The degradation of the Congolese franc against the US dollar: a worrying economic crisis for the DRC.
For several months, the Democratic Republic of Congo (DRC) has been facing a major economic crisis, marked by the dizzying fall of its local currency, the Congolese franc, against the US dollar. This situation has disastrous consequences for the population, which sees the prices of basic necessities increase alarmingly. With an exchange rate of around 2,500 Fc for 1 dollar, the drop in the Congolese franc has reached nearly 47% since 2019.
Faced with this critical situation, the population reacted in contradictory ways. On the one hand, there is a cry of alarm for urgent intervention aimed at redressing the situation. On the other hand, some see this devaluation as an opportunity to obtain more Congolese francs by holding dollars.
The government, for its part, has taken measures to try to deal with this crisis. The Central Bank of Congo thus decided to increase the key rate from 9% to 11% during a meeting of the Monetary Policy Committee on 19 June. In addition, during a recent meeting of the Council of Ministers, the Governor of the BCC recalled the ban on any public display of the exchange rate by exchange offices and manual currency traders who are natural persons.
Nevertheless, it is clear that these measures are not enough to stem the devaluation of the Congolese franc. The DRC’s economic situation remains precarious and the government’s efforts must be strengthened to promote financial stability and guarantee the purchasing power of the population.
It is also essential to raise public awareness of the consequences of this crisis and to encourage more responsible economic management. Economists and financial experts must be involved in the search for lasting solutions to stabilize the Congolese currency and promote the country’s economic development.
In conclusion, the degradation of the Congolese franc against the US dollar represents a major economic crisis for the DRC. This worrying situation requires urgent action on the part of the government and raising public awareness of the economic issues