Bureaucratic valves: paperwork as a contested tool in the international transfer of the franc CFA in Congo-Brazzaville

Abstract

AbstractAfricanists have written much about interactions between multiple currencies in Africa, yet paperwork-based regulations that apply to these interactions remain less studied. Meanwhile, ethnographic studies of paperwork examine the roles of documents more in state administration than in commercial transactions. Based on ethnographic research with individuals and institutions involved in the international transfer of the franc CFA in Congo-Brazzaville during a severe foreign exchange (forex) shortage from 2016 to 2021, this article argues that the participants in forex transactions manoeuvre paperwork to regulate the speed of the forex outflow – where paperwork functions as what I term ‘bureaucratic valves’. Responding to the outflow of forex caused by the oil price slump since 2015, the Bank of Central African States (BEAC) required numerous documents from buyers of forex to justify their demand. This policy slowed down international money transfers because it took more effort to meet the paperwork requirements. Yet banks, money-transfer agencies and individuals in Congo subsequently developed their own paperwork-based mechanisms to cope with this change. These manoeuvres show that paperwork is a flexible and essential tool for adjusting transactions for different participants, especially in the money markets and in (central) banking in Africa.