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The Central Bank of the Republic of Guinea (French: Banque Centrale de la République de Guinée, BCRG; N'Ko: ߖߌ߬ߣߍ߫ ߞߊ߲ߓߍ߲ ߕߊ߲ߓߊ߲ ߜߍߓߏ߲) is the central bank of Guinea. The headquarters of the bank is located in the capital city of Conakry. The current governor is Dr Karamo Kaba. [3]
This is a list of circulating fixed exchange rate currencies, ... CFA franc, Central African: Euro: 655.957 CFA franc, West African: Euro: 655.957 CFP franc: Euro ...
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers.
The exchange rate is grossly more favourable to the seller of the foreign currency than is the official bank rate, but such trading is usually illegal. [ citation needed ] In many rural areas there is still a strong bartering culture, the exchanged items being of more immediate value than official currency (following the principle that one can ...
currency union Central bank interest rate (%) Change Effective date of last change Average inflation rate 2017–2021 (%) by WB and IMF [1] [2] as in the List Central bank interest rate minus average inflation rate (2017–2021) Afghanistan: 6.00 3.00: 24 July 2021 [3] 3.38 2.62 Albania: 2.75 0.25: 6 November 2024 [4] 1.78 0.97 Algeria: 3.00 0. ...
The economy of Guinea is dependent largely on agriculture and other rural activities. [5] Guinea is richly endowed with good minerals, possessing an estimated quarter of the world's proven reserves of bauxite, [6] more than 1.8 billion tonnes (2.0 billion short tons) of high-grade iron ore, significant diamond and gold deposits, and undetermined quantities of uranium.
The CFA franc was created with a fixed exchange rate versus the French franc. This exchange rate was changed only twice, in 1948 and in 1994 (besides nominal adaptation to the new French franc in 1960 and the Euro in 1999). Exchange rate: 26 December 1945 to 16 October 1948 – F.CFA 1 = 1.70 French franc.
The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997, [7] replacing the Guinea-Bissau peso at a rate of 1 CFA franc = 65 pesos. The currency was pegged to the French franc at F.CFA 1 = F 2, from 1948, becoming 1 F.CFA = NF 0.02 after introduction of the new franc at 1 new franc = 100 old francs. In 1994 the currency was ...