What is DJF
The DJF is the ISO currency code for the Djiboutian franc, which is the official currency of the African country of Djibouti. International Organization for Standardization (ISO) currency codes are three-letter alphabetic codes that represent the various currencies used throughout the world.
BREAKING DOWN DJF
The DJF is pegged to the U.S. dollar. The Banque Centrale de Djibouti issues the DJF. Coins are minted in denominations of 500, 250, 100, 50, 20, 10, 5, 2 and 1 francs. Banknotes are printed in 1,000, 2,000, 5,000 and 10,000 denominations. According to currency rankings, the most commonly used Djibouti franc exchange rate is the euro to DJF rate.
With fewer than one million citizens 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 Gulf 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.
Djibouti became a colony of France in the late 19th century, and the French franc became its primary currency. The Djibouti franc wasn’t introduced until 1949, when it was pegged against the U.S. dollar at an exchange rate of 1 USD = 214.392 DJB. In the early 1970s the DJB was revalued at a rate of 1 USD = 177.721 DJB, where it remains today.
Despite its strategic location, Djibouti continues to be one of the poorest countries in the world. The country receives almost no rainfall, and 96 percent of its land mass is unsuitable for agriculture due to the lack of arability. At the same time, Djibouti has little in the way of natural resources, such as oil, minerals or forest products, so it lacks in industry and export commodities beyond animal hides and skins and scrap metal. As a result, services and taxes connected to its deep water port facilities account for more than 75 percent of the country’s gross domestic product (GDP). Djibouti also relies heavily on foreign aid to fund its balance of payments and development projects.
Depending on estimates, anywhere from two-thirds to three-quarters of all Djibouti’s citizens reside in its capital city; the majority of the remainder are nomads trying to scratch out a living as shepherds, herders or farmers. For 2017, the country’s unemployment rate was estimated at 40 percent. However, that’s much less dire than the 60 percent rate of unemployment that was estimated in 2014. Nevertheless, the rate of youth unemployment continues to be problematic; it was estimated at nearly 80 percent for 2017.