Equatorial Guinean Ekwele at a rate of 1 Franc = 4 Bipkwele.
• In 1948, coins were issued for use in all colonies (except French Cameroon) in denominations of 1 and 2 CFA Franc BEAC. This was the last minting of a 2-franc coin for nearly 50 years.
• In 1958, 5-, 10- and 25-franc coins were minted (and used in French Cameroon). These coins bore the name of Cameroon, as well as the États de l'Afrique Equatorial.
• In 1961, nickel 50-franc coins were introduced, followed by nickel 100-franc coins in 1966. Since 1971, 100-franc coins were issued by individual states. In 1976, cupro-nickel 500 francs coins were introduced.
• Since 1985, coins have also been issued by individual states. That year also saw the introduction of 5-, 25-, 50- and 100-franc coins for use in Equatorial Guinea.
• When the CFA Franc BEAC was introduced, notes issued by the Caisse Centrale de la France d'Outre-Mer ("Central Cashier of Overseas France") in denominations of 5, 10, 20, 100 and 1,000 Francs were in circulation. In 1947, a new series of notes was introduced for use in French Equatorial Africa, although the notes did not bear the name of the colonies. Notes were issued in denominations of 5, 10, 20, 50, 100 and 1,000 Francs, followed by those of 500 Francs in 1949, and 5,000 Francs in 1952.

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