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 Mshangama19781981director Mohamed Halifa19811996 Said Ahmed Said Ali19962002 Ibrahim Ben Ali20022005 Ahamadi Abdoulbastoi20052010 Mzé Abdou Mohamed Chanfiou20112017 Younoussa Imani2017Incumbent
See also Minister of Finance and Budget (Comoros) Banque de Madagascar Central banks and currencies of Africa Economy of Comoros List of banks in the Arab world List of central banks Comorian franc Institut d'Émission List of financial supervisory authorities by country
References
External links
Official site of Banque Centrale des Comores