The Central Bank of Congo (BCC) has published its weekly economic outlook for the period from May 19 to 26. According to this note, the national currency, the Congolese Franc, experienced a slight appreciation of 0.6% on the official foreign exchange market in the Democratic Republic of Congo (DRC). The exchange rate on the official market thus stood at 2,303.55 Congolese Francs for one US dollar. However, on the parallel market, the exchange rate experienced a slight weekly depreciation of 0.11% to reach 3,354.8 Congolese Francs for one US dollar.
It is important to note that the foreign exchange market remained stable both on the official segment and on the parallel market, from one week to the next. Indeed, the average exchange rate stood at 2,319.44 Congolese Francs for one US dollar in the major cities of the provinces, i.e. a weekly depreciation of 0.27%.
The BCC also indicated a deficit of US$94.09 million for the execution of the foreign currency budget, as of May 23, 2023, resulting from revenues of US$68.9 million and expenditures of US$162.9 million. Americans.
In addition, the DRC’s international reserves, representing an import cover of 2.25 months, reached US$4.1 billion as of May 25.
This note on the economic situation of the BCC offers an overview of the country’s current financial situation. Although the official market exchange rate has increased slightly, internal and parallel market depreciation means that inflation remains a threat to the Congolese economy. The DRC must work to stabilize its currency and promote economic growth