Description

Djibouti, formally known as the Republic of Djibouti, is situated in the Horn of Africa. It shares borders with Somalia to the south, Ethiopia to the southwest, Eritrea to the north, and is surrounded by the Red Sea and the Gulf of Aden to the east. The country covers an area of 23,200 km2 (8,958 sq mi).

In 1948, the initial coins intended for circulation in Djibouti were minted under the name "Côte Française des Somalis". Following this, in 1949, Djibouti introduced its own currency, the Djiboutian franc, as it detached from the French franc. The local currency was fixed to the US dollar at a rate of 214.392 francs to 1 dollar, mirroring the exchange rate the French franc held under the Bretton Woods system until shortly prior. As a result, Djibouti's economy remained unaffected by subsequent devaluations of the French franc.