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Congo Franc Hits New Low Against Dollar on Parallel Market

Congo, Capital Markets in Africa: The Democratic Republic of Congo’s franc fell to a record low against the dollar on the parallel market as the slump in commodity prices takes its toll on Africa’s biggest copper producer. The Congolese franc traded at an average of 1,001 to the dollar on the parallel market on June 16, the Prime Minister’s office said Monday in an e-mailed statement, bringing its decline this year to 7 percent. On the official market, the…

Congo Scales Back Eurobond Plans as It Seeks World Bank Help

Posted on by The Editorial Team

Kinshasa, DR Congo, Capital Markets in Africa: The Democratic Republic of Congo scaled back plans to sell $1 billion of Eurobonds and instead asked multilateral lenders for direct budgetary support after the collapse in commodity prices forced the government to cut spending. The World Bank will provide $250 million to $500 million of assistance, in addition to $100 million from the African Development Bank, pending a review in June by the International Monetary Fund of the country’s…

Congo Targets Airtime Touts as Central Bank Props Franc

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Kinshasa, DR. Congo, Capital Markets in Africa: Mobile-phone airtime touts on the streets of the Democratic Republic of Congo’s capital have become the latest target in the government’s attempt to stop the slide of the Congolese franc. The traders who peddle mobile credit to pedestrians in Kinshasa must stop speculating on the exchange rate and sell $1 airtime cards for no more than 1,000 Congolese francs ($1.05), according to a statement issued May 11 by the office…

Congo Government Will Investigate, Tax Freeport Copper-Mine Sale

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Kinshasa, DR. Congo, Capital Markets in Africa: The Democratic Republic of Congo’s government plans to investigate Freeport-McMoRan Inc.’s sale of a copper mine in the central African country for $2.65 billion and tax the transaction, Mines Minister Martin Kabwelulu said. Freeport, based in Phoenix, Arizona, announced May 9 it sold its indirect 56 percent stake in the Tenke Fugurume mine, which also produces cobalt, to China Molybdenum Company Gecamines, the state-owned Congolese miner, said May 10 it wasn’t informed…

Congo’s Government Halts VAT Repayments to Support Currency

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DRC, Capital Markets in Africa — The Democratic Republic of Congo’s government suspended the payment of value-added tax reimbursements to all companies until further notice to reduce pressure on the domestic currency and shore up government finances. The suspension is a “temporary measure,” said Gerard Mutombo, cabinet director at the Finance Ministry. The decision was taken by Prime MinisterMatata Ponyo Mapon, according to a letter to the central bank sent by Vice Finance Minister Albert M’Peti…

The Republic of the Congo calls on technical expertise from IGN France International

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Brazzaville, Congo, Capital Markets in Africa — The Ministry for Home Affairs and Decentralisation of the Republic of the Congo has called on IGN France International to accompany them in their meetings with the border commissions of neighbouring countries. The project officially started on 2 September 2015 with the launch meeting held in Brazzaville and is expected to last for one year. An exact knowledge of their land is an essential element for any…

IFC, Central Bank of the Congo Launch Swap Facility for Private Sector Financing

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Kinshasa, Democratic Republic of Congo (Capital Markets in Africa), — IFC, a member of the World Bank Group, and the Central Bank of Congo signed an agreement that enables IFC to swap U.S dollars for Congolese francs. IFC will use the swap to make franc-denominated investments in the local private sector, supporting the country’s efforts to increase the use of local currency in the economy. The Democratic Republic of Congo’s economy is dollarized. This means that…