45-590: KMF may refer to: Comorian franc , currency of Comoros by ISO 4217 currency code Kabul Medical University , formerly the Kabul Medical Faculty Kare language (Papuan) , ISO 639-3 language code Karnataka Milk Federation , a state-level milk federation in India Kevoree Modeling Framework , a model driven engineering framework that generates code from models Khmer Mekong Films ,
90-668: A private monopoly to issue currency for the colony of Madagascar. The Malagasy franc (French: franc malgache ) was equivalent to 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
135-550: A Cambodian film and video production company KMF Ekonomac Kragujevac , a futsal club based in Kragujevac, Serbia Knightmare Frame , mecha from Sunrise anime Code Geass Korea Muslim Federation , a religious organization based in South Korea KMF , a 2016 album by Norwegian indie rock band Kakkmaddafakka Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with
180-689: A bank monitoring system. The headquarters are located in Moroni , and the current bank governor is Mer Said Ahmed Said Ali. In 1890, Sultan Said Ali of Bambao, Ngazidja 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. All three coins bore similar inscriptions, including
225-481: A combined population of 210.4 million people (as of 2023), and a combined GDP of US$ 313.7 billion (as of 2023). Between 1945 and 1958, CFA stood for Colonies françaises d'Afrique ("French colonies of Africa"); then for Communauté française d'Afrique (" French Community of Africa") between 1958 (establishment of the French Fifth Republic ) and the independence of these African countries at
270-613: Is issued by the BEAC ( Banque des États de l'Afrique Centrale , i.e., "Bank of the Central African States"), located in Yaoundé , Cameroon , for the six countries of the CEMAC ( Communauté Économique et Monétaire de l'Afrique Centrale , i.e., " Economic and Monetary Community of Central Africa "): These six countries have a combined population of 62.8 million people (as of 2023), and
315-656: Is known in French as the Franc CFA , where CFA stands for Communauté financière d'Afrique ('Financial Community of Africa') or Communauté Financière Africaine ("African Financial Community"). It is issued by the BCEAO ( Banque Centrale des États de l'Afrique de l'Ouest , i.e., "Central Bank of the West African States"), located in Dakar , Senegal , for the eight countries of
360-475: Is the official currency of Comoros . It is nominally subdivided into 100 centimes , although no centime denominations have ever been issued. The French franc became the currency of Comoros after the islands became a French protectorate in 1886. In 1891, Sultan Said Ali bin Said Omar of Grande Comore ( Ngazidja ) issued coins denominated in centimes and francs which circulated alongside French currency. In 1912,
405-611: The Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar . New currencies were created in the French colonies to spare them the strong devaluation, thereby making it easier for them to import goods from France (and simultaneously making it harder for them to export goods to France). French officials presented the decision as an act of generosity. René Pleven ,
450-571: The Central African CFA franc (where "CFA" stands for Coopération Financière en Afrique centrale , i.e. "Financial Cooperation in Central Africa" in English), used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. The ISO currency codes are XAF for the Central African CFA franc and XOF for
495-754: The Council of the European Union addressed the monetary agreements France has with the CFA Zone and Comoros and ruled that: 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
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#1733084837827540-639: The EURion constellation , along with other improved security features to make them more difficult to counterfeit. All Comorian franc banknotes CFA franc The CFA franc ( French : franc CFA , [fʁɑ̃ seɛfɑ] ) is the name of two currencies used by 210 million people (as of 2023) in fourteen African countries: the West African CFA franc (where "CFA" stands for Communauté Financière Africaine , i.e. "African Financial Community" in English), used in eight West African countries , and
585-499: The French Minister of Finance , was quoted as saying: In a show of her generosity and selflessness, metropolitan France , wishing not to impose on her far-away daughters the consequences of her own poverty, is setting different exchange rates for their currency. The CFA franc was created with a fixed exchange rate versus the French franc . This exchange rate was changed only twice, in 1948 and in 1994 (besides nominal adaptation to
630-509: 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 ( EONIA ) leading to a stabilisation of interest rate differentials with the euro. The BCC applies a compulsory reserves system (30% of deposits) and
675-612: 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
720-776: The Institut d'Émission des Comores , the 50 FC and 100 FC notes being replaced by coins. The central Bank took over production of paper money in 1984. 2,500 FC and 10,000 FC notes were introduced in 1997, followed by 2,000 FC in 2005. The 2,500 FC note was demonetized on 31 January 2007. Comorian banknotes are printed 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 . The 500 FC, 1,000 FC, 2,000 FC, 5,000 FC, and 10,000 FC notes dated 2005 and 2006 contain
765-550: The West African CFA franc . Both CFA francs have a fixed exchange rate (peg) to the euro guaranteed by France: €1 = F.CFA 655.957 exactly. To ensure this convertibility guarantee, member countries were required to deposit half of their foreign exchange reserves with the French Treasury, but this requirement was dropped in 2019 (effective in 2021) for the West African CFA franc. This requirement remains unchanged for
810-599: The foreign exchange reserves of Comoros are held in euros 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:
855-584: 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 " COMORES " overstamped on them. Denominations of 50 FC, 100 FC, 500 FC, 1,000 FC and 5,000 FC were issued. As per Décret 64-1038 du 07 octobre 1964, banknotes without the overstamp ceased to be legal tender on 31 December 1964. The overstamped notes circulated until 1976, when 500 FC, 1,000 FC and 5,000 FC were introduced by
900-451: 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 12 January 1994, when the currency was devalued in concert with the CFA franc devaluation. however, the Comorian franc
945-456: The CFA franc since its introduction, despite the fact that they had never been French colonies. In 1998, in anticipation of Economic and Monetary Union of the European Union , the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros and ruled that: The currency has been criticized for making national monetary policy for the developing countries of French West Africa all but impossible, since
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#1733084837827990-645: The CFA franc, and criticism continued from various African organizations. On 21 December 2019, President Alassane Ouattara of the Ivory Coast and President Emmanuel Macron of France announced an initiative to replace the West African CFA Franc with the Eco . Subsequently, a reform of the West African CFA franc was initiated. In May 2020, the French National Assembly agreed to end the French engagement in
1035-570: The CFA franc: the West African CFA franc ( ISO 4217 currency code XOF), and the Central Africa CFA franc ( ISO 4217 currency code XAF). They are distinguished in French by the meaning of the abbreviation CFA. These two CFA francs have the same exchange rate with the euro (1 euro = 655.957 XOF = 655.957 XAF), and they are both guaranteed by the French treasury ( Trésor public ), but the two currencies are only legal tender in their respective member countries. The West African CFA franc ( XOF )
1080-505: The CFA's value is pegged to the euro (whose monetary policy is set by the European Central Bank ). Others disagree and argue that the CFA "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries". The European Union 's 2008 assessment of the CFA's link to the euro noted that "benefits from economic integration within each of
1125-532: The Central African CFA franc, which wasn't reformed in 2019 (the reform concerned only the West African CFA franc). The currency has been criticized for restricting the sovereignty of the African member states, effectively putting their monetary policy in the hands of the European Central Bank . Others argue that the CFA "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates
1170-454: The Central Bank has issued coins since 1981. Until 1975, only French appeared on Comorian coins. Since then, Comorian has also been used. General circulation Comorian coins 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, although this was omitted from the 1994 50 FC piece at the request of
1215-516: The Comorian government. The coins are manufactured at their facility in Pessac , Gironde. The 5 FC coin is nicknamed reali , referring to the Spanish real ; the 2 FC coin is nicknamed nusu , meaning "half", and the 1 FC coin "robo", meaning "quarter". The 1 FC, 2 FC, 5 FC and 10 FC coins are rarely used because of their low value. The 25 FC and 100 FC coins contain
1260-476: The Comoros became a province of Madagascar , which was also a 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 agreement with the Banque de Paris et des Pays-Bas to create the Banque de Madagascar , headquartered in Paris, and granted it
1305-469: The Comoros, replacing the Madagascar coins previously in use. Aluminium 1 FC, 2 FC, and 5 FC and aluminium-bronze 10 FC and 20 FC coins were issued. In 1975, nickel 50 francs were introduced, followed by nickel 100 FC in 1977 and nickel 25 FC in 1981. Nickel-plated-steel replaced nickel after 1990. The Institut d'Émission des Comores issued coins between 1975 and 1977, whilst
1350-429: The French government took over majority ownership of the Banque de Madagascar et des Comores. On 1 January 1960, the French franc was redenominated, with 100 old francs becoming 1 new franc. (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
1395-517: The UEMOA ( Union Économique et Monétaire Ouest Africaine , i.e., " West African Economic and Monetary Union "): These eight countries have a combined population of 147.6 million people (as of 2023), and a combined GDP of US$ 199.4 billion (as of 2023). The Central Africa CFA franc ( XAF ) is known in French as the Franc CFA , where CFA stands for Coopération financière en Afrique centrale ("Financial Cooperation in Central Africa"). It
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1440-418: The West African CFA franc. The countries using the currency will no longer have to deposit half of their foreign exchange reserves with the French Treasury. The broader Economic Community of West African States (ECOWAS), which includes the members of UEMOA, plans to introduce its own common currency for its member states by 2027, for which they have also formally adopted the name Eco . On April 25, 2023,
1485-469: 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 francs . 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,
1530-459: The beginning of the 1960s. Since independence, CFA is taken to mean Communauté Financière Africaine (African Financial Community) or Coopération financière en Afrique centrale (see Institutions below). The CFA franc was created on 26 December 1945, along with the CFP franc . The reason for their creation was the weakness of the French franc immediately after World War II . When France ratified
1575-418: 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 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
1620-462: The date 1308 AH , which corresponds to the Gregorian calendar years 1890/91 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. In 1964, coins were introduced specifically for use in
1665-461: The flow of exports and imports between France and the member-countries". On 22 December 2019, it was announced that the West African currency would be reformed and replaced by an independent currency to be called Eco . In May 2020, the French National Assembly agreed to end the French engagement in the West African CFA franc, including the foreign reserve deposit requirements, thereby facilitating
1710-436: 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 ( compte d'operation ) at the French Treasury ( Trésor public ) to handle all exchange transactions. Sixty-five percent of
1755-616: The new French franc in 1960 and the Euro in 1999). Exchange rate: The 1960 and 1999 events merely reflect changes of currency in use in France: the actual relative value of the CFA franc versus the French franc/euro only changed in 1948 and 1994. Over time, the number of countries and territories using the CFA franc has changed as some countries began introducing their own separate currencies. A couple of nations in West Africa have also chosen to adopt
1800-710: The phrase "Augmentons la production alimentaire" ( Let's increase food production ). The 5 FC 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. The first Comorian paper money was issued in 1920. It consisted of an emergency issue of Madagascar postage stamps fixed to card to allow them to circulate as money. Denominations of 50 centimes and 1 franc were issued. Loi ordinaire 62-873 du 31 juillet 1962, Article 12, allowed
1845-537: The subject of the CFA franc was discussed at the ministerial meeting of the Economic and Monetary Community of Central Africa (CEMAC) and France. The French perceive the guarantee provided to the CFA franc, and the assurance of its convertibility, as a pillar of economic stability for the region. France remains “open” and “available” to CEMAC proposals to reform monetary cooperation in Central Africa, as has happened in West Africa. [1] There are two different currencies called
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1890-539: The title KMF . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=KMF&oldid=1122292371 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Comorian franc The franc (French: franc comorien ; Arabic : فرنك قمري ; sign: FC ; ISO 4217 code: KMF )
1935-684: The transition to the Eco. Despite initial plans for a monetary union by late 2020, setbacks including the COVID-19 pandemic , global geopolitical uncertainties, and failure to meet criteria resulted in a postponement until 2027. CFA francs are used in fourteen countries: twelve nations formerly ruled by France in West and Central Africa (excluding Guinea and Mauritania , which withdrew), plus Guinea-Bissau (a former Portuguese colony), and Equatorial Guinea (a former Spanish colony). These fourteen countries have
1980-593: The two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low" but that "the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability". Critics point out that the currency is controlled by the French treasury, and in turn African countries channel more money to France than they receive in aid and have no sovereignty over their monetary policies. In January 2019, Italian ministers accused France of impoverishing Africa through
2025-458: Was devalued 33 + 1 ⁄ 3 % 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 pegged , at its prevailing rate, to the new currency. The exchange rate is now 491.96775 Comorian francs to 1 euro. In 1998 in anticipation of European Monetary Union ,
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