The economic stability of the DRC has seen some improvements in recent weeks with a slight increase in the national currency, the Congolese franc. According to information provided by the Central Bank of Congo (BCC), this appreciation on the official foreign exchange market amounted to 0.6% during the week of May 19 to 26, 2023.
Despite relative stability in the two segments of the foreign exchange market, the BCC’s weekly economic outlook note, which has come down to us, indicates that the exchange rate on the official market was 2,303.55 Congolese francs against an indicator at 2,303 Congolese francs. This appreciation of the national currency, even slightly, helped to reduce the imbalance in the trade balance.
However, the parallel market did not experience this development, as the exchange rates there fell slightly by 0.11%. And this, when the average exchange rate stood at 2,319.44 CDF in the provinces. Although this situation does not reflect the reality of the market, it could have repercussions on the prices of imported products and consumables for the Congolese.
Despite this, the budget execution in foreign currency, as of May 23, 2023, had created a deficit of US$94.09 million, with revenue of US$68.9 million and expenditure of US$162.9 million. . Still, international reserves increased to $4.1 billion as of May 25, representing an import cover of 2.25 months.
This relative economic situation reflects the government’s efforts to maintain the country’s financial and monetary stability despite the economic and political challenges observed for some time.