Equatorial guinea new currency

Equatorial Guinea has a new currency called the Equatorial Guinean ekwele (EG). The ekwele replaced the Spanish peseta as the official currency of Equatorial Guinea in 1985.

Here are some key facts about the Equatorial Guinean ekwele:

  1. Symbol: The symbol for the ekwele is "EK".
  2. ISO code: The ISO code for the ekwele is "XAF" (same as the Central African CFA franc).
  3. Subunit: The subunit of the ekwele is the centime, which is equal to 1/100 of an ekwele.
  4. Coins: Coins are available in denominations of 1, 5, 10, 25, 50, and 100 ekwele.
  5. Banknotes: Banknotes are available in denominations of 500, 1,000, 2,000, 5,000, and 10,000 ekwele.
  6. Exchange rate: The exchange rate of the ekwele is pegged to the euro at a fixed rate of 1 EUR = 655.957 XAF (or 1 XAF = 0.00152 EUR).
  7. Circulation: The ekwele is widely circulated in Equatorial Guinea, although some businesses may also accept foreign currencies such as the US dollar or the euro.
  8. Reserve requirements: The Central Bank of Equatorial Guinea is responsible for managing the country's monetary policy and maintaining the stability of the ekwele.

It's worth noting that while the ekwele is the official currency of Equatorial Guinea, the US dollar is widely accepted in the country, particularly in tourist areas and among expatriates.