DR Congo | - Part 5

XSML invests in Monishop, Congo-Kinshasa

KINSHASA (Capital Markets in Africa) – XSML, the fund manager active in Central & East Africa, announced its investment in Monishop sarl (Monishop), a well-known supermarket in Kinshasa, DRC. Since inception Monishop has grown to become the leading supermarket in Kinshasa in terms of product offering and overall store experience, with bank, fast-food and pharmacy facilities on the same premises. The investment supports Monishop to build a new large supermarket in the center of Kinshasa. Monishop…

EU Sanctions Nine Congolese Including Two Government Figures

Posted on by The Editorial Team

CONGO (Capital Markets in Africa) – The European Union imposed sanctions on nine Democratic Republic of Congo citizens, including the interior and communications ministers, accusing them of undermining democracy and responsibility for human-rights abuses. The travel bans and asset freezes represent a significant escalation in EU action against President Joseph Kabila’s government since it failed to hold elections in November. While the EU sanctioned seven security officials in December, Monday’s move is the first time the EU has…

Miners Ask Congo to Adjust Tax Repayments for Franc Slump

Posted on by The Editorial Team

DR CONGO (Capital Markets in Africa) – Mining companies in the Democratic Republic of Congo asked the government to adjust pending value-added tax repayments for a slump in the franc that could cost them as much as $210 million collectively. Federation des Entreprises du Congo, the country’s largest business lobby group, sent the request in a letter to Finance Minister Henri Yav Mulang on May 5. John Nkono, the secretary-general of the FEC’s Chamber of…

Congo Raises Key Rate to 7% to Check Inflation, Defend Franc

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo raised its key interest rate by 5 percentage points to 7 percent because of accelerating inflation and “tensions” in the foreign-exchange market. The increase marks the first change in the base rate in almost three years and comes after the government’s foreign-exchange reserves dropped below $1 billion for the first time since 2008. Reserves have fallen by a third since the start of the year as a sustained…

Congo Slashes Growth Forecast After Drop in Copper Production

Posted on by The Editorial Team

DR CONGO, Capital Markets in Africa: The Democratic Republic of Congo cut its growth forecast for 2016 for the third time this year because of lower commodity prices and warned the economy could slow further if other industries don’t perform. The government “has duly noted the slowdown in economic growth in the DRC” in the first half, Prime Minister Augustin Matata Ponyo’s office said in a statement e-mailed from the capital, Kinshasa, on Thursday. It lowered the estimate…

African Development Bank Won’t Give Budget Support to Congo

Posted on by The Editorial Team

CONGO, Capital Markets in Africa: The African Development Bank said it will keep working with the Democratic Republic of Congo’s government but won’t be able to give the country budget support until its political and structural conditions are met. Congo’s government in May said it would seek $100 million from the AfDB and as much as $500 million from the World Bank after the collapse in prices for copper and oil cut government revenue for the first four months of 2016….

Congo Targets Airtime Touts as Central Bank Props Franc

Posted on by The Editorial Team

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…

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