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What is the currency of Comoros? The Comoros franc became the official currency of the Comoros when it replaced the franc of France in 1886. Although it was never produced, the smallest section is technically 100 centimes.
Comoros Coins
The Ngazidja in bronze 10 and five centimes and 5 francs silver was first issued by Bambao’s Sultan Ali in 1890. The production took place in Paris with the same features as the French coins.
In 1964, the introduction of coins used by the Comoros replaced the Madagascar coins. Different denominations were aluminum bronze 20 and 10 franc coins and 5, 2 and 1 franc. Another type of coin, nickel 50, was introduced in 1975, followed by 100 franc nickel in 1977, nickel 25 franc and nickel-plated steel in 1981 and 1990. Comorian francs were in circulation from 1975.
Banknotes
It was in 1920 when the first Comorian money was produced in paper form. One franc and 50 centimes circulated. The banknotes continued to flow as they were delivered Banque de Madagascar and Comores until 1962 when the word “COMORES” was written in the notes. The 5,000-, 1,000- and 500-francs replaced the banknotes that carried the year 1976 with “COMORES”. The issue of paper money was transferred to the Central Bank in 1984.
The Banque de France prints Comorian banknotes in a paper mill in Vic-le-Comte. The current notes (10000, 5000, 2000, 1000 and 500 francs) have increased their security features in recent years to prevent counterfeiting.
Monetary policy in the Republic of the Comoros is independent
The UN member Comoros has its own national currency: the Comorian Franc (KMF). But the KMF is not convertible and not available in Europe.
On the other hand, the local money is obtained in the banks in the Comoros and often also from traders and in normal shops. Virtually all business people in the Comoros maintain business relations with foreign countries and often have their own accounts outside the Comoros. Therefore, almost everyone is interested in getting their hands on foreign exchange. There is therefore a black market, but only with marginal margins. However, it should be borne in mind that money exchange outside official financial institutions is officially prohibited.
The Central Bank of the Comoros provides an insight into historical and current banknotes on its website in the ‘Musée de la Monnaie’. The banknotes currently in circulation are available in pdf format: Comoros banknotes. Coins are still in circulation in the Comoros. Interestingly, there is also a 250 Franc coin. There are 25, 50, 100 and 250 KMF coins. Illustration
Money and exchange rate
The exchange rate of the Comorian franc (KMF) has been somewhat volatile over the years, but surprisingly stable. Only from time to time do dramatic swings show that the Comoros economy and above all its policies are unstable. As a rough rule of thumb the formula is suitable: 500 KMF = 1 Euro
Money and Banks
There are several banks in the Comoros. These are the banks:
- Banque Fédéral de Commerce BFC
- Banque pour l’Industrie et le Commerce-Comore BIC
- Exim Bank Comores SA EB
- Banque de Développement des Comores BDC
- Meck-Moroni
- Societé Nationale des Postes et Services Financiers
Most of these banks have their headquarters in prestigious Moroni on Karthala Boulevard, where the main post office and the CNDRS museum are located. On the other islands of Mohéli and Anjouan, only a few of these banks also operate agencies.
Money with credit cards
In the capital Moroni you can often pay with credit cards. For example in hotels or restaurants. You can also withdraw money with credit cards at ATM cash dispensers. However, cash withdrawals in KMF are limited to a certain daily amount. Visa and Mastercard are accepted.
However, outside the Moroni conurbation and on the islands of Mohéli and Anjouan, the use of credit cards is very restricted. This is also because the electricity supply is not guaranteed everywhere and at all times. It is therefore highly advisable to always carry a bundle of cash with you. The euro is very much in demand and is therefore gladly accepted in many places. Therefore, it is also advisable to carry 10 and 20 euro notes with you.
On the French Comoros island of Mayotte, on the other hand, credit cards are accepted almost everywhere and the euro is the currency used.