Towards the end of cash payments in US dollars in the DRC

BDO DRC is pleased to publish its July 2026 Economic Outlook, a new edition of BDO DRC Economic Insights focused on the macroeconomic environment of the Democratic Republic of the Congo. In addition to the month’s key economic indicators, this edition places particular emphasis on the economic and operational implications of the reform announced by the Central Bank of the Congo to end cash transactions in foreign currencies from April 2027.

Macroeconomic conditions remain resilient

At end-July 2026, the economic outlook remained broadly favourable despite a more volatile international environment and persistent structural vulnerabilities. Real GDP growth is estimated at 5.7% in 2026, driven primarily by extractive industries, while several non-mining activities, including telecommunications, construction and services, also show favourable prospects.
Inflation remains contained despite a slight acceleration in July, at 0.96% month-on-month and 3.2% year-on-year. Business sentiment also remains positive, with the overall balance of business leaders’ opinions reaching 43.4% in June 2026.

A stable Congolese franc and reserves close to USD 8 billion

The foreign exchange market remained broadly stable in July. As of 31 July, the indicative rate stood at CDF 2,252.43 per USD, compared with CDF 2,318.06 per USD on the parallel market. International reserves reached USD 7.92 billion on 30 July, equivalent to approximately 3.02 months of imports of goods and services.
The external position continues to be supported by foreign exchange inflows from the extractive sector and high copper, cobalt and gold prices, although rising oil and selected food prices remain important risks.

Public finances: stronger revenue mobilization

As of 30 July, the three main revenue-collecting agencies mobilized CDF 3,798.6 billion, slightly above the monthly target of CDF 3,725.2 billion. Cumulative data available as of 24 July also show a cash deficit significantly below the programmed level, although this partly reflects under-execution of several expenditure items, particularly capital expenditure.

The BCC continues its monetary easing cycle

The main monetary development of the month was a further reduction in policy rates. On 17 July 2026, the Central Bank of the Congo lowered the policy rate from 13.5% to 12.5% and the marginal lending facility rate from 17.5% to 16.5%. Since October 2025, the policy rate has therefore fallen from 25% to 12.5%, against a backdrop of disinflation and relative foreign exchange market stability.
The transmission of this easing to financing costs nevertheless remains constrained by the high degree of dollarization in the banking system: at end-June 2026, 88.3% of deposits and more than 97% of loans were still denominated in foreign currency.

BDO Focus - Towards the end of cash payments in US dollars in the DRC

The reform announced for April 2027 is one of the key structural issues highlighted in this edition. It targets cash transactions in foreign currencies but does not imply the disappearance of the US dollar from the Congolese economy. Foreign-currency holdings and non-cash transactions are expected to remain within the formal financial system.
The broader objective is to shift a growing share of transactions currently made in banknotes towards the Congolese franc and formal payment channels, including bank transfers, mobile money, cards, digital platforms and other authorized instruments.

A reform that could reshape the payment ecosystem

An effective reduction in foreign-currency cash use could improve transaction traceability, support formalization, deepen financial intermediation and accelerate payment digitalization. Over time, it could also strengthen monetary policy transmission and the role of the Congolese franc.
Success will nevertheless depend on several conditions: interoperability across banks, mobile money operators and fintechs; affordable transaction costs; reliable infrastructure; adequate liquidity; user protection; financial inclusion; and a clear regulatory framework.

Mobile money as a key transition channel

The expansion of mobile money provides an important foundation for the transition. According to ARPTC sector statistics cited in the report, the number of mobile money subscriptions increased from approximately 7.1 million in 2019 to more than 34.3 million in 2025, while the penetration rate rose from around 8% to 30.6%. The next challenge is to deepen usage across merchant payments, business-to-business transactions, bulk payments and integration with banks and other financial infrastructure.

What businesses can start preparing now

Even though several regulatory details remain to be clarified, businesses can already map foreign-currency cash flows, identify transactions that may migrate to the CDF or to non-cash channels, assess electronic payment capabilities, measure associated costs and gradually adapt invoicing, treasury, accounting and internal-control processes.
Foreign exchange risk management will remain essential: reducing the use of US dollar cash will not eliminate businesses’ underlying economic exposure to the US dollar.

Supporting informed decision-making

As with previous editions of BDO DRC Economic Insights, this publication aims to provide independent, accessible and evidence-based analysis of the Congolese economy for businesses, investors, financial institutions, development partners, public authorities and international organisations.
The publication also includes a detailed statistical annex covering recent macroeconomic, monetary, banking, fiscal and external-sector indicators for the Democratic Republic of the Congo.

Sources

The analysis draws in particular on data and publications from the Central Bank of the Congo (BCC), the Statistical Studies and National Accounts Commission (CESCN), the Permanent Macroeconomic Framework Committee (CPCM), the International Monetary Fund (IMF), the World Bank, the National Institute of Statistics (INS), the Ministry of Finance and ARPTC.

• Central Bank of the Congo (BCC):https://www.bcc.cd/ 
• Statistical Studies and National Accounts Commission (CESCN):https://plan.gouv.cd/
• Permanent Macroeconomic Framework Committee (CPCM):https://plan.gouv.cd/
• International Monetary Fund (IMF):https://www.imf.org/en/countries/cod
• World Bank:https://www.worldbank.org/en/country/drc
• National Institute of Statistics (INS):https://ins-rdc.org/
• Ministry of Finance:https://finances.gouv.cd/
• ARPTC:https://arptc.gouv.cd/

Download the full report

Blaise MBATSHI
Country Senior Partner & Managing Director, BDO RDC

Yves AWA MUGUMA
Advisory Supervisor, BDO DRC

Grace MUYA
Advisory Associate, BDO DRC