KINSHASA, April 29 (Xinhua) -- Governor of the Central Bank of the Democratic Republic of the Congo (DRC) Andre Wameso has said that a planned restriction on cash transactions in U.S. dollars should not be interpreted as de-dollarization.
Speaking at a press briefing in Kinshasa on Tuesday, Wameso said the measure, expected to take effect in April 2027, targets the use of U.S. dollar banknotes in domestic payments rather than the broader use of the currency in the Congolese economy.
Wameso said the planned measure should not be confused with a ban on dollar transactions, stressing that people will still be allowed to hold dollars and keep dollar-denominated bank accounts.
Under the planned rules, people holding dollars who wish to buy goods would either convert them into the national currency, the Congolese franc, for payment or deposit them into dollar accounts and complete transactions through bank cards, transfers, electronic money or other digital payment instruments, he said.
"There will be no ban on transactions in dollars," Wameso said, adding that the authorities want such transactions to be carried out through scriptural, electronic or digital money rather than in cash.
The measure comes as the Congolese authorities seek to stabilize the Congolese franc, strengthen anti-money laundering controls and bring more financial flows into the formal banking system.
The DRC remains a highly dollarized economy, with the International Monetary Fund (IMF) reports showing that about 90 percent of bank deposits and 97 percent of loans are denominated in U.S. dollars. ■
