The Central Bank of Congo (BCC) has made it mandatory for all Electronic Payment Terminals (EPTs) in the Democratic Republic of Congo (DRC) to exclusively accept Congolese francs.
This decision is intended to promote the use of the national currency and reduce dependence on the US dollar, which undermines the franc’s value.
The BCC aims to strengthen the adoption of the national currency and encourage people to use it for everyday transactions of goods and services.
This directive is part of a broader set of reforms initiated by Nicolas Kazadi, the former Minister of Finance, to address the prevalence of the dollar in the economy and advance financial inclusion.
Currently, only 13% of EPTs in the DRC accept Congolese francs, contributing to the dominance of foreign currencies in the dollarized economy.
The new policy from the BCC complements previous measures that mandate prices and state payments to be in the national currency.
Furthermore, an initiative called “switch monétique” will unify all bank cards to facilitate transactions, irrespective of the issuing bank.
This strategy aims to make dollar transactions more expensive compared to those in francs, incentivizing businesses and individuals to prefer the national currency.
Economists, including AL Kitenge, emphasise the importance of ensuring the stability of the franc alongside these measures. They argue that maintaining the franc’s value is crucial for achieving long-term success in reducing dollarization in the economy.
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