Shopping frenzy after devaluation in Africa
Thursday 13 January 1994
'It will cause economic and social catastrophe,' said Mathias Ndzon, director general of the International Bank of Congo. Under pressure from world financial institutions which said the currency was overvalued, 14 nations agreed on Tuesday to devalue the CFA franc by 50 per cent.
Shoppers in the countries affected cleared shelves before prices could be changed, amid reports of hoarding. Burkina Faso announced a price freeze, and Ivory Coast followed suit after stores began doubling the prices of imported goods.
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