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Currency: The Congolese franc ends the week of July 19 to 25 with a slight depreciation

27/07/2021
Categories: Economy/Forex

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The Congolese franc is experiencing some difficulties on the official exchange markets. The currency ended the week with a slight depreciation, changing to 2.002 (two thousand and two) FC the US dollar.

The Central Bank of Congo (BCC) announced on its website that the US dollar traded at 1,988 FC, thus showing a significant depreciation, reaching the two thousand mark after several months of stability, from January to mid-July. . In the parallel market the trend remains the same as in the official one, the Congolese franc changing to 2.017 (two thousand and seventeen) for the lowest bidders and 2030 (two thousand and thirty) FC for the highest bidders, the American dollar. As the foreign exchange markets are not invaded by the Congolese francs, this depreciation, some forex traders indicate, is attributed to speculation by economic operators who want to justify the rise in the prices of products on the market. This, in connection with the government's pressure to lower the prices of basic necessities, especially frozen products. This depreciation is dictated by the scarcity of dollars in the foreign exchange markets, since major export mining products have fallen in price on the international market, in particular copper and cobalt.

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