Slight appreciation of the Congolese franc indicative against the USD during the week of May 31 to June 6

Kinshasa, June 6^th, 2021 (CPA).– The Congolese franc (CDF) experienced a slight appreciation in the indicative by trading CDF 1.995 (one thousand nine hundred and ninety-five) FC the US dollar, the week of May 31 to June 06 of the current year, against CDF 1,997.11 (one thousand nine hundred and ninety-seven, eleven centimes), the week of May 24 to 30 of the same year, indicates the mercurial of the Central Bank of Congo (BCC) on its website consulted Sunday by the CPA.

In the parallel market, the FC exchange rate remained stable. It changes to 2,000 (two thousand) FC for the lowest bidders and CDF 2.002 (two thousand-two) for the highest bidders. The latter rate is charged by large exchange bureaus for customers who hold for the exchange more than USD 500 (five hundred).

Compared to January 2021, the CDF exchange rate remains relatively stable against the US dollar, as its depreciation is not that noticeable in the market. This rate is not based on an economic argument, it is set by traders according to the demand for currencies on the market, This rate is not based on an economic argument, it is set by the traders according to the demand for foreign currency in the market, and the size of the money supply of the national currency as well as the foreign reserves available to the BCC.

The stability of the CDF, it is pointed out, stems from the Stability Pact signed between the government and the BCC, and from the policy adopted by the government in spending, without forgetting the improvement of revenues from the financial authorities, namely, the General Directorate of Taxes (DGI); the General Directorate of Customs and Excise (DGDA) as well as the General Directorate of State, Administrative and Participation Revenue (DGRAD).

This exchange rate stability is attested by the Economic Conjuncture Committee which notes an increase of more than 100% of the BCC’s foreign exchange reserves, from 500,000,000 (five hundred million) USD to CDF 1,200,000,000 (one billion two one hundred million), noting an improvement in the macroeconomic framework. ACP/