DR Congo Adds Bloomberg for FX Market

The central bank of the Democratic Republic of Congo has adopted Bloomberg’s BMatch as part of its efforts to build transparency and efficiency in its local FX market.

BMatch, which is part of FXGO, enables participants to electronically negotiate trades, thus offering, Bloomberg says, greater clarity on pricing and market conditions and creates a more transparent and stable environment for the country’s interbank FX trading. The Central Bank of Congo also benefits from greater visibility into market activity, an increased transparency in the price formation process, and a strengthened framework for overall financial stability, it adds.

Led by the central bank, Bloomberg says the initiative has been engaged with by 10 additional local banks to use Bloomberg’s FXGO. Angola, Nigeria and Kenya have signed similar deals in recent years for their FX markets.

“The adoption of Bloomberg’s BMatch represents a significant milestone in our efforts to bring greater transparency and structure to the DRC’s foreign exchange market,” says André Wameso, Governor of the Central Bank of Congo. “By establishing a robust and reliable reference for the Congolese franc we are fostering a more stable and credible environment for all market participants.”

Kat Furber, Bloomberg’s global head of FX trading (FXGO), adds, “The speed of this deployment underscores the BCC’s commitment to modernising its financial infrastructure. FXGO’s BMatch is increasingly the solution of choice for central banks across Africa looking to enhance liquidity and market integrity.”