ISSN 2330-717X

DRC Central Bank Issues New Bank Notes Amid Suspicion

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The Democratic Republic of Congo Central Bank has begun issuing bank notes of 10,000, 5000 and one thousand Congolese francs for a total value of 8 billion in order to counter the use of U.S. dollars and boost trade in local currency. The issuance of new notes, “will not increase prices in the market and will not cause depreciation,” assured the governor of the institute Jean Claude Masangu, reassuring that coins and small bills continue to be in circulation.

“Starting today, if someone visits the counter of a bank he will obtain the new notes,” which are issued in all cities of 11 provinces of the former Belgian colony, before being injected into other urban centers and rural areas. The “dollarization” of the Congolese market economy is a topic featured by all the major newspapers of the country that give voice to those who complain about having to use bills he wishes to avoid going with big bags full of money to complete their transactions.

Currently the 100 francs note is worth about 1 U.S. cent while the 500 francs – the largest in the country – is worth about six cents. According to the Ministry of Economy, the measure was also made necessary by increased costs of production, storage and transportation of currency.

MISNA

MISNA

MISNA, or the Missionary International Service News Agency, provides daily news ‘from, about and for’ the 'world’s Souths', not just in the geographical sense, since December 1997.

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