Kinshasa can rejoice that some of Tshisékédi’s wishes have already been fulfilled. On the very day of his address in New York, the Banque Centrale du Congo (BCC) – which has been headed by Malangu Kabedi Mbuyi, a former IMF executive, since July – announced that the DRC’s foreign exchange reserves had reached $3.36bn on 17 September.
A 63% jump in foreign-exchange reserves in two months
This represents a 63% increase in two months, or a rise of $2.13bn in the country’s foreign-exchange reserves. The latter had plateaued below $800m during most of the first half of 2021.
“This level of reserves means that we have three months of import cover and therefore a little less stress. The BCC can also intervene in the foreign-exchange market to support the local currency, if necessary,” says economic analyst Al Kitenge.
Screenshot 2021-10-05 at 12.09.54 © (In blue): IMF projections (In red): Changes in reserves declared by Central Bank of Congo
The BCC’s foreign-exchange reserves has mostly been strengthened, thanks
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