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Guinea Bissau
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In 1962 Guinea-Bissau, along with seven other francophone nations, became a member of the West African Monetary Union (Union Monétaire Ouest Africain--UMOA).

Its banking system is governed by The Central Bank of West African States (French: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO). It is the central bank that serves the eight East African countries which comprise the West African Economic and Monetary Union: Benin, Burkina Faso, Guinea Bissau, Mali, Niger, Senegal, Togo, and Côte d’Ivoire. The governor is Philippe-Henri Dakoury-Tabley.

Guinea-Bissau Banks

The list of commercial banks licensed to operate in Guinea-Bissau includes: Banco Central da Guine-Bissau, Banco Da Africa Ocidental, Banco Internacional da Guine Bissau, Banco National da Guinee, Banco Totta & Açores SA and Ecobank.

Currency

The West African CFA franc (symbol: franc, code: XOF) is the official currency of eight independent states spanning over 1,350,000 square miles (3,500,000 km2) in West Africa, including Guinea-Bissau. The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa"). The currency is issued by the BCEAO, the Bank of the West African. The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.

The franc has a fixed exchange rate to the euro where 1 euro is equivalent to 655.957 CFA Franc (XOF).

Although Central African CFA francs and West African CFA francs have the same monetary value against other currencies, West African CFA coins and banknotes are not accepted in countries using Central African CFA francs, and vice versa. In 2007, the inflation rate in Guinea-Bissau was 3.8%.


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