History of the Comoros (1978–89)
The Comoros is an island nation in the Indian Ocean, located off the eastern coast of Africa. France first established colonial rule in the Comoros in 1841. Agreement was reached with France in 1973 for the Comoros to become independent in 1978. On July 6, 1975, but the Comorian parliament passed a unilateral resolution declaring independence. The deputies of Mayotte, which remained under French control, abstained. Referendums on all four of the islands excluding Mayotte showed strong support for independence. Ahmed Abdallah proclaimed the Comoros' independence on September 5, 1975 and became its first president.
Economy of the Comoros
The banking system consists of the Central Bank of the Comoros (Banque Centrale des Comores) established in 1981 that had three offices (Moroni (Grande-Comore), Mutsamudu (Anjouan) and Fomboni (Mohéli)); the Bank for Industry and Commerce (Banque pour l'Industrie et le Commerce—BIC), a commercial bank established in 1990 that had six branches in 1993 and was a subsidiary of the National Bank of Paris—International (Banque Nationale de Paris—Internationale); the Development Bank of the Comoros (Banque de Développement des Comores), established in 1982, which provided support for small and midsize development projects, the Federal Bank of Commerce (Banque Fédérale de Commerce) and the Exim Bank Comores Ltd. Most of the shares in the Development Bank of the Comoros were held by the Comoran government and the central bank; the rest were held by the European Investment Bank and the Central Bank for Economic Cooperation (Caisse Centrale de Coopération Économique—CCCE), a development agency of the French government. All of these banks had headquarters in Moroni.