Central Bank of the Congo


Central Bank of the Congo

Infobox Central bank
bank_name_in_local = Banque Centrale du Congo
image_1 = BCCongo.jpg
image_title_1 = Bank logo
image_2 =
image_title_2 =
headquarters = Kinshasa, Democratic Republic of the Congo
established = 1997
president = Jean-Claude Masangu Mulongo
bank_of = Democratic Republic of the Congo
currency = Congolese franc
currency_iso = CDF
reserves =
borrowing_rate =
deposit_rate =
website = [http://www.bcc.cd bcc.cd]
preceded = Banque du Zaïre
succeeded =
footnotes =
The Central Bank of the Congo ( _fr. 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.

History

The central bank evolved step by step:

*Royal Decree of 27th July 1887 establishes the franc as the money of account for the Independent State of Congo, Rwanda and Burundi are included as well.
*Heligoland Agreement of 1890 puts Rwanda and Burundi within the German sphere of influence in Africa; the German East African rupie is the official currency; circulation of the French franc continues nonetheless.
*As a result of Belgium's actions, the Belgian Congo becomes a member of the Latin Monetary Union in 1908.
*Bank of Belgian Congo established in 1909.
*Bank of Belgian Congo issues its first banknotes in 1912.
*Rwanda and Burundi attached to the Congo Franc Zone following Germany's defeat in World War I; 1927
*Colony of Belgian Congo and the Bank of Belgian Congo create a new relationship; 1927 - 1952
**World War II era: temporary involvement of the Bank of England; Congo franc is listed in London.
*Belgian Congo and Ruanda-Urundi Central Bank (BCCBRU) era; 1952 - 1960

The Banque Centrale du Congo-Belge et du Ruanda-Urundi, or BCCBRU, a regional central bank, was dissolved after Congo's independence in 1960; the financial structure of the Belgian Congo's economy was reorganized and the Banque Nationale du Congo was created in 1964. As for Rwanda and Burundi:
*Banque d' Emission du Rwanda et du Burundi (BERB) / (Issuing Bank of Rwanda and Burundi) - 1960 - 1964
*Royal Bank of Burundi (BRB) and the Banque Nationale du Rwanda (BNR) open in 1964.
*(Banque de la République du Burundi (BRB) opens in 1966.)

As the Congo changed its name to Zaire, in 1971, the Banque Nationale du Congo becomes Banque du Zaïre (Bank of Zaire). And when the country's name is reverted to Democratic Republic of the Congo, the bank took its current denomination of Banque Centrale du Congo.

Jean-Claude Masangu Mulongo is currently the governor of the Banque Centrale du Congo.

Disambiguation

As far as the "Republic" of Congo is concerned, it is part of the group of countries served by the Banque des Etats de l'Afrique Centrale, the Central African regional central bank.

Operations

As the DRC is much larger than Alaska, the central bank has autonomous agencies located in the following locales: Kamina, Kasumbalesa, Kikwit, Tshikapa, Ilebo and Matadi. [http://www.bcc.cd/dir2.htm]

ee also

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

External links

*fr icon [http://www.bcc.cd/go.html Official site of Banque Centrale du Congo]


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