The currency of Mali is the West African CFA franc, abbreviated as XOF. The CFA franc was introduced in 1945 and is used by several countries in West Africa, including Mali. It is pegged to the euro, providing some stability against inflation and exchange rate fluctuations. The CFA franc is subdivided into 100 centimes, although centime coins are rarely used in everyday transactions. The central bank responsible for the currency is the Central Bank of West African States (BCEAO), which ensures the stability and circulation of the currency across member states.