The Central Bank of Congo (BCC) reported a slight appreciation of the Congolese franc on the official foreign exchange market, with an increase of 0.6%. Market developments remained relatively stable from week to week, both on the official market and on the parallel market.
However, the Congolese currency suffered a slight drop of 0.11% on the parallel market, reaching a rate of 3,354.8 Congolese francs per dollar, against 2,303 CDF on the indicative.
According to a weekly economic outlook from the BCC, the average exchange rate in major cities fell by 0.27%, reaching 2,319.44 CDF per dollar.
The Central Bank also announced that the execution of the budget in foreign currency experienced a deficit of 94.09 million US dollars as of May 23, 2023, resulting from revenues of 68.9 million US dollars and expenses of 162.9 million US dollars. International reserves stood at $4.1 billion, representing an import cover of 2.25 months.
These figures reflect the ongoing economic volatility in the Democratic Republic of Congo. Exchange rate stability is vital to the country’s overall economy, but difficult economic conditions and weak monetary policy mean that this stability is often compromised.
Searching for images related to the subject or consulting articles already published on the blog (such as those on the CAF Confederation Cup or the Games of La Francophonie in Kinshasa) can offer a more complete overview of the economic situation in the DRC