Djiboutian Franc (DJF)

What Is the Djiboutian Franc (DJF)?

The DJF is the ISO currency code for the Djiboutian franc, which is the official currency of the African country of Djibouti. The Djibouti franc is pegged to the U.S. dollar (USD) at a rate of $1 to 177.721 DJF.

Understanding the Djiboutian Franc (DJF)

At the point when Djibouti turned out to be part of the French protectorate in 1884, the French franc was acquainted with Djibouti and was utilized in exchange alongside the Indian rupee (INR) and the Maria Theresa thaler. In 1908, the primary Djiboutian franc show up and was issued at par against the French franc, with banknotes issued by the Bank of Indochina starting in 1910.

The modern Djibouti franc was not presented until 1949 when it was pegged against the U.S. dollar at an exchange rate of 1 USD = 214.392 DJB. The country gained full independence from France in 1967, and in the mid 1970s, the DJB was revalued at a rate of 1 USD = 177.721 DJB, where it remains today.

The Banque Centrale de Djibouti issues and deals with the DJF. Coins are printed in denominations of 500, 250, 100, 50, 20, 10, 5, 2 and 1 franc. Banknotes are imprinted in 1,000, 2,000, 5,000 and 10,000 DJF denominations. As per currency rankings, the most regularly utilized Djibouti franc exchange rate is the EUR/DJF rate.

Djibouti's Economy

With less than 1,000,000 residents and geologically more modest than the state of New Jersey, the Republic of Djibouti is a small however strategically found nation. It is arranged between the Gulf of Aden and the Red Sea and is the gateway to the Suez Canal, one of the world's most active delivery paths. Djibouti is likewise sandwiched among Somalia and Ethiopia.

Despite its strategic location, Djibouti keeps on being quite possibly of the least fortunate country in the world. The country gets basically no precipitation, and as per 2016 data, under 1% of its body of land is suitable for agriculture due to the lack of arability. Simultaneously, Djibouti has minimal in the method of natural resources, like oil, minerals, or forest products, so it lacks in industry and export commodities past animal hides and skins and scrap metal. Subsequently, services and taxes associated with its deepwater port facilities allegedly account for over 75% of the country's gross domestic product (GDP). Djibouti likewise depends vigorously on foreign aid to fund its balance of payments and development projects.

Depending on gauges, somewhere in the range of 66% to 3/4 of every one of Djibouti's residents reside in its capital city; the majority of the remainder are travelers attempting to fix a living as shepherds, herders, or farmers. For 2019, the country's unemployment rate was estimated at under 11%. Notwithstanding, that is significantly less critical than the 60% rate of unemployment that was estimated for 2014. By the by, the rate of youth unemployment keeps on being tricky; it was estimated at almost 21% for 2020. For 2019, the country's GDP developed at an annual rate of 7% with inflation at 2.39%.

Features

• The Djiboutian franc is pegged to the U.S. dollar at a rate of 177.721 to 1.
• The DJF supplanted the French franc as the official currency in 1949, however the country didn't gain full independence until 1967.
• The Djiboutian franc (DJF) is the official currency for the African country of Djibouti, formerly known as French Somaliland.