Regulatory Alerts2015-02-03
Circular 002 on Mandatory Reserve Rates for Financial Institutions
The Central Bank of the Comoros issued Circular 002/2015 to establish the mandatory reserve requirement for financial institutions accepting public funds at 15% of the calculation base. This regulation supersedes the previous circular dated December 30, 2013, and became effective immediately upon its signature on January 28, 2015. The directive is grounded in national laws governing currency, banking activities, anti-money laundering, and credit leasing.
CENTRAL BANK OF THE COMOROS
CIRCULAR NO. 002 /2015/ BCC/DSBR
RELATING TO THE MANDATORY RESERVE RATES OF FINANCIAL INSTITUTIONS THAT RECEIVE FUNDS FROM THE PUBLIC IN APPLICATION OF REGULATION NO. 007/2015/BCC/DSBR
Having regard to Law 80-08 of June 26, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks and financial establishments, credit, and foreign exchange;
Having regard to Law 13-003/AU regulating banking and financial activities, in its articles 26, 29, 46, and 103;
Having regard to Law 12-008/AU of June 28, 2012, on the fight against money laundering and the financing of terrorism;
Having regard to Law 12-011/AU of June 26, 2012, on the regulation and organization of credit leasing;
Having regard to the decision of the Board of Directors of the Central Bank of the Comoros in its session of December 10, 2013;
Having regard to the regulation relating to mandatory reserves, in its article 3;
THE GOVERNOR OF THE CENTRAL BANK OF THE COMOROS;
Sets the rules for calculating mandatory reserves on deposits.
Article 1 The mandatory reserve rate for Financial Institutions that receive funds from the public is set at 15% of the base retained for the calculation of reserves.
Article 2 This Circular annuls and replaces Circular Letter No. 003/2013/DSBR of December 30, 2013.
It enters into force as of its date of signature.
[IMAGE: Stamp and signature] Moroni, January 28, 2015
Mzé Abdou Mohamed Chanfiou