Africa

DR Congo records highest foreign exchange reserves

Authorities say Democratic Republic of Congo has $2.8B forex to run country more than 3 months

Godfrey Olukya   | 19.09.2021
DR Congo records highest foreign exchange reserves

KAMPALA, Uganda

The Central African country of the Democratic Republic of the Congo has recorded the highest foreign exchange reserves since independence, a senior government official claimed on Saturday.

Speaking to Anadolu Agency on phone, senior information officer Andrew Kilihusho said that the Governor of the Central Bank of Congo (BCC), Malangu Kabedi Mbuyi, has informed the council of ministers that the foreign exchange reserves have hit a historic record.

"The Central Bank Governor Malungu Kabedi Mbuyi said that foreign exchange rates stand at $3.3 billion. The highest ever was $2.8 billion five years ago. That money can run the country for more than three months," said Kilihusho.

He said that according to the bank governor, the economy is very stable with the US dollar equaling 1,992 Congolese francs. He said the weekly inflation rate by the end of the week was at 0.43% compared to 0.98% last week.

The Democratic Republic of Congo is one of the richest countries in Africa as far as mineral resources are concerned. But most of it is not being exploited due to insecurity in remote areas caused by continuous attacks on villages by armed rebels and militiamen.

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