The main bank of Comoros is the Central Bank of Comoros. This bank is more commonly known as Banque Centrale des Comores (BCC). The operation of the Central Bank of Comoros started in the year of 1961.
The headquarters of the Central Bank of Comoros are positioned in the capital of Comoros, Moroni. The operation of the Central Bank of Comoros is governed by its Board of Directors, which is comprised of eight members. These eight members are selected from the Government of Comoros, the Government of France, and the French Central Bank. The monetary policy of the Central Bank of Comoros is taken care of by its Deputy Director. A French Central Bank official bears the post of the Central Bank of Comoros’ Deputy Director.
To open accounts in the Central Bank of Comoros, one needs to produce the citizenship certificate of Comoros or an employer’s certificate in Comoros. For the safety of the wealth of the people of Comoros, the Central Bank of Comoros has regulated a bank monitoring system and a compulsory reserves system. According to this system, the other banks operating in Comoros need to deposit 30% of the customer’s deposits as security value to the Central Bank of Comoros.
To stabilize the interest rate differentials with the Euro, the official rates of the Central Bank of Comoros have been synchronized with the Euro Overnight Index Average. The tourists can find the travelers’ cheques from the Central Bank of Comoros. The bank has started the operation of credit/debit cards and ATM counters in recent times. Monday to Friday are the working days in the Central Bank of Comoros.