Regulatory Alerts2011-01-01
Comoros Central Bank Regulatory Texts 2011
The Central Bank of the Comores issued a series of 2011 regulations mandating annual updates of executive information for financial institutions, setting a 25% mandatory reserve ratio, and establishing penalty rates for reserve shortfalls. The Bank authorized the Development Bank of the Comores and the Federal Commercial Bank as approved intermediaries for foreign exchange and money transfers, with specific limits and partnership requirements. Additionally, the regulatory framework was updated to include the Meck Koimbani and Meck Ntsaouéni as registered decentralized financial institutions within the Union of Mecks.
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