News in Matadi: Ban on the display of the exchange rate to combat speculation
The mayor of the town of Matadi, in the Kongo-Central province of the Democratic Republic of Congo, recently took a drastic step to combat speculation on the exchange rate of the US dollar against the Congolese franc. Since Wednesday, September 13, combists and commercial house managers are now prohibited from displaying the exchange rate in the city.
This decision aims to put an end to speculative practices which influence the exchange rate arbitrarily. The mayor asserts that it is classic economic mechanisms that should determine the exchange rate and not the will of a few crooked individuals who engage in speculation. He also points out that the majority of these participants do not even have approval as a currency exchange office.
The mayor of Matadi believes that this measure will allow the Central Bank of Congo to play its essential role in setting the exchange rate. He rejects displays of fanciful rates which are only an attempt by certain traders to manipulate the market and attract more currency seekers. Sanctions will be applied to those who do not respect this measure.
Dominique Nkodia, the mayor of Matadi, also highlights the direct consequences of speculation on the prices of goods and services. By limiting this practice, he hopes to avoid an increase in prices on the local market.
This decision by the mayor of Matadi shows a desire to fight against abuses linked to speculation on the exchange rate. By leaving the role of setting the rate to the Central Bank, he hopes to bring more transparency and fairness to trade in his jurisdiction.
This article on current events in Matadi highlights a local initiative aimed at preventing speculation on the exchange rate. By prohibiting the display of the exchange rate, the mayor wishes to ensure greater economic stability in his city. Implementing measures such as this helps promote responsible and fair trade for the well-being of citizens.