Chad

The Republic of Chad is a north-central African country locked by Libya, Sudan, the Central African Republic, Cameroon, Nigeria, and Niger.

 The country of about 16 million people was a French Equatorial territory from 1920 until 1960. The state has a rich cultural heritage with more than 200 linguistic and ethnic communities. Chad’s economy relies primarily on agriculture along with the mining industry. Over 80% of the country’s residents depend on farming and livestock for their living. Its staple products include cotton, cattle, and gum arabic. Because of Chad’s geographic location, high cost of energy, political instability, and prolonged civil wars, its economy has been crippled. Despite producing sodium carbonate as well as gold-bearing quartz, Chad is still considered the seventh poorest country in the globe with more than 80% of its people living below the poverty line.

 Foreign assistance and investment flooded in this landlocked country for most of its public and private sector projects. Beginning in 2000, foreign investment projects were put in the oil sector and will continue to flourish. Several business firms led by two American companies have funded $3.7 billion for oil reserves exploration and development in the southern part of Chad. On top of that, Chinese firms invested in the expansion of the nation’s first refinery, building a 300-km wide pipeline. In 2003, oil production started operation and in 2004, the country began exporting oil. As a member of the Central African States, the country uses the CFA franc as its official currency. The Banque de Etats de l’Afrique Centrale or the Bank of Central African States is responsible for the production of CFA franc banknotes. The bank was initially named the Institut d’Emission de l’Afrique Equatoriale et du Cameroun, which was established in 1972.

 The first banknotes were issued specifically for Chad in 1974. These notes bear the same design as with the other member states on the reverse side.

 The country name, “Republique du Tchad”, can be seen on the upper center of the front design. These paper bills come with a watermark that reflects the head of an antelope, a watermark design that’s carried on until the 1980-1984 issued notes. Between 1984 and 1992, another set of notes was released, highlighting the country’s rich cultural heritage, way of life, wildlife, and economic affairs.

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