Particularly damaging is the $17.7 billion in foreign-exchange reserves that France keeps in a special Treasury account at an interest rate of only 1.5%, thereby guaranteeing the convertibility of the CFA franc, which it underwrites. In other words, France uses African reserves to finance part of its budget deficit at a concessional interest rate.
危害尤重的是法国存放在特别财政部账户中的177亿美元外汇储备，这笔储备每年的利率只有1.5%，用于保证由其担保的CFA法郎的可兑换性。换句话说，法国利用非洲储备以优惠利率为其预算赤字提供了部分融资。