Payroll transactions for civil servants and their impact on the exchange rate
In a statement published recently, the General Inspectorate of Finance (IGF) addressed the issue of payroll operations for civil servants and their potential influence on the exchange rate. According to the IGF, the operations in progress will have no effect on the exchange rate since civil servants are not looking for foreign currency on the exchange market.
In fact, the pay of civil servants for the month of July was delayed by one week due to operations to update and clean up the file of civil servants. However, these operations are now complete and the imminent pay of civil servants should not have an impact on the exchange rate.
The IGF also advises civil servants to keep their remuneration in Congolese francs. Since the implementation of framework measures taken during an extraordinary meeting of economic conditions, we observe a gradual appreciation of the Congolese franc on the foreign exchange market.
This meeting, chaired by the Congolese Head of State, Félix Tshisekedi, brought together representatives of the General Inspectorate of Finance, the Federation of Congolese Companies and the Congolese Banking Association. It aimed to take measures to stabilize the country’s economic situation and guarantee the stability of the national currency.
Thus, despite the delay in the pay of civil servants, the IGF wants to be reassuring about the impact on the exchange rate. Civil servants are encouraged to keep their remuneration in Congolese francs and to take advantage of the gradual appreciation of the currency on the exchange market.
It is important to emphasize that this situation specifically concerns state officials and does not apply to foreign currency applicants on the foreign exchange market. The stability of the exchange rate is a major challenge for the country’s economy, and the measures taken aim to guarantee this stability.
In conclusion, the payroll operations of civil servants will have no effect on the exchange rate, according to the General Inspectorate of Finance. Civil servants are therefore invited to keep their remuneration in Congolese francs and to take advantage of the gradual appreciation of the national currency