Congo floats its currency

CONGO - The Democratic Republic of Congo has floated its currency and raised the price of fuel in an effort to overcome the economic chaos bequeathed by almost three years of state control and inter-regional war.

Jean-Claude Masangu, the central bank governor, announced on state television on 27 May that the new opening rate for the Congolese franc would be 315 to the US dollar, a big devaluation from the previous official rate of 50.

For many purposes, however, businesses had already been runn

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