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Foreign exchange market: BCC notes a good development of the rate in DRC

Kinshasa, March 17th, 2023 (CPA). –The Central Bank of Congo (BCC) notes a good development on the exchange market in the Democratic Republic of Congo, a respite was observed between March 14th, 15th  and 16th on the exchange market, said on Thursday the governor of this institution, Marie-France Malangu Kabedi, after a meeting of the political Troika.  « We continue to have a good development on the exchange rate market. As of today on the parallel market, the selling rate is CDF 2,306.8 to the US dollar. Remember that a few days ago it was at 2,350 FC, the US dollar. So we notice as well that on March 14th, 15th and 16th  there was some respite in the exchange rate, » the governor said.

« This was observed at the level of the parallel market as well as the interbank market, where we note that as at today’s date the exchange rate is at CDF 2,077.8 per dollar, and this represents a slight appreciation compared to the rate observed yesterday, » she added.

The exchange rate issue, she said, is a very important indicator of the stability of the macroeconomic framework. It not only shows how the exchange rate behaves in relation to the elements that influence it, but also allows us to make sure that there is no strong variation in the exchange rate that can influence inflation. « The BCC is always ready to use the instruments at its disposal from the point of view of liquidity management in the system, but also from the point of view of the availability of currencies in the foreign exchange market, and see how to use one or the other or the combination of the two, so that there is not too much fluctuation in the foreign exchange market and that these fluctuations do not reach the point of affecting prices, » Malangu said, adding that she had informed the Troika.

« We have also informed the Troika that at the level of inflation, using the data provided by the National Institute of Statistics, we see that there is a slowdown. That is, when we look at the increase in inflation, we see that the rates of increase are lower in these three weeks. This is what we call deceleration in price formation, which are all elements that lead to the conclusion that on the basis of the indicators that the BCC uses, the macroeconomic framework is broadly stable, » she continued.

The political troika is a framework for consultation, which brings together the ministries of Budget, Finance and the BCC around the senior officials of these bodies and their technicians, to review the economic situation of the country, to see the follow-up of commitments that the country has made with external partners, including the IMF, as part of the program supporting the government’s economic program.

This Troika also allows us to see how to implement policies managed by the BCC, the execution of the state budget and the measures taken for the management of expenditures and the collection of revenues.

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