AFRICA/D. R. CONGO - “Economy is growing but balance of payments must be watched” says governor Central Congolese Bank

Kinshasa (Agenzia Fides)- Stable the first half of the year, “turbulent” in the second. This was how the governor of the Central Bank of Congo Jean-Claude Masangu Mulongo described Congo’s economy in the past 12 months.
According to DIA News Agency in his end of year speech Mr Mulongo said the country’s economy showed signs of stability until June and then entered a phase of fibrillation as the date of the presidential elections approached .
However the governor said he is optimistic for the future of Congo’s economy. The annual growth rate was positive for the fifth year running, +6.6 % at the end of 2006, compared to the forecast rate of 6.5 %. Annual inflation is 18.2 % (experts forecast 15%). The banking sector shows a certain vitality registering a profit of 819 million dollars at the end of 2006, a 35% increase, (605 million dollars at in December 2005). Credit granted by banks increased by 35% from 246 million dollars at the end of December 2005 to 356 million dollars at the end of 2006.
But there are still serious problems for the balance of payments in 2007. Congo’s foreign currency reserves dropped in the past 2 years and the balance of payments registered a deficit of 570 million dollars. (L.M.) (Agenzia Fides 9/1/2007 righe 24 parole 257)