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Central Bank of the Comoros

Monetary Authority of Comoros

Summary

Monetary Authority of Comoros

Field	Value
bank_name_in_local	Banque Centrale des Comores (BCC)
logo	Banque Centrale des Comores (logo).png
image	Banque Central Moroni.jpg
caption	Central Bank in Moroni
ownership	100% state ownership
headquarters	Moroni, Comoros
established	1 July 1981
president	Younoussa Imani
bank_of	Comoros
currency	Comorian franc
currency_iso	KMF
reserves	180 million USD
website	www.banque-comores.km
preceded	Institut d'Émission des Comores

The Central Bank of the Comros (, ; BCC) is the national central bank of the Comoros, a group of islands in the Indian Ocean.

Operations

The statutes of the BCC state that its board of directors shall have eight members who are chosen from the Comorian Government, the French Central Bank (Banque de France) and the French government. The Central Bank was formerly responsible for administering the currency under the CFA Franc model. The post of Deputy Director of the Central Bank of the Comoros is held by a Banque de France official, who is responsible for monetary policy. Since 19 November 1999, all the central bank's official rates have been pegged to the Euro Overnight Index Average (EONIA) leading to a stabilisation of interest rate differentials with the euro.

The BCC applies a compulsory reserves system, formerly 30% of deposits but reduced to 25% in 2011, and a bank monitoring system. The headquarters are located in Moroni.

Banking system

The Comorian banking system is constituted of six different banks: the Central Bank (BCC); the Banque pour l'Industrie et le Commerce des Comores (BICC), the Banque de Développement des Comores (BDC), the Banque Fédérale de Commerce (BFC), the Exim Bank Comores SA and the Société Nationale des Postes et des Services Financiers (SNPSF). In addition, two mutual savings banks (SANDUK and MECK) play a role.

One of the roles of the Central Bank of the Comoros is to approve the establishment of new banks on all three islands of the Union of Comoros (Grande-Comore, Anjouan and Mohéli).

Governors

The governor is appointed for a five-year term.

Name	Took office	Left office
Said Mohamed Mshangama	1978	1981
Mohamed Halifa	1981	1996
Said Ahmed Said Ali	1996	2002
Ibrahim Ben Ali	2002	2005
Ahamadi Abdoulbastoi	2005	2010
Mzé Abdou Mohamed Chanfiou	2011	2017
Younoussa Imani	2017	Incumbent

References

(2017). "The Organisation and Structure of Central Banks".
"Central Bank of the Comoros".
Zhang, Chen. (15 November 2023). "CFA Franc System in Francophone Africa: A tool of French financial imperialism | MR Online".
"Comoros full country notes". AFDB.
"Comoros financial sector". CBD.
"Comoros - First Fiscal Management and Resilient Growth". Coalition for Human Rights in Development.
(12 August 2015). "Central Bank of Comoros".
"Banque Centrale des Comores - Histoire".

Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

banks-of-the-comoros economy-of-the-comoros central-banks moroni,-comoros banks-established-in-1981 1981-establishments-in-the-comoros government-owned-companies-of-the-comoros

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