Central Bank Of The Comoros
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The Central Bank of the Comros (french: Banque Centrale des Comores, BCC) is the
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
of
the Comoros The Comoros,, ' officially the Union of the Comoros,; ar, الاتحاد القمري ' is an independent country made up of three islands in southeastern Africa, located at the northern end of the Mozambique Channel in the Indian Ocean. I ...
, a group of islands in the
Indian Ocean The Indian Ocean is the third-largest of the world's five oceanic divisions, covering or ~19.8% of the water on Earth's surface. It is bounded by Asia to the north, Africa to the west and Australia to the east. To the south it is bounded by th ...
.


Operations

The
statutes A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by le ...
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 The Bank of France ( French: ''Banque de France''), headquartered in Paris, is the central bank of France. Founded in 1800, it began as a private institution for managing state debts and issuing notes. It is responsible for the accounts of the F ...
) and the
French government The Government of France ( French: ''Gouvernement français''), officially the Government of the French Republic (''Gouvernement de la République française'' ), exercises executive power in France. It is composed of the Prime Minister, who ...
. 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 Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...
. 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 An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, th ...
differentials with the euro. The BCC applies a compulsory reserves system (30% of deposits) 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 pour le Commerce-Comores (BIC-C), the Banque de Développement des Comores (BDC), the Banque Fédérale de Commerce (BFC), the
Exim Bank Comores SA Exim is a mail transfer agent (MTA) used on Unix-like operating systems. Exim is free software distributed under the terms of the GNU General Public License, and it aims to be a general and flexible mailer with extensive facilities for checking ...
and the
Société Nationale des Postes et des Services Financiers Lactalis is a French multinational dairy products corporation, owned by the Besnier family and based in Laval, Mayenne, France. The company's former name was Besnier SA. Lactalis is the largest dairy products group in the world, and is the se ...
(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.


See also

*
Banque de Madagascar The Banque de Madagascar, from 1946 the Banque de Madagascar et des Comores, was a bank established by the French government in 1925 to issue currency and provide credit in French Madagascar. As such, it fulfilled many of the functions of a cent ...
* Central banks and currencies of Africa *
Economy of Comoros The economy of the Comoros is based on subsistence agriculture and fishing. Comoros has inadequate transportation links, a young and rapidly increasing population, and few natural resources. The low educational level of the labor force contributes ...
*
List of banks in the Arab world The following is a list of banks in the Arab World. The modern system of Arab banks was created in Egypt in the late 19th century, with the campaign of modernizing the country. Today Arab banks are among the most pioneering in Developing countries ...
*
List of central banks . Central banks Central banks Central banks This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*). Disappeared central banking jurisdictions * – Bank of Amsterdam (1609- ...
*
Comorian franc The franc (french: link=no, franc comorien; ar, فرنك قمري; sign: FC; ISO 4217 code: KMF) is the official currency of Comoros. It is nominally subdivided into 100 ''centimes'', although no centime denominations have ever been issued. His ...


References


External links


Official site of Banque Centrale des Comores
{{Comoros-stub Banks of the Comoros Economy of the Comoros
Comoros The Comoros,, ' officially the Union of the Comoros,; ar, الاتحاد القمري ' is an independent country made up of three islands in southeastern Africa, located at the northern end of the Mozambique Channel in the Indian Ocean. It ...
Moroni, Comoros Banks established in 1981 1981 establishments in the Comoros