Djibouti – 43 Djibouti

2006 At a Glance Population (mn) 0.81 Population Growth (annual %) 1.7 Official Language French Currency Djiboutian Franc (DJF) GDP (Current US$ bn) 0.76 GDP Growth (annual %) 4.2 GDP Per Capita (US$) 943 FDI, net inflows (US$ mn) (2005) 23 External Debt (US$ mn) 0.4 External Debt/GDP (%) 59 CPI Inflation (annual %) 3.0 Exports of goods and services (% of GDP) 36.3 Gross Official Reserves (bnUS$) 0.103 Gross Official Reserves (in months of import) 3.7 UNDP HDI Ranking 148 Source: AfDB, IMF, UNCTAD, UNDP, UN Population Division

1. overview of Financial System

The financial system of Djibouti consists primarily for rural and tourist development, but it is not fully of a small banking sector. The financial sector is operational. As of end-2005, the two French-owned supervised and regulated by the Banque Centrale de banks, namely the Banque pour le Commerce et Djibouti, the central bank. Djibouti is a member of the l’Industrie-Mer Rouge (51% owned by Banque regional Free Trade Area of the Common Market for Nationale de Paris) and the Banque Indosuez-Mer Eastern and Southern Africa (COMESA). Rouge (owned by Groupe Indosuez of France), together accounted for almost 95% of deposits and Bank and Non-Bank Financial Sector a credit-extension share of more than 85%. The banking sector is comprised of 3 commercial The pension system is based on a pay-as-you-go banks (two of which are owned by French banks) and system that was created by the French administration the Commercial Bank of Ethiopia, providing deposits before Djibouti’s independence, and is comprised and international transactions services to Ethiopian of the following three pension funds: the Caisse customers engaged in imports/exports, given that Nationale de Retraite for civil servants, the Organisme Djibouti provides port facilities for Ethiopea. In de Protection Sociale for private sector employees addition, the Development Fund for Djibouti (FDD), and public enterprises, and the Caisse Militaire de established in 2001, is mandated to extend loans Retraite for military personnel. 44 – Djibouti

2. Foreign Exchange 3. Key Contacts

Djibouti has followed a Currency Board FX regime for • Banque Centrale de Djibouti more than three decades. Accordingly, the full issue Mailing Address: B.P. 2118, Djibouti of the Djibouti Franc is covered by foreign exchange Other Address: Avenue St. reserves. The Djibouti Franc is pegged to the US Laurent du Var, Djibouti dollar, the intervention currency, at DJF 177.721 / 1 Tel: +253-35-2751 USD. Djibouti has no foreign exchange restrictions. Fax: +253-35-6288 There are no limitations on converting or transferring E-mail: [email protected] funds, or on the inflow and outflow of cash. Web: www.banque-centrale.dj

DJF Per Unit of EUR (Year End)

250

200

150 2000 2001 2002 2003 2004 2005 2006 Source: Bloomberg

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