The economic crisis is caused the Congolese franc to lose almost half of its value from 500 to 800 francs per dollar. Also, the crisis has been blame for causing violence in the Katanga Province.
The Katanga Province is located just souteast of the Kasai Province (Occidental and Oriental).
Joblessness Rises as Global Crisis Hits Mining
The global economic crisis has hit the central African state hard. Especially the Katanga in the south eastern part of the sprawling country, a region that predominantly relies on the mining of copper and cobalt, has taken a big blow.
Since September 2008, the global demand for natural resources dropped and prices of commodities like copper and cobalt plummeted to all-time lows.
Meanwhile, the Congolese franc has lost almost half of its value. "Between October 2008 and early January 2009, the exchange rate dropped from 500 to almost 800 Francs for a dollar," according to Marijke Splinter, a Dutch expatriate who resides in Lubumbashi.
"This has a tremendous impact on people's lives, as many Congolese do not earn more than 100 dollars a month," she adds. "Food prices, charcoal and cooking oil have increased in price too. I also see more and more beggars and children on the streets, compared to a few months ago."
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