Central Bank of the Comoros

The Central Bank of the Comros (French: Banque Centrale des Comores, BCC) is the central bank of the Comoros, a group of islands in the Indian Ocean.

Central Bank of the Comoros
Banque Centrale des Comores (BCC)
Bank logo
HeadquartersMoroni, Comoros
Established1981[1]
Ownership100% state ownership[2]
PresidentMzé Abdou Mohamed Chanfiou
Central bank ofComoros
CurrencyComorian franc
KMF (ISO 4217)
Reserves180 million USD[2]
Preceded byInstitut d’Emission des Comores
Websitewww.banque-comores.km

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 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 (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 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
  • Said Mohamed Mshangama, director, 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-

Source: [3]

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See also

References
  1. "Central Bank of the Comoros". Retrieved 29 August 2012.
  2. https://d-nb.info/1138787981/34
  3. http://www.banque-comores.km/index.php?page=histoire
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