Congo is preparing to restrict the use of US dollars in transactions, moving forward with anti-money laundering efforts and boosting its local currency.

Congo is preparing to restrict the use of US dollar cash in transactions, hoping to increase transparency and restore economic confidence, even though it still faces challenges from its reliance on cash.

On April 21, 2026, at 11:00 AM, Bloomberg News reported that the Central Bank of the Democratic Republic of Congo is preparing measures to restrict the use of US dollars in transactions, starting in April next year, in order to curb money laundering and restore confidence in the local currency.

Central Bank Governor Andre Wameso revealed that while commercial banks receive billions of dollars in cash annually, only a small portion remains within the official financial system. Large amounts of this money may flow out to neighboring countries, making it difficult to trace the flow of funds.

The Congolese economy remains heavily dependent on the US dollar, with data from the International Monetary Fund indicating that around 90% of deposits and over 97% of loans are denominated in dollars. However, the central bank believes that financial technology and the recent strengthening of the franc will help reduce this dependence on the dollar.

Under the new policy, dollar-denominated deposit accounts will remain valid, but transactions will be pushed towards electronic channels with a one-year transition period. Incentives may also be offered to encourage people to move cash into the banking system.

This measure also aims to enhance financial governance and help Congo get off the Financial Action Task Force's gray list, a list of countries at risk of money laundering. Such a list could affect Congo's financial credibility and access to the global banking system.

Analysts believe that a de-dollarization policy would improve the effectiveness of monetary policy and restore confidence in the local currency, but there are risks in its implementation, as the Congolese economy remains highly reliant on cash and the informal sector.

Furthermore, the central bank is accelerating the development of financial infrastructure, opening the way for fintech companies to conduct business and collaborating with Visa and Mastercard to expand the payment system.

Economically, Congo remains reliant on the export of natural resources, particularly copper, and recently the government successfully issued its first Eurobonds worth $1.25 billion, despite facing pressure from energy prices and internal unrest.

The central bank also plans to increase its gold reserves from domestic sources to enhance long-term financial stability, while progress in the peace process with rebels in the east of the country has helped boost investor confidence.

Reference: bloomberg.com

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