Central Bank of Djibouti
Encyclopedia
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Djibouti
Djibouti
Djibouti , officially the Republic of Djibouti , is a country 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...
. The bank is responsible for managing the currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Djibouti, the country's foreign exchange
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
position, the national accounting, et cetera.
The official Djibouti currency is Djiboutian Franc. The bank is responsible for managing the currency of Djibouti, the country's foreign exchange position and the national accounting.
Objectives of Central Bank of Djibouti:
- To issue and redeem notes and coins
- To supervise, regulate and inspect any financial institution which operates in and from within Djibouti
- To promote the financial stability and soundness of financial institutions
- To supervise, regulate or approve the issue of financial instruments by financial institutions or by residents
- To assist with the detection and prevention of financial crime
- To foster close relations between financial institutions themselves and between the financial institutions and the Government
- To manage exchange control and regulate transactions in foreign currency or gold on behalf of the Government
- To advise and assist the Government and public bodies on banking and other financial and monetary matters
- To perform such functions as may be necessary to fulfill the said objects
The bank is responsible to the government of Djibouti.
See also
- Central banks and currencies of AfricaCentral banks and currencies of AfricaThere are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
- Djiboutian francDjiboutian francThe franc is the currency of Djibouti. The ISO 4217 currency code is DJF. Historically it was subdivided into 100 centimes.- History :...
, the unit of currency - Economy of DjiboutiEconomy of DjiboutiThe economy of Djbouti is derived in large part from its strategic location on the Red Sea. Djibouti is mostly barren, with little development in the agricultural and industrial sectors. The country has a harsh climate, a largely unskilled labour force, and limited natural resources...
- List of central banks