By: OrePulse

The Democratic Republic of Congo's central bank is preparing new rules that would require more domestic payments—including to mining subcontractors—to be made in Congolese francs rather than U.S. dollars, as part of an effort to reduce the economy's reliance on the dollar.

Central bank governor Andre Wameso said the proposal would also require mining companies to sell up to 30% of the dollars they repatriate from export earnings to the central bank in exchange for francs. Miners in the Democratic Republic of Congo are currently required to repatriate 60% of their export revenue.

Wameso said that from 2023 through 2025, mining companies exported $93 billion worth of minerals and repatriated $54 billion of that total, but only $3.8 billion remained within Congolese banks. He said that amount is insufficient to support the country's financial system.

Mining accounted for about 40% of the Democratic Republic of Congo's gross domestic product in 2024 and for nearly half of government revenue in 2023, according to figures cited in connection with the proposal. The country is the world's largest producer of cobalt and its second-largest producer of copper.

The proposed rules would extend beyond mining payments, also requiring that school fees, medical bills, utilities, and rent be paid in Congolese francs. According to the International Monetary Fund, about 90% of bank deposits and more than 97% of loans in the country are currently denominated in U.S. dollars.

The central bank is continuing to consult with mining companies, banks, and business groups on the proposal. No final rules or effective date have been set.