Djibouti Franc

Overview

The official currency for the Djibouti is the Djibouti Franc (DJF). The symbol used for the Franc is Fdj. The Franc is subdivided into centimes; 1 DJF = 100 centimes.

Economy

• The economy of Djibouti consists mainly of the service industry.
• There is almost no development in the agriculture or industrial sectors.
• Unemployment is high; more than 43% of the population falls under the poverty line.
• Private sector development and human capital accumulation need to be enhanced.
• Djibouti is strategically situated between the Red Sea and the Gulf of Aden. The country is used as a transit port and is a free-trade zone.

History

• Djibouti became part of the French protectorate in 1884. The Franc was introduced to Djibouti and was used along with the Indian Rupee and the Maria Theresa Thaler.
• In 1908, the Franc was officially fixed at the same value of the French Franc.
• In 1910, banknotes were issued by the Bank of Indochina.
• From 1919 to 1922, tokens and Commerce paper money were issued.
• In 1948, the first Djibouti coins were issued.
• In 1949, the Dijibout Franc was introduced and pegged against the US Dollar at 1 USD = 214.392 Francs.
• In 1952, production of banknotes was taken over by Public Treasury.
• In 1971 and 1973 the Franc was revalued. In 1973 the Franc was rated at  1 USD = 177.721 Franc and remains at that rate.
• In 1977, a new design of banknotes was issued and the national bank took over the printing of banknotes.