DR Congo launches new banknotes
Date 2012/7/3 11:56:48 | Topic: Democratic Republic of the Congo
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AFP
The Democratic Republic of Congo on Monday introduced three new high-denomination banknotes in a bid to ease transactions and counter the growing "dollarisation" of the economy.
"There's no ceremony as such, but the commercial banks can obtain the new bills" of 1,000, 5,000 and 10,000 Congolese francs (CDF)," Honore Mulangu, communications official at the central bank, told AFP.
The Congolese franc has plummted against the dollar recently and the 500 CDF note, which had been the highest denomination, represents only $0.6, making the greenback necessary for any significant transaction.
Central Bank Governor Jean-Claude Masangu had said last month that 89 percent of financial transactions in the mineral-rich former Belgian colony were conducted in US dollars.
Consumer groups have voiced concern the measure could cause inflation.
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