Historical Sketch

In a move to grab the last uncolonized areas in Africa, Germany established a protectorate over Cameroon in mid-1884 and mandated the administration mostly to merchant and concession company. The territory got enlarged by the "New Cameroon" when in the 1911 Treaty of Fez, France agreed to cede part of the French Congo to Germany in exchange for German recognition of France's rights to Morocco. During World War I, France and Great Britain occupied Cameroon, and in 1919, the territory got partitioned under a League of Nations mandate. French Cameroon was transformed into an overseas territory in 1946, and in preparation for the French Union it got constituted as autonomous republic in 1958. Two years later, after the failure of the French Union, it attained independence. British Cameroon held a referendum in late 1961, with the result that the Muslim dominated north joined independent Nigeria while the largely Christian south adhered to Cameroon. Hence, in 1961, emerged the Federal Republic of Cameroon which one decade later, transformed into the (United) Republic, abolishing the federal structure for the former British part.

Monetary History Overview

In pre-colonial times, various commodities were used for payment in trade, such as metal ingots, cowrie snails or various vegetal products. In the North, the Maria Theresa Thaler had flown in through trans-Saharan trade coin, while French and British coins were widespread in the coastal area.

Germany established a protectorate over Cameroon in 1884. The Reichsmark accounting was introduced a few years later, but German coins remained scarce, even after the colonial administration had demonetized French and British coins in 1900 and the Maria Theresia Thaler in 1907. The ban on foreign coins was revoked in 1908 already. A special accounting unit "Kru" was created for trade with locals. The Kru corresponded to 50 heads of 5 tobacco leaves, 80 litres of palm oil or 160 litres of palm kernels. Commodities of one Kru were valued at 20 Reichsmark in gold. During the First World War, France and Great Britain occupied Cameroon and divided the territory between themselves.

Since independence in 1960, Cameroon is a member of the Central African Monetary Union and uses the Central African CFA Franc instead of a national currency.

Cameroon joined the International Monetary Fund (IMF) on 10.07.1963.

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