Comoros, Bills 0% 22jun2026, KMF (28D) (001/2026)
Облігації, Zero-coupon bonds, Bills
Облігації, Zero-coupon bonds, Bills
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The Comoros is an island nation off the eastern coast of Africa, located in the Indian Ocean between the northern tip of Madagascar and Mozambique. The capital and largest city is Moroni. The Union of the ...
The Comoros is an island nation off the eastern coast of Africa, located in the Indian Ocean between the northern tip of Madagascar and Mozambique. The capital and largest city is Moroni. The Union of the Comoros consists of three main islands - Grande Comore, Anjouan and Moheli. The country's economy remains among the least developed in the world and is largely based on subsistence agriculture and fishing, with the main export goods being cloves, ylang-ylang (perfume essence) and vanilla, while imports are dominated by rice and other foodstuffs, consumer goods, petroleum products, cement, and transport equipment.
The Comorian debt market is at a very early stage of development. Public debt has historically consisted mainly of concessional external borrowing from multilateral institutions (IMF, World Bank, African Development Bank), with the public debt-to-GDP ratio rising to 35.8% in 2024 compared with 34.8% in 2023, driven by new payment arrears. Public debt reached 25.2% of GDP in 2025, and Comoros remains at high risk of debt distress under the January 2026 IMF-World Bank Debt Sustainability Analysis. However, the picture changed in May 2026: the Ministry of Finance, together with the Central Bank of the Comoros, officially launched a domestic Treasury bill market ("marche des bons du Tresor") - an initiative aimed at modernizing state financing and mobilizing national savings for the country's development. The first auction followed shortly after, on 21 May 2026: the Ministry of Finance placed 1,500 Treasury bills for a total amount of 1.5 billion Comorian francs, with a 28-day maturity. The launch was accompanied by the publication of a quarterly issuance calendar, signaling the authorities' intention to make these placements a regular instrument. The national currency is the Comorian franc (KMF), and since 19 November 1999 all official rates of the central bank have been pegged to the Euro Overnight Index Average (EONIA), stabilizing interest rate differentials with the euro.
Macroeconomics:
According to the IMF, Comoros' economy was expected to grow 4.1% in 2026, compared with an estimated 3.8% growth in 2025. On the demand side, private consumption remained the main growth driver, underpinned by declining inflation and a 5.6% rise in remittances.
Inflation eased from 5% in 2024 to 3.3% in 2025, reflecting lower global commodity prices, though a temporary rise in inflation to 4.3% is projected for 2026 amid preparations for the Indian Ocean Island Games, with price pressures expected to ease to 2.2% by 2028.
The fiscal deficit widened from 2.1% of GDP in 2024 to 2.4% in 2025, reflecting a sharp rise in Games-related capital expenditure (from 5.1% to 6.8% of GDP), which more than offset consolidation in current spending, reduced to 11.1% of GDP. Tax revenues improved to 8% of GDP, up from 7.3% in 2024, largely due to one-off arrears collections, while grants remained a key financing source at around 6% of GDP.
Comoros' trade balance is structurally negative: the country recorded a trade deficit of 36,997 million KMF in the second quarter of 2025, with exports of 2,704.7 million KMF against imports of 39,702 million KMF. Main imports are fuel (23% of total imports), rice, cars, cement and fish, while Comoros is a net exporter of cloves (71% of total exports), perfume essences and vanilla. |
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1 000 000
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