The Central Bank of Congo (BCC) has mandated that all Electronic Payment Terminals (EPTs) in the Democratic Republic of Congo (DRC) exclusively accept Congolese francs. This directive aims to bolster the use of the national currency and diminish reliance on the US dollar, which has been weakening the franc.
The BCC’s initiative is part of broader reforms initiated by Nicolas Kazadi, the former Minister of Finance, designed to combat the dollarization of the economy and promote financial inclusion. By encouraging the population to use the national currency for everyday transactions, the BCC hopes to strengthen the franc’s role in the economy.
Currently, only 13% of EPTs in the DRC accept Congolese francs, with the majority favouring foreign currencies due to the dollarized nature of the economy. The new policy supports existing measures that require prices and state payments to be in the national currency.
In addition to the EPT mandate, the BCC is introducing a “switch monétique” initiative. This will integrate all bank cards, allowing for seamless transactions regardless of the issuing bank. The policy aims to make dollar transactions more costly than those conducted in francs, thereby encouraging businesses and individuals to prefer the national currency.
Economists, including AL Kitenge, emphasize that while these measures are a step in the right direction, ensuring the stability of the Congolese franc is essential for the long-term success of the de-dollarization effort.
The BCC’s measures reflect a significant push towards economic sovereignty and stability, aiming to reinforce the Congolese franc’s position in the national economy and reduce dependency on foreign currencies.
