On July 5, 1967, French Somaliland, which is Djibouti in the present-day, was renamed the French Territory of Afars & Issas when it was a French overseas protectorate. The name was to acknowledge the dominant Afar constituency and the Issas which is a subclan of the Somali. The nation is bordered by Eritrea, Ethiopia, and Somalia.
The territory’s government structure was different from French Somaliland as the governor-general position was changed to that of the High Commissioner and a council that consisted of nine members was formed. The country only has limited natural resources and a slim capability for agricultural and industrial activities.
Modern-day Djibouti has an economy that is heavily dependent on the service sector which returns about four-fifths of the nation’s GDP. The economy focuses on telecommunications, financial, and trade-based services that strengthened the country as a significant regional hub for business and trade in the Horn of Africa. Because of insufficient rainfall, the growing of fruits and vegetables is a challenge. As a result, Djibouti imports most of its food. Import and exports from Ethiopia contribute about 70% of Djibouti’s container port operation.
The French Territory of the Afars & Issas franc was the official currency of the country. The Public Treasury took over the production of paper money in 1952. Starting in 1967, the country name Territoire Francais Des Afars et des Issas appears on the Afars & Issas franc banknotes and coins. In 1969, the Public Treasury issued a 5000 franc banknote. Between 1973 and 1974, 500 and 1000 franc notes were released. A new set of paper bills were issued in 1975. These notes are in denominations of 500, 1000, and 5000 francs and feature a portrait of local, natural attractions, locals, fauna, and the nation’s way of life. They were printed by Banque de France and bear a portrait watermark but with no security thread.