Congo’s FX Reserves Fuel Currency’s 29% Rally to No.1 Spot in Africa

A surge in the Democratic Republic of Congo’s foreign-currency holdings and a shift in central-bank policy have fueled an almost 29% rally in the franc this year, making it Africa’s...

By Michael J Kavanagh, Ray Ndlovu · Bloomberg Markets

A surge in the Democratic Republic of Congo’s foreign-currency holdings and a shift in central-bank policy have fueled an almost 29% rally in the franc this year, making it Africa’s best-performing currency against the dollar alongside the cedi.