: Exchange rate fluctuations in the face of exogenous shocks in the DRC: an analysis by political regime. 1998-2024

The Congolese franc (CDF), which is the national currency of the DRC, was put into circulation during the monetary reform of June 30, 1998. When it was put into circulation, this currency had almost the same value as the US dollar. But today, the Congolese franc has lost 99% of its value in 26 years. The objective of this article is to provide an overview of the fluctuation of the exchange rate in the DRC during these 26 years of the Congolese franc by integrating the approach of the political regime in order to verify which political regime experienced a strong monetary depreciation, what are the exogenous shocks that were at the base of this depreciation. After analysis, it is noted that the Congolese franc, the national currency of the DRC, experienced strong depreciations in the years of its entry into circulation under the reign of President Laurent Désiré Kabila. This depreciation was explained by endogenous factors. It should also be noted that strong depreciations of the Congolese franc are more linked to exogenous shocks.