{"id":6520,"date":"2023-09-14T11:20:58","date_gmt":"2023-09-14T09:20:58","guid":{"rendered":"https:\/\/makutano.cd\/?p=6520"},"modified":"2023-09-14T11:21:00","modified_gmt":"2023-09-14T09:21:00","slug":"de-la-peur-du-flottement-a-la-peur-de-la-perte-des-reserves-de-change-linterventionnisme-de-la-banque-centrale-du-congo-face-aux-tensions-recurrentes-sur-le-marche-de-change","status":"publish","type":"post","link":"https:\/\/makutano.cd\/en\/de-la-peur-du-flottement-a-la-peur-de-la-perte-des-reserves-de-change-linterventionnisme-de-la-banque-centrale-du-congo-face-aux-tensions-recurrentes-sur-le-marche-de-change\/","title":{"rendered":"De la peur du flottement \u00e0 la peur de la perte des r\u00e9serves de change : l\u2019interventionnisme de la Banque Centrale du Congo face aux tensions r\u00e9currentes sur le march\u00e9 de change"},"content":{"rendered":"<p><strong>Emmanuel Sungani et Andr\u00e9 M. Nyembwe<\/strong><\/p>\n\n\n\n<p><strong><strong><u>ABSTRACT<\/u><\/strong><\/strong><\/p>\n\n\n\n<p>Consid\u00e9rant la p\u00e9riode de janvier 2006 \u00e0 avril 2023, cette \u00e9tude propose de constater empiriquement l&rsquo;interventionnisme historique de la Banque Centrale du Congo (BCC) indiquant la \u00ab peur du flottement \u00bb, de d\u00e9tecter un changement d&rsquo;attitude au cours de la p\u00e9riode r\u00e9cente de tension, marqu\u00e9e par des interventions minimales en d\u00e9pit du niveau historique des r\u00e9serves de change accumul\u00e9es, avant d\u2019en discuter la rationalit\u00e9 et de sugg\u00e9rer des recommandations. La m\u00e9thodologie adopt\u00e9e repose, premi\u00e8rement sur le calcul de l\u2019indice des pressions sur le march\u00e9 de change (EMP), afin d\u2019identifier les p\u00e9riodes de tensions sur le march\u00e9 de change, puis sur le calcul de l\u2019indice d\u2019intervention de la banque centrale (CBI) et le ratio des volatilit\u00e9s relatives (RVER) afin de d\u00e9terminer l\u2019arbitrage que fait la BCC entre laisser la monnaie se d\u00e9pr\u00e9cier ou perdre ses r\u00e9serves internationales. L\u2019\u00e9volution des divers indices ainsi que le calcul de la corr\u00e9lation entre la composante tendancielle du CBI et le niveau des r\u00e9serves sur diff\u00e9rentes sous-p\u00e9riodes confirment un changement de comportement de la BCC qui passerait de la \u00ab peur du flottement \u00bb \u00e0 la \u00ab peur de la perte des r\u00e9serves de change \u00bb.<\/p>\n\n\n\n<p>Sans traitement par le gouvernement des causes primaires, notamment budg\u00e9taires, de la d\u00e9pr\u00e9ciation du franc congolais, la BCC serait condamn\u00e9e \u00e0 arbitrer entre la n\u00e9cessit\u00e9 d\u2019intervention pour des raisons de stabilisation macro\u00e9conomique et des pertes inutiles de r\u00e9serves en p\u00e9riodes de crise ou de forte tension sur le march\u00e9 de change. Son option d\u2019utiliser en priorit\u00e9 les outils de taux ont l\u2019inconv\u00e9nient de transmettre les fluctuations r\u00e9prim\u00e9es du taux de change sur la liquidit\u00e9 des banques et donc l\u2019activit\u00e9 bancaire.<\/p>\n\n\n\n<p><strong>Keywords:<\/strong> Peur du flottement, Banque centrale, R\u00e9serves de change, March\u00e9 de change<br><strong>Codes JEL :<\/strong> E52, E58, F31<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong><u>ABSTRACT<\/u><\/strong><br><br><em>Using data from January 2006 to April 2023, this study aims to empirically establish the historical interventionism of the Central Bank of Congo (BCC), indicating the \u00ab\u00a0fear of floating\u00a0\u00bb, to evidence a change in the Central Bank\u2019s attitude during the recent period of tension, marked by minimal interventions despite the historical level of accumulated foreign exchange reserves, before discussing its rationality and making recommendations. The methodology adopted is based, firstly on the calculation of the Exchange Market Pressure Index (EMP), to identify periods of tensions on the exchange market, then on the calculation of the Central Bank Intervention Index (CBI) and the Relative Volatility Ratio (RVER) in order to determine the trade-off that the BCC makes between letting the currency depreciate or losing its international reserves. The evolution of the various indices and the calculation of the correlation, between the trend component of the CBI and the level of reserves over different sub-periods, confirm a change in the BCC&rsquo;s behaviour from \u00ab\u00a0fear of floating\u00a0\u00bb to \u00ab\u00a0fear of losing foreign exchange reserves\u00a0\u00bb.<\/em><\/p>\n\n\n\n<p><em>Without treatment of the Congolese franc depreciation\u2019s main causes \u2013 notably fiscal \u2013 by the Government, the BCC would still have to arbitrate between the need to intervene for reasons of macroeconomic stabilization and unnecessary losses of reserves in periods of crisis or high tension on the foreign exchange market. The BCC&rsquo;s decision to give priority to interest rates instruments has the disadvantage of transmitting repressed exchange-rate fluctuations to bank liquidity, and therefore to banking business.<\/em><br><br><strong>Keywords :<\/strong> Fear of floating, Central bank, External reserves, Foreign exchange market<br><strong>JEL codes :<\/strong> E52, E58, F31<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/makutano.cd\/wp-content\/uploads\/2023\/09\/RABA-vol-1-2-2023-Article-3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">READ THE DOCUMENT<\/a><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Emmanuel Sungani et Andr\u00e9 M. Nyembwe<\/p>","protected":false},"author":3,"featured_media":5980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[51],"tags":[],"class_list":["post-6520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-raba-arbi2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>De la peur du flottement \u00e0 la peur de la perte des r\u00e9serves de change : l\u2019interventionnisme de la Banque Centrale du Congo face aux tensions r\u00e9currentes sur le march\u00e9 de change - Makutano<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/makutano.cd\/en\/de-la-peur-du-flottement-a-la-peur-de-la-perte-des-reserves-de-change-linterventionnisme-de-la-banque-centrale-du-congo-face-aux-tensions-recurrentes-sur-le-marche-de-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"De la peur du flottement \u00e0 la peur de la perte des r\u00e9serves de change : l\u2019interventionnisme de la Banque Centrale du Congo face aux tensions r\u00e9currentes sur le march\u00e9 de change - Makutano\" \/>\n<meta property=\"og:description\" content=\"Emmanuel Sungani et Andr\u00e9 M. 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