Malangu Kabedi Mbuyi: International Finance Guru at the Helm of DR Congo Reserve Bank

Some souls do break away far from the noise and superficial interactions that always turn out to be futile in the end. Mrs Marie-France Malangu Kabedi Mbuyi has an unprecedented capacity to consciously perceive useful micro-expressions in banking environment. Artificial assessments absurdity hiding behind people’s jovial appearances do result in a tumultuous ambiguity. Such a tacit tumultuous vibe vainly tries to be anchored in the middle of an immense banking scaffolding that the monetary economist is setting up. A “legacy” that will be perpetuated year after year to become a referential pattern, a brainstorming platform to ward off the advent of an economic slump wherever it rises from.

Mrs  Malangu Kabedi Mbuyi is the new Governor of the DRC’s Reserve Bank. She has re- acquainted with an issuing bank she once worked for in the aftermath of her studies completion at ULB in the 1980s. At the time, when she joined the research department within this issuing bank, she had no idea that honing an arsenal of banking skills to her advantage on models set up by the Zairian (Congolese) banking system as well as its future prospects, would be a considerable contribution, both qualitatively and quantitatively. Today, the national economy external dependence requires tireless efforts from her, which is a huge challenge for the new boss but she does not give up. Mrs Malangu Kabedi has valid assets to stabilize it. Faced with uncertainties persistence within the global economy, especially with regard to growth and inflation as well as internal and external shocks, Mrs Malangu is monitoring the behaviour by the monetary and exchange rate policy through coordination reinforced by the observance of an effective budgetary policy.

This is a benchmark that Governor Marie-France Malangu Kabedi Mbuyi is implementing at the BCC (Congolese Reserve Bank), to make it a pool for financial reflexology in order to attain its mission. The Congolese Reserve Bank, under the Marie-France leadership, does benefit from the transfer of her acumen in its quest to achieve performance obligations, including the issuance of currency, the conduct of monetary policy, the supervision of payments and the monitoring of the exchange rate. She is at the forefront and much aware that dexterity in the performance of this mission shall enjoy an unequalled and unrivalled sacrosanctity for operations and other banking transactions. The fragility of third-world economies, which the DRC is a part of, has no windows of opportunity for a large margin of error. Due to an excessively extroverted national economy, the Governor is well aware that the angle of manoeuvres is so narrow and cramped that she does not have enough alternatives than applying structural measures and consider cyclical precautions as firewalls against the perverse effects of inflation in a partially dollarized economy. The dollarizing effect is mitigated by the Congolese Franc use in the local economy; both currencies being legal tender simultaneously. This drives entrepreneurs and consumers to hoarding their savings in US dollars, especially in the informal sector.

The DR Congo Reserve Bank Governor was appointed by presidential order on July 5, 2021. It was on July 19, 2021 that she officially took office during a handover ceremony with her predecessor, Mr. Déogratias Mutombo Mwana Nyembvo. The fanfare rhythmic sound readied for the occasion could not go amiss. Voices began to roar up, questioning  the credentials of the new Governor whom many had not seen coming on their radar.

The professional career of the very first Lady to be appointed to this position is full of breathtaking ingenuity over decades. She is wildly credible in this sector. For thirty-two years, she was in the employ of IMF (International Monetary Fund). She worked as a Departmental Deputy Chief and Mission Chief to certain countries. Malangu Kabedi Mbuyi was Assistant to the Director of the Africa Department and Senior Advisor to the Administrator in charge of French-speaking African Countries at the IMF Board of Directors. The new Governor is in her element at the Central Bank. This great advantage of having rubbed shoulders with Bretton-Wood institutions is a bonus toning up her know-how and give rise to justification of her appointment.

Mrs Marie-France Malangu Mbuyi Kabedi, the Prime Minister Mrs Judith Suminwa Tuluka and Minister of State and Minister of Foreign Affairs, International Cooperation and Francophonie, Mrs Wagner Kayikwamba Therese form a powerful female triumvirate loved by many. Their performances speak for themselves in view of their assignments; they are so devoted to the work to keep the DRC afloat in these troubled times so that its flag is not half-mast but shall rise higher and higher.

In her career, the Governor has once served as Director of the IMF Regional Technical Assistance Center for West Africa before becoming IMF Resident Representative in Cotonou and Yaoundé. These cum laude achievements had already placed her in a favorable position to access her new role as Governor. Marie-France is well aware of major challenges that await her in the performance of her mandate. It is in this context that she strives to combat underlying factors that exacerbate the dollarization of the Democratic Republic of Congo economy in order to achieve macroeconomic stability through low inflation, an appreciation of the exchange rate, active management of the mandatory reserve by increasing the gap between the mandatory reserve ratios required on foreign currency deposits and those in local currency.

In this banking and monetary microcosm, the Governor is working to assist the national economy which still faces harmful effects of shocks linked to the impact of  the war in Ukraine as well as the one currently happening in the East of the DRC. Also, COVID-19, has scars that made the economy bleeding to dry in some instants. Even though these effects continue to increase pressure on the state budget as well as on the foreign exchange, goods and services market, the Governor maintains the monetary safety valve in place to cushion up shocks for the benefit of the household basket. In carrying out her mandate, Marie-France is accompanied by a monetary policy committee that monitors fluctuations in the inflation rate among many other tasks, so that food prices are kept low. She instills therein certain subtleties that lead to the improvement of the business climate and facilitate inflow of Foreign Direct Funds – FDI and participate in job creation.

Since the Governor is recording tangible results soundly, her shadow is invaded by uninvited snags; she is perfectly equipped to face the evidence that banana skins will be thrown on the stylization of her governance either by enmity or bad faith, even both. Her vision is firmly set on the credibility and sufficient stabilization of the national currency in the long run, including the creation of private commercial banks proudly owned by able Congolese men and women. It is unacceptable that a country the size of the DRC with such a young population cannot have access to credit to develop and support entrepreneurship. A market siphoned off by foreign banks will not support endeavours applied for the birth of a middle class, the stepping stone for any country’s development.

With Mrs Marie-France Malangu at the helm of the DRC Reserve Bank, the country has unearthed a new Alan Greenspan – Android Generation. The Governor prioritizes the control of key rates that influence the interest rates at which the banking system offers credits to economic agents. Also, depending on the circumstances, she may encourage the BCC to issue Treasury Bonds to allow the government to borrow on the local financial market from economic agents to finance some of its expenses, but repayable at maturity with interest.

Marie-France Malangu Kabedi Mbuyi is a New High Denomination Note issued by the DRC Reserve Bank to be hoarded by all possible means jealously as she is relatable too!