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Comoros: Financial transfers from the Comorian diaspora towards the archipelago continue to increase

The latest quarterly bulletin of the Central Bank of the Comoros has recently highlighted the fact that financial transfers from the Comorian diaspora to the archipelago continue to grow and annually representing almost 25% of the gross domestic product (GDP) of the Comoros.
Thus, during the last five years, these financial transfers from the Comorian diaspora was valued at approximately 250 billion Comorian francs * and are a source of revitalisation of the economy of the archipelago of the Comoros and its banking sector.
In 2013, remittances of Comorian citizens living abroad, have been estimated at 58.8 billion Comorian francs against 53.4 billion Comorian francs the previous year, and in comparison to the 14.8 billion Comorian francs recorded in 2000, an increase of 297% in 13 years.
These financial transfers from the Comorian diaspora are the first source of financing of the Mauritian economy, largely ahead of official development assistance, as reported in the Alwatwan newspaper.
"These resources finance almost 80% of the structural deficit in the current account of the balance of payments of the Comoros, and cover about six months of import of the goods and services," reports the Central Bank of the Comoros.
* One euro is equivalent to 491.7 Comorian francs euros

Anli Saendou

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