- Decision
- Lower
- Rate change
- 250 bps
- Key policy rate
- 15%
The Monetary Policy Committee of the Central Bank of the Congo on 8 January 2026 cut the policy rate by 250 bp to 15.0 % and lowered the marginal lending facility rate to 19.0 %, citing a sharp fall in inflation to 2.27 % year-on-year in December—well beneath the 7 % medium-term objective—and still-solid, if slower, real GDP growth of 5.6 % in 2025, supported by the extractive sector and resilient non-mining activity. This decision builds on cumulative easing that had reduced the key rate from 25 % in January 2025 to 17.5 % by December. Reserve-requirement ratios are unchanged at 10.5 % for CDF sight deposits, 0 % for CDF term deposits, and 11.5 %/10.5 % for foreign-currency sight/term deposits, with the Bank emphasising continued close liquidity management. The franc firmed 30.4 % against the USD on the interbank market in 2025 to CDF 2,181.39/USD, while international reserves rose USD 1.73 bn to USD 7.89 bn, covering three months of imports. Globally, the Committee noted resilient growth and easing inflation despite policy uncertainty and geopolitical and trade tensions; domestically, calmer eastern-region conflict and buoyant copper and cobalt prices are expected to underpin robust expansion and contained prices in 2026. The Bank reiterated its readiness to adjust instruments as conditions evolve.
Rate evolution
The Central Bank of the Congo shifted from a broadly restrictive stance to easing, with the policy rate falling 1,000 basis points from 25% in July 2025 to 15.0% in January 2026 after a fourth-quarter pivot toward accommodation. In July, it held the rate as macroeconomic stability strengthened, inflation slowed and the Congolese franc stabilised, but it still stressed prudence because of rising uncertainty from armed conflict and global geopolitical and trade tensions. By late 2025, disinflation had intensified and the franc appreciated markedly as foreign-exchange intervention, reserve-requirement reform, a more transparent foreign-exchange market and better liquidity management took effect, prompting lower reserve requirements to address tighter bank liquidity while the policy rate was kept at 17.5% in December. In January, with inflation at 2.27%, well below the 7.0% medium-term objective, and growth judged robust, the committee cut the policy rate by 250 basis points and said easing begun in the last quarter of 2025 would continue, while projecting controlled inflation and exchange-rate stability but still monitoring geopolitical tensions, tariffs and liquidity closely.