Congo hikes rates to 55% as currency plunges

The Central Bank of Congo attempted to halt the depreciation of the CFA franc on Monday with a 15 percentage-point hike in its key rate to 55%.

The hike follows a 12 basis-point increase on 22 December and is coupled with a rise in the cash reserve ratio from 5% to 7%.

The CFA franc has fallen by 19.8% against the dollar since the end of September 2008. A dollar was worth CFAfr 703.6 as of last Friday.

Jean-Claude Masangu Mulongo, the governor of the central bank, on Monday highlighted three

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