Congo Government Tells Central Bank to Stop Currency’s Devaluation

Democratic Republic of Congo’s government has told the central bank to intervene in the foreign exchange market to stop the devaluation of the Congolese franc, Prime Minister Sylvestre Ilunga said Wednesday in remarks posted on his website after a meeting of the country’s committee on
economic conditions.
* “The Governor of the Central Bank has been instructed to activate the mechanisms necessary to stabilize the exchange rate of the national currency, which is fluctuating due notably to
the sluggish world economy” amid the coronavirus pandemic, according to the statement
* The prime minister instructed the budget and finance ministries to keep public expenditures in line with revenue collected
* Mines Minister Willy Kitobo Samsoni told the committee that “although mining production is weak, it is still generating revenue”
* NOTE: Congo’s economy is mostly dollarized, with 90% of bank deposits in dollars, according to the IMF
* NOTE: IMF Approves $363 Million for Congo to Fight Covid-19

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