Comorian franc
1812232
220159918
2008-06-18T15:37:40Z
Zorrobot
7218328
robot Adding: [[no:Komoriske franc]]
{{Infobox Currency
| currency_name_in_local = franc comorien <small>{{fr icon}}</small><br>فرنك قمري <small>{{ar icon}}</small>
| image_1 = KMF 2000.JPG
| image_title_1 = The new 2000-franc note
| image_2 = KMF 100 obv.JPG
| image_title_2 = 100 francs
| iso_code = KMF
| using_countries = [[Comoros]]
| inflation_rate = 3%
| inflation_source_date = ''[https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook]'', 2005 est.
| pegged_with = [[euro]] = 491.96775 francs
| subunit_ratio_1 = 1/100
| subunit_name_1 = [[centime]]
| subunit_inline_note_1 = no longer used
| frequently_used_coins = 25, 50, 100 francs
| rarely_used_coins = 1, 2, 5, 10 francs
| used_banknotes = 500, 1000, 2000, 5000, 10000 francs
| issuing_authority = [[Banque Centrale des Comores]]
| issuing_authority_website = www.bancecom.com
| printer = [[Banque de France]]
| printer_website = www.banque-france.fr
| mint = [[Monnaie de Paris]]
| mint_website = www.monnaiedeparis.com
}}
The '''franc''' ([[French language|French]]: ''franc comorien''; [[Arabic language|Arabic]]: فرنك قمري) ([[ISO 4217]] currency code KMF) is the official [[currency]] of [[Comoros]]. It is subdivided into 100 ''centimes'', although the centime is no longer used.
==History==
The [[French franc]] became the currency of Comoros after the islands became a French protectorate in 1886. In 1891, Sultan Said Ali of [[Anjouan]] issued coins denominated in centimes and francs which circulated alongside French currency. In 1912, the Comoros became a province of [[Madagascar]], which was a [[French colonial empires|French possession]]. French banknotes and coins circulated in the colony. Apart from an emergency issue of small change notes in 1920, the French currency circulated alone until 1925.
On [[1 July]], [[1925]], the French government formed an [http://www.legifrance.gouv.fr/WAspad/UnDocument?base=LEX&nod=1LX9251227P1 agreement] with the ''[[Banque de Paris et des Pays-Bas]]'' to create the ''Banque de Madagascar'', headquartered in Paris, and granted it a [[Government-granted monopoly|private monopoly]] to [[monetary authority|issue currency]] for the colony of Madagascar. The [[Malagasy franc]] (French: ''franc malgace'') was equivalent tot the French franc and French coins continued to circulate as Madagascar had no coins of its own until 1943.
When the Comoros became a separate French territory in 1945, the name of the issuing bank was changed to the ''Banque de Madagascar et des Comores'' (still headquartered in Paris). A branch office opened in Comoros in 1953. While the banknotes were changed to reflect the new status of Comoros, the coins were not changed and bore only the name Madagascar. On [[26 December]], [[1945]], the Madagascar-Comores [[CFA franc]] was established and its value was fixed at 1.7 [[French franc]]s. Old Madagascar coins and banknotes continued to circulate as this new currency. On [[17 October]], [[1948]], the CFA franc was revalued to 2 French francs.
In 1950, the French government took over majority ownership of the Banque de Madagascar et des Comores. On [[1 January]] [[1960]], the French franc was revalued, with 100 old francs becoming 1 new franc. ([http://www.legifrance.gouv.fr/texteconsolide/AFHCF.htm Décret n°59-1450 du 22 décembre 1959]) The new exchange rate was 1 Madagascar-Comores CFA franc = 0.02 French francs (50 Madagascar-Comores CFA francs = 1 French franc).
On [[26 June]], [[1960]], Madagascar gained independence from France, and the ''Institut d'Émission Malgache'' (headquartered in [[Antananarivo]]) was created to issue currency only for Madagascar. Madagascar left the CFA zone effective [[1 July]] [[1973]].
On [[23 November]] [[1979]], the government of Comoros signed the ''Accord de coopération monétaire entre la République Française et la République fédérale islamique des Comores'', 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 exchange rate|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 (''compte d'operation'') at the French Treasury ([[Trésor public]]) to handle all exchange transactions. Sixty-five percent of the [[foreign exchange reserves]] of Comoros are held in [[euro]]s 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 stability of the Comorian franc is founded on tight monetary and credit discipline, underpinned by two specific safeguard measures: the central bank is required to maintain 20% foreign-exchange cover of its sight liabilities, and the government is not allowed to draw more than 20% of the previous year's budget receipts from their central bank funds. The [[finance minister|ministers of finance]] of the franc area (France, the CFA zone and Comoros) meet biannually. The agreement between France and the Comoros is essentially the same as the agreement France has with the CFA Zone. It is a continuation of a relationship of monetary cooperation between the two countries that has existed for more than a century.
Until 1994, the Comorian franc was pegged to the [[French franc]] at the rate of 50 Comorian francs to 1 French franc. This was changed on [[January 12]], [[1994]], when the currency was [[devaluation|devalued]] in concert with the [[CFA franc]] devaluation. however, the Comorian franc was devalued 33⅓% to a new rate of 75 Comorian francs for 1 French franc, while 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 [[fixed currency|pegged]], at its prevailing rate, to the new currency. The [[exchange rate]] is now 491.96775 Comorian francs to 1 euro.
===European Monetary Union===
In 1998 in anticipation of [[Economic and Monetary Union of the European Union|European Monetary Union]], the [[Council of the European Union]] addressed the monetary agreements France has with the CFA Zone and Comoros and ruled that:
* the agreements are unlikely to have any material effect on the [[monetary policy|monetary]] and [[exchange rate regime|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
==Central Bank==
The [[statutes]] of the Central Bank of the Comoros ([[Banque Centrale des Comores]] / البنك المركزي القمري ''Al-Bank al-Markazi al-Qomori'') 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 [[Government of France|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 ([[EONIA]]) leading to a stabilisation of [[interest rate]] differentials with the euro. The BCC applies a compulsory [[reserve requirement|reserves system]] (30% of deposits) and a bank monitoring system. The headquarters are located in [[Moroni, Comoros|Moroni]], and the current bank governor is Mer Said Ahmed Said Ali.
==Coins==
In 1890, Sultan Said Ali of [[Anjouan]] issued bronze 5 and 10 centimes and silver 5 francs. The coins were struck in Paris to the same specifications as the corresponding French coins. The three coins ceased to be valid in theory in 1912 but the lower two denominations were still turning up in general circulation as late as 1930. The two bronze coins are frequently used for magico-religious purposes.{{Fact|date=November 2007}} All three coins bore similar inscriptions, including the date 1308 [[Islamic calendar|AH]], which corresponds to the [[Gregorian calendar]] years 1890/91 [[Anno Domini|AD]].
In the 1920s, a shortage of coins led to the issuance of private tokens by the principal colonial company on [[Ngazidja]] and a sugar plantation on [[Mayotte]]. Denominations included 25 and 50 centimes and 1 and 2 francs. Aluminium and bronze were used in these tokens.
{|align = "right"
|[[Image:KMF Ind5075o.jpg|right|thumb|80px|50 francs, 1975]]||[[Image:KMF Ind10077o.jpg|right|thumb|95px|100 francs, 1977]]
|}
In 1964, coins were introduced specifically for use in the Comoros, replacing the Madagascan coins previously in use. Aluminium 1, 2, and 5 francs and aluminium-bronze 10 and 20 francs coins were issued. In 1975, nickel 50 francs were introduced, followed by nickel 100 francs in 1977 and nickel 25 francs in 1981. Nickel-plated-steel replaced nickel after 1990. The Institut d'Émission des Comores issued coins between 1975 and 1977, whilst the Central Bank has issued coins since 1981.
Until 1975, only [[French language|French]] appeared on Comorian coins. Since then, [[Arabic language|Arabic]] has also been used.
{|class="wikitable"
!colspan="6"|Coins of the Comorian franc
|-
!Obverse!!Reverse!!Denomination!!Weight!!Diameter!!Composition
|-
| || ||1 franc||[[aluminium]]||23 mm
|-
|align=center| [[Image:KMF 2 obv.JPG|130px]]||align=center| [[Image:KMF 2 rev.JPG|130px]]||2 francs||aluminium||27 mm||2.2 g
|-
|align=center| [[Image:KMF 5 obv.JPG|130px]]||align=center| <!-- Deleted image removed: [[Image:KMF 5 rev.JPG|130px]] -->||5 francs||aluminium||31 mm||3.75 g
|-
|align=center| [[Image:KMF 10 obv.JPG|130px]]||align=center| [[Image:KMF 10 rev.JPG|130px]]||10 francs||[[aluminium bronze]]||22 mm||
|-
|align=center| <!-- Deleted image removed: [[Image:KMF 25 obv.JPG|130px]] -->||align=center| [[Image:KMF 25 rev.JPG|130px]]||25 francs||[[nickel]]||20 mm||3.9 g
|-
|align=center| [[Image:KMF 50 obv.JPG|130px]]||align=center| [[Image:KMF 50 rev.JPG|130px]]||50 francs||nickel||24 mm||6 g
|-
|align=center| [[Image:KMF 100 obv.JPG|130px]]||align=center| [[Image:KMF 100 rev.jpg|130px]]||100 francs||nickel-plated steel||28 mm||10 g
|}
<!-- Deleted image removed: [[Image:Paris mint mark.gif|right|thumb|80px|Paris mint mark]] -->
Comorian [[coin]]s have always been minted by the [[Monnaie de Paris]]. This is indicated by the [[cornucopia]] [[mint mark]] on the coins, visible to the left of the date. The coins are manufactured at their facility in [[Pessac]], [[Gironde]].
The 5-franc coin is nicknamed ''reali'', referring to the [[Spanish real]]; the 2-franc coin is nicknamed ''nusu'', meaning "half", and the 1-franc coin "robo", meaning "quarter". The 1-, 2-, 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" (''Let's increase food production''). The 5-franc coin contains the phrase "Conférence Mondiale sur les Pêches" (''World Conference on Fishing''). Both of these phrases are references to programs by the [[United Nations]] [[Food and Agriculture Organization]]. Comoros is one of 114 countries that have issued FAO coins. More information on FAO coins can be found [http://fao-coins.info/ here].
==Banknotes==
The first Comorian paper money was issued in 1920. It consisted of an emergency issue of Madagascan [[postage stamps]] fixed to card to allow them to circulate as money. Denominations of 50 centimes and 1 franc were issued.
[[Image:100 francs COMORES colonial.jpg|right|250px]]
[http://www.legifrance.gouv.fr/WAspad/UnDocument?base=LEX&nod=1LX962873-012 Loi ordinaire 62-873 du 31 juillet 1962, Article 12], allowed the Banque de Madagascar et des Comores to continue issuing notes in Comoros after Madagascar began issuing its own currency but, beginning [[1 April]], [[1962]], they had "<font color = "red">'''COMORES'''</font>" overstamped on them. Denominations of 50, 100, 500, 1000 and 5000 francs were issued. As per [http://www.legifrance.gouv.fr/WAspad/UnDocument?base=LEX&nod=1DX9641038 Décret 64-1038 du 07 octobre 1964], banknotes without the overstamp ceased to be legal tender on [[31 December]], [[1964]].
[[Image:500KMF obverse.jpg|right|thumb|250px|500-franc note from 1981. The white circle contains a [[watermark]].]]
The overstamped notes circulated until 1976, when 500, 1000 and 5000 francs were introduced by the Institut d'Émission des Comores, the 50 and 100 francs notes being replaced by coins. The central Bank took over production of paper money in 1984. 2500 and 10,000 francs notes were introduced in 1997, followed by 2000 francs in 2005. The 2500 francs note is being withdrawn from circulation.
Comorian [[banknote]]s are manufactured by the [[Banque de France]] at their [[paper mill]] in Vic-le-Comte and their [[printing works]] in [[Chamalières]], both in [[Puy-de-Dôme]], [[Auvergne (région)|Auvergne]]. The new 500, 1000, and 2000 franc notes contain the [[EURion constellation]].
{{Exchange Rate|KMF}}
==See also==
{{col-begin}}
{{col-2}}
*[[Malagasy franc]]
*[[CFA franc]]
*[[CFP franc]]
*[[Currencies related to the euro]]
{{col-break}}
*[[History of Comoros]]
*[[Economy of Comoros]]
*[[Economy of Mayotte]]
*[[Economy of Africa]]
{{col-end}}
==References==
{{refbegin}}
*{{fr icon}} {{cite book | author=Abal Anrabe Abdou Chacourou | title=Franc comorien | publisher =[http://www.editions-harmattan.fr Editions L'Harmattan] | year=2003 | }} ISBN 2-7475-4843-0
*{{numis cite SCWC|date=1991}}
*{{numis cite SCWPM|date=1994}}
{{refend}}
==External links==
*{{fr icon}} [http://www.bancecom.com/ Banque Centrale des Comores] official site
*{{fr icon}} [http://www.banque-france.fr/fr/eurosys/zonefr/page4_3.htm Text of the 1979 Comorian Agreement of Monetary Cooperation] at Banque de France
*{{en icon}} [http://europa.eu.int/eur-lex/pri/en/oj/dat/1998/l_320/l_32019981128en00580059.pdf Decision of the Council of Europe] on [[23 November]] [[1998]] regarding the CFA and Comorian francs
*{{en icon}} [http://www.banque-france.fr/gb/eurosys/zonefr/zonefr.htm Franc zone information at Banque de France]
*{{fr icon}} [http://www.banque-france.fr/fr/eurosys/zonefr/zonefr.htm Franc zone information at Banque de France] (in French, but more extensive than the English version)
*{{fr icon}} [http://www.banque-centrale.mg Central Bank of Madagascar]
{{Standard numismatics external links
| world_coin_gallery_1_url = Comoros
| world_coin_gallery_1_name = Comoros
| banknote_world_1_url = Comoro_Islands
| banknote_world_1_name = Comoros
| dollarization_1_url = km
| dollarization_1_name = Comoros
| gfd_1_url = Comoros
| gfd_1_name = Comoros
| gfd_data_1_url = 5585
| gfd_data_1_name = Comores Franc
| show_gfd_excel = Y
}}
*[http://www.islamicbanknotes.com/comores.htm Images of Comorian banknotes at Islamic Banknotes]
*[http://www.comores-online.com/collections/numismatique/indexgb.htm Numismatics of Comoros]
*[http://iainw.free.fr/ Numismatics of Comoros] by Dr Iain Walker
*[http://www.wbcc.fsnet.co.uk/af-cmo.htm Coins of Comoros]
*[http://www.bencoins.com/fao/paises.php?pais=COMOROS Comoros] at Ben's FAO Coins collection
*{{fr icon}} [http://www.comores-online.com/al-watwan/Archives/N789/Page19.htm La fabrication des monnaies utilisées par les Comoriens]
*{{fr icon}} [http://www.bondy.ird.fr/pleins_textes/pleins_textes_5/b_fdi_04-05/04437.pdf "Les Monnaies à Madagascar"], Louis Molet
*[http://www.comores-online.com/mwezinet/economie/euroconv.htm A table of conversion rates between the euro and the Comorian franc]
{{Franc}}
{{Currencies of Africa}}
[[Category:Economy of Comoros]]
[[Category:Fixed exchange rate]]
[[be-x-old:Каморскі франк]]
[[ca:Franc de les Comores]]
[[de:Komoren-Franc]]
[[el:Φράγκο Κομόρων]]
[[fr:Franc comorien]]
[[bpy:কোমোরিয়ান ফ্রাঙ্ক]]
[[it:Franco delle Comore]]
[[hu:Comore-i frank]]
[[nl:Comorese frank]]
[[no:Komoriske franc]]
[[pl:Frank komoryjski]]
[[ru:Коморский франк]]
[[sv:Komoransk franc]]
[[tg:Песои Коморос]]