The Congolese Franc appreciates on the parallel market
In the current economic context, it is always interesting to follow the evolution of the exchange rates of different currencies. And this time, it is the Congolese Franc which is making headlines, recording a significant appreciation on the parallel market.
According to the Central Bank of Congo, the national currency experienced an appreciation of 4.22% in the last week of July 2023. This improvement follows an intervention by the BCC on the foreign exchange market, aimed at facilitating the supply of currencies and to stabilize the exchange rate.
The indicative exchange rate stood at 2,427.85 CDF per US dollar, representing a weekly appreciation of 4.65% of the Congolese franc.
However, despite this improvement, speculation around the exchange rate persists on the parallel market, with prices oscillating between 2,250 and 2,300 CDF per US dollar. This reflects the challenges facing the Congolese economy, particularly in terms of financial stability.
The Central Bank of Congo emphasizes that it sold currencies for an amount of 200 million dollars in July, with the aim of supporting the national economy and maintaining an adequate supply of currencies on the market.
This appreciation of the Congolese Franc is good news for the country, but it is important to continue to closely monitor the economic situation and exchange rate fluctuations, in order to ensure financial stability and promote economic growth.
In conclusion, the appreciation of the Congolese Franc on the parallel market is an encouraging sign for the economy of the Democratic Republic of Congo. However, it remains essential to continue to take adequate measures to maintain financial stability and foster an environment conducive to investment and economic growth.