The CFA franc devalues. The CFA franc was defined in terms of the French franc (FF) as CFA 50 = FF 1 from 1947 until 1994, when its value changed to CFA 100 = FF 1. Was the CFA devalued or revalued against the FF? By what percentage?

The CFA franc devalues. The CFA franc was defined in terms of the French franc (FF) as CFA 50 = FF 1 from 1947 until 1994, when its value changed to CFA 100 = FF 1. Was the CFA devalued or revalued against the FF? By what percentage?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Currency appreciation means the increase in the value of currency in respect to the other currency

Currency devaluation means the decrease in the value of currency in respect to the other currency

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