Bloomberg’s BMatch solution has been adopted by the Central Bank of Congo (BCC), as part of wider efforts to enhance interbank FX trading across the Democratic Republic of Congo (DRC).
Kat Furber
Specifically, Bloomberg’s BMatch solution form’s part of its FX electronic trading platform, FXGO, and allows market participants to efficiently negotiate trades electronically in real time.
The integration of BMatch is expected to provide BCC clients with greater market visibility, as well as increased transparency in price formation process and overall enhanced financial stability.
Kat Furber, global head of FX trading (FXGO) at Bloomberg, said: “The speed of this deployment underscores the BCC’s commitment to modernising its financial infrastructure. FXGO’s BMatch is increasingly the solution of choice for central banks across Africa looking to enhance liquidity and market integrity.”
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The addition of BMatch is set to provide a significant boost to transparency and digital infrastructure for interbank FX trading in the DRC.
This has been reflected in significant traction noted across the local banking community, with 10 additional local banks also making use of Bloomberg’s FXGO following the BCC’s involvement.
“The adoption of Bloomberg’s BMatch represents a significant milestone in our efforts to bring greater transparency and structure to the DRC’s foreign exchange market,” said André Wameso, governor of the Central Bank of Congo.
“By establishing a robust and reliable reference for the Congolese franc we are fostering a more stable and credible environment for all market participants.”
The BCC’s adoption also makes it the latest African bank to adopt BMatch, with other regions such as Angola, Nigeria and Kenya already making use of the solution in their national FX frameworks.