Historical Sketch

A variety of state has existed in the Senegal region, most prominently, the Jolof state which existed until the mid-16th century. French settlements were established in the late 17th century, mainly for slave trade and other commerce. Administration was done by chartered companies like the French East India Company. In 1817, a colonial administration was established for Senegal, which became part of French West Africa in 1895. The colony 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, Senegal attained independence. A short-lived merger with neighboring Sudan (Mali) into the Mali Federation broke apart within weeks, another merger with Gambia to form the Senegambia Confederation existed only on paper during the 1980s.

Monetary History Overview

In pre-colonial times and the early 20th century, foreign trade coins such as the Spanish Dollar and the Maria Theresa Thaler were common in the coastal regions. In 1855, the Bank of Senegal was founded to subsidise local settlers after the abolition of slavery including the privilege to issue paper money. In 1901, the bank was reorganized into the Bank of French West Africa with issuing privilege for both the West and Equatorial African colonies. Since independence in 1960, Senegal is a member of the West African Monetary Union and uses the West African CFA Franc instead of a national currency.

Senegal joined the International Monetary Fund (IMF) on 31.08.1962.

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Monetary History Sources