LAW NO. 005/2002 OF MAY 7, 2002 ON THE CONSTITUTION, ORGANIZATION AND OPERATION OF THE CENTRAL BANK OF CONGO

Source: Official Journal No. special May 2002

Important Notice to Users
This document is made available online to allow for a quick initial approach to legal information in Congo. Its consultation must in no case be intended to replace that published in the Official Journal of the Democratic Republic of Congo.

STATEMENT OF REASONS

The national economy is currently at a decisive turning point for its recovery. The Government's affirmed political will to translate its economic decisions into action, and the renewed confidence manifested at the level of domestic and external partners, constitute major assets for the country's economic future.

In this perspective, the Central Bank of Congo is called upon to play an essential role in the monetary field. Accordingly, the legal texts governing it to date, Ordinance-Law No. 93-002 of September 28, 1993 on the constitution and organization of the Bank of Zaire, and Decree-Law No. 187 of January 21, 1999 on the organization and operation of the Central Bank of Congo, require deep adaptation to the evolution of the national and international economic situation. The Bank's missions must be refocused by emphasizing banking principles likely to favor the country's integration into regional and international economic communities.

It is within the framework of the objectives defined by the Government's new economic policy and the necessity of establishing a sound monetary public order that this law on the constitution, organization, and operation of the Central Bank of Congo should be situated.

Structured around four Titles, this law has the main objective of guaranteeing the Democratic Republic of Congo, through its Central Bank, a global monetary policy with the backdrop of seeking national prosperity.

The First Title enumerates provisions relating to the independence of the Central Bank. It clarifies and expands its mission by giving it appropriate legal means. This independence is particularly located in the elaboration and implementation of monetary policy, which must aim at the main objective of stabilizing the general level of domestic prices. The stability of the general level of prices is likely to, in turn, strengthen public confidence in the national currency.

This independence does not in any way call into question the principle of the single center of payment order recognized to the Ministry of Finance in accordance with the financial law, the General Regulation on Public Accounting, and the State Cashier Convention, nor the requirement for prior visa from the Ministry of Budget established by various budget laws.

In other words, in the performance of its function as State Cashier, the Central Bank cannot make any State expenditure that has not been previously decided by the Government, visaed by the Ministry of Budget, and ordered by the Ministry of Finance.

The Second Title determines the Bodies of the Central Bank as well as their mode of operation. The law sets up three bodies, namely:

• The Bank Council, the supreme administrative body;
• The Governor, the management body;
• The College of Statutory Auditors.

Furthermore, the law clarifies the procedure for the designation of the managers of these bodies. They are appointed by the President of the Republic, except regarding the Statutory Auditors.

The duration of the mandates provided for the managers is:

• 5 years, renewable once for the Governor;
• 4 years, renewable once for the Deputy Governor;
• 3 years, renewable for other members.

In the perspective of the independence of the Central Bank, this law completely distinguishes itself from Ordinance-Law No. 93-002 of September 28, 1993 on the constitution and organization of the Bank of Zaire and Decree-Law No. 187 of January 21, 1999 on the organization and operation of the Central Bank of Congo, specifically by the absence of Government Members within the Central Bank Council.

In the interest of transparency, the law prescribes the transmission of the reports of the Statutory Auditors to the Government. It also orders the annual publication of the certified accounts of the Central Bank in the Official Journal.

This law also provides that a law will fix the rules relating to the keeping of the Central Bank's accounts, while stipulating that these provisions must be in conformity with national and international accounting standards.

Furthermore, the current law prescribes that the profits resulting from the withdrawal of monetary signs from circulation are excluded from the Bank's profit and loss account; they must be allocated, after consultation with the Minister having Finance in his attributes, to cover the cost of manufacturing monetary signs.

The Third Title defines the relationships between the Central Bank and the Government. The Central Bank maintains relationships with the Government, specifically through the channel of the Ministry having Finance in its attributes.

In this framework, the Central Bank is called upon to:

• communicate any useful information regarding economic, monetary, and financial questions;
• perform the functions of Banker of the State, Advisor to the Government in economic, monetary, and financial matters, and Cashier of the State in accordance with a convention to be concluded with the Ministry having Finance in its attributes.

Still within the framework of relationships with the Government, the law prohibits the Central Bank from granting advances to the Treasury. In case of need, the Government must turn to the markets like any economic operator. The Institute of issue can now only deal with credit with financial institutions.

Finally, in its Fourth Title, entitled "Transitional and Final Provisions," the law provides that the Central Bank, for a period of one year, from the date of entry into force of this law, may, under certain conditions, grant direct advances to the State to allow it to face fluctuations in its ordinary revenues.

LAW

The Constituent and Legislative Assembly, Transitional Parliament, has adopted; The President of the Republic promulgates the law whose text follows:

FIRST TITLE:

ON THE CONSTITUTION

CHAPTER I: NAME AND HEADQUARTERS

Article 1:
The Central Bank of Congo, BCC in abbreviation, hereinafter referred to as "the Bank" is a public law institution, endowed with legal personality. It is governed by the provisions of this law.

Article 2:
The registered office of the Bank is established in Kinshasa.
In case of emergency and in accordance with Article 18 of this law, the Bank may temporarily transfer its headquarters to any other place.
The Bank may establish and suppress activity offices in localities of the national territory and, if necessary, abroad.

CHAPTER II: MAIN OBJECTIVE, LEGAL STATUS AND CAPITAL

Article 3:
The Bank is charged with defining and implementing the country's monetary policy, the main objective of which is to ensure the stability of the general level of prices.
It is independent in achieving this objective. To this end, the Bank, through its Council, in the person of the Governor or any other member of its decision-making bodies, must not perform any act likely to alienate this independence. Without prejudice to the main objective of stability of the general level of prices, the bank supports the general economic policy of the Government.

Article 4:
The Bank has the capacity to contract, settle, compromise, sue, acquire property, and dispose of it.
The Bank, its assets, its property, its revenues, as well as the operations and transactions authorized by this law are exempt from all taxes, duties, and levies collected by the Government and by provincial or local authorities.

Article 5:
The capital of the Bank is held entirely by the Congolese State. A law fixes its amount as well as the modalities of its increase or decrease.

CHAPTER III: MISSIONS, OPERATIONS AND OTHER ACTIVITIES

Article 6:
Without prejudice to the objective of stability of the general level of prices stated in Article 3, the Bank performs all the missions of the Central Bank, notably:

• Ensure the internal and external stability of the national currency;
• Hold and manage the official reserves of the Republic;
• Promote the proper functioning of clearing and payment systems;
• Draft regulations and supervise credit institutions, microfinance institutions, and other financial intermediaries;
• Issue standards and regulations concerning operations on foreign currencies;
• Participate in the negotiation of any international agreement involving payment modalities and ensure its execution;
• Promote the development of money and capital markets.

Article 7:
The Bank is the only entity authorized, on national territory, to issue banknotes and coins having legal tender. Banknotes and coins having legal tender are denominated in the monetary unit of the Democratic Republic of Congo, the Congolese Franc, or its sub-units. The Bank may, by notice published in its name in the Official Journal of the Democratic Republic of Congo and in other widely circulated publications, declare that certain denominations or coins cease to have legal tender from a determined date. The Bank remains obliged to ensure, within a period of three years, their exchange at its counters for other denominations or coins having legal tender. By derogation from Article 658 of Book III, Title XII of the Congolese Civil Code, the right of claim is not applicable to banknotes and coins having legal tender on the territory of the Democratic Republic of Congo, when the possessor is in good faith. Any other provision relating to lost or stolen bearer securities is also not applicable to banknotes having legal tender.

Article 8:
In order to achieve its objectives and accomplish its missions, the Bank may:

• intervene in capital markets, notably by buying and selling outright, taking and putting on repurchase, lending or borrowing claims and negotiable securities denominated in foreign or national currencies, as well as precious metals;
• perform credit operations with credit institutions and other participants in money or capital markets based on appropriate security for loans.

Article 9:
The Bank may, in addition, perform notably the following operations:

• issue and repurchase its own debt securities;
• take securities and precious metals in deposit, handle the collection of securities, and intervene on behalf of others in operations on securities, other financial instruments, and precious metals;
• perform placement and financial management operations of its assets in foreign currencies and other elements of external reserves;
• obtain credit abroad and for this purpose grant guarantees.

Article 10:
The Bank executes the international monetary cooperation agreements concluded by the Democratic Republic of Congo, in accordance with the modalities determined by conventions signed between it and the ministry having Finance in its attributes. It provides and receives the means of payment and credits required for the execution of these agreements. The State guarantees the Bank against any loss and guarantees the repayment of any credit granted by the Bank following the execution of agreements or its participation in agreements or operations of cooperation to which, with Government approval, the Bank is a party.

Article 11:
The Bank may, with the agreement of the State, under conditions determined by convention or by virtue of the law and subject to their compatibility with its main mission of maintaining the stability of the general level of prices, be charged with the execution of public interest missions. At the request of the State or with its agreement, the Bank may provide services on its behalf or on behalf of third parties. These services are remunerated to cover the costs incurred by the Bank.

Article 12:
The Bank may, in addition, be charged with the collection of statistical information following the execution of agreements or its participation in agreements or operations of international cooperation relating to any mission referred to in Articles 10 and 11.

Article 13:
The Bank may perform all operations and provide all ancillary services to the missions referred to in Article 11.

Article 14:
The Bank may entrust the execution of secondary missions with which it is charged or which it takes the initiative to one or more legal entities specifically constituted for this purpose and controlled by it. In this case, the direction is ensured by one or more managers of the Bank. These entities are subject to the control of the Court of Auditors. When the mission has been entrusted by law to the Bank, the latter informs the Government thereof.

Article 15:
The Bank may open accounts in its books for:

• the Public Treasury;
• foreign central banks;
• national and foreign credit institutions;
• international financial organizations and international organizations;
• any other organism expressly authorized.

Article 16:
It is prohibited for the Bank:

• to perform commercial acts that do not fall within its corporate object;
• to acquire shareholdings in commercial companies;
• to accept shares of commercial companies as guarantees;
• to grant loans and advances not covered by appropriate guarantee;
• to guarantee the debts and commitments of the State, administrative subdivisions, and public enterprises or organisms;
• to acquire real estate that is not intended for the needs of its operation.

SECOND TITLE:

ON THE ORGANIZATION AND OPERATION

CHAPTER I: BODIES

Article 17:
The bodies of the Bank are:

• the Bank Council;
• the Governor;
• the College of Statutory Auditors.

Section I: Bank Council

Article 18:
The Bank Council, hereinafter referred to as "the Council," is the supreme body with the broadest powers to conceive, orient the Bank's policy, and control management.
Without prejudice to other provisions of this law, the Council takes any act of the Bank, notably:

• the definition and implementation of monetary policy;
• the regulation of credit and exchange;
• the possible transfer of the Bank's registered office to any place;
• the establishment or suppression of provincial directions and agencies;
• the preparation of the budget and the establishment of annual accounts;
• the definition of the status of agents, particularly working conditions and service duration for all personnel members.

Article 19:
The Council takes the acts it deems necessary for the proper execution of the main mission and secondary missions entrusted to the Central Bank of Congo by this law.
The competent courts have jurisdiction over disputes relating to acts taken by the Bank in the framework of the realization of its main objective defined in Article 3 or in the accomplishment of the missions entrusted to it by virtue of the provisions of this law.

Article 20:

The Council is composed of seven members:

• the Governor;
• the Deputy Governor;
• five experts called Administrators.

Council members must enjoy recognized moral integrity. They are chosen on account of their competence, qualification, and professional experience in economic, monetary, and financial matters.

Article 21:

The Governor and the Deputy Governor are appointed by the President of the Republic.

The term of office of the Governor is five years, renewable once; that of the Deputy Governor is four years, renewable once.

They are relieved of their functions following the same procedure if they no longer meet the necessary conditions for the exercise of their functions or if they have seriously failed in the obligations of their charges.

The President of the Republic appoints, for a term of three years, renewable, the five experts, including the Director of the Treasury; the other four, on the proposal of lists of three names presented respectively by the Governor, Parliament, the academic world, and Industry/Commerce.

The experts referred to in the previous paragraph are relieved of their functions by the President of the Republic, on the proposal of the Government, if they no longer meet the necessary conditions for the exercise of their functions or if they have committed a serious fault.

The Supreme Court of Justice has sole jurisdiction over offenses committed by Council members in the exercise of their functions. They are indicted by the President of the Republic, under the conditions and following the modalities provided, for Government members, by Articles 101 and following of Ordinance-Law No. 82-017 of March 31, 1982 on the procedure before the Supreme Court of Justice.

Article 22:

The Council is presided over by the Governor or, in case of absence or impediment of the latter, by the Deputy Governor.

Article 23:

The Governor convenes the Council at least once per quarter.

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At the motivated request of two Council members, the Governor is required to convene the Council within a period of five days.

Five Council members constitute the quorum. However, no meeting can be validly held without the presence of the Governor; in case of absence or impediment of the latter, the Deputy Governor.

Article 24:

Council decisions are taken by an absolute majority of members present. In case of a tie in votes, the vote of the Chairperson is decisive.

Article 25:

The Council may request technical opinions from any person or organism able to provide its expertise or assistance on a question inscribed on the agenda of one of its meetings.

To this end, the expert or representative of the invited organism may take part, in a consultative capacity, in Council meetings during which the question in question is under examination.

Article 26:

In cases of urgency defined in the Internal Regulations provided for in Article 28 and which do not allow for the convening of the Council, the Governor, after consulting at least two Council members, may take any act in accordance with the Council's powers as well as suspend provisionally any prior act of the latter.

When an act has been taken in accordance with the provisions of the above paragraph, the Governor must convene a Council meeting within five days to explain the measures taken and justify the abandonment of normal procedures. The Council ratifies, modifies, or annuls the act thus taken.

Article 27:

Council members receive attendance fees and, if applicable, travel allowances or other benefits fixed by the President of the Republic on the proposal of the Council, in accordance with market standards.

Article 28:

Without prejudice to the provisions of Articles 22 to 27 above, the organization and operation of the Council are fixed by its Internal Regulations.

Section II: Governor

Article 29:

The Governor directs the Bank. He prepares and implements the acts of the Council.

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Article 30:

The Governor has all powers necessary to ensure the current management of the Bank.

He determines the directives of this management and supervises their execution.

The Governor may, within limits compatible with the main objective of the Bank provided for in Article 3 and respect for the prerogatives recognized to the Bank's bodies by this law, delegate special powers to one or more representatives. He fixes their duties, remuneration, or possible allowances.

Article 31:

The Governor represents the Bank in all its relations and dealings with third parties, including the Government, and in this capacity, has the following powers:
a- Sign alone the banknotes and securities issued by the Bank, annual reports, balance sheets, and profit and loss statements; b- Sign alone or with other persons the contracts concluded by the Bank, correspondence, and other Bank documents; c- Sign in accordance with the status of Bank agents, the acts of engagement, promotion, and dismissal of personnel; d- Represent the Bank in court; e- Delegate the powers conferred on him by the provisions of paragraphs b and d of this article to Bank officials;

He keeps the Council regularly informed, at least once per quarter, of the evolution of the country's monetary situation and the movement of balance sheet items of the Bank.

Without prejudice to the provisions of Articles 26, 29, and 30, he submits to the Council's approval the draft acts he deems necessary for the accomplishment of the Bank's mission and policy.

Article 32:

In the exercise of his functions, the Governor is assisted by a Deputy Governor. The latter exercises the functions delegated to him by the Governor.

In case of absence or impediment of the Governor, the Deputy Governor replaces him.

Article 33:

In addition to the rights and advantages provided for in Article 27, the Governor and the Deputy Governor receive a salary the amount of which is fixed by the President of the Republic on the proposal of the Council.

Article 34:

The Governor and the Deputy Governor may not, during their term of office and for one year after the end thereof, exercise any function in a commercial company nor in a public organism having an industrial, commercial, or financial activity.

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Unless they accept another paid public function and except in case of dismissal for serious fault, they are entitled to the full amount of their salary during the year following the end of their term of office.

Section III: College of Statutory Auditors

Article 35:

The control of the Bank's financial operations is exercised by a college of three Statutory Auditors.

Article 36:

The Statutory Auditors are appointed and, if applicable, relieved of their functions by the President of the Republic, on the proposal of the Minister having Finance in his attributes, the Council of Ministers heard. The duration of their mandate is two years, renewable once.

Article 37:

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Auditors, acting as a board or individually, have the right to verify all management acts of the Bank.

In this regard, they have the right to verify the books, cash registers, portfolio, and securities of the Bank, to control the regularity and sincerity of inventories, and to certify the annual balance sheet and the statement of profit distribution.

They may take knowledge of the correspondence, minutes, and generally all documents and records of the Bank without removing them.

Article 38:

The Board of Auditors must submit to the President of the Republic, the Government, and the Bank Council, in the form of reports, the results of the missions carried out or requested by the Bank, along with any proposals it deems useful.

Article 39:

Auditors receive, at the expense of the Bank, an allowance fixed by the Minister responsible for Finance.

Section IV: Common Provisions to the Organs of the Bank

Article 40:

Without prejudice to the legal and regulatory provisions regarding the status of public officeholders, no one may be designated as a member of an organ of the Bank:

• if they have been convicted of an offense under this law, the law governing the activity and control of credit institutions, or exchange regulations;

• if they have been declared bankrupt and have not been rehabilitated, even when the bankruptcy was opened in a foreign country;

• if they have been convicted in the Democratic Republic of Congo or abroad as a principal, accomplice, or for attempted commission of any of the following offenses:
  a) counterfeiting currency; b) counterfeiting or falsifying banknotes, public securities, shares, bonds, or interest coupons; c) counterfeiting or falsifying seals, stamps, punches, and marks; d) forgery and use of forgery in documents; e) corruption of a public official or extortion; f) theft, extortion, misappropriation or abuse of confidence, fraud, or handling stolen goods; g) bankruptcy, fictitious circulation of commercial instruments; h) issuing a check without funds; i) money laundering;

• if they have participated in the administration, direction, or routine management of a credit institution whose forced dissolution has been ordered or whose bankruptcy has been declared.

No one may be appointed Governor of the Bank unless they are Congolese by father and mother.

When the decision resulting in one of the prohibitions referred to in this article is subsequently revoked or overturned in a final judgment, the prohibition ceases by operation of law.

The same organs of the Bank must enjoy, in their respective statutes, their civic rights and must not have suffered any afflictive or infamous penalty.

Article 41:

The exercise of a mandate within an organ of the Bank is incompatible with a legislative mandate, with the status of member of the Government or an organ of a provincial or local entity, or with the status of agent, administrator, or representative of an approved financial institution.

Article 42:

A member of the Council who has an interest opposed to that of the Bank in an operation submitted for the Council's examination is required to notify the Council and not participate in the deliberations related to this matter. Their participation in any vote in violation of this provision is considered null and void.

Any operation or contract between the Bank and any other company in which a Council member has direct or indirect interests, or holds any mandate or function, may only be concluded with the authorization of the Council; the interested member cannot participate in either the deliberation or the vote. Their absence must be recorded in the minutes.

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Article 43:

Council members and auditors do not incur any personal obligation regarding the commitments of the Bank.

CHAPTER II: PERSONNEL

Article 44:

The Personnel Statute determines, in particular, the conditions for recruitment, ranks, promotion rules, remuneration, social benefits, disciplinary procedures, avenues for appeal, conditions for admission to retirement, and related benefits.

CHAPTER III. PROFESSIONAL SECRECY

Article 45:

Members of the Bank's organs and its staff are subject to professional secrecy. They may not use confidential information for personal purposes, under penalty of sanctions provided for in Article 73 of the Congolese Penal Code, Book II.

Professional secrecy may not be asserted against the judicial authority acting within the framework of a criminal procedure.

CHAPTER IV: FINANCIAL ORGANIZATION

Article 46:

The Bank's financial year begins on January 1 and ends on December 31 of each year.

Article 47:

The law sets the rules regarding the keeping of the Bank's accounts. These rules must be consistent with national and international accounting standards.

Article 48:

The Council approves, by December 15 at the latest, upon the proposal of the Governor, a statement of projected expenditures and revenues for the following fiscal year.

The Bank's budget is divided into an operating budget and an investment budget.

To obtain modifications to entries concerning investment budget operations, the Governor submits a new statement of projections to the Council.

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Article 49:

Within three months following the closing of each financial year, the Council ensures that the following are prepared after an inventory:

• the budget execution statement, which presents, in successive columns, the projections and the actuals;
• the statement of profit distribution.

It establishes a report in which it provides all information elements regarding the Bank's activity during the past fiscal year.

The inventory, balance sheet, statement of profit distribution, and the Council's report are made available to the Auditors, no later than April 15 of the year following the one to which they relate.

The same documents are transmitted, accompanied by the Auditors' report, to the Government and the Court of Auditors no later than June 30 of the same year.

Article 50:

Gross profits consist of operating revenues from which operating expenses are deducted. Net profits consist of gross profits from which the amount of depreciation and provisions are deducted. Provisions for uncollectible and doubtful debts as well as extraordinary provisions are fixed by the Council.

For each financial year, sixty percent (60%) of net profits are paid into the general reserve account, and the balance is credited to the General Treasury Account.

Once the balance of the general reserve account reaches an amount equivalent to capital, and as long as it remains at this level, profits are distributed as follows:

• 20% to the special reserve account;
• 80% to the General Treasury Account.

Article 51:

Profits and losses that may result from any change in the value of the Bank's net assets, in gold and foreign currencies, following the modification of the parity of the national monetary unit or foreign currencies, are excluded from the annual account of the statement of profit distribution.

The losses in question in the first paragraph are charged to the State. As for the profits, they will be recorded in a special account called the "revaluation account" and allocated to the amortization of the State's debt vis-à-vis the Bank. They may not be disposed of otherwise than by a special agreement between the Bank and the Government.

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Profits resulting from the withdrawal of banknotes from circulation are allocated, in agreement with the Ministry responsible for Finance, to the reconstruction of the stock of monetary signs.

Article 52:

The State covers the net losses suffered by the Bank if, at any time, the general reserve account and the special reserve accounts are exhausted.

Article 53:

The balance sheet and the statement of profit distribution, duly signed and certified in application of Articles 31 and 37 of this law, are annexed to the report on the Bank's operations during the past fiscal year and published in the Official Journal of the Republic.

TITLE THREE:

RELATIONS WITH PUBLIC AUTHORITIES

Article 54:

The Bank maintains relations with the Government, primarily through the Ministry responsible for Finance.

It communicates in this context any useful information regarding economic, monetary, and financial issues.

Article 55:

The Bank fulfills the functions of State Banker and Government Advisor in economic, monetary, and financial matters. It also fulfills the function of State Cashier in accordance with a convention concluded with the Ministry responsible for Finance.

Article 56:

In application of Article 55, the Bank:

• accepts and makes payments on behalf of the State. It may, for this purpose, designate credit institutions authorized to act in its name and on its behalf in localities where it is not represented;
• administers any special account of the State, in agreement with the concerned ministry;
• ensures the service of public debt;
• buys, sells, disburses, transfers, collects, or holds on behalf of the State all checks, bills of exchange, securities, and other values;
• collects the principal and/or interest resulting from the sale of any value on behalf of the State or belonging to the State in its capacity as holder of securities.

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**Article 57:**

It is prohibited for the Bank to grant advances or any other type of credit to the State, its administrative subdivisions, and public bodies or enterprises. The direct acquisition, by the Bank, of instruments of their debt is also prohibited.

The first paragraph does not apply to public credit institutions which, within the framework of the provision of liquidity by the Bank, benefit from the same treatment as private credit institutions.

**Article 58:**

In its capacity as Government Advisor in economic, monetary, and financial matters, the Bank may, on its own initiative or at the request of the Government, issue opinions or advice on any policy or measure the Government intends to take.

To this end, the Governor participates, in a consultative capacity, in Government meetings during which economic, financial, or monetary issues are under examination.

**Article 59:**

The Ministry responsible for Finance keeps the Bank informed of all external borrowing projects of the State.

The Ministry responsible for Finance and the Bank consult each other whenever the latter considers that these loans risk harming the effectiveness of monetary policy.

**Article 60:**

The Bank prepares, under the conditions and according to the modalities agreed with the Ministry responsible for Finance, the balance of payments and the external position of the Republic.

**TITLE FOUR:**

**TRANSITIONAL AND FINAL PROVISIONS**

**Article 61:**

For a period of one year from the entry into force of this Law, the Bank may grant direct advances to the State to enable it to meet fluctuations in its ordinary revenues. The total amount of advances must not exceed 15% of average tax revenues calculated on the basis of the last three fiscal years at any time. These direct advances may not, during the same financial year of the Bank, be granted for more than 300 days in total, consecutive or not.

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The Bank may also, during the period and under the conditions specified in paragraph 1 of this article, acquire or sell on the money market freely negotiable Treasury bills with a maturity of one year at most from their date of issue, or accept them as collateral for advances granted by it to banks or approved financial institutions. The volume of freely negotiable Treasury bills held by the Bank in accordance with the provisions of this paragraph may not, at any time, exceed 20% of the average revenues collected by the State, calculated on the basis of the last three known fiscal years.

**Article 62:**

This Law repeals all prior contrary provisions and enters into force upon its promulgation.

Done in Kinshasa, on May 7, 2002

Joseph KABILA
Major General