5 Francs – Belgian Congo and Ruanda-Urundi

In 1956, the Belgian Congo and Ruanda-Urundi operated under a unified currency system anchored by the Congolese franc (CF), which was pegged to the Belgian franc at a 1:1 parity. This monetary union facilitated trade and administrative control for Belgium, with the Banque Centrale du Congo Belge et du Ruanda-Urundi in Léopoldville serving as the sole issuer of banknotes and coins for both territories. The system was inherently colonial, designed to integrate the economies tightly with that of Belgium, ensuring financial stability and the smooth repatriation of profits from the Congo's vast mineral and agricultural exports.

Economically, the mid-1950s was a period of prosperity, driven by a global boom in commodity prices, particularly for the Congo's copper, cobalt, and uranium. This resulted in significant budget surpluses for the colonial government and high levels of investment in infrastructure. However, this wealth was unevenly distributed, primarily benefiting European companies and settlers. In Ruanda-Urundi, a much poorer, densely populated, and agriculturally based mandate territory, the same currency facilitated administrative integration but did not generate comparable economic dynamism, highlighting the disparity within the monetary union.

Beneath this surface stability, the currency system faced underlying pressures. The economic boom fueled inflation and growing wage disparities, contributing to social tensions. Furthermore, the centralized monetary authority faced criticism from Belgian settlers and businesses who desired greater autonomy and credit flexibility. Most significantly, the entire financial structure was inextricably linked to continued Belgian political control. As nationalist movements began to gain momentum in the late 1950s, the future of this common currency area became uncertain, foreshadowing the monetary reorganisation that would follow the independence of the Congo in 1960 and Ruanda-Urundi in 1962.