The Central Bank of Congo (BCC) notes, in its weekly economic situation from May 19 to 26, a slight appreciation of the Congolese franc on the official foreign exchange market by 0.6%. This appreciation was noticed both on the official market and on the parallel market, although the latter experienced a slight depreciation of 0.11% over the same period. The official exchange rate is 2,303.55 Congolese francs for one US dollar.
However, the average exchange rate in the major cities of the provinces experienced a weekly depreciation of 0.27% to reach 2,319.44 Congolese francs for one US dollar.
The economic situation of the Central Bank also reveals a deficit of 94.09 million US dollars in the execution of the budget in foreign currencies as of May 23, 2023, resulting from receipts of 68.9 million US dollars and expenses of 162.9 million US dollars.
International reserves, which represent 2.25 months of import cover, stood at $4.1 billion as of May 25.
This economic situation note gives an overview of the relative stability of the foreign exchange market in the DRC, but nevertheless, the fluctuations of the Congolese currency justify constant monitoring by the Congolese economic authorities.
For more information on current events in the DRC, you can consult the following articles published on our blog:
– The Congolese political scene: progress and gray areas
– Extraordinary Summit of the East African Community: significant progress for the security of eastern DRC
– The International Criminal Court in the DRC: investigation into crimes against humanity in the province of Ituri
– Transporters suspend transport on routes leading to the former Eastern Province
– 52,784 finalist students pass the ENAFEP 2023 edition in Kasai: proof of solidity for education in the DRC
– Dynamics of citizen movements in the DRC: alert on the restriction of civic space and electoral pressure
– The Young Congolese Entrepreneurs Fair: a day of inspiration, exchange and financing
– Security, justice, food crisis: the situation in the DRC in 2021
– Call for the release of political prisoners and the end of the dictatorship: the ultimatum of the deputies and senators of Together for the Republic in the DRC
– Julienne Lusenge appointed Deputy Coordinator of the National Monitoring Mechanism for the Addis Ababa Framework Agreement in the DRC: progress for the representation of women in peacebuilding.
These articles allow us to follow the most significant news in the DRC, whether economic, political, or social.