Regulatory Alerts2007-01-01
Central Bank of the Comoros Regulatory Texts 2007
The Central Bank of the Comores issued regulatory circulars in 2007 to assign specific five-digit bank codes to five financial institutions and to formally approve Exim Bank Comoros for national operations. A separate circular clarified that prudential capital standards for BIC-Comores remain unaffected by ongoing legal proceedings until an appeal is concluded, while waiving immediate provision requirements for the 2007 fiscal year. These measures collectively updated the official registry of authorized banks and established specific prudential treatment guidelines for institutions facing legal challenges.
CENTRAL BANK OF THE COMORES
Circular Note on the Assignment of Bank Codes
In view of Law 80-07 regulating Banks and Financial Institutions,
In view of Law 80-08 regarding currency and the role of the Central Bank of the Comores in the control of banks and financial institutions.
The Governor of the Central Bank decides:
Article 1: A five-digit number corresponding to its Bank Code is assigned to each authorized bank or financial institution.
Article 2: The codes assigned to the following Institutions are:
- BCC 00002
- BIC 00001
- SNPSF 00003
- BDC 00004
- BFC 00005
- EXIM BANK 00006
Article 3: This circular enters into force as of January 1, 2007.
Done in Moroni, on December 26, 2006
Ahamadi ABDOULBASTOI Governor
CENTRAL BANK OF THE COMORES
CIRCULAR N° 001/2007/ COB
Circular Letter regarding
the approval of the Bank "Exim Bank Comoros"
In view of the Federal Framework Law n° 80-08 of May 3, 1980, regarding currency and the role of the Central Bank of the Comores in the control of Banks and Financial Institutions;
In view of Law 80-07 of June 26, 1980, regulating Banks and Financial Institutions;
In view of Decree 87-005/PR, regulating financial relations between the Comoros and foreign countries;
In view of Order n°53/MFB/CAB of the Minister in charge of Finance of September 7, 2005, approving the Bank "Exim Bank Comoros";
In view of the decision of the Board of Directors of the Central Bank of the Comores in its session of December 12, 2005;
Taking into account the modifications made to the establishment convention;
Article 1
The Bank Exim Bank Comoros is approved and authorized to exercise on national territory the activities provided for by the law and current banking regulation.
Article 2
The Bank Exim Bank Comoros is registered on the register of authorized Banks and Financial Institutions under numbers:
2007 - 005/AG/B
Moroni, July 27, 2007
The Governor, Ahamadi ABDOULBASTOI
CENTRAL BANK OF THE COMORES
CIRCULAR LETTER N° 03/2007/ COB
Circular letter regarding prudential standards based on own funds applicable to BIC-Comores.
In view of the Federal Framework Law n° 80-08 of May 3, 1980, regarding currency and the role of the Central Bank of the Comores in the control of Banks and Financial Institutions;
In view of Law 80-07 of June 26, 1980, regulating Banks and Financial Institutions;
In view of Decree 87/PR, regarding provisions related to civil procedure and enforcement methods;
Taking into account the instructions of the Minister of Justice given to the Attorney General, on July 2, 2007;
Taking into account the level of own funds of BIC-Comores;
Article 1
Within the framework of prudential regulation based on own funds, the decision pronounced on March 30, 2007, by the court of first instance of Moroni concerning BIC-Comores has no impact on the prudential standards applied to this institution, as long as the judgment on appeal has not taken place.
Article 2
The Central Bank will not require the constitution of provisions for coverage before the close of the 2007 fiscal year, even if the risk has proven itself.
Article 3
This circular letter cancels and replaces Circular Letter N°02/2007/COB
Moroni, July 27, 2007
The Vice-Governor, Mzé Abdou Mohamed Chanfiou