Today, we are addressing a hot topic: the fluctuation of the exchange rate of the Congolese franc against foreign currencies. This situation is of great concern to the Congolese population, as well as President Félix Tshisekedi who has decided to take measures to stabilize the local currency.
During a crisis meeting, the president instructed the General Inspectorate of Finance (IGF) and the government to put in place concrete actions to resolve this problem. Among the measures announced, we find in particular the continuation of the interventions of the Central Bank of Congo on the foreign exchange market, the rigorous management of Public Finances, the prohibition of the payment in cash of public expenditure, and the reinforcement of measures of repatriation of currencies.
This decision follows the continuous depreciation of the Congolese franc against the US dollar since the beginning of the year. This situation has a direct impact on the purchasing power of the Congolese population, in particular the poorest. Currently, the exchange rate is 2,500 Fc for 1 US dollar.
Industry experts point out that the fluctuation of the exchange rate is mainly due to the law of supply and demand in the currency market. The Democratic Republic of Congo having opted for a free exchange market, the value of the Congolese franc is therefore subject to market fluctuations.
To combat this monetary instability, it is essential to implement effective measures to regulate the currency market and stabilize the exchange rate. The actions announced by President Tshisekedi go in this direction, involving in particular the IGF and the banking sector.
It is hoped that these measures will remedy the situation and restore citizens’ confidence in the local currency. The stability of the exchange rate is indeed essential to promote the country’s economic development and improve the living conditions of the Congolese population.
In conclusion, the fluctuation of the exchange rate of the Congolese franc is a major issue in the Democratic Republic of Congo. President Tshisekedi has taken steps to try to stabilize the local currency and preserve citizens’ purchasing power. It now remains to put these measures in place effectively and to closely monitor the evolution of the exchange rate in the coming months.