Appreciation of the Congolese franc against US dollar the week of November 8th, 2021

View of Congolese franc banknotes

Kinshasa, November 8th, 2021 (CPA) – The Congolese Franc started the week of November 8th, 2021 with a slight appreciation against US dollar, trading at the callsign at FC 1.999.82 for 1 US dollar against FC 2.010 the week from 1st to 7th of the same month, indicates on Monday the mercurial of the Central Bank of Congo (BCC) on its website.

In the parallel market, the Congolese Franc observes relative stability by trading at FC 2,020 for the highest bidder and FC 2,000 for the lowest bidder.

The government in its Report of October 22nd, 2021 noted that the market for goods and services remained stable with an annual cumulative inflation of 3.69%, while it was around 14% in the corresponding period in 2020.

The coordination of fiscal and monetary policies has consolidated the stability of the foreign exchange market. As of October 22nd, the Congolese franc has only experienced a cumulative depreciation of 1.31% indicative and 0.95% parallel unlike the corresponding period in 2020.

On this occasion, the Vice-Governor recommended maintaining the coordination of budgetary and monetary policies, the continued application of the Stability Pact, the close monitoring of liquidity factors and the implementation of the reforms adopted in the framework of the program with the International Monetary Fund.

The Central Bank of Congo also noted during the same period that aggregate weekly inflation stood at 0.065% while cumulative inflation was at 0.200%. Cumulative inflation for the year would stand at 3.146%, annualized it would stand at 3.909%.

The good behavior of the macroeconomic situation of the Democratic Republic of Congo, underlines the Central Bank of Congo, is supported by a rebound on the international market of merchant mining products of major export, namely copper, cobalt, gold and diamonds.

However, the policy put in place by the government consisted in safeguarding macroeconomic stability by increasing the resources of banks, in particular with a view to financing export products which expose it to exogenous shocks resulting from an obvious once again, the vulnerability of the Congolese treasurer. ACP /