Regulatory Alerts2016-01-01
Regulation No. 01/2016/DSBR/BCC on the Abandonment by the Central Bank of the Comoros of Euro Foreign Exchange Operations at Its Counters
The Central Bank of the Comoros issued Regulation No. 01/2016/DSBR/BCC to cease its own direct purchase of euros at its counters while authorizing financial institutions to sell foreign currency to travelers under strict identification and limit conditions. The regulation mandates that all foreign exchange transactions be conducted at the official parity, requires institutions to remit 70% of their monthly euro exchange surpluses to the Central Bank, and imposes a 0.2% quarterly fee on euro sales. Compliance is enforced through mandatory quarterly reporting and disciplinary or financial sanctions for non-compliance, with the regulation entering into force on December 1, 2016.
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