Congo bank closures bite consumers, hamper local economy in eastern DRC

Bank closures in eastern DRC are causing severe financial instability. Local residents and businesses are struggling to access cash and undertake basic transactions. “These days our work is not going well, as the banks are closed nothing works; because banks help us by providing people with dollars when they withdraw,” Solange Kashere, money changer told Reuters, adding that “and now that banks are not working everything has stopped.” The closures, driven by M23 rebels' takeover of Goma and Bukavu, have shut down the provincial branch of the Central Bank of Congo and all commercial banks. This has resulted in a liquidity crisis that is crippling the local economy.