DRC’s Commercial Banks Witness Decline in National Currency Assets
The Central Bank of Congo (BCC) has reported a significant drop in the assets of commercial banks in the Democratic Republic of Congo (DRC) for the week spanning March 29 to April 5, 2024.
According to the BCC, the assets in the national currency decreased by 61.8 billion Congolese Francs (CDF), reaching a total of 2,904.2 billion CDF.
The BCC’s economic situation note revealed a net position of national currency assets for commercial banks, with a mandatory reserve of 2,376.0 billion CDF.
Additionally, the weekly average net position stood at 538.2 billion CDF, with the mandatory foreign currency reserve at 992.7 billion CDF.
Despite this decline, the interbank market did not witness any transactions during the analyzed week. Cumulatively, the monthly and annual transaction volumes at the end of March 2024 were reported at 59.0 billion CDF and 159.0 billion CDF, respectively.
Throughout 2023, the volume of transactions in the money market totaled 373.0 billion CDF, with interest rates ranging between 25.0% and 26.0% for various windows.
However, the week under review saw minimal activity in the money market, with low subscription rates to BCC bonds and no operations recorded in the interbank market or the Central Bank.
Furthermore, no transactions were reported in the short-term loan window during the review period or in March 2024. The last operation in this regard occurred in February, with cumulative monthly and annual transaction volumes at the end of February recorded at 130.0 billion CDF and 350.0 billion CDF, respectively.
