Democratic Republic of Congo's central bank announced Thursday that it will ban cash transactions in foreign currencies starting April 9, 2027. Governor Andre Wameso stated that after this date, no individual will be allowed to conduct cash business in dollars or other foreign currencies, and commercial banks will no longer be permitted to physically import foreign currency. Electronic transactions in foreign currencies will still be allowed through bank transfers. The move targets money laundering and terrorist financing risks, according to the central bank. The US dollar has become widely used in daily commerce due to the local Congo franc's depreciation, trading at about 2,300 to the dollar compared to 920 in 2010. Inflation in the 1990s, which once reached 2,000 percent annually, initially drove the dollar's adoption. Today, most transactions above $5 are conducted in dollars. Previous attempts to curb dollar use have failed. In 2024, the central bank required electronic payment terminals to accept only the Congolese franc. Despite its vast mineral wealth, DR Congo remains one of the world's poorest countries, with over 100 million people.
Andre Wameso's latest attempt to enforce franc-only cash transactions exposes the deep-rooted disconnect between central bank policy and economic reality in DR Congo. The 2027 deadline for banning dollar cash dealings repeats a familiar pattern: announcing bold measures without addressing the underlying collapse of public trust in the national currency. With the franc losing more than half its value since 2010, people turned to the dollar not as preference but as survival.
The central bank's focus on electronic foreign transactions as a compromise ignores the everyday cash-based economy where most Congolese operate. The 2024 directive to reconfigure payment terminals already revealed the limits of enforcement in a country where digital infrastructure is sparse and informal trade dominates. Banning physical dollar use while allowing electronic flows suggests regulatory theatre — targeting visibility without tackling root causes like inflation, weak monetary policy, and elite capital flight.
Ordinary Congolese, especially small traders and low-income earners, will bear the brunt if the ban is enforced abruptly. Without reliable access to stable banking services or confidence in the franc, they face either transaction paralysis or increased exposure to black-market exchange risks. This isn't just a monetary policy shift — it's a test of whether state authority can override economic instinct in a fragile, dollarised economy.
The cycle of announcing, delaying and failing to enforce currency controls reflects a broader governance pattern across Central Africa, where symbolic decrees substitute for structural reform.
