The Central Bank of Congo (BCC) has issued a directive requiring all Electronic Payment Terminals (EPTs) in the Democratic Republic of Congo (DRC) to exclusively accept Congolese francs. This decision is part of efforts to promote the use of the national currency and reduce dependency on the US dollar, which has contributed to the weakening of the franc.
The BCC aims to strengthen the usage of the Congolese franc and encourage its preference in daily transactions for goods and services. This move aligns with broader reforms initiated by Nicolas Kazadi, the former Minister of Finance, aimed at addressing the dollarization of the economy and fostering financial inclusion.
Currently, only 13% of EPTs in the DRC accept Congolese francs, leading to a preference for foreign currencies in the dollarized economy. The new policy from the BCC complements previous measures mandating that prices and state payments be conducted in the national currency.
Furthermore, an initiative called “switch monétique” will integrate all bank cards to facilitate transactions, irrespective of the issuing bank. By making dollar transactions more expensive compared to franc transactions, this initiative seeks to incentivize businesses and individuals to opt for the national currency.
Experts, such as economist AL Kitenge, emphasize the importance of ensuring the stability of the franc for the sustained success of dedollarizing the economy, despite the positive impact of these measures.
