The Democratic Republic of Congo’s central bank has announced a ban on foreign currency cash transactions nationwide across the country.
Foreign currencies have increasingly dominated daily commerce overtaking the weak Congolese franc in shops and markets in recent years.
The central bank has repeatedly tried and failed in previous years to restrict widespread use of the US dollar.
Under the new policy the ban will take effect on April 9 2027 according to the central bank governor.
No person will be authorised to conduct cash transactions in foreign currencies and commercial banks will be barred from importing them.
All foreign currency transactions will only be permitted electronically through regulated banking systems the governor said in a statement.
The measure aims to combat money laundering and terrorist financing risks according to the central bank announcement.
The US dollar entered the Congolese economy in the 1990s amid hyperinflation that once reached annual levels of 2,000 percent.
Today most transactions above five dollars are conducted in US currency as confidence in the Congolese franc remains low.
The franc trades at about 2,300 to the dollar weakening sharply from around 920 per dollar in 2010.
In 2024 authorities ordered payment terminals to accept only the Congolese franc in an effort to reinforce local currency use.
Despite vast mineral wealth attracting global powers the Democratic Republic of Congo remains among the world’s poorest nations.
