In 1946, Djibouti received the status of overseas territory. An elected territorial assembly was created then, in 1956, a government council charged, under the chairmanship of the head of the territory, with the management of local affairs. At the same time, fiscal, customs and monetary measures are put in place to promote the development of the deep-water port, to finally compete with Aden. Port facilities are expanding considerably and can afford to accommodate 2,000 ships per year. Djibouti becomes a free port and abandons the free zone. In 1948, a new currency, the Côte Française des Somalis, was created, pegged to the gold standard and convertible into dollars.