|Other Oily Seeds|
Djibouti (French: Djibouti, Somali: Jabuuti), officially the Republic of Djibouti, is a country located in the Horn of Africa. It is bordered by Eritrea in the north, Ethiopia in the west and south, and Somalia in the southeast. The remainder of the border is formed by the Red Sea and the Gulf of Aden at the east. Djibouti occupies a total area of just 23,200 km2 (8,958 sq. mi).
Djibouti's financial sector grew rapidly from 2006 and was not heavily affected by the financial crisis. By the end of 2011 bank and insurance represented a growing proportion of the GDP reaching 13%. Money transfer services, which hold a strategic place in the country's financial system, have expanded following the arrival of an international money transfer network onto the market. Access to financial services is expanding, following the implementation of new state directives aimed at opening the banking sector, facilitating loan provision, and deepening financial intermediation. This has been further reinforced by the entry of several new financial institutions, most of which foreign-owned. As such, domestic credit increased to reach 20% of the GDP in 2011 with credit to the private sector representing over 80% of the total.
Djibouti's the banking sector, which features both Islamic and conventional banks, has grown significantly in recent years and saw the arrival of new banks bringing the number of institutions to 11, compared with only two in 2006. The sector remains highly profitable with a low level of non-performing loans (approximately 6%). Even so, the sector remains very concentrated, with two main banks accounting for 85% of assets. Under newly enacted directives, all public and private sector employees earning more than FDJ 40,000 are required to hold a current account in banking institutions; a move which has led to an important increase in bank deposits. Between 2008 and 2009 commercial bank deposits increased by 19.3% to reach FDJ 183.9 billion, while sight deposits rose by 34.8% and bank balance sheets improved by 20.7%. However, weak enforcement of creditor rights and the absence of comprehensive information on borrowers keep lending risks high. Bank lending has increased in recent years but still remains fairly limited, with the ratio of bank credit to bank deposits rising from 29.5% in 2006 to 37% in 2008 and 41.6% in 2009.
|Agriculture||Fruits, vegetable, coffee, fish|
|Manufacture||Dairy, fishing, salt, mining|
|Services (Including financial)||79.7% (2015 estimate)|
|Central Bank of Djibouti||Financial|
|Exim Bank of Djibouti (EBD)||Financial|
|Dahabshil Bank International||Financial|
|Other Oily Seeds|
Djibouti has been able to capitalize on its political stability and strategic location in the Horn of Africa along major shipping routes. While the country has, in the past, heavily relied on rents from military bases, port revenues and foreign aid, authorities have made significant progress towards transforming the economy into a regional trade and finance hub since the mid-2000s, with significant foreign investment inflows and major transport infrastructure projects providing important sources of economic growth. With a weak manufacturing sector and limited agricultural output is given geographic and climatic constraints, Djibouti's economy is dominated by trade and services.
Real GDP growth, supported by large inflows of foreign direct investments (FDIs), averaged 4.2% a year from 2004 to 2008, reaching a high of 5.8% in 2008. Economic performance has remained strong despite slowing a bit in 2009 as the global economic and financial crisis led to decreasing trade activity and delays and cancelations in several FDI projects (decreasing from 23.3% of GDP in 2008 to 18% of GDP in 2009), though important investments in maritime services did partly offset these effects. As a result real GDP growth declined to 5.0% in 2009 and 3.5% in 2010. Although the country was affected in 2011 by unfavorable events that hit its economic performance, real GPD growth increased to 4.5% in 2011 and it is projected to picking up to 4.8% in 2012 and 5.0% in 2013.
Djibouti is a relatively stable country within an otherwise turbulent region. Growth doubled over a period of four years, rising from an estimated 5.9% in 2008 to an expected 6.5% in 2009. However, households in Djibouti have been hit hard by the food crisis and droughts that have affected the region as a whole.
In antiquity, the territory was part of the Land of Punt. Nearby Zeila (now in Somalia) was the seat of the medieval Adal and IfatSultanates. In the late 19th century, the colony of French Somaliland was established following treaties signed by the ruling Somalia and Afar sultans with the French and its railroad to Dire Dawa (and later Addis Ababa) allowed it to quickly supersede Zeila as the port for southern Ethiopia and the Ogaden. It was subsequently renamed to the French Territory of the Afars and the Issas in 1967. A decade later, the Djiboutian people voted for independence. This officially marked the establishment of the Republic of Djibouti, named after its capital city. Djibouti joined the United Nations the same year, on 20 September 1977. In the early 1990s, tensions over government representation led to armed conflict, which ended in a power sharing agreement in 2000 between the ruling party and the opposition.
Djibouti is a multi-ethnic nation with a population of over 846,687 inhabitants. Arabic and French constitute the country's two official languages. About 94% of residents adhere to Islam, a religion that has been predominant in the region for more than 1,000 years. The Somali Issa and Afar make up the two largest ethnic groups. Both speak Afro-asiatic languages, which serve as recognized national languages.
Djibouti is strategically located near some of the world's busiest shipping lanes, controlling access to the Red Sea and Indian Ocean. It serves as a key refueling and transshipment center, and is the principal maritime port for imports from and exports to neighboring Ethiopia. A burgeoning commercial hub, the nation is the site of various foreign military bases, including Camp Lemonnier. The Intergovernmental Authority on Development (IGAD) regional body also has its headquarters in Djibouti City.
Ismail Omar Guelleh
Abdoulkader Kamil Mohamed
Mohamed Ali Houmed
(President of National Assembly)
IIyas Moussa Dawaleh
(Minister of Finance)
The Djiboutian franc is the currency of Djibouti. Its ISO 4217 currency code is DJF. Historically, it was subdivided into 100 centimes.
From 1884, when the French Somaliland protectorate was established, the French franc circulated alongside the Indian rupee and the Maria Theresa thaler. These coexisted with 2 francs = 1 rupee and 4.2 francs = 1 Maria Theresa thaler.
From 1908, francs circulating in Djibouti were legally fixed at the value of the French franc. Starting in 1910, banknotes were issued for the then colony by the Bank of Indochina. Chamber of Commerce paper money and tokens were issued between 1919 and 1922.
In 1948, the first coins were issued specifically for use in Djibouti, in the name of the "Côte Française des Somalis". In 1949, an independent Djiboutian franc came into being when the local currency was pegged to the US dollar at a rate of 214.392 francs = 1 dollar. This was the value which the French franc had had under the Bretton Woods system until a few months before. Consequently, the Djiboutian economy was not affected by the further devaluations of the French franc.
In 1952, the Public Treasury took over the production of paper money. French Somaliland's change of name in 1967 to the French Territory of the Afars and the Issas was reflected on both the territory's coins and notes. In 1971 and 1973, the franc was revalued against the US dollar, first to a rate of 197.466 to the dollar, then 177.721, a rate which has been maintained ever since. A further change in coin and banknote design followed independence in 1977.
|Currency||Djiboutian franc (DJF)|
|GDP / GDP Rank||3.345 Billion USD|
|GDP Growth Rate||6.5 Percent|
|GDP Per Captial||$3369.584 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Other 5% (Includes French
President – Ismaïl Omar Guelleh[α]
Prime Minister – Abdoulkader Kamil Mohamed
|Website||Go to the web|
|Public Debt||31.264 Percent|
|Unemployment Rate||6.605 Percent|
|Labor Force (Occupation)||-|