Congo to Halt Cash Dollar Use to Curb Money Laundering

Democratic Republic of Congo’s central bank will restrict cash transactions in US dollars starting next April to curb money laundering and improve confidence in the national currency.

Commercial banks receive billions of dollars in cash each year in the highly dollarized economy, but only a fraction remains on their books, Governor Andre Wameso said in Washington on the sidelines of the International Monetary Fund-World Bank Spring Meetings.