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Concept
Central Bank of the Congo
Summary
The Central Bank of the Congo (Banque Centrale du Congo, Ndaku Monene ya Bokéngeli Mbongo ya Mboka Kongo) 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.
The bank is 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 the Democratic Republic of Congo announced it would be making specific commitments to financial inclusion under the Maya Declaration.
The central bank operates a network of regional branches across the DRC, the largest country in Sub-Saharan Africa. Branches can be found in Lubumbashi, Goma, Kamina, Kasumbalesa, Kikwit, Tshikapa, Ilebo and Matadi. 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.
From 1886 to 1908, King Leopold II of the Belgians ruled the Congo Free State as his private domain. On July 27, 1887, he issued a Royal decree that established the Franc as the money of account for the Congo Free State, and for Ruanda-Urundi. In 1890, the Heligoland-Zanzibar Treaty put Ruanda-Urundi within the German Empire's sphere of influence in Africa. Consequently, the German East African rupie became the official currency in Ruanda-Urundi though the Franc continued to circulate there. In 1908, Belgium assumed direct responsibility for the Congo, taking it from Leopold; as a result, the Belgian Congo became a member of the Latin Monetary Union.
In 1909, a number of Belgian banks jointly established the Banque du Congo Belge (Dutch: Bank van Belgisch Congo; English: Bank of the Belgian Congo). This freed the Bank to act as the agent in the Congo for all the major Belgian banks rather than as a subsidiary or affiliate of only one of them. However, the dominant bank was the Société Générale de Belgique and eventually it became the Bank's majority owner.
Official source
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