Congolese Franc


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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 ?
They began plying their trade only a few months ago when the local currency, the Franc Congolais, or Congolese franc, began to depreciate substantially against their dollar.
At one point, a militant wing of the Alliance wanted to issue a new currency, the "Congolese franc", but the business community and the Alliance objected because the gesture could be interpreted as a secessionist move.
'They were found with varying amounts of money in different currencies, including Rwanda and Congolese francs, and US dollars,' he explained.
Each person receives about 150,000 Congolese francs - worth about PS70.
The 2006 Sexual Violence Law 06/018 criminalized sexual slavery and prescribed penalties ranging from five to 20 years imprisonment as well as a fine of 200,000 Congolese francs ($130).
The International Finance Corporation (IFC) and Central Bank of Congo have signed an agreement that enables the IFC to swap US dollars for Congolese francs. The IFC will use the swap to make francdenominated investments in the local private sector,supporting the country's efforts to increase the use of local currency in the economy.
The mobilization should therefore be seen as an alliance between two distinct classes of traders: former beneficiaries of the Mobutuist era impoverished over the past decade and incapable of withstanding the competition of foreign operators; and the 'petit peuple' of street vendors, barely surviving on a few Congolese Francs a day in a jobless economy, but who, more than the other organizations, have the power to bring Kinshasa's markets to a standstill.
Thanks to drastic savings made in the state's budget, the DRC posted a 2012 budget surplus of 151.4bn Congolese francs ($161m), which was immediately reinvested to fund large projects, above all in the energy sector, where the energy deficit is hindering the take-off of the national economy.
"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)."
Back at the Kinshasa airport, Mukila is waving a fistful of Congolese francs at the immigration officer who has my passport.
"You should not forget that 74% of the Congolese people do not have access to medicine when they receive a prescription in a hospital." 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.