DRC promises currency stability
Marco Banguli said: "The exchange rate will be 525 Congolese francs to one greenback starting in mid-November 2006."
At the same time the minister gave assurances that the franc’s depreciation run would cease. The Central African currency had fallen from 430 francs last October to 530 francs to the US dollar at present.
Banguli did not indicate how the currency would be pegged to 525 francs to the dollar. It was likely that the minister was simply indicating that price stability would return to the DRC to deal with the inflationary pressures the devaluation had put on the economy. -Business in Africa Online
Contact us |
About us |
All material copyright Business in Africa. All rights reserved. Material may not be published or reproduced in any form without prior written permission. Read these terms & conditions. Read our privacy statement and security statement. Powered by Mail & Guardian Online & iafrica.com. The domains businessinafrica.net, energyinafrica.net are owned by Business in Africa.