Regulatory Texts 2010 of the Central Bank of the Comoros

BANQUE CENTRALE des COMORES

CIRCULAR LETTER NO. 005/2010/COB ...........................

Circular Letter regarding the penalty rate for non-compliance with the mandatory reserve levels of Banks, Decentralized Financial Institutions, and other financial establishments ................................................................................................................................................................

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

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 establishments, credit, and foreign exchange, particularly Article 14;

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

Having regard to Circular No. 003/2010/COB of July 9, 2010, relating to the calculation and declaration of mandatory reserves of Banks, Decentralized Financial Institutions, and other financial establishments, particularly 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 4%. This provision shall enter into force as of January 28, 2011.

Moroni, December 21, 2010

The Deputy Governor Mzé Abdou Mohamed Chanfiou

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BANQUE CENTRALE des COMORES

CIRCULAR LETTER NO. 006/2010/COB ................................................................................................................................................................ Circular Letter regarding the entry into force of the new statutes of the Central Bank of the Comores in application of Law No. 08-015/AU ................................................................................................................................................................

Sole Article

In accordance with the monetary cooperation agreements signed on November 23, 1979, between France and the Union of the Comoros; With reference to Law No. 08-015/AU of December 6, 2008, authorizing the President of the Union of the Comoros to ratify the statutes of the Central Bank of the Comoros and to the exchanges of notes between Comorian and French authorities, the new statutes of the CBC entered into force as of December 1, 2010.

Moroni, December 21, 2010

The Deputy Governor, Mzé Abdou Mohamed Chanfiou

Copy:

• Ministry of Finance
• Banks, Financial Establishments and DFIs

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BANQUE CENTRALE des COMORES

CIRCULAR LETTER NO. 004/2010/ COB ...........................

Circular Letter regarding money transfer operations between the Union of the Comoros and abroad, carried out by the Company "Maison Comorienne des Transferts et Valeurs" (MCTV). ................................................................................................................................................................

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 establishments;

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

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 Order No. 09-078/VP-/MFBEF/CAB of December 12, 2009, approving MCTV;

Having regard to Circular No. 008/2009/COB of December 31, 2009, relating to the approval of MCTV as a financial intermediary;

Article 1

Money transfer operations between the Union of the Comoros and abroad, carried out by MCTV, 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 2

MCTV must justify the nature of these operations at all times and must provide the Central Bank with the corresponding statistics, in accordance with foreign exchange regulations and the attached model.

Moroni, July 26, 2010

The Deputy Governor, Mzé Abdou Mohamed Chanfiou

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BANQUE CENTRALE des COMORES

CIRCULAR LETTER NO. 003/2010/COB ...........................

Circular Letter regarding the mandatory reserve rate of Banks, Decentralized Financial Institutions, and other financial establishments ................................................................................................................................................................

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

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 establishments, credit, and foreign exchange, particularly Article 14;

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

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

Having regard to the decision of the Board of Directors of the Central Bank of the Comoros in its session of June 10, 2010;

Article 1

The mandatory reserve rate for Banks, Decentralized Financial Institutions, and other financial establishments is set at 30% 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. 002/2006/COB of July 18, 2006. It enters into force as of July 20, 2010.

Moroni, July 9, 2010

The Governor, Ahamadi ABDOULBASTOI

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BANQUE CENTRALE des COMORES

Moroni, July 12, 2010

To the General Managers Of Establishments subject to Mandatory Reserves

No. 622 /CD KK

Subject: Revision of the mandatory reserve rate

Gentlemen General Managers,

We have the honor to inform you that by decision of the Board of Directors of the Central Bank in its meeting of June 10, 2010, the mandatory reserve formation rate is raised to 30%, with a view to preventing the emergence of an inflationary dynamic, attributable to the influx of capital from abroad, particularly in the second quarter.

Please accept, Gentlemen General Managers, the assurance of our high consideration.

• BIC-COMORES,
• EXIM BANK,
• BFC,
• Union des MECK,
• Union SANDUK ANJOUAN,
• SNPSF,

The Governor, Ahamadi ABDOULBASTOI

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.bancecom.com

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BANQUE CENTRALE des COMORES

CIRCULAR LETTER NO. 002/2010/ COB ...........................

Circular Letter regarding foreign exchange operations carried out by the Company "Maison Comorienne des Transferts et Valeurs" (MCTV). ................................................................................................................................................................

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

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 establishments;

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

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

Having regard to Order No. 09-078/VP-/MFBEF/CAB of December 12, 2009, approving MCTV;

Having regard to Circular No. 008/2009/COB of December 31, 2009, relating to the approval of MCTV as a financial intermediary;

Article 1 MCTV is authorized to conduct foreign exchange operations between Comorian francs and foreign currencies at its counters.

Article 2 Foreign exchange operations in euros will be carried out at the official parity, in addition to commissions that may be charged in connection with the transaction.

Article 3 MCTV is authorized to sell foreign currency to travelers leaving the territory of the Union of the Comores within the limit of an equivalent value of 750,000 FC (seven hundred fifty thousand Comorian francs). Any sale operation exceeding 750,000 FC must, in accordance with Article 3 of Instruction No. 06 of February 17, 1987, relating to travel expenses abroad, be subject to prior authorization from the Central Bank.

Article 4 Any foreign exchange operation (purchase and sale) must be justified (photocopies of the banknote and client passport).

Article 5 MCTV must justify the nature of these operations at all times, establish, in application of Article 2 of Instruction No. 7 of February 17, 1987, relating to foreign exchange regulation, the corresponding statistics for each quarter in accordance with the attached model, and submit them to the Central Bank of the Comoros within 20 calendar days after the date of the situation statement.

Article 6 Euro foreign currency must be deposited at the Central Bank of the Comoros, and the counterpart in Comorian francs will be credited to the MCTV account.

Article 7 This Circular Letter is revocable at any time.

Moroni, July 12, 2010 The Governor, Ahamadi ABDOULBASTOI

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BANQUE CENTRALE des COMORES

CIRCULAR LETTER NO. 001 / 2010 / COB ...........................

Circular Letter regarding Banks, Financial Establishments, and Decentralized Financial Institutions approved. ................................................................................................................................................................

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 establishments;

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

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

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

Having regard to the statutes of the Central Bank of the Comoros;

Article 1

The following establishments are approved and registered in the register of Banks and Financial Establishments as of December 31, 2009:

o BIC-Comores (Bank for Industry and Commerce-Comores), o BDC (Development Bank of the Comoros), o SNPSF (National Society of Posts and Financial Services) o EXIM Bank-Comores, o BFC (Federal Bank of Commerce), o Union des MECK and affiliated Institutions (Savings and Credit Mutuals – KOMOR), o Regional Union of SANDUK of Anjouan and affiliated Institutions, o Comores-Express Company (money transfer). o MCTV (Maison Comorienne de Transfert et de Valeur)

Article 2

These establishments are authorized to exercise on national territory the activities authorized by order of the Minister of Finance in accordance with the law and current banking regulation.

Done in Moroni, February 4, 2010 The Governor Ahamadi ABDOULBASTOI

Place de France. P.O. Box 405 MORONI TEL: (269) 773 18 14 - (269) 773 10 02 - FAX: (269) 773 03 49 Internet Address: www.bancecom.com E-mail: bancecom@comorestelecom.km

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BANQUE CENTRALE des COMORES

INSTRUCTION NO. 001/2010/COB ...........................

Instruction regarding purchase and sale operations of euros carried out by the network of Sanduks Anjouan. ................................................................................................................................................................

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 establishments, credit, and foreign exchange, particularly Article 14;

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

Having regard to Decree No. 87/005/PR of January 16, 1987, regulating financial relations between the RFIC and abroad;

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

Having regard to Order No. 06-91/MFBEPP/CAB approving the Union of Sanduk d'Anjouan and affiliated caisses of August 19, 2006;

Having regard to Instruction No. 012/2004/COB relating to the limitation of operations authorized as ancillary to Decentralized Financial Institutions in application of Decree No. 04-069/PR of June 22, 2004, particularly Article 1;

And in application of Article 4 of Instruction No. 2 of February 17, 1987, taken in application of Decree No. 87-005/PR regulating relations between the Comoros and abroad

Article 1

The Union of Sanduk d'Anjouan is authorized to conduct purchase and sale operations of euros at its counters.

Article 2

The Union of Sanduk d'Anjouan is authorized to sell foreign currency to travelers leaving the territory of the Union of the Comoros within the limit of an equivalent value of 750,000 FC (seven hundred fifty thousand Comorian francs), upon presentation of supporting documents (banknote and passport).

Article 3

These operations will be carried out at the official parity, independent of commissions that may be charged in connection with the transaction.

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Article 4

Purchased foreign currency will be deposited with the Central Bank, and the counterpart in Comorian francs will be credited to the account of the Union of Sanduk d'Anjouan.

Article 5

A quarterly declaration on these operations must be established at the end of each month in accordance with the attached model and submitted to the Central Bank within 20 calendar days at the end of each quarter.

Article 6

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

Moroni, April 2, 2010 The Deputy Governor Mzé Abdou MOHAMED CHANFIOU