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Slipping in value: Leaders of 13 African countries devalued their common currency, the CFA franc, to 100 against the French franc Wednesday from the 50 at which it had been fixed since 1948. France, former colonial ruler of most of the CFA member states, responded with a pledge to cut some debts and wipe out others. The 10 presidents, three prime ministers and a finance minister made their decisions after two days of talks in Senegal’s capital Dakar. The countries had resisted devaluation, fearing severe inflation.
