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Democratic Republic of the Congo: DR Congo's central bank mandates local currency for transactions

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Storyline: The central bank of the Democratic Republic of the Congo has ordered businesses to price goods and settle payments in Congolese francs, aiming to stabilize the local currency and reduce the economy’s heavy reliance on the U.S. dollar, which still dominates over two-thirds of transactions nationwide. Traders in Kinshasa are required, by law, to display prices of their products in Congolese francs in line with a government directive that seeks to reduce the country's reliance on the U.S. dollars. The country's central bank recently injected 50 million U.S. dollars into the banking market which has strengthened the Congolese franc against the U.S. dollars. One dollar is now trading at around 2,190 Congolese francs from about 2,900 a couple of weeks ago. "I promised that I will work tirelessly to restore confidence in our national currency and I believe that together with all the staff of the central bank, we are working hard to make all Congolese proud of their currency," said Andre Wameso, governor of central bank of DR Congo. Many ordinary Congolese who get paid in the local currency have applauded the government. "I like the Congolese franc because it is our national currency. We are surviving on it. The dollar was making it lose value. I don't like the dollar," said Gedeon Alongo, a trader. The central bank has also ordered all electronic payment terminals to only accept Congolese francs. Analysts say the central bank's intervention in stabilizing the local currency has to be backed by increased production to ensure its sustainability. "Now we need to go into the structure of the economy. The structure of the economy is production, local production, which means it's good to reduce the value of dollars, it gives us more access to dollars but these dollars must be introduced into production. There is no way, if we don't create jobs, if we don't create employment, if we don't create companies, if we don't produce locally, there is no way we can have a strong currency," said Al Kitenge, an economic analyst. The use of U.S. dollars in the DR Congo was introduced in 1994 by former President Mobutu Sese Seko due to rising inflation and the collapse of the economy. Many locals hope their currency will continue appreciating against the dollar leading to a drop in prices of essential goods imported from abroad. Shotlist: Kinshasa, DR Congo - Oct 1-8, 2025: 1. Various of merchants, pedestrians at market 2. Meeting of central bank of DR Congo in progress 3. Andre Wameso, governor of central bank of DR Congo, taking seat 4. SOUNDBITE (French, dubbed in English) Andre Wameso, governor of central bank of DR Congo (starting with shot 3): "I promised that I will work tirelessly to restore confidence in our national currency and I believe that together with all the staff of the central bank, we are working hard to make all Congolese proud of their currency." 5. Various of merchants, pedestrians at market 6. SOUNDBITE (French, dubbed in English) Gedeon Alongo, trader: "I like the Congolese franc because it is our national currency. We are surviving on it. The dollar was making it lose value. I don't like the dollar." 7. Woman receiving payment 8. Various of bank meeting in progress 9. SOUNDBITE (English) Al Kitenge, economic analyst: "Now we need to go into the structure of the economy. The structure of the economy is production, local production, which means it's good to reduce the value of dollars, it gives us more access to dollars but these dollars must be introduced into production. There is no way, if we don't create jobs, if we don't create employment, if we don't create companies, if we don't produce locally, there is no way we can have a strong currency." 10. Various of cash exchange stands 11. Various of merchants, pedestrians on street. [Restrictions : No access Chinese mainland]

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