CIRCULAR 05 RELATING TO THE MANDATORY RESERVE RATE

[LOGO: CENTRAL BANK OF THE COMORES]

Circular No. 05-2023/BCC/DRRB

Relating to the mandatory reserve rate of Financial Institutions that receive funds from the public in application of Regulation No. 007/2015/BCC/DSBR

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

Having regard to the banking law No. 13-003/AU of June 12, 2013, in its articles 26, 29, 44, 46 to 52, and the associated regulations;

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

Having regard to Regulation No. 007/2015/BCC/DSBR relating to mandatory reserves on deposits of financial institutions that receive funds from the public;

Having regard to Circular No. 002/2015/BCC/DSBR relating to the mandatory reserve rate of financial institutions;

Considering the resolution of the Board of Directors of the Central Bank, during the session of October 24, 2023;

The Governor of the Central Bank of the Comores

Sets the rules for calculating the mandatory reserve rate on deposits

Article 1 The mandatory reserve rate for financial institutions that receive funds from the public is fixed at 12.5% of the base retained for the calculation of reserves, effective from November 20, 2023.

Article 2 This circular repeals any prior contrary provisions. It enters into force effective from its signature and publication.

Moroni, November 9, 2023

[STAMP: CENTRAL BANK OF THE COMORES - THE GOVERNOR - MORONI]

The Governor Dr. Younoussa Imani

Place de France. BP 405 Moroni I (269) 773 18 14 - (269) 773 10 02 I secretariat@banque-comores.km I www.banque-comores.km