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Friday, March 25, 2016
The Democratic Republic of Congo (DRC) has ordered all mining and oil firms to pay up in US dollars rather than the local franc. The DRC government wants all taxes and import duties paid in US dollars to aid it in increasing its foreign currency reserves.
This is a reversal in policy as in 2014 companies were required to pay in francs to help lessen the country’s dependence on US dollars.
The measure would enable the Bank to “get a grip on some of the currency supply” and allocate it rationally to the public and private sector, said Governor Deogratias Mutombo, CitizenTV reported.
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