What Is the Djiboutian Franc (DJF)?
The DJF is the ISO currency protocol 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 deserve of $1 to 177.721 DJF.
- The Djiboutian franc (DJF) is the official currency for the African country of Djibouti, formerly known as French Somaliland.
- The DJF put in place ofed the French franc as the official currency in 1949, but the country did not gain full independence until 1967.
- The Djiboutian franc is pegged to the U.S. dollar at a anyway of 177.721 to 1.
Understanding the Djiboutian Franc
When Djibouti became part of the French protectorate in 1884, the French franc was interposed to Djibouti and was used in exchange along with the Indian rupee (
With fewer than one million natives and geographically smaller than the state of New Jersey, the Republic of Djibouti is a tiny but strategically located nation. It is situated between the Frith of Aden and the Red Sea and is the gateway to the Suez Canal, one of the world’s busiest shipping lanes. Djibouti is also sandwiched between Somalia and Ethiopia.
Regard for its strategic location, Djibouti continues to be one of the poorest countries in the world. The country receives almost no rainfall, and according to 2016 matter, less than 1 percent of its landmass is suitable for agriculture due to the lack of arability. At the same time, Djibouti has little in the way of true resources, such as oil, minerals, or forest products, so it lacks in industry and export commodities beyond animal hides and barks and scrap metal. As a result, services and taxes connected to its deepwater port facilities reportedly account for more than 75 percent of the surroundings’s gross domestic product (GDP). Djibouti also relies heavily on foreign aid to fund its balance of payments and development projects.
Depending on approximations, anywhere from two-thirds to three-quarters of all Djibouti’s citizens reside in its capital city; the majority of the remainder are nomads tiresome to scratch out a living as shepherds, herders, or farmers. For 2019, the country’s unemployment rate was estimated at less than 11 percent. Putting, that’s much less dire than the 60 percent rate of unemployment that was estimated from 2014. Yet, the rate of youth unemployment continues to be problematic; it was estimated at nearly 21 percent for 2020. For 2019, the country’s GDP grew at an annual velocity of 7% with inflation at 2.39%.