Government measures to regulate exchange rate fluctuations in the DRC
The President of the Republic Félix Tshisekedi recently expressed his concern about the “worrying and persistent” evolution of exchange rate fluctuations in the DRC and their consequences on the purchasing power of the population. In response to this situation, the government has adopted several urgent measures aimed at regulating the foreign exchange market.
During the 105th meeting of the Council of Ministers, the Head of State recalled the ban on the payment of public expenditure in cash at the counters of the Central Bank of Congo (BCC). This measure aims to limit cash payments and encourage electronic financial transactions, thus contributing to better traceability of financial flows.
In addition to this measure, the government has also decided to strengthen the interventions of the Central Bank of Congo on the foreign exchange market by making available to it foreign currencies drawn from foreign exchange reserves. The aim is to ensure a sufficient supply of foreign currency in the market, which will help stabilize the exchange rate.
Alongside these measures, foreign exchange transactions carried out by foreign exchange bureaus will be supervised by the banking sectors in order to guarantee their compatibility with their real capacities. This will limit speculative practices in the currency market and promote greater transparency.
The government also stressed the importance of currency repatriation and collaboration between the Central Bank of Congo and operators in the mining sector. It is expected that mining operators will repatriate part of their foreign currency and pay all taxes, duties, fees and royalties due to the State in Congolese Francs.
This series of measures aims to stabilize the exchange rate and protect the purchasing power of the Congolese population. By controlling financial flows and encouraging electronic transactions, the government hopes to bring greater transparency and build confidence in the country’s economy.
However, it is important to emphasize that the regulation of the foreign exchange market is a complex challenge that requires a comprehensive and concerted approach. The government should continue to closely monitor exchange rate developments and take the necessary measures to maintain the country’s economic and financial stability.
In conclusion, the measures taken by the government of the DRC to regulate exchange rate fluctuations aim to protect the purchasing power of the population and to ensure the economic stability of the country