Meeting between the Minister of Finance of the DRC and the Congolese Association of Banks
In a concern to preserve the purchasing power of the Congolese and to stabilize the exchange rate, the Minister of Finance of the DRC, Nicolas Kazadi, held a working meeting with the leaders of the Congolese Association of Banks. This meeting, which took place in Kinshasa, allowed the minister to share the decisions taken by the government with regard to the payment of taxes and duties in Congolese francs.
Nicolas Kazadi thus invited bankers to support the efforts of the Congolese government in the dedollarization of the economy. He also stressed the importance of maintaining the stability of the exchange rate in order to preserve the purchasing power of the Congolese.
Bank officials present at the meeting welcomed this government decision and pledged to collaborate effectively to make the Congolese currency more attractive on the market.
This initiative follows the concerns expressed by President Félix Tshisekedi regarding the situation of the Franc Congolais on the foreign exchange market and its consequences on the purchasing power of the population. During a crisis meeting last July, the government adopted several measures aimed at remedying this situation.
Among these measures, we find the continuation of interventions by the Central Bank of Congo on the foreign exchange market, the rigorous management of public finances by limiting expenditure to essential priorities, the prohibition of the payment of public expenditure in cash at the counters of the Central Bank, and supervision of foreign exchange transactions carried out by exchange offices.
Other measures such as the strengthening of foreign exchange repatriation and the immediate withholding of VAT for State suppliers and service providers have also been adopted.
President Félix Tshisekedi stressed the importance of the strict application of these measures to guarantee concrete results in the dedollarization of the Congolese economy.
This meeting between the Minister of Finance and the Congolese Association of Banks testifies to the Congolese government’s desire to work in collaboration with the financial sector to ensure economic development and preserve the purchasing power of citizens.
By encouraging a collective approach and involving players in the banking sector, the government hopes to be able to strengthen confidence in the Congolese currency and promote greater economic stability in the country