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THE Democratic Republic of Congo plans to require more domestic payments to be made in Congolese francs, including payments to mining subcontractors, as it seeks to reduce the economy’s reliance on the US dollar, Bloomberg reported.
Central bank governor Andre Wameso said miners would also be asked to sell up to 30% of the dollars they repatriate from export earnings to the central bank in exchange for francs.
Mining companies are already required to repatriate 60% of export revenues. But Wameso said too little of that money remains in Congo’s financial system to support domestic investment and build foreign-exchange reserves.
Between 2023 and 2025, miners exported $93bn worth of minerals and repatriated $54bn, yet only $3.8bn remained in Congolese banks, he said.
Congo is the world’s largest producer of cobalt and second-largest producer of copper. Mining accounted for about 40% of GDP in 2024 and nearly half of government revenue in 2023.
Wameso said Congo should take advantage of copper prices near record highs to strengthen reserves before the commodity cycle turns.
The proposed rules would also require school fees, medical bills, utilities and rent to be paid in francs. About 90% of bank deposits and more than 97% of loans are denominated in dollars, according to the IMF.
The central bank is still consulting miners, banks and business groups before finalising the measures.