The Comorian franc (French: franc comorien) (ISO 4217 currency code KMF) is the official currency of Comoros. It has existed in its present form since 1981. ISO 4217 is an international standard describing three letter codes to define the names of currencies established by the International Organization for Standardization (ISO). ...

The obverse of a 500 franc banknote (€1.02 equivalent). The white circle on the left contains a watermark.

In logic (and usually without being paired with reverse), obverse has a meaning close to contrapositive. ... The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, the Republic of Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ... This Crown & CA (for Crown Agent) watermark was standard for postage stamps of the British colonies from the 1880s to the 1920s. ...

History

Monetary cooperation with France

On 23 November 1979, the government of Comoros signed a monetary cooperation agreement with France making Comoros part of the franc zone (but not part of the CFA franc zone). This agreement provided for the establishment of a system of fixed parity between the French franc and the Comorian franc and free convertibility between the two currencies, guaranteed by the Comorian central bank's opening of an operations account at the French Treasury (Trésor public) to handle all exchange transactions. Sixty-five percent of the foreign exchange reserves of Comoros are held in this account. This account is similar to overnight deposits with the French Treasury: it may bear interest and may, in special circumstances, post a negative balance. However, to prevent this account from showing a lasting overdraft, a number of preventative measures have been set up. The ministers of finance of the franc area (France, the CFA zone and Comoros) meet biannually. The countries using the CFA franc The CFA franc (in French: franc CFA, or just franc in everyday conversation if no ambiguity is possible) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish... A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency (most often the US dollar), to a basket of other currencies, or to another measure of value... French Franc. ... Convertibility is the quality of money which is officially backed by government reserves of a precious metal, probably the gold standard. ... The Trésor public (Public treasury) is the national administration of the Treasury in France. ... Foreign exchange reserves are the foreign currency deposits held by national banks of different nations. ... In finance, interest has three general definitions. ... The finance minister is a cabinet position in a government. ...

The agreement between France and the Comoros is essentially the same as the agreement France has with the CFA Zone.

Exchange rate

From its creation in 1981, the Comorian franc was pegged to the French franc at the rate of 50 Comorian francs to 1 French franc. This fixed rate has only changed once. On January 12, 1994, the currency was devalued (in concert with the CFA franc devaluation); however, the Comorian franc was devalued 33% to the new rate of 75 Comorian francs for 1 French franc. (The CFA franc's new rate was 100 CFA francs to 1 French franc.) With the creation of the euro in January 1999, the Comorian franc was pegged, at its prevailing rate, to the new currency. The exchange rate is now 491.96775 Comorian francs to 1 euro. French Franc. ... Devaluation is a reduction in the value of a currency. ... The countries using the CFA franc The CFA franc (in French: franc CFA, or just franc in everyday conversation if no ambiguity is possible) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish... The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, the Republic of Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ... A fixed currency, less commonly called a pegged currency, is a currency that uses a fixed exchange rate as its exchange rate regime. ...

European Monetary Union

In 1998 in anticipation of European Monetary Union, the Council of the European Union addressed the monetary agreements France has with the CFA Zone and Comoros and ruled that: In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. ... The Council of the European Union forms, along with the European Parliament, the legislative arm of the European Union (EU). ...

• the agreements are unlikely to have any material effect on the monetary and exchange rate policy of the Euro zone
• in their present forms and states of implementation, the agreements are unlikely to present any obstacle to a smooth functioning of economic and monetary union
• nothing in the agreements can be construed as implying an obligation for the European Central Bank (ECB) or any national central bank to support the convertibility of the CFA and Comorian francs
• modifications to the existing agreements will not lead to any obligations for the European Central or any national central bank
• the French Treasury will guarantee the free convertibility at a fixed parity between the euro and the CFA and Comorian francs
• the competent French authorities shall keep the European Commission, the European Central Bank and the Economic and Financial Committee informed about the implementation of the agreements and inform the Committee prior to changes of the parity between the euro and the CFA and Comorian francs
• any change to the nature or scope of the agreements would require Council approval on the basis of a Commission recommendation and ECB consultation

The exchange rate regime is the way a country manages its currency in respect to foreign currencies and the foreign exchange market. ... The Eurozone (also called Euro-area or Euroland) is the subset of European Union member states which have adopted the Euro (€) currency, creating a currency union. ... The European Central Bank (ECB) in Frankfurt am Main, Germany is the central bank of the eurozone, in charge of monetary policy for the 12 countries that use the euro currency. ... The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, the Republic of Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ... The European Commission (formally the Commission of the European Communities) is the executive of the European Union. ...

Central Bank

The statutes of the Central Bank of the Comoros (Banque Centrale des Comores) state that its Board of Directors shall have eight members who are chosen from the Comorian Government, the French Central Bank (Banque de France) and the French government. The post of Deputy Director of the Central Bank of the Comoros is held by a Banque de France official, who is responsible for monetary policy. Since 19 November 1999, all the central bank's official rates have been pegged to the Euro Overnight Index Average, the EONIA, leading to a stabilization of interest rate differentials with the euro. A statute is a formal, written law of a country or state, written and enacted by its legislative authority, perhaps to then be ratified by the highest executive in the government, and finally published. ... One of the Banque de Frances offices in Paris. ... Symbol of the French government The government of France is a semi-presidential system based on the French Constitution of the fifth Republic, in which the nation declares itself to be an indivisible, secular, democratic, and social Republic. The constitution provides for a separation of powers and proclaims Frances... Monetary policy is the process of managing money supply to achieve specific goals—such as constraining inflation, achieving full employment or economic growth. ... Eonia (Euro OverNight Index Average) is an effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the interbank market. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ...

The BCC applies a compulsory reserves system (30% of deposits) and a bank monitoring system. The headquarters are located in Moroni, and the current bank governor is Said Ahmed Said Ali. Reserve requirements, a tool of monetary policy, are computed as percentages of deposits that banks must hold as vault cash or on deposit at the central bank (in the United States in a Federal Reserve Bank), rather than, perhaps, lend out. ... Moroni is the largest city of the Comores and since 1962 has also been its capital. ...

Denominations

The new 2000 franc note

The primary language used on Comorian francs is French, but Arabic is also used on all denominations, except for the two-franc coin which is no longer minted. A denomination is a unit of currency. ... Arabic (; , less formally, ) is the largest member of the Semitic branch of the Afro-Asiatic language family (classification: South Central Semitic) and is closely related to Hebrew and Aramaic. ...

Banknotes

• 500F
• 1,000F
• 2,000F (issued 30 December 2005)
• 2,500F (being withdrawn)
• 5,000F
• 10,000F

A £20 Ulster Bank banknote. ...

Coins

2 francs	5 francs	10 francs	25 francs	50 francs	100 francs
	≈0.01 euro	≈0.02 euro	≈0.05 euro	≈0.10 euro	≈0.20 euro
Marianne	Coelacanth	Star and crescent	Chicken eggs	Mosque	Fishing boat

The 2- (nicknamed "nusu"), 5-, and 10-franc coins are rarely used because of their low value. The 25- and 100-franc coins contain the phrase "Augmentons la production alimentaire". The 5-franc coin contains the phrase "Conférence Mondiale sur les Pêches". Both of these phrases are references to programs by the UN Food and Agriculture Organization. This article is about monetary coins. ... Marianne busts with features of Brigitte Bardot - Catherine Deneuve - Mireille Mathieu Marianne, a national emblem of France, is a personification of Liberty and Reason. ... Species Latimeria chalumnae Latimeria menadoensis Coelacanth (meaning hollow spine in Greek; IPA: ) is a species of fish and represents the oldest lineage of living fish known to date. ... Star and crescent historically was a symbol of the Ottoman Empire, but later become associated with Islam in general. ... Alternate uses: Chicken (disambiguation) Binomial name Gallus gallus (Linnaeus, 1758) A chicken is a type of domesticated bird which is usually raised as a type of poultry. ... // Mosque; Aswan, Egypt. ... Fishing boats can range from two-person sampans up to 7-8 ton trawlers that can haul in over a billion fish at one time. ... With its headquarters in Rome, the Food and Agriculture Organization (FAO) of the United Nations programs seek to raise levels of nutrition and standard of living; to improve the production, processing, marketing, and distribution of food and agricultural products; to promote rural development; and, by these means, to eliminate hunger. ...

Comorian coins, like all French colonial coins, were originally struck at the Monnaie de Paris. No commemorative coins are available at the Central Bank. The Monnaie de Paris (Paris Mint) or, more administratively speaking, the Direction of Coins and Medals, is an administration of the French government charged with issuing coins, as well as producing medals and other similar items. ... Commemorative coins are legally issued coins with a denomination that are not usually meant for circulation. ...

Previous currencies of Comoros

1925–1945

Prior to 1945, the Comoro Islands (Grand Comore, Moheli, Anjouan and Mayotte) were a province of Madagascar, which was a French possession. The currency then was the Malagasy franc (French: franc malgache), which was first issued by the Banque de Madagascar in 1925. Categories: Comoros archipelago | Stub ... Map of Grande Comore. ... Map of Moheli Moheli, also known as Mohéli or Mwali, is one of the three islands which make up the nation of Comoros. ... island in the Comoros. ... Map of the first (light blue) and second (dark blue — plain and hachured) French colonial empires France has had colonial possessions, in various forms, since the beginning of the 17th century until the 1960s and in the 19th and 20th centuries its colonial global empire was the second largest in... The Malagasy franc is the defunct currency of Madagascar. ...

1945–1960

When the Comoros Islands became a separate French territory in 1945, the name of the issuing bank was changed to the Banque de Madagascar et des Comores. The Madagascar-Comores CFA franc replaced the Malagasy franc in December 1945. The countries using the CFA franc The CFA franc (in French: franc CFA, or just franc in everyday conversation if no ambiguity is possible) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish...

1960–1976

In 1960, Madagascar gained independence from France, and the Institut d'Emission Malgache was created to issue currency. Even though the Comoros Islands remained a French possession, the Institut d'Emission Malgache issued banknotes for Comoros from 1961 to 1976. Comoros continued to use Malagasy coins until 1964, when the Monnaie de Paris issued a series of coins specifically for Comoros. Madagascar left the CFA zone effective 1 July 1973.

1976–1981

In 1975, the islands of Grand Comore, Moheli and Anjouan declared their independence from France and formed the Islamic Federal Republic of the Comoros. The island of Mayotte remained under French administration. The Institut d'Emission des Comores was created in Paris to issue currency for the new country. (Mayotte switched to the French franc and now uses the euro). On 15 July 1977, the monetary institute was moved to Moroni. On 1 July 1981, the current treaty between France and Comoros was put into effect, and the currency has been issued by the Banque Centrale des Comores since then. French Franc. ...

See also

• Malagasy franc
• CFA franc
• CFP franc
• Currencies related to the euro
• Economy of Comoros
• Economy of Mayotte
• Economy of Africa

The Malagasy franc is the defunct currency of Madagascar. ... The countries using the CFA franc The CFA franc (in French: franc CFA, or just franc in everyday conversation if no ambiguity is possible) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish... The CFP franc (in French: franc Pacifique or franc CFP ; CFP stood for Colonies françaises du Pacifique (i. ... Currently there are several currencies pegged to the euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate. ... Overview One of the worlds poorest countries, Comoros is made up of three islands that have inadequate transportation links, a young and rapidly increasing population, and few natural resources. ... Economy - overview: Economic activity is based primarily on the agricultural sector, including fishing and livestock raising. ... The economy of Africa comprises approximately 887 million people as of July 2005 living in 54 different states. ...

References

• Abal Anrabe Abdou Chacourou (2003). Franc comorien, Editions L'Harmattan. ISBN 2747548430

Wikipedia does not have an article with this exact name. ...

External links

Official websites

• Banque Centrale des Comores official site
• Text of the 1979 Comorian Agreement of Monetary Cooperation at Banque de France
• Decision of the Council of Europe on 23 November 1998 regarding the CFA and Comorian francs (Adobe Acrobat (PDF) file)
• Franc zone information at Banque de France
• Franc zone information at Banque de France (in French, but more extensive than the English version)
• Central Bank of Madagascar

Wikipedia does not have an article with this exact name. ... Wikipedia does not have an article with this exact name. ... Wikipedia does not have an article with this exact name. ... PDF is an abbreviation with several meanings: Portable Document Format Post-doctoral fellowship Probability density function There also is an electronic design automation company named PDF Solutions. ... Wikipedia does not have an article with this exact name. ... Wikipedia does not have an article with this exact name. ... Wikipedia does not have an article with this exact name. ...

Numismatic websites

• History of Comorian currencies
• Numismatics of Comoros
• Images of Comorian banknotes at Islamic Banknotes
• Images of Comorian banknotes at Banknote World
• Coins of the Comoros Islands
• Coins of Comoros
• La fabrication des monnaies utilisées par les Comoriens
• A table of conversion rates between the euro and the Comorian franc

Wikipedia does not have an article with this exact name. ...