The Central Bank of Congo (BCC) has adopted Bloomberg’s BMatch solution to enhance transparency and efficiency of interbank foreign exchange trading in the Democratic Republic of Congo, Bloomberg announced last week.
As part of Bloomberg’s foreign exchange electronic trading platform, FXGO, the BMatch solution enables participants to electronically negotiate trades securely and efficiently in real time. This offers greater clarity on pricing and market conditions and creates a more transparent and stable environment for the country’s interbank FX trading, says Bloomberg.
Through the implementation of BMatch, Bloomberg continued, the BCC benefits from greater visibility into market activity, an increased transparency in the price formation process, and a strengthened framework for overall financial stability.
“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,” said 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.”
Led by the Central Bank, this initiative has already gained significant momentum within the local banking community, added Bloomberg. The BCC’s involvement has facilitated the engagement of 10 additional local banks to use Bloomberg’s FXGO, marking a major expansion of the country’s digital trading infrastructure.
“We are proud to support the Central Bank of Congo in this implementation,” said Kat Furber, Bloomberg’s global head FX trading (FXGO). “The speed of this deployment underscores the BCC’s commitment to modernizing its financial infrastructure. FXGO’s BMatch is increasingly the solution of choice for Central Banks across Africa looking to enhance liquidity and market integrity.”
The DRC joins a growing list of African nations, including Angola, Nigeria, and Kenya, that have integrated BMatch into their national FX frameworks to drive economic growth.
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