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The Central Bank of the Congo (french: Banque centrale du Congo) is the
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
of the
Democratic Republic of the Congo The Democratic Republic of the Congo (french: République démocratique du Congo (RDC), colloquially "La RDC" ), informally Congo-Kinshasa, DR Congo, the DRC, the DROC, or the Congo, and formerly and also colloquially Zaire, is a country in ...
. The bank's main offices are on Boulevard Colonel Tshatshi in La Gombe in
Kinshasa Kinshasa (; ; ln, Kinsásá), formerly Léopoldville ( nl, Leopoldstad), is the capital and largest city of the Democratic Republic of the Congo. Once a site of fishing and trading villages situated along the Congo River, Kinshasa is now one o ...
. The bank is engaged in developing policies to promote
financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...
and is a member of the Alliance for Financial Inclusion. On 5 May 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 Lubumbashi (former names: ( French), (Dutch)) is the second-largest city in the Democratic Republic of the Congo, located in the country's southeasternmost part, along the border with Zambia. The capital and principal city of the Haut-Katanga ...
,
Goma Goma is the capital of North Kivu province in the eastern Democratic Republic of the Congo. It is located on the northern shore of Lake Kivu, next to the Rwandan city of Gisenyi. The lake and the two cities are in the Albertine Rift, the weste ...
,
Kamina Kamina is the capital city of Haut-Lomami Province in the Democratic Republic of the Congo. Transport Kamina is known as an important railway node; three lines of the DRC railways run from Kamina toward the north, west, and south-east. The ...
, Kasumbalesa,
Kikwit Kikwit is the largest city of Kwilu Province, lying on the Kwilu River in the southwestern part of the Democratic Republic of the Congo. Kikwit is also known in the region under the nickname "The Mother". The population is approximately 458,000 ( ...
,
Tshikapa Tshikapa is the capital city of Kasai Province in the Democratic Republic of the Congo. The city is located north of the Angolan border and west of Kananga at the confluence of the Tshikapa and Kasai rivers. According to records published by the ...
,
Ilebo Ilebo, formerly known as Port-Francqui, is a town in Kasai province in the Democratic Republic of Congo, lying at the highest navigable point of the Kasaï River. It is an important transport hub for ferries to Kinshasa and trains to Lubumbashi. ...
and
Matadi Matadi is the chief sea port of the Democratic Republic of the Congo and the capital of the Kongo Central province, adjacent to the border with Angola. It had a population of 245,862 (2004). Matadi is situated on the left bank of the Congo River, ...
. In cities where the central bank is not present, a commercial bank can be appointed to represent it;
Trust Merchant Bank Trust Merchant Bank or TMB, is a commercial bank based in the Democratic Republic of Congo (DRC), with its headquarters located in Lubumbashi. The bank began operations in 2004. TMB operates in all sectors of the local banking market, including i ...
performs such a role in
Likasi Likasi (formerly official names: Jadotville ( French) and Jadotstad (Dutch)) is a city in Haut-Katanga Province, in the south-east of the Democratic Republic of Congo. Demographics Likasi has a population of around 635,000 (2015). During the 1990 ...
and
Kolwezi Kolwezi or Kolwesi is the capital city of Lualaba Province in the south of the Democratic Republic of the Congo, west of Likasi. It is home to an airport and a railway to Lubumbashi. Just outside of Kolwezi there is the static inverter plant of ...
.


History

From 1886 to 1908, King Leopold II of the Belgians ruled the
Congo Free State ''(Work and Progress) , national_anthem = Vers l'avenir , capital = Vivi Boma , currency = Congo Free State franc , religion = Catholicism (''de facto'') , leader1 = Leopo ...
as his private domain. On July 27, 1887, he issued a
Royal decree A decree is a legal proclamation, usually issued by a head of state (such as the president of a republic or a monarch), according to certain procedures (usually established in a constitution). It has the force of law. The particular term used for ...
that established the
Franc The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (Style of the French sovereign, King of the Franks) used on early France, ...
as the money of account for the
Congo Free State ''(Work and Progress) , national_anthem = Vers l'avenir , capital = Vivi Boma , currency = Congo Free State franc , religion = Catholicism (''de facto'') , leader1 = Leopo ...
, and for
Ruanda-Urundi Ruanda-Urundi (), later Rwanda-Burundi, was a colonial territory, once part of German East Africa, which was occupied by troops from the Belgian Congo during the East African campaign in World War I and was administered by Belgium under militar ...
. In 1890, the Heligoland-Zanzibar Treaty put
Ruanda-Urundi Ruanda-Urundi (), later Rwanda-Burundi, was a colonial territory, once part of German East Africa, which was occupied by troops from the Belgian Congo during the East African campaign in World War I and was administered by Belgium under militar ...
within the
German Empire The German Empire (),Herbert Tuttle wrote in September 1881 that the term "Reich" does not literally connote an empire as has been commonly assumed by English-speaking people. The term literally denotes an empire – particularly a hereditary ...
's sphere of influence in Africa. Consequently, the
German East African rupie The Rupie was the currency of German East Africa between 1890 and 1916, continuing to circulate in the Tanganyika Territory until 1920. History The Indian rupee was the dominant currency used along the East African coast during the second half o ...
became the official
currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general def ...
in Ruanda-Urundi though the
Franc The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (Style of the French sovereign, King of the Franks) used on early France, ...
continued to circulate there. In 1908,
Belgium Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to th ...
assumed direct responsibility for the Congo, taking it from Leopold; as a result, the
Belgian Congo The Belgian Congo (french: Congo belge, ; nl, Belgisch-Congo) was a Belgian colony in Central Africa from 1908 until independence in 1960. The former colony adopted its present name, the Democratic Republic of the Congo (DRC), in 1964. Colo ...
became a member of the
Latin Monetary Union The Latin Monetary Union (LMU) was a 19th-century system that unified several European currencies into a single currency that could be used in all member states when most national currencies were still made out of gold and silver. It was establish ...
. In 1909, a number of Belgian banks jointly established the ''
Banque du Congo Belge The Banque du Congo Belge (1909-1960), Banque Belgo-Congolaise also known as Belgolaise (1960-2012), Banque du Congo (1960-1971), Banque Commerciale Zaïroise (1971-1997), and Banque Commerciale Du Congo (BCDC, 1997-2020) all refer to a banking gr ...
'' (
Dutch Dutch commonly refers to: * Something of, from, or related to the Netherlands * Dutch people () * Dutch language () Dutch may also refer to: Places * Dutch, West Virginia, a community in the United States * Pennsylvania Dutch Country People E ...
: ''Bank van Belgisch Congo'';
English English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national ide ...
: 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 The ' ( nl, Generale Maatschappij van België; literally "General Company of Belgium") was a large Belgian bank and later holdings company which existed between 1822 and 2003. The ''Société générale'' was originally founded as an investme ...
'' 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 Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...
's defeat in the
First World War World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
, Belgium assumed a
League of Nations mandate A League of Nations mandate was a legal status for certain territories transferred from the control of one country to another following World War I, or the legal instruments that contained the internationally agreed-upon terms for administ ...
over
Ruanda-Urundi Ruanda-Urundi (), later Rwanda-Burundi, was a colonial territory, once part of German East Africa, which was occupied by troops from the Belgian Congo during the East African campaign in World War I and was administered by Belgium under militar ...
. 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 the
Second World War World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
, Belgium came under German occupation. The
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
then assumed a temporary involvement in the Congo's affairs and the Congo franc was listed in
London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
. 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 the
Belgian Congo The Belgian Congo (french: Congo belge, ; nl, Belgisch-Congo) was a Belgian colony in Central Africa from 1908 until independence in 1960. The former colony adopted its present name, the Democratic Republic of the Congo (DRC), in 1964. Colo ...
's independence in 1960. The ''Banque Nationale du Congo'' was created in 1964 to serve as the Congo's new
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
. 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 Rwanda (; rw, u Rwanda ), officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of Central Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator ...
became an independent
republic A republic () is a "state in which power rests with the people or their representatives; specifically a state without a monarchy" and also a "government, or system of government, of such a state." Previously, especially in the 17th and 18th c ...
; the next year
Burundi Burundi (, ), officially the Republic of Burundi ( rn, Repuburika y’Uburundi ; Swahili language, Swahili: ''Jamuhuri ya Burundi''; French language, French: ''République du Burundi'' ), is a landlocked country in the Great Rift Valley at the ...
became independent as a
monarchy A monarchy is a form of government in which a person, the monarch, is head of state for life or until abdication. The political legitimacy and authority of the monarch may vary from restricted and largely symbolic (constitutional monarchy) ...
. In 1964 each state established its own central bank, the
Royal Bank of Burundi Royal may refer to: People * Royal (name), a list of people with either the surname or given name * A member of a royal family Places United States * Royal, Arkansas, an unincorporated community * Royal, Illinois, a village * Royal, Iowa, a cit ...
and the ''
Banque Nationale du Rwanda The National Bank of Rwanda ( rw, Banki Nkuru Y'u Rwanda, french: Banque Nationale du Rwanda) is the central bank of Rwanda. The bank was founded in 1964. The current governor of the bank is John Rwangombwa. Location It is quartered at the Na ...
''. 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 Zaire (, ), officially the Republic of Zaire (french: République du Zaïre, link=no, ), was a Congolese state from 1971 to 1997 in Central Africa that was previously and is now again known as the Democratic Republic of the Congo. Zaire was, ...
in 1971, the ''Banque Nationale du Congo'' became the
Bank of Zaire 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 p ...
. Then in 1997, when the country's name became the Democratic Republic of the Congo, the bank took its current name.


See also

*
Economy of the Democratic Republic of the Congo The economy of the Democratic Republic of the Congo has declined drastically around the 1980s, despite being home to vast potential in natural resources and mineral wealth; their gross domestic product is $48.994 billion as of 2019. At the time ...
*
List of governors of the Banque Centrale du Congo This is a list of the governors of the Banque Centrale du Congo in Kinshasa. The bank, which is the country's central bank, was founded after independence in 1960. * Albert Ndele, 1961–1970 * Jules Fontaine Sambwa, 1970–1977 * Charles Bof ...
*
Central banks and currencies of Africa There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of both ...


References


Sources

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


External links

*
Official site of Banque Centrale du Congo
{{Central banks Congo, Democratic Republic of Economy of the Democratic Republic of the Congo Banks of the Democratic Republic of the Congo Kinshasa Banks established in 1997 1997 establishments in the Democratic Republic of the Congo