BCC unveils new exchange regulations in DRC

May 28, 2014

The Central Bank of Congo (BCC) announced on Thursday 22 May the new currency exchange regulation in the Democratic Republic of Congo (DRC).

The Central Bank of Congo (BCC) announced on Thursday
22 May the new currency exchange regulation in the Democratic Republic of Congo (DRC).

Its Governor, Deogratias Mutombo Mwana Nyembo,
stated that it will replace the old 2003 regulation that no longer reflects the economic, financial and technological changes that happened over the last thirteen years at national and international level, Le Phare newspaper reports.

It is expected to contribute to improving the business climate and to promote the economic and financial development of the DRC.

Taking into account the evolution of the Congolese economy, which is moving away from
the
dollar, the regulation will facilitate transactions between economic agents, thus promoting the development of the domestic financial system.

The new law states that no transaction in DRC can be done in foreign currency, unless previously agreed by all parties. It also ensures that all payment of taxes and fees are made in local currency.

In addition, the new regulation takes into account developments related to technical infrastructure as a result of the implementation, since 2013,of the the ISYS -DDR software.ADNFCR-2976-ID-801723458-ADNFCR