In fact, the minister has said such a scheme was unlikely to be introduced in the "foreseeable future".
Having examined the issue, the minister's department concluded such a levy would not benefit either commuters or the city.
The minister's announcement comes amid previous city council recommendations, in favour of the charge.
Council officials had insisted congestion charges are an effective means of reducing traffic flow, while generating income for local spending plans.
Last year, Belfast City Council provided a report to the Stormont Assembly's finance committee. The council's main argument was the success of the London congestion charge system, which has slashed traffic in the city by a third, since its inception in 2006.
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However, Mr Murphy has said his department believes in incorporating more traffic calming measures in Belfast, such as increased bus lanes and park and ride facilities, rather than a fixed entry fee.
"I do think it's about getting a balance. It's about making sure the city is accessible so that people can travel to and from work, to shop, to socialise but also trying to reduce congestion and pollution," said the Minister.
"The option for congestion charges remains on the books but currently we don't see any major benefits to either the travelling public or to the city by its introduction,'' he added.
Friends of the Earth's Lisa Fagan has called on the minister to implement a number of measures.
Speaking to the BBC, she said: "He should: increase investment in public transport; require out-of-town shopping centres to levy parking charges; and severely restrict the availability of free all-day parking in the city centre (to encourage commuters to make the switch)."
"That said, congestion charging is a powerful driver for behavioural change, particularly when the revenue raised is ring-fenced for public transport," added Ms Fagan.
(PR/JM)
