Image: Asaase radio
The Democratic Republic of Congo’s
central bank will restrict cash transactions in US dollars starting next April to curb money laundering and improve confidence in the national currency. It has announced a major policy shift to
“de-dollarise” the economy, with a full ban on physical foreign currency transactions set to take eftect on April 9, 2027.
Governor Andre Wameso, during his keynote address in Washington during the International Monetary Fund-World Bank Spring Meetings, noted that commercial banks receive billions of dollars in cash annually in the highly dollarised economy, but only a small portion remains on their books. The policy aims to stabilise the Congolese franc and assist the country in exiting the Financial Action Task Force (FATF) “grey list”.
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