BCC Governor Defends Franc Strength and Maps April 2027 Dollar Rules

Kinshasa, DRC, August 14, 2026 - André Wameso, the Governor of the Banque Centrale du Congo (BCC), has taken a firm stance on the recent appreciation of the Congolese franc (CDF), attributing its strength primarily to adjustments in the reserve-requirement instrument rather than extensive foreign exchange interventions. Speaking publicly on August 13-14, Wameso highlighted that the BCC's current reserves stand at approximately USD 8 billion, sufficient to cover about three months of imports. He emphasized the importance of monetary gold accumulation as a strategy to bolster the country's financial stability. The governor noted a significant increase in CDF bank deposits, which rose from CDF 1,450 billion in August 2025 to CDF 2,400 billion by the end of June 2026, reflecting a net increase of CDF 1,000 billion.

Wameso also addressed the implications of the CDF's appreciation on the national budget, stating that the reduction in the dollar cost of spending has resulted in a positive net budget effect compared to previous depreciation periods. For instance, he said a USD 1 million expenditure costs fewer Congolese francs when the rate moves from about 2,850 to 2,250 CDF per dollar. He pointed out that while the deficit is largely driven by security spending, it has not been monetized by the BCC but rather financed through Treasury bills and bonds. The governor refrained from disclosing the specific share of war spending, citing it as a state secret.

Looking ahead, Wameso announced plans for regulatory changes set to take effect in April 2027, which will require dollar purchases to be made via card or after conversion to CDF to enhance transparency. He noted that approximately USD 8.5 billion in cash notes were imported in 2025, alongside an increase of USD 1.5 billion in bank deposits, indicating that around USD 7 billion remains outside the official financial system. This situation is linked to the DRC's strategic partnership with the United States and ongoing sanctions compliance efforts. The BCC is also working on initiatives to improve compliance with the Financial Action Task Force (FATF) standards, including the introduction of a unique client identifier in collaboration with the African Development Bank (AfDB).

In a bid to stimulate long-term mortgage funding, Wameso advocated for the capitalization of pension funds through partnerships with ARCA and pension houses. He also announced plans for open recruitment at the BCC and increased retail access to Treasury securities. A campaign to boost confidence in the franc is in the works, including a promotional song aimed at encouraging the public to embrace the local currency.