Regulatory Alerts2015-01-01
Circular No. 007/2015/BCC/DSBR on the Required Reserve Ratio for Financial Institutions Receiving Public Funds
The Governor of the Central Bank of the Comores issued this circular to establish the calculation rules for the required reserve ratio on deposits held by financial institutions receiving public funds. The regulation sets the mandatory reserve ratio at 12.5% of the base used for reserve calculations, effective from November 20, 2023. This circular supersedes any prior contradictory provisions and enters into force upon its signature and publication.
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 …………………………………………………………………………
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