Congolese Franc


Also found in: Acronyms, Wikipedia.

Congolese Franc

The currency of the Democratic Republic of the Congo (not to be confused with the Republic of the Congo). It was introduced in 1997, replacing the new zaire when the country changed its name from Zaire. The currency in circulation consists exclusively of paper notes. No coins ever circulated, even though a few were designed and sold to collectors.
References in periodicals archive ?
A year ago the Congolese franc was trading on foreign currency markets at around 930 to the dollar, now it is trading at just under 1,000 to dollar.
If the rate of the Congolese franc to the dollar is stable, people are in no rush to sell one currency and buy another.
After years of stability, the Congolese franc came under pressure when the DRC's foreign currency reserves declined.
The swap agreement with IFC will increase the availability of Congolese francs in the domestic financial markets," said Deogratias Mutombo Mwana Nyembo,Governor of Central Bank of Congo.
By imposing a certain economic austerity, we have managed to make some savings in other areas which have freed up resources to fund this programme with mobil Congolese francs (approximately $110m).
With a budget of 80bn Congolese francs ($90m), also funded by the government itself, the programme, set to run during 2013 and 2014, should allow the government to equip 200 hospitals and woo health centres.
Back at the Kinshasa airport, Mukila is waving a fistful of Congolese francs at the immigration officer who has my passport.
With a budget of 8obn Congolese francs ($90m), also funded by the government itself, the programme, set to run during 2013 and 2014, should allow the government to equip 200 hospitals and L000 health centres.
The Rwandan wholesalers use the profits in Congolese francs to buy dollars and, to close the trade circuit, to purchase diamonds.
Furthermore, the flow of money is regulated by the network through currency trading and the widespread introduction of counterfeit Congolese francs.
This group allegedly exchanges US dollars against Congolese francs to finance the purchase of precious minerals from Ugandan companies which hold a monopoly in Eastern Congo: "Numerous accounts from Kisangani residents lead us to believe that the Ugandans tried to establish a South African mining company, at Banalia in October 1998.
According to the OGT report; "Huge receipts, in Congolese francs, that are generated by these activities are exchanged for dollars for the purchase of diamonds and gold through numerous Lebanese and Congolese syndicates established in the mining zones of Orientale Province and Maniema.