Central Bank Of The Congo

The Central Bank of the Congo (, ), colloquially known by its acronym BCC, is the central bank of the Democratic Republic of the Congo. Its headquarters are located on Boulevard Colonel Tshatshi in Gombe, Kinshasa, surrounded by significant institutions including the Palais de la Nation, the National Library, and several government ministries.

Established under Law No. 005/2002 of 7 May 2002, the Central Bank of the Congo operates as an independent entity with the legal capacity to engage in contracts, acquire and dispose of property, and participate in legal proceedings. Its capital is wholly owned by the Congolese state, as stipulated in Article 5 of the law. The bank's primary mandate is to define and implement the nation's monetary policy to ensure price stability, as outlined in Article 3. This responsibility includes monitoring price fluctuations in goods and services across the market.

The bank is also engaged in developing policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion. On 5 May 2012 the Central Bank of Congo announced it would be making specific commitments to financial inclusion under the Maya Declaration.

History

The Central Bank of the Congo was formally established on 30 July 1951 as the Central Bank of the Belgian Congo and Rwanda-Urundi ('' Banque Centrale du Congo Belge et du Ruanda-Urundi''; BCCBRU). This institution served as the issuing authority for Belgian Congo and Rwanda-Urundi, which were then Belgian colonies. Following the independence of the Republic of the Congo in 1960, an agreement reached in Geneva later that year laid the groundwork for the dissolution of the BCCBRU and the creation of two separate central banks—one for the newly independent Congo and the other for Rwanda-Urundi. On 3 October 1960, a law decree established the Monetary Council of the Republic of Congo ('), tasked with drafting proposals for a new central bank and financial system suited to the country's post-independence needs.

On 16 February 1961, the Belgo-Congolese Convention regarding the liquidation of the BCCBRU was ratified in Brazzaville, and shortly thereafter, on 23 February 1961, the National Bank of the Congo (''Banque Nationale du Congo''; BNC) was officially created under a law decree. However, the Monetary Council temporarily assumed the bank's responsibilities until 22 June 1964, when the BNC formally began operations. Following the name change of the country to Zaire in 1971, the BNC was renamed the National Bank of Zaire (''Banque Nationale du Zaïre''; BNZ) by service order No. 218 on 4 November 1971. This was quickly amended by service order No. 219 on 25 November 1971, transforming the institution into the Bank of Zaire (''Banque du Zaïre''; BZ).

In 1997, following the political shift that led to the overthrow of Mobutu Sese Seko's regime and the country's renaming back to the Democratic Republic of the Congo, the Bank of Zaire was transformed into the National Bank of Congo (''Banque Nationale du Congo''; BNC) once again. Finally, in 2002, the institution was restructured and rebranded as the Central Bank of the Congo (''Banque Centrale du Congo''; BCC). Throughout these transitions, the country's currency has undergone several changes: from the Congolese franc inherited from the colonial period to the Zaïre in 1967, followed by the new Zaïre in 1993, and ultimately returning to the Congolese franc in 1998.

Organization

The BCC is structured to fulfill its mandate of defining and implementing the monetary policy of the country while ensuring the stability of the general price level, as stipulated in Article 3 of its founding law. Its responsibilities encompass all core functions of a central bank, including the issuance of currency, regulation of the banking sector, management of state finances, and provision of economic advisement to the government.

Core functions

Issuing Institution

The BCC holds the exclusive authority to issue banknotes and coins deemed legal tender in the Democratic Republic of the Congo, denominated in Congolese francs or its sub-units. It ensures the internal and external stability of the national currency.

Bank of Banks

The BCC regulates the banking sector by overseeing the operations of banking and non-banking financial institutions and managing credit distribution within the economy.

State Cashier

Acting as the government's banker, the BCC processes payments on behalf of the state, services public debt, and administers special accounts in coordination with relevant ministries. It may delegate this role to authorized credit institutions in areas where it lacks representation.

State Advisor

The BCC provides guidance to the government on economic, monetary, and financial policies. It offers advisory opinions, either on its own initiative or at the government's request, regarding planned measures or policies.

Manager of Reserves

The bank is tasked with the responsibility of holding and managing the nation's official reserves of gold and foreign currencies, as specified in the governing legislation.

Governance structure

The BCC is governed by several organizational bodies outlined in Article 17 of its founding law:

* The Bank Council
** Oversees general operations (currently non-operational).

* The Governor
** Manages the bank and serves as its legal and administrative representative.
** Signs notes and securities, official reports, contracts, and staff-related acts.
** Represents the bank in legal proceedings.

* The Vice-Governor
** Assists the Governor and assumes delegated responsibilities.
** Acts as the Governor in cases of absence or impediment.

* The Board of Auditors
** Established to provide oversight (currently non-operational).

Operational structure

The BCC's operational framework includes the following components:

* Senior Management Office
** Consists of advisors to the Governor and Vice-Governor.

* Directorates
** The headquarters in Kinshasa is organized into 10 Directorates:
*** Credit and Financial Markets
*** Treasury
*** Current Accounts in National Currency and Public Funds
*** Supervision of Financial Intermediaries
*** Foreign Services
*** Human Resources
*** Accounting and Budgetary Control
*** General Administration
*** Studies
*** Information Technology and Operational Research. Additionally, the Internal Audit unit operates with the rank of a Directorate.

* Provincial Directorates
** The bank maintains eight provincial offices in Goma, Bandundu, Boma, Bukavu, Kananga, Kisangani, Lubumbashi, Mbandaka, and Mbuji-Mayi. In cities where the central bank is not present, a commercial bank can be appointed to represent it; Trust Merchant Bank performs such a role in Likasi and Kolwezi.

* Autonomous Agencies
** Independent agencies are located in Kikwit, Matadi, Ilebo, Tshikapa, Kamina, and Kasumbalesa.

* Independent Units
** Certain units operate outside the Directorates, including:
*** Security Sub-Directorate
*** Financial Asset Investment Committee
*** International and Regional Cooperation Secretariat
*** Brussels Representative Office
*** Provincial Coordination Support Secretariat
*** Hospital Center
*** National Mint

See also

* Economy of the Democratic Republic of the Congo
* List of governors of the Banque Centrale du Congo
* Central banks and currencies of Africa
* List of central banks

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 by country
Congo, Democratic Republic of
Economy of the Democratic Republic of the Congo
Banks of the Democratic Republic of the Congo
Organisations based in Kinshasa
Banks established in 1997
1997 establishments in the Democratic Republic of the Congo
Gombe, Kinshasa