Central Bank of the Comoros

Central Bank of the Comoros
Banque Centrale des Comores (BCC)
Central Bank in Moroni
Central Bank in Moroni
HeadquartersMoroni, Comoros
Established1 July 1981[1]
Ownership100% state ownership[2]
PresidentYounoussa Imani
Central bank ofComoros
CurrencyComorian franc
KMF (ISO 4217)
Reserves180 million USD[2]
Preceded byInstitut d'Émission des Comores
Websitewww.banque-comores.km

The Central Bank of the Comros (Arabic: البنك المركزي لجزر القمر, French: Banque Centrale des Comores; BCC) is the 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 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 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.[3]

Name Took office Left office
Said Mohamed Mshangama 1978 1981 director[4]
Mohamed Halifa 1981 1996 [4]
Said Ahmed Said Ali 1996 2002 [4]
Ibrahim Ben Ali 2002 2005 [4]
Ahamadi Abdoulbastoi 2005 2010 [4]
Mzé Abdou Mohamed Chanfiou 2011 2017
Younoussa Imani 2017 Incumbent [3]

See also

References

  1. ^ "Central Bank of the Comoros". Retrieved 29 August 2012.
  2. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  3. ^ a b "Central Bank of Comoros". Central Banking. 12 August 2015.
  4. ^ a b c d e "Banque Centrale des Comores - Histoire".
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