Time Period: 1887-1952
Currency: 1st Congolese Franc
- Transition
- -
- Sub-units
- Franc / 100 Cents
- ISO4217
- none (informal: CDB)
Timeline
- 27.07.1887
- Royal decree on the creation of the currency in the gold standard of the Latin Monetary Union; effective immediately
- Coin issuance began in the same year, no gold coins were produced.
- 27.08.1906: Royal decree on the issuance of subsidiary coins in coper-nickel; effective immediately.
- 03.01.1891
- Rating of the Maria Theresa Thaler at 3 Congolese Francs
- 07.02.1896
- Royal decree on the issuance of state paper money; effective immediately
- Note issuance began in the same year.
- 18.10.1908
- Royal decree on the establishment of the colonial rule; effective immediately
- §11 declared Belgian gold and silver coins legal tender (and announced the withdrawal of the silver coins of the Congo State).
- 04.11.1908: Adhesion of Belgian Congo to the Latin Monetary Union (independent of the Belgian membership).
- 15.03.1909
- Start of currency exchange after the establishment of the colonial rule:
- 15.03.1909: Royal decree on the issuance of subsidiary coins
- 30.09.1909: Demonetization of the silver coins of the Congo State by royal decree of 19.04.1909.
- 30.06.1914: Demonetization of the subsidiary coins of the Congo State by royal decree of 30.06.1914.
- 18.07.1911
- Royal decree on the assent of an agreement with the Bank of Belgian Congo (est. 11.01.1909, opened on 01.06.1909) of 20.05.1909 on a 25 years' exclusive issuing privilege for paper money in the Congo colony; effective immediately.
- Banknote issuance began on 09.10.1912.
- The state paper money of 1896 was not demonetized but withdrawn by the colonial government.
- 10.10.1927
- Royal decree on the extension by 25 years of the issuing privilege; effective 01.07.1927 (retroactive)
Valuation Regimes
- 1887-1941
- Fixed rate against Belgian Franc. During the German occupation of Belgium, the Congolese Franc appreciated and reached a value of about 1.20 Belgian Francs. On 30.06.1919, the official parity was restored which corresponded to a ~20% devaluation of the Congolese currency.
- 1919-1941
- Fixed rate against Belgian Franc
- 1941-1944
- Fixed rate against British Pound during the German occupation of Belgium (based on the Anglo-Belgian agreement with the government-in-exile of 21.01.1941)
- 1944-1952
- Fixed rate against Belgian Franc
Rate Arrangements
- 27.07.1887
- Fixed
- Belgian Franc at 1 : 1
- -
- 21.01.1941
- Fixed
- British Pound at 1 : 176.625
- -32.7%
- 05.10.1944
- Fixed
- Belgian Franc at 1 : 1
- ±0.0%
Time Period: 1952-1960
Currency: Congo-Rwanda-Burundi Franc
- Transition
- 1 : 1
- Sub-units
- Franc / 100 Cents
- ISO4217
- none (informal: CDC)
Timeline
- 30.07.1951
- Royal Belgian decree on the establishment of the Central Bank of Belgian Congo and Rwanda-Urundi as issuing institute of the colony of Congo and the mandate territory of Rwanda-Burundi; effective upon constitution of the bank on 01.11.1951.
- The bank took over the issuing privilege of the Bank of Belgian Congo whose charter expired on 30.06.1952. The former banknotes were not demonetized but gradually withdrawn.
Valuation Regimes
- 1952-1960
- Fixed rate against Belgian Franc
Rate Arrangements
- 01.07.1952
- Fixed
- Belgian Franc at 1 : 1 - [Gold parity (25.10.1956)] 17.77mg AU fine
- ±0.0%
Time Period: 1960-1967
Currency: 2nd Congolese Franc
- Transition
- 1 : 1
- Sub-units
- Franc / 100 Cents
- ISO4217
- none (informal: CDE)
Timeline
- 03.10.1960
- Law on the establishment of the Monetary Council of the Congo; effective 01.09.1960 (retroactive).
- 09.08.1961: Ministerial ordinance [No. 1] on the take over of the functions of the former Central Bank of Belgian Congo and Rwanda-Urundi; effective immediately (?)
- 22.09.1960
- Start of currency exchange:
- 22.09.1960: Start of issuance of the new banknotes and coins
- The currency of the Congo-Rwanda-Burundi common currency area was not demonetized but gradually withdrawn.
- 23.02.1961
- Law on the establishment of the National Bank of Congo; effective upon constitution of the bank on 22.06.1964 by ordonnance [No. 188] of 19.05.1964.
- 04.11.1971: Name change into National Bank of Zaire.
- 25.11.1972: Name change into Bank of Zaire.
- 17.05.1997: Name change into National Bank of Congo
- 17.06.1998: Name change into Central Bank of Congo.
Valuation Regimes
- 1960-1961
- Fixed rate against Belgian Franc
- 1961-1967
- Fixed rate against US Dollar
Rate Arrangements
- 01.09.1960
- Fixed
- Belgian Franc at 1 : 1
- ±0.0%
- 06.11.1961
- Fixed
- US Dollar at 1 : 65
- -23.1%
- 09.11.1963
- Fixed
- US Dollar at 1 : 150
- -56.7%
Time Period: 1967-1993
Currency: 1st Zairean (Congolese) Zaire
- Transition
- 1 : 1'000
- Sub-units
- Zaire / 100 Makuta / 100 Sengi
- ISO4217
- ZRZ
Timeline
- 23.06.1967
- Law [No. 67/266] on the currency reform; effective immediately
- 24.06.1967
- Start of currency exchange:
- 24.06.1967: Start of issuance of the new banknotes and coins
- 30.07.1967: Demonetization of the former currency (initially planned for 30.06.1968).
- 26.12.1979
- Exchange of banknotes of 10, 5 Zaire with partial confiscation; implemented 26.12. - 31.12.1979:
- Maximum amounts exchanged at 1 : 1 into new banknotes, exceeding amounts were declared invalid: 3'000 Zaire (individuals), 5'000 Zaire (small and medium enterprises), 20'000 Zaire (large enterprises)
- For enterprises, only half of the amount was paid out immediately the rest had to be deposited on a blocked account.
Valuation Regimes
- 1967-1976
- Fixed rate against US Dollar
- 1976-1983
- Fixed rate against IMF Special Drawing Rights (SDR) unit
- 1983-1993
- Variable rate, highly inflationary
Rate Arrangements
- 24.06.1967
- Fixed
- US Dollar at 2 : 1 - [Gold parity] 1'777.42mg AU fine
- -70.0%
- 24.12.1971
- Fixed
- US Dollar at 2 : 1 - [Gold parity] 1'637.03mg AU fine
- ±0.0%
- 16.07.1973
- Fixed
- US Dollar at 2 : 1 - [Gold parity] 1'473.32mg AU fine
- ±0.0%
- 12.03.1976
- Fixed
- SDR at 1 : 1
- -42.1%
- 01.11.1978
- Fixed
- SDR at 0.95 : 1
- -5.0%
- 07.11.1978
- Fixed
- SDR at 0.81 : 1
- -14.7%
- 27.11.1978
- Fixed
- SDR at 0.7614 : 1
- -6.0%
- 02.01.1979
- Fixed
- SDR at 0.5 : 1
- -34.3%
- 28.08.1979
- Fixed
- SDR at 0.375 : 1
- -25.0%
- 22.02.1980
- Fixed
- SDR at 0.2625 : 1
- -30.0%
- 19.06.1981
- Fixed
- SDR at 0.1575 : 1
- -40.0%
- 12.09.1983
- Variable
- initially: SDR at 0.035425
- -77.5%
Time Period: 1993-1998
Currency: 2nd Zairean (New) Zaire
- Transition
- 1 : 3'000'000
- Sub-units
- Zaire / 100 Makuta
- ISO4217
- ZRN
Timeline
- 28.09.1993
- Law [No. 3] on the currency reform; effective 23.10.1993
- 23.10.1993
- Start of currency exchange (when the government had lost control over parts of the country):
- 23.10.1993: Start of issuance of the new banknotes.
- 22.11.1993: Demonetization of the former currency.
- 1993-1997
- Disintegration of the Zairean currency area:
- The 1993 reform was not carried out in the two provinces of North Kasai and South Kasai.
- 30.06.1996: Issuance of two types of banknotes of 100'000 New Zaire for Katanga province (orange) and the rest of the country (green).
- 15.10.1996: Issuance of banknotes of 1'000'000, 500'000 New Zaire for Katanga province only.
- 1997-1998
- Partial re-integration of the Congolese currency area:
- 30.10.1997: Demonetization of the banknotes of 1'000'000, 500'000 New Zaire issued in Katanga province only (exchange in other denominations during October).
- 01.12.1997: Revocation of 1993 demonetization of the former currency in the two provinces of North Kasai and South Kasai.
- 17.12.1997: Confirmation of the legal tender status of both types of banknotes of 100'000 New Zaire in the entire country (lifting the restriction to certain provinces).
Valuation Regimes
- 1993-1998
- Variable rate, highly inflationary
Rate Arrangements
- 23.10.1993
- Variable
- initially: US Dollar at 1 : 3
- ±0.0%
Time Period: 1998-
Currency: 2nd Congolese Franc
- Transition
- 1 : 100'000
- Sub-units
- Franc / 100 Cents
- ISO4217
- CDF
Timeline
- 17.06.1998
- Law [No. 080] on the currency reform; effective 01.07.1998
- The reform was first planned for 30.06.1997, then postponed to 31.12.1997, and postponed another time due to the difficult economic situation.
- 01.07.1998
- Start of currency exchange:
- 01.07.1998: Start of issuance of the new banknotes
- 30.06.1999: Demonetization of the former currency.
- In the two Kasai provinces the currency exchange occurred at a rate of 1 : 14'000'000 Zaire (1967); since inflation had been lower here the nominal exchange erate of 1 : 300'000'000 Zaire (1967) was improved.
Valuation Regimes
- 1998-2001
- Fixed rate against US Dollar
- 2001-
- Variable rate
Rate Arrangements
- 01.07.1998
- Fixed
- US Dollar at 1 : 1.405
- -2.1%
- 01.10.1998
- Fixed
- US Dollar at 1 : 2.45
- -42.7%
- 01.02.1999
- Fixed
- US Dollar at 1 : 2.95
- -16.9%
- 06.04.1999
- Fixed
- US Dollar at 1 : 4.61
- -36.0%
- 22.01.2000
- Fixed
- US Dollar at 1 : 9.00
- -50.0%
- 10.06.2000
- Fixed
- US Dollar at 1 : 23.50
- -61.7%
- 24.10.2000
- Fixed
- US Dollar at 1 : 50.00
- -53.0%
- 28.05.2001
- Variable
- initially: US Dollar at 1 : 310.00
- -83.9%
End-year Forex Rates (Units per US Dollar)
- Year
- Code
- Ratio
- Rate
- Delta
- Comment
- 1946
- CDB
- 300'000'000'000'000
- 43.83
- ±0.0%
- fixed against BEF
- 1947
- CDB
- 300'000'000'000'000
- 43.83
- ±0.0%
- fixed against BEF
- 1948
- CDB
- 300'000'000'000'000
- 43.83
- ±0.0%
- fixed against BEF
- 1949
- CDB
- 300'000'000'000'000
- 50.00
- -12.3%
- fixed against BEF
- 1950
- CDB
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1951
- CDB
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1952
- CDC
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1953
- CDC
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1954
- CDC
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1955
- CDC
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1956
- CDC
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1957
- CDC
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1958
- CDC
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1959
- CDC
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against BEF
- 1960
- CDE
- 300'000'000'000'000
- 50.00
- ±0.0%
- fixed against USD
- 1961
- CDE
- 300'000'000'000'000
- 65.00
- -23.1%
- fixed against USD
- 1962
- CDE
- 300'000'000'000'000
- 65.00
- ±0.0%
- fixed against USD
- 1963
- CDE
- 300'000'000'000'000
- 150.00
- -56.7%
- fixed against USD
- 1964
- CDE
- 300'000'000'000'000
- 150.00
- ±0.0%
- fixed against USD
- 1965
- CDE
- 300'000'000'000'000
- 150.00
- ±0.0%
- fixed against USD
- 1966
- CDE
- 300'000'000'000'000
- 150.00
- ±0.0%
- fixed against USD
- 1967
- ZRZ
- 300'000'000'000
- .50
- -70.0%
- fixed against USD
- 1968
- ZRZ
- 300'000'000'000
- .50
- ±0.0%
- fixed against USD
- 1969
- ZRZ
- 300'000'000'000
- .50
- ±0.0%
- fixed against USD
- 1970
- ZRZ
- 300'000'000'000
- .50
- ±0.0%
- fixed against USD
- 1971
- ZRZ
- 300'000'000'000
- .50
- ±0.0%
- fixed against USD
- 1972
- ZRZ
- 300'000'000'000
- .50
- ±0.0%
- fixed against USD
- 1973
- ZRZ
- 300'000'000'000
- .50
- ±0.0%
- fixed against USD
- 1974
- ZRZ
- 300'000'000'000
- .50
- ±0.0%
- fixed against USD
- 1975
- ZRZ
- 300'000'000'000
- .50
- ±0.0%
- fixed against USD
- 1976
- ZRZ
- 300'000'000'000
- .86
- -41.9%
- fixed against XDR
- 1977
- ZRZ
- 300'000'000'000
- .82
- +4.6%
- fixed against XDR
- 1978
- ZRZ
- 300'000'000'000
- 1.00
- -18.0%
- fixed against XDR
- 1979
- ZRZ
- 300'000'000'000
- 2.02
- -50.4%
- fixed against XDR
- 1980
- ZRZ
- 300'000'000'000
- 2.98
- -32.2%
- fixed against XDR
- 1981
- ZRZ
- 300'000'000'000
- 5.47
- -45.4%
- fixed against XDR
- 1982
- ZRZ
- 300'000'000'000
- 5.76
- -5.2%
- fixed against XDR
- 1983
- ZRZ
- 300'000'000'000
- 26.78
- -78.5%
- 1984
- ZRZ
- 300'000'000'000
- 41.08
- -34.8%
- 1985
- ZRZ
- 300'000'000'000
- 54.34
- -24.4%
- 1986
- ZRZ
- 300'000'000'000
- 68.55
- -20.7%
- 1987
- ZRZ
- 300'000'000'000
- 128.07
- -46.5%
- 1988
- ZRZ
- 300'000'000'000
- 238.28
- -46.3%
- 1989
- ZRZ
- 300'000'000'000
- 432.14
- -44.9%
- 1990
- ZRZ
- 300'000'000'000
- 1'574.02
- -72.5%
- 1991
- ZRZ
- 300'000'000'000
- 63'947.50
- -97.5%
- 1992
- ZRZ
- 300'000'000'000
- 1'470'860.00
- -95.7%
- 1993
- ZRN
- 100'000
- 6.04
- -91.9%
- 1994
- ZRN
- 100'000
- 3'360.29
- -99.8%
- 1995
- ZRN
- 100'000
- 10'635.70
- -68.4%
- 1996
- ZRN
- 100'000
- 30'011.18
- -64.6%
- 1997
- ZRN
- 100'000
- 111'482.26
- -73.1%
- 1998
- CDF
- 1
- 2.45
- -54.5%
- fixed against USD
- 1999
- CDF
- 1
- 4.50
- -45.6%
- fixed against USD
- 2000
- CDF
- 1
- 50.00
- -91.0%
- fixed against USD
- 2001
- CDF
- 1
- 306.00
- -83.7%
- 2002
- CDF
- 1
- 345.00
- -11.3%
- 2003
- CDF
- 1
- 366.00
- -5.7%
- 2004
- CDF
- 1
- 433.00
- -15.5%
- 2005
- CDF
- 1
- 431.28
- +0.4%
- 2006
- CDF
- 1
- 540.00
- -20.1%
- 2007
- CDF
- 1
- 549.56
- -1.7%
- 2008
- CDF
- 1
- 640.29
- -14.2%
- 2009
- CDF
- 1
- 907.19
- -29.4%
- 2010
- CDF
- 1
- 915.13
- -0.9%
- 2011
- CDF
- 1
- 913.88
- +0.1%
- 2012
- CDF
- 1
- 915.12
- -0.1%
- 2013
- CDF
- 1
- 919.59
- -0.5%
- 2014
- CDF
- 1
- 921.84
- -0.2%
- 2015
- CDF
- 1
- 926.76
- -0.5%
- 2016
- CDF
- 1
- 1'191.29
- -22.2%
- 2017
- CDF
- 1
- 1'591.91
- -25.2%
- 2018
- CDF
- 1
- 1'635.62
- -2.7%
- 2019
- CDF
- 1
- 1'672.95
- -2.2%
- 2020
- CDF
- 1
- 1'971.80
- -15.2%
- 2021
- CDF
- 1
- 1'999.91
- -1.4%
- 2022
- CDF
- 1
- 2'016.00
- -0.8%
- 2023
- CDF
- 1
- 2'672.17
- -24.6%