KINSHASA, Congo - Patrons heading to an outdoor bar in Congo's capital often stop first at a nearby moneychanger, where they exchange just enough US dollars for a beer. Then they sit down to enjoy their bottle, confident the value of what's in their wallets won't depreciate - at least not while they drink.

A moneychanger shows US dollars and Congolese franc at a local market in Kinshasa, Congo, Thursday, Nov. 9, 2006. [AP]

The exchange is a glimpse into a giant shadow economy that gave up on anything government-backed over years of war, dictatorship and neglect. Whoever emerges as winner of a recent presidential vote meant to usher in democracy will have the monumental task of wooing back a citizenry that has gotten used to working around institutions.

"Put your money in a bank?" exclaimed Jeanne Ubenge, 42, one of many moneychangers along a road in the capital that locals call Wall Street. "Only Americans and Europeans put money in the banks."

While most people in this impoverished Central African nation don't do business in dollars, many Kinshasa residents depend on American currency more than their own Congolese franc, the value of which has tumbled since the first round of presidential elections in July. Final results are expected by Nov. 19 from an Oct. 29 runoff between President Joseph Kabila and former rebel leader and Vice President Jean-Pierre Bemba. Early returns show Kabila with a large lead.

Laurent Kabila, the father of the current president, introduced Congo's current currency in 1998 to replace the New Zaire notes used under late dictator Mobutu Sese Seko. The franc traded then at about five to the dollar, then depreciated profoundly.

In July, the rate was about 460 francs to the dollar. And in three months since the first-round presidential ballot, the franc's street value in Kinshasa has plummeted further, to about 540 francs to the dollar, according to residents and moneychangers.

The dollar is so important that official exchange rates are announced nightly on television and the radio. Vendors of prepaid cell phone cards - denominated in US dollars - carry calculators so they can give the latest rates.

The preference for dollars is also practical: US bills are simply easier to carry than the huge wads of Congolese francs some people are forced to transport around in bags. The largest Congolese note is 500 francs, worth less than a dollar.

As a result, many foreign businesses pay salaries in dollars, and many Congolese conduct large transactions with US notes.

Laurent Kabila, who was assassinated in 2001, first tried to keep all transactions in Congolese francs, but repealed a ban on foreign currencies in 2000. The dollar has flourished since.

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