The Monetary Policy Committee of the Central Bank of Congo (BCC) decided on Jan. 8 to extend the easing cycle launched in late 2025.

The central bank’s main policy rate, which had already been cut to 17.5% from 25% at the previous meeting, was lowered again to 15%. The marginal lending facility rate was reduced to 19% from 21.5%, a 250-basis-point cut following an earlier drop from 30%.

"These decisions reflect our commitment to a rigorous, forward-looking and credible monetary policy aimed at maintaining price stability, reinforcing the Congolese franc’s recent gains and bolstering confidence in the national financial system," Governor André Wameso said.

Wameso has set a goal of reducing the economy’s reliance on the U.S. dollar and restoring confidence in the Congolese franc (FC).

At the end of December 2025, inflation fell to 2.27% from 11.69% a year earlier. On the interbank and parallel markets, the Congolese franc appreciated by 30.44% and 24.09% respectively compared with the end of 2024. It stood at 2,181.39 FC to the U.S. dollar on the interbank market and 2,309.38 FC on the parallel market.

The central bank also reported a rise in international reserves. These reached $7.886 billion at the end of December 2025, equivalent to about three months of imports of goods and services.

With the latest cut, the BCC is seeking to build on 2025’s gains and move into a more favorable cycle in which the Congolese franc gradually regains a more central role. The easing should reduce borrowing costs and facilitate financing in FC, encouraging wider use of the national currency in the real economy.

However, the success of this dedollarization policy will depend on maintaining exchange rate stability, low inflation and solid reserves, which are key indicators of lasting confidence in the Congolese franc. The latest cut will test confidence in the currency. It will show whether the franc can remain stable in a context of higher liquidity without reigniting pressure on the foreign exchange market or increasing dollarisation.

Prudent Easing

For 2026, the committee projects a contained inflation outlook, exchange rate stability and continued solid growth.

"The economy should benefit from the effects of the favorable trend in metal prices and an easing of conflict in the eastern part of the country, following commitments made by the various parties," the committee said. These factors should support demand for the local currency, according to the BCC.

However, two days after the easing decision, the central bank flagged signs of tension in the parallel market. It attributed this to speculation linked to negative expectations among some market participants. It intervened in the foreign exchange market by selling $50 million at a rate of 2,040 FC per U.S. dollar and planned another foreign-currency sale on Jan. 12, 2026.

Overall, the BCC remains cautious. It kept required reserve ratios unchanged at 10.5% and 0% for demand and time deposits in FC, and 11.5% and 10.5% for demand and time deposits in foreign currencies.

The committee said it maintains close monitoring of economic conditions and liquidity and stands ready to adjust its policy tools if needed.

On Dec. 19, 2025, following the latest reviews of its program with the DRC, the International Monetary Fund (IMF) called for a prudent and data-driven monetary policy.

"High uncertainties underscore the importance of carefully monitoring liquidity conditions and standing ready to adjust monetary policy as needed," the Fund said.

The IMF asked the country to continue accumulating reserves, preserve exchange rate flexibility, avoid multiple exchange rates, and strengthen the governance, transparency and independence of the central bank.

Pierre Mukoko