– 33 Comoros

2006 At a Glance Population (mn) 0.82 Population Growth (annual %) 2.6 Official Language (s) French/ Comorian (KMF) GDP (Current US$ bn) 0.402 GDP Growth (annual %) 1.2 GDP Per Capita (US$) 491 FDI, net inflows (US$ mn) (2005) 1 External Debt (US$ mn) 300 External Debt/GDP (%) 68.3 CPI Inflation (annual %) 3.8 Exports of goods and services (% of GDP) 10.5 Gross official reserves (US $ bn) 0.09 Gross official reserves (in months of imports) 11.2 UNDP HDI Ranking 132 Source: AfDB, IMF, UNCTAD, UNDP, UN Population Division

1. overview of Financial System Franc for the and the Paris for other The financial system of the country is small and . The Comoros has an arrangement with the concentrated in the banking sector, comprising French treasury through an Operations Account. With the Banque des Comoros (the ), 1 commercial exception of transactions relating to gold, the country’s bank (Banque pour l’Industrie et le Commerce des exchange control measures do not apply to France or to Comores) and 1 development bank (Banque de other countries whose banks of issue are linked to the Développement des Comores). The government has French Treasury by an Operations Account (i.e. WAEMU stated that it intends to increase competition in the and CEMAC). Forward cover against exchange rate banking sector. plans to open a risk is authorized by the central bank and is provided to subsidiary while a Kuwaiti investor has shown a keen traders for up to three months by a that interest in opening a Merchant Bank in Comoros. is authorized to conduct such transactions. Neither of these two banks is yet operational. Another KMF Per Unit of USD (Year End) commercial bank, the Banque de la Reunion, was 600 licensed in 2002 to operate in Comoros, but it has yet 500 to start operations. Micro-finance institutions generally 400 account for about 20% of lending in the banking 300 2000 2001 2002 2003 2004 2005 2006 sector. The Central Bank of the Comoros regulates Source: Bloomberg and supervises the entire financial sector. Comoros has a small insurance sector but no capital markets. 3. Key Contacts • Banque Centrale de Comores 2. Foreign Exchange B.P. 405, Moroni, Comoros The Comorian Franc (KMF) is pegged to the Euro at Tel: +269-73-0243, 72-1002 KMF 491.96775 / 1 EUR. Exchange rates are officially Fax: +269-73-0349 quoted on the basis of the fixed rate of the Comorian E-mail: [email protected]