By:
Robert Kwaku Annor
The Democratic Republic of
Congo (DRC) has taken a step towards strengthening monetary and financial
integration within the East African Community (EAC) following the signing of a
Memorandum of Understanding (MoU) on currency convertibility and the repatriation
of foreign currency.
The Governor of the Central
Bank of Congo (BCC), André Wameso Nkualoloki, signed the agreement on September
18, 2026, in Nairobi, Kenya, alongside central banks of EAC member states
participating in the regional mechanism.
The signing ceremony was
held in the presence of Emmanuel M. Tutuba, Governor of the Bank of Tanzania
and Chairman of the EAC Monetary Affairs Committee (MAC).
The mechanism is intended to
facilitate trade and strengthen cross-border payments by making transactions
between economic operators across the sub-region easier, while reducing the
costs and delays associated with cross-border payments.
It is also expected to
improve the traceability of financial flows and strengthen monetary cooperation
among participating EAC member states.
With the signing of the MoU,
the DRC joins Burundi, Uganda, Tanzania, Kenya and South Sudan as countries
participating in the mechanism.
The development is expected
to open new prospects for trade between the DRC and its EAC partners while
contributing to greater convertibility of the Congolese franc and improving the
flow of cross-border payments.
