STORY: DR Congo announces measures to stabilize national currency
DATELINE: July 19, 2023
LENGTH: 00:01:19
LOCATION: Kinshasa
CATEGORY: ECONOMY
 
SHOTLIST:
1. various of Kinshasa
2. SOUNDBITE 1 (French): NICOLAS KAZADI, DRC Minister of Finance
3. various of Kinshasa
 
STORYLINE:
 
The Minister of Finance of the Democratic Republic of the Congo (DRC), Nicolas Kazadi announced at a press briefing in Kinshasa late Monday urgent measures taken by the government to stabilize the Congolese franc, the currency of the country, on the foreign exchange market.
 
According to the minister, the value of the Congolese franc against the U.S. dollar continued to slide recently.
 
The measures to stabilize the Congolese franc include the intervention of the central bank in the foreign exchange market, and the increase in the utility of the Congolese franc. 
SOUNDBITE 1 (French): NICOLAS KAZADI, DRC minister of Finance"What are the measures that we are going to take? First, the Central Bank, which disposes of important reserves, will intervene in the foreign exchange market. Secondly, to increase the utility of the Congolese franc compared to the U.S. dollar. We will privilege tax payment in the Congolese franc. By doing so, we increase the demand of Congolese francs, and put the currency on the exchange market. The Congolese franc is our currency, and we should support it."
 
"The Congolese must learn to trust our currency, the Congolese franc. We need to change the mentality and culture regarding the use of our currency. Tonight we are in a hurry, that is to say, stabilization. From tomorrow, the banks will be called upon to ensure more transparency, particularly in the use of currencies, and finally to avoid capital flight," said Kazadi.
 
DRC President Felix Tshisekedi chaired a crisis meeting on Monday with officials from the economy and finance sectors to decide these measures to stop the depreciation of the national currency.
 
Xinhua News Agency correspondents reporting from Kinshasa.
(XHTV)