Franc Zone

…Africa, became members of the Franc Zone; their currencies were linked to the French franc at a fixed rate of exchange and were freely convertible into that franc. In 1999, however, as France began to phase out the French franc, the currencies became linked to the euro.

…1985 the country entered the Franc Zone, whereby its currency, the epkwele (formerly linked to the Spanish peseta), was replaced by the CFA (Communauté Financière Africaine) franc and linked to the French franc. With the phasing out of the French franc during 1999–2002, the CFA franc became linked to the…

…Economic Monetary Union and the Franc Zone. However, fiscal volatility caused in part by these actions contributed to political unrest that came to a head in 1998 when Vieira dismissed military chief of staff Brig. (later Gen.) Ansumane Mané. Almost immediately Mané initiated a revolt that was fueled by widespread…