MALI FRANC Meaning and
Definition
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Mali Franc refers to the former national currency of the Republic of Mali, officially known as the Malian Republic. Introduced in 1962, the Mali Franc served as the legal tender of Mali until 1984 when it was replaced by the West African CFA Franc, along with other member countries of the West African Monetary Union (WAMU).
The Mali Franc had a decimal system, with one franc subdivided into 100 centimes. It featured various denominations, including banknotes and coins. Banknotes were available in denominations of 50, 100, 500, 1000, and 5000 francs, while coins were issued in denominations of 1, 5, 10, 25, and 50 francs.
The Mali Franc played a crucial role in the economic and financial activities of Mali during its existence. It facilitated transactions within the country and also served as a medium for international trade. The currency featured designs depicting significant figures and landmarks of Mali, emphasizing its cultural and historical heritage.
The replacement of the Mali Franc with the West African CFA Franc was motivated by the desire for regional integration and monetary stability. The new currency, issued by the Central Bank of West African States (BCEAO), is currently used in eight West African countries and is pegged to the euro. The Mali Franc remains an important part of Mali's financial history and serves as a testament to the country's economic development and transition.
Common Misspellings for MALI FRANC
- nali franc
- kali franc
- jali franc
- mzli franc
- msli franc
- mwli franc
- mqli franc
- maki franc
- mapi franc
- maoi franc
- malu franc
- malj franc
- malk franc
- malo franc
- mal9 franc
- mal8 franc
- mali dranc
- mali cranc
- mali vranc
Etymology of MALI FRANC
The term "Mali Franc" is a combination of two words: "Mali" and "Franc".
"Mali" is derived from the Bambara language, which is one of the major languages spoken in Mali. Bambara is an indigenous West African language spoken by the Bambara people, who are one of the dominant ethnic groups in Mali. In Bambara, "Mali" means "hippopotamus", which is a significant animal in the region's culture and folklore.
"Franc" refers to the currency used in several West African countries, including Mali. The West African CFA franc (XOF) is the official currency of Mali and several other former French colonies in the region. The name "franc" originates from the French currency, as these countries were under French colonial rule in the past.
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