What is the Djiboutian Franc (DJF)?
Credit Ratings & Outlook
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
In 2009 the total GDP was $1,049,054,416 in US Dollars, while the per capita GDP was $1,202. It grew by 5.00% over the previous year.
The latest unemployment rate for 2007 is 9.99%.
Consumer Price Index
The latest consumer price index for 2010 is 128.53.
The current head of the government is Prime Minister Dileita Mohamed Dileita, and the head of state is President Ismail Omar Guelleh (in an executive role).
The Djiboutian franc, denoted by the ISO code DJF is the official currency of Djibouti, an African nation. Divided into 100 centimes, the franc has been pegged to the United States dollar since 1973.
Notes are in denominations of Djf 10,000, 5000, 2000, 1000 and 500. Coins are in denominations of Djf 500, 100, 50, 20 and 10.
There are no restrictions on the import or export of either foreign or local currency.
Sovereign Ratings for Djibouti
Djibouti is not rated.
What does it look like?
The government of Djibouti is a republic comprised of an executive, legislative and judicial branch.
The executive branch contains the president (who serves as chief of state), prime minister (who serves as head of government) and the cabinet, also known as the Council of Ministers. The president is elected by popular vote for a six-year term. The prime minister is appointed by the president.
The legislative branch is composed of the unicameral Chamber of Deputies; the Chamber has 65 seats and members are elected by popular vote for five-year terms.
The judicial branch is mainly the Supreme Court.
President: Ismail Omar Guelleh
Prime Minister: Mohamed Dileita Dileita
Governor, Central Bank of Djibouti: Mahamoud Haid Djama
Ambassador to the US: Olhaye Oudine Roble
Key Economic Factors
The economy of Djibouti is based on service activities connected with the nation’s strategic location as a free trade zone in northeast Africa. The capital city is inhabited by nearly two-thirds of the population, and the remainder of citizens is mostly nomadic herders. The limited rainfall received by the nation’s crops limits production to fruits and vegetables; the rest of food is for the most part, imported. Djibouti has few natural resources and very little industry, thus making the nation heavily dependent on foreign assistance to help support its balance of payments and to finance development projects. Unemployment plagues over half of the nation, thus continuing to present a major problem. Inflation, on the other hand, is less of a concern as there is a fixed tie of the Djiboutian franc to the US dollar. The artificially high value of the franc adversely affects the nation’s balance of payments. Per capita consumption dropped an estimated 35% over the last seven years because of recession, civil war, and a high population growth rate (including immigrants and refugees). Faced with a multitude of economic difficulties, the government has fallen in arrears on long-term external debt and has been struggling to meet the stipulations of foreign aid donors.
Construction, agricultural processing and salt.
Fruits, vegetables, goats, sheep, camels and animal hides.
Foods, beverages, transport equipment, chemicals and petroleum products.
Re-exports, hides and skins and coffee (in transit).
1 Djibouti Franc to:
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- Other Currencies Accepted:None
- Currency Peg:Yes
- Black Market for Currency:Yes
- Currency Volatility:Medium
- Estimated GDP Per Capita:1,300 USD (2004)
- Languages Spoken:French and Arabic (both official), Somali, Afar