Le Franc is a 1994 Senegalese comedy film , directed by Djibril Diop Mambéty .
22-504: Le Franc is about Marigo, a penniless musician living in a shanty town, relentlessly harassed by his formidable landlady. This film uses the French government's 50% devaluation of the West African CFA franc in 1994, and the resulting hardships as the basis for a whimsical commentary on using the lottery for survival. Le Franc was originally intended as the first film of a trilogy under
44-581: A coin the year before. The newer notes contain updated security features and are more modern in design. The change was welcomed because of a perception that the old notes were dirty and disease-ridden. The colour of the 5,000-franc note was changed from blue to green. On November 30, 2012, the Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States) issued a 500-franc banknote. There has been some debate over whether
66-508: A combined population of 105.7 million people in 2014, and a combined GDP of US$ 128.6 billion as of 2018. The initialism CFA stands for Communauté Financière Africaine ('African Financial Community'). The currency is issued by the Central Bank of West African States (BCEAO; Banque Centrale des États de l'Afrique de l'Ouest ), located in Dakar , Senegal , for the members of
88-578: Is distributed by California Newsreel Productions . West African CFA franc The West African CFA franc ( French : franc CFA or simply franc , ISO 4217 code: XOF ; abbreviation: F.CFA ) is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union : Benin , Burkina Faso , Côte d'Ivoire , Guinea-Bissau , Mali , Niger , Senegal and Togo . These eight countries had
110-502: Is the proud owner of the winning ticket. He already sees himself as a millionaire, with a thousand congomas, an orchestra and a private plane… He even has visions of the charismatic Aminata Fall, symbol of capitalism in Africa. But there is small problem; the ticket is glued to the door… Le Franc was released on DVD coupled with La petite vendeuse de Soleil ( The Little Girl who Sold the Sun ) and
132-767: The CFA franc , using a conversion rate of 65 pesos to the franc. The peso replaced the escudo in 1975. It was originally equivalent to the Portuguese escudo . Continued rapid inflation had eroded the value of the peso. By 1996, the exchange rate had reached 225 pesos per Portuguese escudo. Coins were issued in denominations of 50 centavos, 1, 2 + 1 ⁄ 2 , 5 and 20 pesos. Banknotes in denominations of 50, 100, and 500 pesos dated 24-9-1975 (24 September 1975) were issued on 2 March 1976. 1000 peso notes were introduced in 1978, followed by 5000 pesos notes in 1984 and 10,000 pesos notes in 1990. This Guinea-Bissau -related article
154-515: The CFA franc . In December 2019 it was announced that the West African CFA franc would be reformed, which will include renaming it the eco and reducing France's role in the currency. The broader Economic Community of West African States (ECOWAS), of which the members of UEMOA are also members, plans to introduce its own common currency for its member states by 2027, for which the name eco has also been formally adopted. The CFA franc
176-518: The French franc at F.CFA 1 = F 2, from 1948, becoming 1 F.CFA = NF 0.02 after introduction of the new franc at 1 new franc = 100 old francs. In 1994 the currency was devalued by half to F.CFA 1 = F 0.01. From 1999 it has since been pegged to the euro at €1 = F 6.55957 = F.CFA 655.957 In 1948, aluminium 1 and 2 franc coins were introduced. These were followed in 1956 by aluminium-bronze 5, 10, and 25 francs. All carried
198-506: The CFA franc be tied to a basket of currencies rather than one currency as it currently is. Also, they state that the reserve requirement should be restructured in order to give CFA countries more economic freedom. General: Guinea-Bissau peso The peso was the currency of Guinea-Bissau from 1975 to 1997 and was divided into 100 centavos. It replaced the escudo at par. In 1997, in an effort to stop high inflation, Guinea-Bissau adopted
220-408: The CFA franc countries, as well as repatriating banknotes to their country of origin. 50-franc notes were last issued in 1959, with 100 francs not issued since 1965. 10,000 franc notes were introduced in 1977, followed by 2,500 franc notes in 1992. In 2004, a new series of notes was introduced in denominations of 1,000, 2,000, 5,000, and 10,000 francs, with the 500 franc note having been replaced by
242-460: The CFA franc with its own franc in 1961. In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs. The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997, replacing the Guinea-Bissau peso at a rate of 1 CFA franc = 65 pesos. The currency was pegged to
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#1732858484023264-537: The UEMOA. The franc is nominally subdivided into 100 centimes but no coins or banknotes denominated in centimes have ever been issued. The production of CFA franc notes has been carried out at Chamalières by the Bank of France since its creation in 1945. The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both commonly referred to as
286-399: The West African CFA franc serves as a way for France to keep influence in the region, allegedly to the detriment to these nations. For example, France guarantees the value of the currency as long as the central banks of all of the nations involved keep at least 50% of their foreign reserves in the French treasury. Some see this as a way to keep the currency stable while other see it as limiting
308-479: The economic independence of the West African nations that are involved. Even though during the early 1950s to the mid-1980s, CFA countries experienced higher real GDP growth and lower inflation rates than other non-CFA Sub-Saharan countries, the economic shocks of the 1986 and 1993 caused the CFA franc to become increasingly overvalued and run increased deficits in the French treasury. Some policymakers have argued that
330-450: The engraver's mark is located on the right. When the CFA franc was introduced, notes issued by the Banque Centrale des États de l'Afrique Occidentale in denominations of 5, 10, 25, 50, 100, and 1,000 francs were in circulation. 500 franc notes were added in 1946, followed by those of 5,000 francs in 1948. In 1955, the Institut d'Émission de l'Afrique Occidentale Française et du Togo took over
352-621: The familiar tribal mask. Small, stainless steel 1 franc coins were introduced in 1976, replacing the larger aluminum 1 franc coins, and were struck until 1995. The 10 and 25 franc coins saw a redesign in 1980, depicting a family using a water pump and a young woman with chemistry tools, respectively. A bimetallic 250 franc coin was introduced in 1992 to reduce excess change. These coins, however, proved to be unpopular in many regions and were discontinued after 1996. They are however, still legal tender. In 2003, bimetallic 200 and 500 franc coins were introduced, replacing smaller denomination notes. Like all
374-478: The name "Afrique Occidentale Française" . In 1957, 10 and 25 franc coins were issued with the name of "Togo" were minted for use in that country; these were issued only for that year. From 1959, all coins have been issued by the BCEAO . From 1959 onward, the overall size and composition of the coins changed little, however "République française" and the stylized Marianne bust was dropped from all coins, replaced with
396-486: The other West CFA franc coins, these depicted the mask emblem. Unlike some coins of the Central African CFA franc, no modern circulation coins have been issued depicting the names of individual member states, nor any letters or marks of indication. All CFA coins depict both a mint mark , along with an engraver's privy mark . The mint mark is located on the reverse on the left side of the denomination or date while
418-461: The production of paper money, issuing notes for 50, 100, 500, and 1,000 francs. In 1959, the BCEAO took over the issuance of paper money and reintroduced a 5,000 franc note. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance. The country letter codes are as follows: The country codes are used to identify and categorise flow of cash between
440-411: The title "Banque Centrale des États de l'Afrique de l'Ouest" with the design on the 1, 5, 10, and 25 francs featuring a gazelle's profile, carried over from colonial issues, and a tribal mask between the denomination, which has become the emblem of the West African monetary union. Nickel-Steel 100 franc coins were introduced in 1967, followed by the cupro-nickel 50 franc coins in 1972. These also featured
462-433: The title, Tales of Ordinary People . However, Mambety’s untimely death in 1998 prevented the completion of the third film. Marigo the musician dreams with his instrument – a congoma – confiscated by his landlady because he never pays the rent. He gets hold of a lottery ticket and decides to put it in a safe place while he waits for the draw: he glues it to the back of his door. The night of the draw, fortune blinds Marigo, he
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#1732858484023484-574: Was introduced to the French colonies in West Africa in 1945, replacing the French West African franc . The West African colonies and territories using the CFA franc were Ivory Coast , Dahomey , French Sudan , Mauritania , Niger , Sénégal , Togo and Upper Volta . The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par
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