The drop in the exchange rate observed in recent days on the parallel market in the city of Goma, in North Kivu, has attracted the attention of economists. According to specialists interviewed by Radio Okapi, this development indicates an appreciation of the local currency compared to the American dollar. In fact, the dollar is now trading around 2,300 Congolese francs.
Despite this drop, some economic actors believe that the rate should decrease further, to reach 1,500 Congolese francs, as was the case in the past. However, it should be noted that this reduction in the exchange rate is not widespread, particularly in supermarkets and communications companies where the rate remains stable at 2,600 Congolese francs for 1 dollar.
Furthermore, this fall in the exchange rate has not yet led to a reduction in the prices of basic necessities. The inhabitants of Goma are therefore asking that this reduction also translate into a reduction in the prices of essential products. They also recommend that the rate be stabilized at 2,000 Congolese francs for 1 dollar and that it be applied uniformly, both at the level of banks, money changers and traders.
About two weeks ago, the exchange rate fluctuated between 2,500 and 2,600 Congolese francs per US dollar. This new drop in the exchange rate is therefore seen as a positive development, but its real impact on the daily life of residents remains to be seen.
Ultimately, the drop in the exchange rate in Goma is an indication of the appreciation of the local currency against the US dollar. However, it is necessary that this reduction translates into a reduction in the prices of basic necessities to truly benefit the city’s inhabitants. Exchange rate uniformity and long-term stability are also essential to foster a healthy and predictable economic environment. The coming weeks will allow us to verify whether this downward trend continues and whether it has an impact on the cost of living of the Congolese.