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Congolese franc devalued

The government has devalued the Congolese franc by 35.5 per cent, to 4.5 francs to one US dollar, the Agence congolaise de presse (ACP) said on Thursday. It quoted Economy and Industry Minister Bemba Saolona as saying that the new rate will permit businesses to calculate the prices of their goods and services "at a realistic cost, close to what a number of them were already doing". All those who attempt to increase their prices in response to the latest devaluation will be considered "saboteurs", Saolona added. The foreign exchange rate on the black market had reached up to 5.3 francs to the dollar in recent weeks. Meanwhile, a market survey in Kinshasa revealed a general inflation rate of 5.7 per cent in February, with food prices increasing by 14 per cent, diplomatic sources said.

This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information:

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