About the AUD/KMF rate
The AUD/KMF rate is how many KMF one Australian dollar buys. It moves constantly with interest-rate expectations, commodity prices and global risk sentiment - see what moves the rate. Tradergy shows the mid-market reference rate and does not forecast where it’s heading. For the 52-week highs and lows and a daily table, see the AUD/KMF rate history.
The other directions of this rate: the reverse rate, KMF → AUD, is on the receiving Comorian franc view, and sending Australian dollars to Comoros is covered on the AUD → KMF transfer page. Every AUD pair sits on the convert hub, and to work in more than one currency at once there is the currency converter.
Where the guarantee behind the franc sits
Comoros is routinely filed under the CFA franc and it does not belong there. France's Direction générale du Trésor describes itself as bound by monetary cooperation agreements with three separate African monetary zones, of which the Union of the Comoros is the third, alone bound by the agreement that concerns it. The Comorian franc is its own currency with its own ISO code, and the West African reform that ended that zone's reserve centralisation and closed its operations account did not touch this arrangement.
The instrument itself is short and specific. The monetary cooperation agreement signed at Moroni and Paris on 23 November 1979 states that the cooperation rests on two things: the unlimited guarantee given by France to the money issued by the Banque Centrale des Comores, and the deposit of Comorian foreign exchange reserves with the French Treasury. Article 6 opens the operations account in the books of that Treasury.
An unlimited guarantee is bought with something, and the agreement is candid about what. The guarantee is given in exchange for French participation in the management and control of the central bank, which is why French representatives sit on it.
Article 8 fixes the parity by treaty and allows it to change only by agreement of both governments, so the rate is not a policy setting that anyone in Moroni can adjust. Article 11 lets either government denounce the whole arrangement, which automatically suspends the operations account with it.
One number distinguishes Comoros from the zones it is confused with. The French Treasury publishes the requirement that the Banque Centrale des Comores centralise at least 65 per cent of its foreign exchange reserves in the operations account, against 50 per cent for the Central African union. The West African union centralises nothing at all any more, having had no operations account with the Treasury since January 2020. The smallest of the three arrangements now carries much the heaviest deposit.
Sources: Accord de coopération monétaire entre la République Fédérale Islamique des Comores et la République Française, 23 November 1979 (Banque Centrale des Comores) · Direction générale du Trésor, Les principes et modalités de fonctionnement de la coopération monétaire · BCEAO, press release on the reform of the CFA franc · International Monetary Fund, Statement by the Managing Director on the Reform of the West Africa CFA Franc, Press Release No. 19/487, 21 December 2019