Month: April 2020

Immediate Release: Impact of COVID 19 on the Solomon Islands Economy – REVISED

Impact of COVID 19 on the Solomon Islands Economy – REVISED  The speed and extent of the Coronavirus (Covid-19) pandemic around the world has necessitated a revision to the Central Bank of Solomon Islands’ near-term growth outlook for the Solomon Islands economy. The downward movement in the global economy, as well ensuing public health measures and business closures could see a significant decline in real GDP of between minus 3% to minus 5% in 2020. The current information at hand indicates that the economy is moving into a recession starting in second quarter of 2020. The impact of Covid-19 will affect almost all sectors of the Solomon Islands economy. On the supply side, travel has been limited, some supply chains have been affected and there has been disruption to business activity. While on the demand side of the economy, there has been uncertainties on global demand for the country’s exports, along with a significant restraint in consumer spending in the domestic market. Furthermore, industrial sectors most impacted include tourism, transport, manufacturing, distribution, government services and forestry. The Central Bank of Solomon Islands is closely monitoring the situation and is working closely with the government to mitigate the impact of Covid-19 on the country. The Bank notes that at this current stage, containment is important to limit and prevent any incidence of the pandemic. Moreover, planning for the recovery period...

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Press Release: CBSI COVID-19-Public Notice

CBSI COVID-19: Public Notice  The Central Bank of Solomon Islands (CBSI) has imposed new measures for the public to limit the exposure and risk related to COVID-19. From March 30th 2020, the public must adhere to the following measures....

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Key Statistics

Inflation
(May, 2020) 7.2%
GDP (2017)
Actual (source: SINSO)
Constant 2012 prices
Real GDP
SBD$ 10,547m
Nominal GDP
SBD$ 11,703m
Real GDP Growth5.3%
Foreign Reserves
(July 29, 2020)SBD $5,728m
Interest Rates
(May, 2020)
Deposit Rate0.45%
Lending Rate10.81%
Money Supply
(July 29, 2020)SBD $5,081m

Exchange Rates

per
SBD
Today
10/08/2020
Last Week
03/08/2020
USD0.12160.1214
GBP0.09320.0925
EUR
0.10310.1029
AUD0.16960.1697
NZD
0.18390.1826
JPY12.875312.8402
SDR0.08620.0860
CNY0.8466 0.8475
Index109.6109.70

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