The Banque de l'Afrique Occidentale (BAO, "Bank of West Africa") was a French bank established in 1901 to issue currency for the colonies of French West Africa. BAO was originally created by the expansion of the Banque du Sénégal (itself created by the French on 21 December 1853). BAO later expanded to include French Equatorial Africa to administer the common currency of French West Africa. Although it was a private investment bank, the French government authorized it to print currency, and its board always included colonial officials. It received special concessions and financial stabilisation from the government, and in essence became an arm of the French colonial administration. Between 1941 and 1958, the Institut d'Emission de l'Afrique Occidentale Francaise et du Togo was spun off from BAO to administer the Franc des colonies françaises d'Afrique (FCFA) (25 December 1945).Global Financial Data More information...
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