The Central African Economic and Monetary Community (CEMAC) has announced plans to demonetize old currency series issued between 1958 and 1985. The decision was made by the Ministerial Committee of the Central African Monetary Union (UMAC) during a meeting in Yamena, Chad, on October 7. The committee decided to withdraw the old currency series, which include coins issued in 1958, 1959, 1972, 1976, and 1985, from circulation.
The demonetization process is set to take effect on November 1, 2026, after which the old coins will no longer be accepted as legal tender within the CEMAC region. This move aims to modernize and simplify the monetary system in the region. The CEMAC has been working to update its currency system, and this decision is part of that effort. The old coins are considered obsolete and disparate, and their withdrawal will help to streamline the monetary landscape.
The Ministerial Committee, chaired by Chad's Minister of Finance, Tahir Hamid Nguilin, also discussed the economic and financial situation of the subregion during the meeting. The committee examined the macroeconomic prospects for the short and medium term, as well as cooperation between CEMAC member states and the International Monetary Fund (IMF). The IMF meeting on September 8, 2026, in Washington also provided recommendations that were reviewed during the CEMAC meeting.
The demonetization process will involve the gradual withdrawal of the old currency series from circulation. However, the committee's statement did not provide details on how the old coins will be withdrawn or if there will be any exchange or refund agreements for their holders. The introduction of new coins, specifically the 2024 series, will continue as part of the modernization effort.
The CEMAC region comprises six countries, including Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon. The community has a common monetary policy and a shared currency, the Central African franc (FCFA). The demonetization process is expected to have a positive impact on the regional economy, promoting a more efficient and modern payment system.
The decision to demonetize the old currency series is part of a broader effort to strengthen the monetary union and promote economic integration within the CEMAC region. The community has been working to improve economic cooperation and coordination among its member states, and this move is seen as a step towards achieving that goal.
The CEMAC region has faced economic challenges in recent years, including a decline in commodity prices and a slowdown in economic growth. The demonetization process is expected to help stimulate economic activity and promote financial stability within the region. The community will continue to work with the IMF and other international partners to promote economic development and stability.
Key points
- The CEMAC region will withdraw old currency series issued between 1958 and 1985 from circulation on November 1, 2026.
- The demonetization process aims to modernize and simplify the monetary system in the region.
- The CEMAC region has been working to strengthen its monetary union and promote economic integration among its member states.
