The Central Bank of Congo (DRC) set out new exchange regulations in the DRC, which have been applicable since 25th September 2014, and which establish the primacy of the Congolese franc on foreign currencies.
This exchange regulation replaces the 2003 exchange regulation and brings amendments and more importantly innovations. There are 3 points which were taken in consideration, namely; financial, social-economics and commercial aspects.
The regulation is divided into 10 chapters, dealing respectively with:
- general provisions,
- capital and financial transactions,
- the provisions applicable to holders of mining and oil companies,
- foreign exchange market,
- accounts denominated in foreign currencies and resident accounts in national currencies,
- authorized intermediaries,
- the practicalities of developing and transmitting statistics to the central bank, and
- final provisions.
The contributions of the new legislation are: the primacy of the local currency for household payments; redefining the role of customs services; forms regulating the import and export of goods are controlled and reinforced; mining and petroleum products are more even more regulated; and services, income, capital and financial transactions were adapted to the IMF sixth manual on Payments balance. The regulation is also more adapted to new technical requirements taking into account electronic institutions issuing electronic currency.