Circular 002 on Mandatory Reserve Rates for Financial Institutions

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

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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

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