The announcement from the bloc known as ECOWAS came days after the country's military deposed President Roch Kabore.
The leaders previously issued a statement to say the bloc "firmly condemns" the coup, accusing the military of forcing Kabore to resign "under threat, intimidation and pressure".
The denouncement comes after a regional grouping decided to freeze Mali's assets, a pressure tactic against the ruling junta amid concerns over the future of democracy in the West African country.
Interim President Bah Ndaw and Prime Minister Moctar Ouane were arrested and taken to a military base outside the capital before they resigned in detention, triggering a crisis in the West African country.
Ousmane Sonko faces a rape accusation that sparked violent protests with his supporters vowing to three more days of demonstrations. The leader says the allegations are politically motivated.
So-called M5-RFP coalition, for the third time, rejects ECOWAS plan intended to defuse weeks-long political crisis, raising spectre of new unrest and concerns that poor Sahel country may slide into chaos.
The idea of the single currency for the West African region was first mooted almost 30 years ago in the hope of boosting cross border trade and economic development.
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