Congo bank closures cripple economy as rebels hold eastern cities

Record ID: 1983046

  • Title: Congo bank closures cripple economy as rebels hold eastern cities
  • Date: 12th March 2025
  • Summary: GOMA, DEMOCRATIC REPUBLIC OF CONGO (MARCH 7, 2025) (REUTERS) VARIOUS OF CLOSED BANKS IN GOMA RESIDENT CROSSING ROAD IN FRONT OF BANKS (SOUNDBITE) (Swahili) GOMA RESIDENT AND PASTOR, DAVID BISIMWA, SAYING: "I went to withdraw 50 dollars, this small amount of money will help me buy food. But it won't be enough because now I withdrew 50 dollars at a rate of 2700 Congolese fra
  • Embargoed:
  • Keywords: africa bank bukavu cash conflict congo democratic drc eastern insurgencies military peace republic rwanda security war
  • Location: GOMA, DEMOCRATIC REPUBLIC OF CONGO
  • City: GOMA, DEMOCRATIC REPUBLIC OF CONGO
  • Country: Congo, Democratic Republic of the
  • Topics: Africa,Conflicts/War/Peace,International/National Security
  • Reuters ID: LVA001704807032025RP1
  • Aspect Ratio: 16:9
  • Story Text: Bank closures in eastern Congo are causing severe financial instability, as residents and businesses struggle to access cash and conduct basic transactions.
    The closures, triggered by M23 rebels' takeover of Goma and Bukavu, have shut down the provincial branch of the Central Bank of Congo and all commercial banks, resulting in a liquidity crisis that is crippling the local economy.
    Residents report difficulties in securing essential goods and services, with unfavorable exchange rates eroding the purchasing power of local currency. The scarcity of U.S. dollars has led to surging prices for basic necessities, exacerbating an already dire humanitarian situation.
    Local economic activities have been severely impacted, with money changers and market vendors reporting significant declines in business. The crisis has also disrupted trade flows from neighboring countries, contributing to overall economic instability in the region.
    Financial experts warn of potential long-term consequences, including the risk of bankruptcy for microfinance institutions and other banks if the situation persists.
    (Production: Ngouda Dione)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2025. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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