In an effort to stem the decline of the currency, the Banque Centrale du Congo has ordered mining companies to pay their taxes in Congolese francs (CDF). The announcement followed a meeting on 17 July between President Félix Tshisekedi, central bank officials, the Ministry of Finance and bankers.
Other suggestions to strengthen the CDF were to hike interest rates further, for additional forex auctions to commercial banks, and for government bodies to pay civil servants’ salaries via bank transfer in the local currency.
“These new measures should be enough to temper the stress on the market especially in the short term,” says Willy Mulamba, Citi Country Officer for the DRC, and chairman of the Congolese Banking Association.
Security budget up tenfold
The sell-off in the Congolese franc began at the start of June, triggered by the worsening security situation in the eastern part of the
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