CENTRAL BANK OF THE COMOROS

INSTRUCTION NO. 001/2011/COB ........................... Instruction regarding the updating of information concerning the executives and directors of Banks, Financial Institutions, and Decentralized Financial Institutions. ...........................

Having regard to Law 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks, financial institutions, credit, and foreign exchange, and notably Article 6;

Having regard to Law 80-07 of June 26, 1980, regulating banks and financial institutions, and notably Articles 35 and 45;

Having regard to Decree No. 04-069/PR regulating the activity of Decentralized Financial Institutions (DFIs);

Article 1 Banks, Financial Institutions, and Decentralized Financial Institutions are required to update the list of their administrators and executives once a year, and to communicate it to the Central Bank according to the form attached as an annex.

Any change occurring during the year must be notified to the Central Bank.

Article 2 This provision concerns members of the Board of Directors, the General Management, and department directors who have decision-making power.

Article 3 The Central Bank of the Comoros may, exceptionally, request from Banks, Financial Institutions, and DFIs any additional information it deems necessary concerning their administrators and executives.

This instruction enters into force as of its date of signature.

Moroni, June 16, 2011 The Vice-Governor Mzé Abdou MOHAMED CHANFIOU

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CENTRAL BANK OF THE COMOROS

INFORMATION TO BE PROVIDED BY THE EXECUTIVES OF BANKS, FINANCIAL INSTITUTIONS, AND DECENTRALIZED FINANCIAL INSTITUTIONS ...........................

1- Name of the establishment:

2- Identity of the Administrator or Executive:

• Surname and First Name:
• Date and place of birth:
• Nationality:
• Personal address (indicate the place of residence envisaged following the assumption of duties):

3- Description of the function you will exercise:

• Job title:
• Description of tasks you will directly handle:
• Responsibilities shared with other designated executives:
• Identity of natural or legal persons with whom you should act in concert:
• Identity of natural or legal persons with whom you should act following their instructions during the exercise of your duties:

4- Provide a curriculum vitae indicating notably:

• Date and place of obtaining diplomas:
• Functions held over the last five years with: a) the name of the employer(s): b) the location and nature of the activity: c) the nature of the experience acquired: d) the level of responsibilities exercised:

5- Have you been the subject, within the framework of your professional activity, in the Comoros or abroad, of an investigation or professional, administrative, or judicial procedure resulting in a sanction?

• Provide any useful details if applicable.

6- Have you been the subject of disciplinary proceedings or dismissal by one of your employers?

• In the case where this is true, provide all useful details.

7- Do you intend to carry out, directly or through an intermediary, personal or professional operations with the establishment?

• If yes, provide all useful details.

8- Do you have economic and/or financial interests in other structures (legal entities, groups, or associations)?

• If yes, provide all details.

9- Provide any additional information likely to enlighten the Central Bank of the Comoros.

These confidential details must be provided by any person called upon to ensure administration or management functions in a bank, financial institution, or DFI.

Place de France - P.O. Box 405 - MORONI (Union of the Comoros) - Tel. (269) 773 10 02 / 773 18 14 - Fax: (269) 773 03 49 E-mail: bancecom@comorestelecom.km Internet www.banque-comores.km

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CENTRAL BANK OF THE COMOROS

CIRCULAR LETTER NO. 007/2009/COB/BDC ........................... Circular Letter regarding money transfer operations between the Union of the Comoros and abroad, carried out by the Development Bank of the Comoros. ...........................

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 Comoros in the control of Banks and Financial Institutions;

Having regard to Law 80-07 of June 26, 1980, regulating Banks and Financial Institutions;

Having regard to Law 81-026/PR establishing the statutes of the Development Bank of the Comoros;

Having regard to Decree 87-005/PR of January 16, 1987, regulating financial relations between the Comoros and abroad;

Having regard to Ordinance No. 09-002 of March 6, 2009, relating to money laundering, confiscation, and international cooperation regarding proceeds of crime;

Having regard to Circular No. 006/2011/COB of September 6, 2011, regarding the appointment of the Development Bank of the Comoros as an approved intermediary for financial relations between the Union of the Comoros and abroad;

Article 1 The Development Bank of the Comoros is authorized to carry out money transfer operations between the Union of the Comoros and abroad at its counters in partnership with the company COINSTAR MONEY TRANSFER.

Article 2 Money transfer operations to abroad, carried out by the Development Bank of the Comoros, are limited to 1,000,000 FC (1 million Comorian francs) per operation and per person.

Any transfer of funds exceeding 1,000,000 FC (one million Comorian francs) is subject to prior authorization from the Central Bank, in accordance with ANNEX 1 attached hereto.

Article 3 The Development Bank of the Comoros must justify at all times the nature of these operations and must provide the Central Bank with the corresponding statistics, in accordance with foreign exchange regulations.

This Circular Letter is revocable at any time and enters into force from its date of signature.

Moroni, September 15, 2011 The Vice-Governor, Madi Ahamada

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CENTRAL BANK OF THE COMOROS

CIRCULAR NO. 006/2011/COB ........................... Circular regarding the appointment of the Development Bank of the Comoros as an approved intermediary for financial relations between the Union of the Comoros and abroad ...........................

Having regard to Law 80-07 of June 26, 1980, regulating Banks and Financial Institutions;

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

Having regard to Law No. 81-026/PR establishing the statutes of the Development Bank of the Comoros;

Having regard to Decree 87-005/PR, regulating financial relations between the Comoros and abroad;

Having regard to Ordinance No. 09-001/AU of April 28, 2009, relating to money laundering, confiscation, and international cooperation regarding proceeds of crime;

Article 1 The bank "Development Bank of the Comoros" is approved as an intermediary for all foreign exchange operations, capital movements, and settlements of any nature between the Union of the Comoros and abroad.

Article 2 For all operations carried out through its intermediary or placed under its control, the approved intermediary is responsible for ensuring compliance with the provisions issued by Decree No. 87-005/PR and the texts taken in its application.

Article 3 This Circular enters into force as of its date of signature. It is revocable at any time.

Moroni, September 6, 2011 The Governor, Mzé Abdou Mohamed Chanfiou

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CENTRAL BANK OF THE COMOROS

CIRCULAR LETTER NO. 005/2011/COB ........................... Circular Letter regarding the mandatory reserve ratio for Banks, Decentralized Financial Institutions, and other financial institutions ...........................

Having regard to Law 80-07 of June 26, 1980, regulating banks and financial institutions;

Having regard to Law 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks, financial institutions, credit, and foreign exchange, and notably Article 14;

Having regard to Decree No. 04-069/PR regulating the activity of Decentralized Financial Institutions, and notably Article 34;

Having regard to Circular No. 008/2004/COB of December 14, 2004, regarding the calculation and declaration of mandatory reserves for Banks, Decentralized Financial Institutions, and other financial institutions, notably Article 2;

Having regard to the decision of the Board of Directors of the Central Bank of the Comoros in its session of June 24, 2011;

Article 1 The mandatory reserve ratio for Banks, Decentralized Financial Institutions, and other financial institutions is set at 25% of the base used for the calculation of reserves.

Article 2 This circular letter cancels and replaces Article 2 of Circular No. 008/2004/COB of December 14, 2004, and Circular Letter No. 003/2010/COB of July 9, 2010.

It enters into force as of July 1, 2011.

Moroni, July 12, 2011 The Governor, Mzé Abdou Mohamed Chanfiou

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CENTRAL BANK OF THE COMOROS

CIRCULAR LETTER NO. 04/2011/COB/BFC ........................... Circular Letter regarding money transfer operations, carried out by the Federal Commercial Bank (BFC) in partnership with the company Moneygram ...........................

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 Comoros in the control of Banks and Financial Institutions;

Having regard to Law 80-07 of June 26, 1980, regulating Banks and Financial Institutions;

Having regard to Decree 87-005/PR, regulating financial relations between the Comoros and abroad;

Having regard to Ordinance No. 09-002/PR of March 6, 2009, relating to money laundering, confiscation, and international cooperation regarding proceeds of crime;

Having regard to Circular Letter No. 04/2009/COB regarding the start of operations of the Federal Commercial Bank;

Having regard to Circular No. 006/2009/COB of September 9, 2009, regarding the appointment of the Federal Commercial Bank as an approved intermediary for financial relations between the Union of the Comoros and abroad;

Article 1 The Federal Commercial Bank is authorized to carry out money transfer operations between the Union of the Comoros and abroad, in partnership with the company Moneygram.

Article 2 Money transfer operations to abroad carried out by the Federal Commercial Bank, via Moneygram, are limited to 1,000,000 FC (one million Comorian francs) per operation and per person.

Any transfer of funds exceeding 1,000,000 FC (one million Comorian francs) is subject to prior authorization from the Central Bank.

Article 3 The Federal Commercial Bank must justify at all times the nature of these operations and provide the Central Bank with the corresponding statistics, in accordance with foreign exchange regulations.

Moroni, June 6, 2011 The Vice-Governor, Mzé Abdou Mohamed Chanfiou

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CENTRAL BANK OF THE COMOROS

CIRCULAR LETTER NO. 003/2011/COB ........................... Circular Letter regarding the resumption of activities of Meck Ntsaouéni ...........................

Having regard to Law 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks, financial institutions, credit, and foreign exchange.

Having regard to Decree No. 04-069/PR of June 22, 2004, regulating the activity of Decentralized Financial Institutions;

Sole Article Meck Ntsaouéni is authorized to resume its activities within the Union of Mecks and is registered in the register of Decentralized Financial Institutions.

This provision enters into force as of its date of signature.

Moroni, January 31, 2011 The Vice-Governor Mzé Abdou Mohamed Chanfiou

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CENTRAL BANK OF THE COMOROS

CIRCULAR LETTER NO. 002/2011/COB ........................... Circular Letter regarding the admission of Meck Koimbani within the Union of Mecks ...........................

Having regard to Law 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks, financial institutions, credit, and foreign exchange.

Having regard to Decree No. 04-069/PR of June 22, 2004, regulating the activity of Decentralized Financial Institutions;

Having regard to Instruction No. 001/2004/COB regarding the application for approval of decentralized institutions in application of Decree No. 04-069/PR, notably Article 4.

Having regard to Circular No. 002/2004/COB regarding the declaration of creation of a Decentralized Financial Institution within an already approved Union, in its Article 2.

Considering the instruction of the admission application deposited at the Central Bank of the Comoros by the General Management of the Union of Mecks.

Sole Article Meck Koimbani is authorized to join and exercise its activities within the Union of Mecks and is registered in the register of Decentralized Financial Institutions.

This present circular letter enters into force as of its date of signature.

Moroni, January 31, 2011 The Vice-Governor Mzé Abdou Mohamed Chanfiou

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CENTRAL BANK OF THE COMOROS

CIRCULAR LETTER NO. 001/2011/COB ........................... Circular Letter regarding the penalty rate for non-compliance with the mandatory reserve level for Banks, Decentralized Financial Institutions, and other financial institutions ...........................

Having regard to Law 80-07 of June 26, 1980, regulating banks and financial institutions;

Having regard to Law 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks, financial institutions, credit, and foreign exchange, and notably Article 14;

Having regard to Decree No. 04-069/PR regulating the activity of Decentralized Financial Institutions, and notably Article 34;

Having regard to Circular No. 003/2010/COB of July 9, 2010, regarding the calculation and declaration of mandatory reserves for Banks, Decentralized Financial Institutions, and other financial institutions, and notably Article 2;

Considering the decision of the Board of Directors of the Central Bank of the Comoros in its session of December 13, 2010;

Article 1 The penalty rate for insufficient mandatory reserves is set at Eonia plus four points (Eonia + 4).

Article 2 This circular letter cancels and replaces Article 7 of Circular No. 008/2004/COB of December 14, 2004, and Circular Letter No. 005/2010/COB of December 21, 2010.

This provision enters into force as of January 28, 2011.

Moroni, January 17, 2011 The Vice-Governor Mzé Abdou Mohamed Chanfiou