Depreciation of the Congolese currency: a major economic challenge for the DRC
The depreciation of the Congolese currency has become a major concern for the government of the Democratic Republic of the Congo. During a restricted meeting on the economic situation held at the Primature, the head of government, Jean-Michel Sama Lukonde, gave firm instructions to stop the depreciation of the national currency on the foreign exchange market.
According to Aimé Boji, Minister of the Budget, this depreciation is not exclusive to the DRC, many other countries in the world and in the region are facing this global economic crisis. However, the government is determined to take measures to stem this situation and stabilize the local currency.
Among the planned measures, the daily publication of the official and parallel exchange rate in the media by the Central Bank is planned. In addition, exchange offices will have to display the rates inside rather than outside.
The government also plans to raise the central bank’s key rate in the coming weeks. This measure aims to reduce demand and absorb liquidity on the foreign exchange market, thus contributing to the stability of the Congolese currency.
Aimé Boji insists that the Central Bank will use all other instruments available to fight against this crisis and ensure the stability of the currency.
It is essential for the government to take prompt and effective action to halt the depreciation of the Congolese currency and restore investor confidence.
This situation highlights the importance for the Congolese authorities to promote a solid economic policy, supported by structural reforms, in order to preserve monetary stability and stimulate long-term economic growth.
Relevant article links:
1. “The Busanga hydroelectric power plant: a major step forward for energy development in the DRC”: https://fatshimetrie.org/blog/2023/07/08/la-centrale-hydroelectrique-de-busanga-une-avancee- major-for-energy-development-in-drc/
2. “Defections within the UNC shake the Congolese political landscape before the elections”: https://fatshimetrie.org/blog/2023/07/08/les-defections-au-sein-de-lunc-secouent -the-congolese-political-landscape-before-the-elections/
3. “The resumption of activities in Bunagana marks a major turning point in the fight against terrorism in North Kivu”: https://fatshimetrie.org/blog/2023/07/08/la-reprise-des-activites-a -bunagana-marks-a-major-turning-point-in-the-fight-against-terrorism-in-north-kivu/
4. “Kabukungu Kamituga: Devastating fire burns down 14 houses, local community calls for urgent help”: https://fatshimetrie.org/blog/2023/07/08/kabukungu-kamituga-a-devastating-fire-reduced-to-ashes-14-houses-the-local-community-request-une-aide-urgent/
This economic challenge must be taken seriously by the Congolese authorities. It is essential to put in place effective strategies to control the depreciation of the currency and guarantee the economic stability of the country. The success of these measures will help to strengthen investor confidence and promote the economic development of the DRC.