Historical Sketch

When Portuguese navigators were the first Europeans to sight the Comoros in the early 16th century, sultanates had been established on each of the four islands. Islam had arrived through coastal trade from Oman already centuries before. In 1841, France took possession of Mayotte which at that time had become subordinate to neighboring Ndzuani (Anjouan). In 1886, Mayotte was annexed as a colony, and French protectorates were erected over the sultanates on the three other islands, Ndzuani, Mwali (Mohéli) and Ngazidja (Grande Comore). The latter island had just been unified with French help. Before that up to a dozen rivalling sultanates had co-existed. In 1912, the three sultans were deposed, and all four islands became part of the colony of Madagascar. In 1946, all French colonies were transformed into overseas territories. On this occasion, the Comoros were separated from Madagascar. In a referendum in December 1974, confirmed by a second one in February 1976, the inhabitants of three islands voted for independence, while Mayotte opted for integration into France.

Monetary History Overview

French accounting was introduced to the Comoros after the establishment of the colonial rule without local legislation. French metropolitan money remained scarce. Subsidiary coins were issued by a colonial company or in the form of emergency stamp money by the local authorities. In 1926, the Bank of Madagascar began operations. In 1951, it was renamed Bank of Madagascar and the Comoros. After the Second World War, France reorganised the monetary system of its colonies. In December 1945, colonial currencies were created for West Africa, Equatorial Africa and the Indian Ocean territories (Madagascar, Comoros, Reunion). In 1960, Madagascar attained independence while the Comoros remained under French rule. The Bank of Madagascar and the Comoros remained acting currency institute for the Comoros after Madagascar had created its own institution and currency in 1963. The Comorian Franc was created as distinct currency. After the 1976 referendum, France introduced the French Franc as sole legal tender in Mayotte, in 1999 replaced by the European common currency.

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