Comorian Franc (KMF)

Basic Concepts of the Comorian Franc

The Comorian Franc is the official currency of the Union of the Comoros under the code KMF, issued and managed by the Central Bank of the Comoros. It is a fixed-exchange-rate currency pegged to the euro, with the exchange rate stabilized at 491.96775 Comorian francs per euro.

Countries and Regions of Use

The Comorian franc circulates only throughout the territory of the Union of the Comoros, an island nation in the Indian Ocean, including the major islands of Grande Comore, Mohéli and Anjouan. The country's economy is based on agriculture and fishing, and the franc is a central medium of trade and financial activity.

Unit of Currency and Denomination

The Comorian franc uses the decimal system, with 1 franc equal to 100 ducats. Current banknotes are in circulation in denominations of 500, 1,000, 2,000, 5,000 and 10,000 francs, while coins are available in denominations of 1, 2, 5, 10, 25, 50 and 100 francs. The designs of the banknotes show local flora and fauna as well as traditional cultural motifs.

Historical background and development

The Comorian franc became an independent currency in 1974, replacing the French CFA franc and continuing the French colonial monetary system, while the exchange rate was stabilized by pegging it to the euro in 1999, and in recent years it has been upgraded with anti-counterfeiting technology to cope with the challenges of inflation, reflecting the adaptability of small island countries' currencies.