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.
