DRC says de-dollarisation will curb laundering, M23 funding
Central Bank of Congo Governor Andre Wameso has defended the government’s decision to ban cash transactions in foreign currencies, saying the move is aimed at strengthening the Congolese franc and tackling illicit financial flows.
Speaking at a brief meeting, Wameso questioned the large volumes of U.S. dollars entering the economy, noting that around $10 billion in cash was imported in 2025, while bank deposits rose by only $1 billion. He raised concerns over where the remaining funds were going, linking the issue to regional security dynamics and alleged flows of cash to armed groups.
Wameso said the policy also aligns with efforts to comply with anti-money laundering rules and international sanctions, including measures targeting individuals linked to conflict in eastern Democratic Republic of Congo. He added that the reforms were important as the country seeks to attract significant foreign investment, Viory reports.
Under the new rules, which took effect on April 9, individuals can still hold foreign currency but must use Congolese francs for cash transactions. Dollars can be deposited into bank accounts and used electronically. The policy is part of efforts to reduce dollarisation, which has persisted since the hyperinflation era of the 1990s.
The central bank said the reforms come amid improving economic indicators, with growth reaching 5.8% in 2025 and projected to rise further, alongside stable inflation and stronger foreign reserves.
This story is written and edited by the Global South World team, you can contact us here.
