HomeEconomyFOREIGN CURRENCY: Congolese Currency Flanks Against USA Dollar

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FOREIGN CURRENCY: Congolese Currency Flanks Against USA Dollar

July 12, 2023

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Spending ahead of December polls, government spend on violent conflicts in eastern DRC and speculation by money changers are contributing to the franc’s slide

The value of Democratic Republic of Congo’s (DRC’s) currency continues to slide as security and pre-election spending, coupled with lower-than-expected revenues, put pressure on the exchange rate with the dollar.

The Congolese franc has lost more than 20% of its value against the US currency since the beginning of 2023, dropping from about 2,000 francs to more than 2,400 last week, according to data compiled by Bloomberg.

It is now illegal to publicly display the exchange rate in the country, according to a recent central bank decree.

CREDIT: Bloomberg

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