The Chinese yuan – East Asia Source: Pixabay By having the constant of the USD in these pairs, it is easier to track the scale of increases and decreases in the value of an Asian currency. That single USD becomes the common denominator in a comparison with the Philippine peso, courtesy of the USD/PHP currency pair. For example, the USD/JPY currency pair denotes how many Japanese yen are required to purchase one USD. This is where the data and the analytical tools hosted by online forex trading platforms come to the fore. This makes the USD a useful benchmark that can be compared against individual currencies, but that can also be used to compare the performance of countries from across Asia. Virtually every currency in the world can be traded against the USD. The USD also plays a huge part in the forex trading industry, as the dollar is the most common feature in the currency pairs that fill the foreign exchange markets. Given that it drives the world’s largest economy and underpins many smaller national economies, the reach of the US dollar is extensive. The USD is the world’s dominant currency, so the greenback provides the logical means of comparison. The currency converter helps with the corresponding conversion of the cash.Asia is a vast, heterogeneous region that cannot be treated as a single economic entity, so it is worth identifying three major currencies to represent their part of the continent. The exchange of this currency should take place in one of the 8 countries, because an exchange in other countries is associated with a high exchange loss. This currency is issued by the Banque des Etats de l`Afrique de lÒuest for the 8 states.īanks and exchange offices are located in every major city and in these cash can be exchanged for the local currency. At that time, the CFA franc was devalued by half and one CFA franc was only 0.01 French francs.Īfter the introduction of the euro on January 1, 2002, one euro was equivalent to a total of 655.957 CFA francs. This exchange rate existed until January 12, 1994. The CFA franc was not subject to this currency reform and from that point onwards one CFA franc was equivalent to 0.02 French francs. In 1958 a currency reform took place in France and two zeros were trimmed at the end of the monetary value. After October 17, 1948, when the French franc was devalued, one CFA franc was equivalent to 2 French francs. Originally, an exchange rate of 1 CFA franc was set to 1.70 French francs. The key currency is the gold-backed US dollar. The Bretten-Wood Agreement was introduced after World War II to create an international and reorganized currency system with fixed exchange rates. This currency was introduced into several French colonies after the Bretton Wood Agreement on December 26, 1945. The abbreviation for this currency is F and the ISO 4217 code is XOF. The CFA franc has a fixed exchange rate that is tied to the euro and one euro corresponds to 655.957 CFA francs. The states of Burkina Faso, Ivory Coast, Benin, Mali and Niger, Senegal and Guinea-Bissau also have the currency CFA franc. It became a trust territory under French administration. From 1884 to 1916 Togo was a German colony and then a mandate of the United Nations League of Nations. The national languages in Togo are Ewe and Kabiye and the official language is French. The seat of government and the capital is Lomé. The country borders on Benin, Ghana and Bukina Faso. Togo is a state in West Africa and is located on the Gulf of Guinea. The currency of Togo is the CFA Franc BCEAO, the Franc de la Commenauté Franciére d`Afrique, the currency of the West African Economic and Monetary Union.
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