Circular No. 007/2015/BCC/DSBR on the Required Reserve Ratio for Financial Institutions Receiving Public Funds

Place de France. BP 405 Moroni I (269) 773 18 14 - (269) 773 10 02 I secretariat@banque-comores.km I www.banque-comores.km

Circular No. ……-2023/BCC/DRRB
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On the required reserve ratio for Financial Institutions receiving public funds in application of Regulation No. 007/2015/BCC/DSBR

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Having regard to the Federal Framework Law No. 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comores in the supervision of Banks and Financial Institutions;

Having regard to the Banking Law No. 13-003/AU of June 12, 2013, in its Articles 26, 29, 44, 46 to 52, and the associated regulations;

Having regard to the Statutes of the Central Bank of the Comores;

Having regard to Regulation No. 007/2015/BCC/DSBR relating to mandatory reserves on deposits of financial institutions that receive public funds;

Having regard to Circular No. 002/2015/BCC/DSBR relating to the required reserve ratio for financial institutions;

Considering the resolution of the Board of Directors of the Central Bank, during the session of October 24, 2023;

The Governor of the Central Bank of the Comores

Sets the rules for calculating the required reserve ratio on deposits

Article 1
The required reserve ratio for financial institutions receiving public funds is set at 12.5% of the base retained for the calculation of reserves, effective from November 20, 2023.

Article 2
This circular repeals any prior contrary provisions. It enters into force from its signature and publication.

Moroni, November 9, 2023

The Governor
Dr Younoussa Imani