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.

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:

Operational structure

The BCC's operational framework includes the following components:

History

On 1960/10/13, the newly established Democratic Republic of the Congo issued an executive order creating the Conseil monétaire de la République Démocratique du Congo, which took over the Congolese operations of the Banque Centrale du Congo Belge et du Ruanda-Urundi (BCCBRU). The Conseil monétaire evolved in 1964 into the Banque Nationale du Congo, the country's new central bank. When the Congo changed its name to Zaire in 1971, the Banque Nationale du Congo became the Banque du Zaïre (Bank of Zaire). Then in 1997, when the country's name became the Democratic Republic of the Congo, the bank took its current name.

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