- BCC raises reserve requirement to bolster national currency stability.
- Inflation sees significant decline as economic measures take effect.
The Central Bank of the Congo (BCC) has taken further steps to tighten its monetary policy, aiming to consolidate recent gains in controlling inflation and stabilising the Congolese franc. This move reflects the BCC’s commitment to maintaining economic stability despite ongoing external risks.
BCC tightens monetary policy to reinforce economic stability
On Thursday, 08 August 2024, the Monetary Policy Committee (CPM) of the Central Bank of the Congo (BCC) convened under the leadership of Governor Ms. Malangu Kabedi Mbuyi. The committee decided to raise the reserve requirement on demand deposits in national currency from 10% to 12% as part of its ongoing efforts to strengthen the national currency and control inflation. The decision follows a period of sustained economic activity, with the Congolese franc’s depreciation slowing to 6.4% and inflation dropping to 8.5% by the end of July 2024. Despite these positive trends, the CPM noted the importance of remaining vigilant due to potential external risks.
About the Central Bank of Congo
BCC serves as the nation’s primary financial institution, responsible for formulating and implementing monetary policies that ensure economic stability. Under the leadership of Governor Ms. Malangu Kabedi Mbuyi, the BCC has played a crucial role in reducing inflation and stabilising the Congolese franc through coordinated monetary and fiscal measures. The recent policy adjustments reflect the BCC’s dedication to fostering a stable macroeconomic environment and promoting sustainable economic growth.
“The harmonisation of budgetary and monetary policies remains essential for maintaining macroeconomic stability and fostering diversified growth, which are crucial for Congo’s economic future.”
Ms. Malangu Kabedi Mbuyi
