As for the fourth and last operating principle, the centralisation of foreign exchange reserves with the French Treasury, it does not really disappear. The Macron reform marks the transition to a more indirect system of control. Despite the closure of the operations account, there is nothing a priori to prevent the BCEAO from using its foreign exchange reserves to buy French government debt securities. As we have seen, the BEAC, for example, has made a habit of investing the non-mandatory portion of its foreign exchange reserves in French Treasury debt securities. In return for its 'guarantee', France will require, at a minimum, that the BCEAO inform it about the management of its reserves. The relationship between the Banque de France, the French Treasury and the BCEAO is not over.

Fanny Pigeaud_ Ndongo Samba Sylla, Africa's Last Colonial Curr…, loc. 376