The Democratic Republic of Congo (RDC) has announced that all commercial transactions settled in cash will be required to be conducted in Congolese francs (CDF) starting April 9, 2027. This move is aimed at reorganizing the modalities of payment for goods and services within the country. The regulation, however, does not affect transactions made through banking channels or authorized electronic payment means, which can still be conducted in foreign currencies.
According to André Wameso, Governor of the Central Bank of Congo (BCC), the new regulation is intended to strengthen the role of the Congolese franc in daily transactions and better regulate the use of foreign currencies in commercial exchanges. Wameso clarified that the measure does not concern the possession of foreign currencies by individuals, reassuring that it is legal to hold dollars in personal accounts or as cash.
The Governor emphasized the distinction between possessing foreign currencies and using them for commercial transactions in cash. He explained that while individuals can hold dollars at home, in their wallets, or in bank accounts, commercial transactions in cash must be conducted in Congolese francs. This applies even when prices of goods or services are displayed in US dollars.
The new regulation means that clients will be required to pay in Congolese francs for goods and services in stores, supermarkets, and restaurants. However, payments in foreign currencies can still be made through banks or authorized electronic payment means. The Central Bank of Congo aims to promote the use of the local currency and reduce reliance on foreign currencies for everyday transactions.
The move has been made to address concerns about the use of foreign currencies in commercial transactions and to promote the Congolese franc. By mandating the use of local currency for cash transactions, the government hopes to increase control over the country's monetary policy and reduce the risks associated with dollarization.
The regulation is part of broader efforts to strengthen the Congolese economy and improve monetary policy. The government has been working to stabilize the economy and promote economic growth. The Central Bank of Congo has been playing a key role in these efforts, working to maintain financial stability and promote the use of the local currency.
The new regulation will take effect on April 9, 2027, and will apply to all commercial transactions conducted in cash. The Central Bank of Congo will monitor compliance with the regulation and take necessary measures to ensure its implementation. The move is expected to have a positive impact on the Congolese economy, promoting the use of the local currency and reducing reliance on foreign currencies.
Key points
- The Democratic Republic of Congo will require commercial cash transactions to be conducted in Congolese francs starting April 9, 2027.
- The regulation aims to strengthen the role of the Congolese franc in daily transactions and better regulate the use of foreign currencies.
- Possession of foreign currencies by individuals remains legal, but commercial transactions in cash must be conducted in Congolese francs.
