Fluctuations in the exchange rate and its consequences on the purchasing power of the population are major concerns for the President of the Republic Félix Tshisekedi. During a meeting of the Council of Ministers, he recalled the importance of putting in place urgent measures to deal with this situation.
Among these measures, we find the ban on the payment of public expenditure in cash at the counters of the Central Bank of Congo (BCC). The BCC will be responsible for intervening on the foreign exchange market on a regular basis by making available the foreign currencies taken from the reserves. Foreign exchange transactions carried out by exchange offices will also be supervised by the banking sectors to guarantee their compatibility with their real capacities.
Another important measure consists in strengthening the repatriation of currencies and facilitating the redemption of currencies repatriated by the Central Bank of Congo in collaboration with operators in the mining sector. This also includes the payment of all taxes, duties, fees and royalties due to the State in Congolese francs.
The government also stresses the scarcity of foreign currencies on the interbank market despite the increase in operating revenues, particularly in the mining sector. It therefore calls for better management of bank deposits in foreign currencies to guarantee a significant increase in the bank rate.
In addition, the Minister of Communication and Media, Patrick Muyaya, underlined the importance of the DRC’s national financial inclusion strategy. He affirmed that the government will work closely with the BCC to monitor the quality of spending and strengthen monitoring of the cash plan. With this in mind, cash payments will be avoided or limited to the strict minimum, and all payments at the counter of the Central Bank of Congo will be prohibited.
These measures bear witness to the Congolese government’s desire to find effective solutions to deal with fluctuations in the exchange rate and preserve the purchasing power of citizens. This is an essential step to stimulate the country’s economy and ensure long-term financial stability