Central Bank of the Congo

Central Bank of the Congo
Banque Centrale du Congo
Bank logo
Headquarters	Kinshasa, Democratic Republic of the Congo
Established	1997
President	Deogratias Mutombo Mwana Nyembo
Central bank of	Democratic Republic of the Congo
Currency	Congolese franc CDF (ISO 4217)
Preceded by	Banque du Zaïre
Website	bcc.cd

The Central Bank of the Congo (French: Banque Centrale du Congo) is the central bank of the Democratic Republic of the Congo. The bank's main offices are on Boulevard Colonel Tshatshi in La Gombe in Kinshasa.

The bank is engaged in developing policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion.^[1] On May 5, 2012 the Central Bank of the Democratic Republic of Congo announced it would be making specific commitments to financial inclusion under the Maya Declaration.

Regional operations

The central bank operates a network of regional branches across the DRC, the largest country in Sub-Saharan Africa. Branches can be found in Lubumbashi, Goma, Kamina, Kasumbalesa, Kikwit, Tshikapa, Ilebo and Matadi. In cities where the central bank is not present, a commercial bank can be appointed to represent it; Trust Merchant Bank performs such a role in Likasi and Kolwezi.

History

500 francs, issued by the Bank of the Belgian Congo, 1943 (obverse and reverse)

From 1886 to 1908, King Leopold II of Belgium ruled the Congo as his private domain. On July 27, 1887, he issued a royal decree that established the Franc as the money of account for the Congo Free State, and for Rwanda and Burundi. In 1890 the Heligoland-Zanzibar Treaty put Rwanda and Burundi within the German sphere of influence in Africa. Consequently, the German East African rupie became the official currency in those two colonies though the Franc continued to circulate there. In 1908, Belgium assumed responsibility for the Congo, taking it from Leopold; as a result, the Belgian Congo became a member of the Latin Monetary Union.

In 1909, a number of Belgian banks jointly established the Bank of the Belgian Congo. This freed the Bank to act as the agent in the Congo for all the major Belgian banks rather than as a subsidiary or affiliate of only one of them. However, the dominant bank was the Société Générale de Belgique and eventually it became the Bank's majority owner. In 1911 the Colonial government awarded the Bank a 25-year monopoly on the right of note issuance for the Colony and appointed it as fiscal agent for the colonial government. The Bank issued its first banknotes in 1912.

Following Germany's defeat in World War I, Belgium assumed a League of Nations mandate over Rwanda and Burundi. Belgium then included them in the Congo Franc Zone.

The Convention of 10 October 1927 revisited the question of note issuance and extended the Bank's monopoly until 1 July 1952. During World War II Belgium came under German Occupation. The Bank of England then assumed a temporary involvement in the Congo's affairs and the Congo franc was listed in London.

On 1 July 1952, the day after the expiration of the Bank’s monopoly, the newly formed Banque Centrale du Congo Belge et du Ruanda-Urundi assumed responsibility for note issuance. The Banque Centrale du Congo-Belge et du Ruanda-Urundi was dissolved after Congo's independence in 1960. The Banque Nationale du Congo was created in 1964 to serve as the new country's central bank.

For about four years from 1960 to 1964, the Banque d' Emission du Rwanda et du Burundi served as the central bank for the linked territories. In 1961 Rwanda became an independent republic; the next year Burundi became independent as a monarchy. In 1964 each state established its own central bank, the Royal Bank of Burundi and the Banque Nationale du Rwanda. In 1966, Burundi became a republic and its central bank changed its name to Banque de la République du Burundi.

When the Congo changed its name to Zaire in 1971, the Banque Nationale du Congo became Bank of Zaire. Then in 1997 when the country's name became the Democratic Republic of the Congo, the bank took its current name: Banque Centrale du Congo.

Website banner

Sources

Banque du Congo belge. 1959. Banque du Congo belge, 1909-1959. Bruxelles, Editions L. Cuypers.

Disambiguation

As far as the Republic of Congo is concerned, it is part of the group of countries served by the Banque des Etats de l'Afrique Centrale, the Central African regional central bank.

References

↑ "AFI members". AFI Global. 2011-10-10. Archived from the original on 2012-08-22. Retrieved 2012-02-23.

External links

(French) Official site of Banque Centrale du Congo

Democratic Republic of the Congo articles

Society

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Portal

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

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Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

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Central Bank of the Congo

Regional operations

History

Sources

Disambiguation

See also

References

External links