Title: The dedollarization of the Congolese economy: an ambitious measure to preserve the purchasing power of the Congolese
Introduction :
The Congolese government has recently taken a bold decision in economic matters: that of paying taxes and duties in Congolese francs, with the aim of dedollarizing the economy. This decision was discussed during a meeting between the Minister of Finance, Nicolas Kazadi Kadima, and the Congolese Association of Banks. In this article, we will examine the measures taken by the government and the commitment of bankers to support this dedollarization, with the aim of preserving the purchasing power of the Congolese.
The measures adopted during the meeting of the Council of Ministers:
During the 105th meeting of the Council of Ministers, several measures were adopted within the framework of the dedollarization of the Congolese economy. Among other things, it was decided to prohibit cash payment at the counters of the Central Bank of Congo. The Issuing Institution will also have to intervene regularly on the foreign exchange market in order to stabilize the exchange rate. In addition, the banking sector will be responsible for regulating foreign exchange transactions, and enhanced foreign exchange repatriation measures will be put in place. Finally, there are plans for consultation between the Central Bank of Congo and operators in the mining sector for the possible redemption of part of the repatriated currencies.
The involvement of banks in dedollarization:
The bosses of the banks have welcomed the government’s decisions regarding the dedollarization of the economy. They pledged to work actively with the government to make the Congolese currency, the Congolese franc, more attractive on the market. This collaboration will notably involve supervision of foreign exchange transactions by the banking sector to ensure better regulation. Banks will also be responsible for facilitating the repatriation of foreign currency and setting up appropriate financial services allowing Congolese to carry out their transactions in Congolese francs.
The benefits of dedollarization:
The dedollarization of the Congolese economy has many advantages for citizens. First of all, by paying taxes and duties in Congolese francs, this will support the stability of the exchange rate, thus avoiding excessive fluctuations that can impact the purchasing power of Congolese. In addition, it will promote the use of the national currency and strengthen confidence in the Congolese economy. Finally, dedollarization will reduce excessive dependence on the US dollar and encourage internal economic development.
Conclusion :
The dedollarization of the Congolese economy is a bold initiative that aims to preserve the purchasing power of the Congolese. The measures taken by the government, supported by the commitment of the banks, will contribute to making the Congolese currency more attractive and to stabilizing the exchange rate. This dedollarization thus opens up new prospects for the economic development of the Congo