Here is a detailed overview of the currency and monetary history of the Democratic Republic of the Congo (DRC), based on the provided information:

Currency and Monetary History of the Democratic Republic of the Congo (DRC)

Current Currency

• Currency Name: Congolese franc

• Currency Code: CDF

• Introduction: The Congolese franc was introduced in 1997, replacing the zaïre, the currency used during the rule of Mobutu Sese Seko1.

Currency Usage and Dollarization

• The DRC is highly dollarized; U.S. dollars are widely accepted alongside the Congolese franc for virtually all transactions1.

• The Central Bank of Congo (Banque Centrale du Congo, BCC) regulates foreign exchange and trade1.

• In 2014, regulations mandated the Congolese franc as the main currency for exchange transactions and payments of fees such as education, medical care, utilities, rents, and taxes, though some exceptions exist1.

• Despite efforts to promote the Congolese franc, the economy remains dollarized, especially in mining and oil sectors where payments are often made in U.S. dollars1.

Banknotes and Coins

• Banknotes in circulation include denominations of 50, 100, 200, 500, 1000, 5000, 10,000, and 20,000 CDF1.

• The largest banknote commonly in use is the 20,000 CDF note, roughly equivalent to $14 USD1.

• Smaller denominations such as 500 and 1000 CDF notes are more frequently used in daily transactions1.

Historical Background

• The Congolese franc was first introduced in 1887 for use in the Congo Free State, pegged to the Belgian franc23.

• It continued as the currency through the Belgian Congo period (1908–1960) and after independence in 1960 until 19672.

• In 1967, the zaïre replaced the franc as part of a major monetary reform under President Mobutu Sese Seko2.

• The zaïre experienced significant instability and was replaced by the new zaïre in 1993, which was itself replaced by the Congolese franc in 199723.

Exchange Rates

• As of May 2017, the official exchange rate was approximately 1,403 CDF per 1 USD, with unofficial rates close to this figure1.

• The Congolese franc has experienced depreciation over recent years but remains the official currency46.

Monetary Institutions

• The Banque Centrale du Congo (BCC) is the primary monetary authority responsible for currency issuance, regulation, and monetary policy17.

This summary provides a comprehensive view of the Democratic Republic of the Congo’s monetary system, highlighting its historical evolution, current currency status, and the ongoing coexistence with the U.S. dollar in its economy.

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