Djibouti Franc (DJF)
Tue, Apr 15The Djibouti Franc (DJF) serves as the official currency of Djibouti, a small nation situated in the Horn of Africa, bordered by Eritrea, Ethiopia, and Somalia.
Introduced in 1949, the Djibouti Franc replaced the French Somaliland Franc, as Djibouti was a French colony until it achieved independence in 1977. The Central Bank of Djibouti (Banque Centrale de Djibouti) is tasked with issuing and managing the Djibouti Franc.
The Djibouti Franc operates under a fixed exchange rate system, with its value pegged to the US Dollar (USD) at a rate of 1 USD = 177.721 DJF. This fixed exchange rate system offers stability for the Djibouti Franc against fluctuations in the foreign exchange market, although it also renders the currency vulnerable to external shocks.
The Djibouti Franc is divided into 100 smaller units known as centimes. However, due to their low value and inflation, centimes are no longer in circulation. Coins are available in denominations of 1, 2, 5, 10, 20, 50, 100, 250, and 500 Francs, while banknotes can be found in denominations of 1,000, 2,000, 5,000, and 10,000 Francs.
Djibouti’s economy is relatively small, characterized by limited natural resources and a small population. The country’s strategic position near the entrance to the Red Sea and along major shipping routes has established it as a vital transit point for goods and services. Key economic sectors include logistics, transportation, and services associated with port facilities.
However, Djibouti faces several economic challenges, including high unemployment, poverty, and a reliance on foreign aid. Additionally, the country is susceptible to external shocks due to its dependence on imports for food and energy.
In conclusion, the Djibouti Franc is the official currency of Djibouti, managed by the Central Bank of Djibouti. The currency features a fixed exchange rate system pegged to the US Dollar and is subdivided into centimes, which are no longer in circulation. The Djibouti Franc is issued in various banknote and coin denominations. Djibouti’s economy is relatively small and heavily dependent on its strategic location, facing ongoing challenges related to unemployment, poverty, and reliance on foreign aid.
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