DRC's Local Currency Hits Record Low Against US Dollar
International News
July 20, 2023
The Democratic Republic of the Congo (DRC) is facing a significant drop in the value of its local currency, the Congolese franc, compared to the US dollar. This ongoing trend has resulted in the prices of essential commodities surging across the nation. Economic analysts attribute the exchange rate fluctuations to the DRC's heavy reliance on imports, as well as security challenges and increased spending during pre-election periods.