In a context of diversifying sources of financing and strengthening the domestic debt market, the government of the Democratic Republic of the Congo continues its strategy of mobilizing resources in foreign currencies. The aim is to support the state’s cash needs while consolidating the credibility of local financial instruments with investors.
It is in this perspective that the Congolese public Treasury raised $57.4 million following an auction of Treasury bonds denominated in foreign currencies, held on April 7, 2026. According to a statement from the Ministry of Finance signed by Minister Doudou Fwamba, the operation recorded a coverage rate of 114.9%, exceeding the initial ambition set at $50 million.
The issuance, structured with a maturity of 18 months and a yield of 9%, however, attracted a limited number of investors, limited to two subscribers. This situation still reflects the shallow depth of the domestic debt market in foreign currencies, despite a gradual improvement in appetite for these instruments.
Throughout the first quarter of 2026, foreign currency issuances raised a total of $364 million, out of a quarterly forecast of $400 million, achieving a realization rate close to the set objectives. This performance contrasts with the results recorded on securities denominated in the national currency, which struggle to attract investors.
Indeed, out of a target of 600 billion Congolese francs, only 20 billion were raised during the period, highlighting the structural challenges related to the attractiveness of the market in local currency, particularly in terms of confidence, liquidity, and macroeconomic stability.
Looking at the past two months, the trend remains generally favorable for foreign currency issuances, with over $167 million raised in just a few weeks (including over $110 million the previous week and $57.4 million in the latest auction).
