Economic news in the Democratic Republic of Congo (DRC) remains stable despite some tensions in the goods and services market. This was announced by the Governor of the Central Bank of Congo, Malangu Kabedi Mbuyi, during her participation in the 103rd meeting of the Council of Ministers.
According to Malangu Kabedi Mbuyi, inflation is 0.59% for the last week of June 2023, a slight increase compared to the previous week which was 0.24%. This increase is mainly caused by changes in the prices of food products, non-alcoholic beverages, housing, water, gas, electricity and transport. The indicative exchange rate is set at 2411 FC/$1 as of June 29, 2023, showing a downward trend compared to the previous week. This same trend is observed on the parallel market with an exchange rate of 2427.5/$1.
To cope with these inflationary pressures and the depreciation of the Congolese currency, the Central Bank of Congo has taken measures such as raising the bank’s key rate and the compulsory reserve coefficient on life deposits in Congolese francs. The Governor also encouraged the government to continue efforts to support production and reduce dependence on imports.
In his speech, Malangu Kabedi Mbuyi underlined the importance of ensuring that exchange offices and traders scrupulously respect the regulations issued by the Central Bank of Congo, particularly in terms of public display of the exchange rate. This measure aims to prevent speculation and maintain the stability of the currency market in the DRC.
The Governor also recommended the coordination of budgetary and monetary policies, as well as the maintenance of the stability pact to avoid monetary financing of the State deficit.
Since the beginning of 2023, the DRC has been facing a depreciation of its currency against the US dollar, which has led to an increase in the prices of basic necessities. To remedy this situation, it is essential to put in place measures to stabilize the exchange rate and promote local production.
In conclusion, although tensions persist on the goods and services market, the Congolese economy remains stable overall. The measures taken by the Central Bank of Congo aim to reduce inflationary pressures and maintain exchange rate stability. It is important that the government continues its efforts to support production and reduce dependence on imports in order to strengthen the country’s economy