The Congolese franc continues its stability on the foreign exchange market the week from May 17th to 23rd

Kinshasa, May 23^th, 2021 (CPA).– The Congolese franc (CDF) continued its stability on the official foreign exchange market by trading at CDF 1,995.16 (one thousand nine hundred and ninety-five) the US dollar against CDF 1.997 (one thousand nine hundred and ninety-seven), the week of May 10^th to 16^th of the same year, the mercurial of the Central Bank of Congo (BCC) said on Saturday. At the start of the week, Tuesday, May 19^th, the official rate was CDF 1.988 (one thousand nine hundred and eighty-eight) against CDF 2.021 (two thousand and twenty-one) at the parallel At the end of the week, the national currency also experienced relative appreciation, trading CDF 2,000 (two thousand) the US dollar for the lowest bidder and CDF 2,016 (two thousand sixteen) to CDF 2025 (two thousand and twenty-five) the dollar. American for the highest bidder. The stability of the Congolese franc observed, comes from the pact signed between the BCC and the government with regard to the execution of expenditure. It consists of spending only what you earn. This stability is also reinforced by internal measures linked to the improvement of the macroeconomic framework, in particular the fight against corruption and the embezzlement of public funds. These measures have just been reinforced by the formalization of the informal sector, decided by the Economic Conjuncture Committee at its meeting on Wednesday 19 May. This measure has the advantage of broadening the tax base in order to replenish the public treasury. And also the digitization of financial authorities in order to establish the traceability of taxes and levies of taxpayers constitutes a strong measure of the government, given that it has proven itself in the realization of revenue by the General Directorate of Taxes (DGI) with more than 150% of revenue, the General Directorate of Administrative, State and Participation Revenue with 105.5% and the General Directorate of Customs and Excise (DGDA) with 103%. All other things being equal, government revenue can be achieved at a more optimistic rate towards reaching USD 12,000,000,000 (twelve billion) per fiscal year. The improvement in the prices of raw materials, in particular copper which crossed the USD 10,000 (ten thousand) bar never reached, is proof of the improvement of the macroeconomic framework of the DRC. However, cobalt saw a price drop on the international market for the second week in a row. Contrast in internal price formation it should also be noted that the prices of cereal products have fallen on the international market while internally prices are on the rise. The formation of prices on the internal market, it is pointed out, does not follow the evolution of the international market, through the bad faith of economic operators who see only their interests. In general, the FC has had a good run since the last quarter of 2020. The depreciation is still below economic forecasts. The cumulative rate of inflation stood at 1.58% in the first week of May, against 4.22% in the corresponding period of 2020, a decline of two points. According to some economic experts approached by the CPA, the DRC would be advanced if the same discipline in the management of public affairs was required. The standard of living of the population would also be high. ACP/