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News & Current Events Apr 13, 2026 at 6:19 PM

DR Congo is banning dollar cash payments in a high-stakes bid to take back control of its economy

Posted by ubcstaffer123

DR Congo is banning dollar cash payments in a high-stakes bid to take back control of its economy
Business Insider Africa
DR Congo is banning dollar cash payments in a high-stakes bid to take back control of its economy
DR Congo will outlaw cash transactions in foreign currencies from 2027, forcing dollar use into banks as authorities fight illicit flows and try to restore confidence in the franc
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26 Comments

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MaksimilenRobespiere 5 days ago +43
Am I the only one who reads this country’s name as Doctor Congo?
43
GovernmentInfinite53 5 days ago +10
Not rare to hear some geography and world info YouTubers saying doctor congo
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Zouden 5 days ago +6
As as joke or are they really that dumb?
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gunglejim 5 days ago +11
They’re really that dumb.
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Mrhnhrm 5 days ago +6
My guess is 10% of them dumb, the rest are dumb and use AI to write/vocalise the script.
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meat_ahoy 5 days ago +1
He’s not actually a Doctor yet, he’s abd.
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jimmythesaint83 5 days ago
You are not the only one lol (smh)
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humbleObserver 5 days ago +26
Just because people are using a foreign currency does not mean you don't have control of your economy. >Foreign currency transactions will only be permitted electronically through the banking system, a move authorities say will improve oversight of money flows. >By forcing foreign currency use into traceable banking channels, authorities are trying to close loopholes in cash-based transactions that are harder to monitor. >The move is not only about currency control. It is also linked to efforts to exit the Financial Action Task Force grey list, where the country remains due to gaps in anti-money laundering and counter-terrorism financing systems. >By targeting physical dollar circulation, the new policy goes further than earlier reforms, but also raises enforcement risks in a largely cash-based economy. Seems like its actual goal is to stamp out corruption and foreign influence. Also it could be a matter of national pride to build back trust in local currency which is no longer suffering from the inflation it once was. I wish them the best
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Ray_Jye 5 days ago +13
The more you use a foreign currency, the more you devalue yours. This forces businesses to use local currency to increase the spending power of the country’s tender.
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rubywpnmaster 5 days ago +18
Generally the reason people switch to using foreign currencies is that the official currency has become too unstable. Looking at a chart of the past 5 years you had multiple quarters of inflation over 15%. Why should an individual accept that in one year their money might be worth potentially half its value?
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Ray_Jye 5 days ago -3
Instability of currencies is almost always manufactured to prop up the US dollar. The system is designed to drive US economy up while driving down your own economy. Economic growth to true stability is not sustainable under this system. The system can’t be change overnight, but if the country, as a collective, is onboard with changing to a system that actually works for the country, then it’s a good move.
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humbleObserver 5 days ago +3
If locals trust the dollar more than the local currency, I suppose you should go there and tell them all that they are wrong.
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Ray_Jye 5 days ago +1
The regular person doesn’t think ahead, they only think in the now. That means they prefer the status quo. But status quo doesn’t develop countries. It doesn’t build sustainable programs that provide services for the people. It doesn’t take control of the nations resources and use them to grow the country to its full potential.
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humbleObserver 5 days ago
The nation's resources only has a value because it has a dollar value because the dollar exists
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humbleObserver 5 days ago +2
I'm not sure I agree. If the exchange rate of your local currency is relatively stable against a "stable" US dollar, than it's strength will be determined by government spending and trade. If the exchange rate between currencies stabilizes, then trust in the local currency should slowly begin to grow, I don't really think forcing people to change is the best way to build trust in local currency, but seeing as this is a largely cash based economy, the actual transaction will probably take years, and if the government keeps the exchange rate stable in a non-artificial way, then the transition will be seamless, this seems like the best case scenario.
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Ray_Jye 5 days ago -1
No individual currency should be the basis for value. Tying your value to the US dollar is a bad idea, because if the US value falls, your value falls. This is why countries are forced to maintain status with the US even though they dislike the US. They’re afraid of hurting their economies. When you give one country economical monopoly, you become a slave to them.
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humbleObserver 5 days ago +2
Is the euro or yuan tied to the US dollar?
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Ray_Jye 5 days ago +1
First of all, the US dollar is the world reserve currency. Everything is in some way affected by it. Second, the country in question is Congo. Euro is used in the EuroZone, not Africa. As it relates to China, if your option is the only other major superpower, then you still have a problem.
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humbleObserver 5 days ago +1
Who's stopping the congo from using the euro? Why do you suppose the US dollar is the world reserve currency? Why don't people tie their currency to something else? Gold perhaps? Silver? In a world where everything is changing all the time, even the dollar is fluctuating, but the value of everything fluctuates. The US has an open market where the value of gold and everything else is being bet upon every day. The process is relatively transparent and trustworthy, that's why they use the dollar, but the euro is the same. Other currencies are subject to more manipulation and are trusted less. That's the reality
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Ray_Jye 5 days ago
Gold was the reserve. After WWII, the US was the strongest economy and basically all the allies had signed an agreement to tie their currencies to the US dollar, especially because the US had majority of the gold reserve. According to them, the US currency was “as good as gold”. Right now it is believe that the US doesn’t have any gold in reserve left. Therefore, the value of the US dollar is being held up by “belief”. When Saudi Arabia in the 70s partnered with the US to sell oil in dollars, the US dollar became the Petrodollar, which means every other country had to start converting their currencies to pay for oil to run their countries. All of this caused a ripple effect where countries that are not self-sufficient became slaves to the US dollar. Breaking from that takes time. It has to start at a point.
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humbleObserver 5 days ago +2
You didn't answer any of my questions
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Utegenthal 5 days ago +3
Stamp out corruption ? Lmao Tshisekedi is one of the most corrupt individuals in Africa
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humbleObserver 5 days ago +7
Obviously the corruption at the top will continue but the corruption he doesn't get a piece of needs to be ended immediately!
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Narf234 5 days ago -2
Lol good luck attracting any foreign talent.
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ragdolbear 5 days ago -7
Looks like the US will be going to war with DR Congo.
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No_Worldliness_7106 5 days ago +1
Nah, we'll just stop giving a shit when Rwanda does.
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