The Central Bank of Solomon Islands (CBSI) was first established in February 1983 under the Central Bank of Solomon Islands Act 1976 which was amended in 1985 and then later on adopting a new central bank act on November 2012. It is the premier financial institution in the country and is at the center of the banking and financial system, performing a number of essential functions, including the formulation and implementation of the country’s monetary policies. Therefore CBSI exercises discretionary control over the Country’s entire monetary system.
What the Bank does
Apart from defining monetary policies, issuing and managing of currency and banking supervision, the Central Bank of Solomon Islands is involved in many other tasks in order to work towards achieving its vision.
The Bank was first established in 1976 where It began as a monetary authority; it was then given more powers and responsibilities when the authority was converted into a Central Bank in 1983. Now the Central Bank has fully evolved as one of the key financial institutions in the Solomon Islands economy.
The Central Bank of Solomon Islands continue to produce documents on how the bank works. The following are documents that govern the Central Bank of Solomon Islands:
Central Bank of Solomon Islands Act 2012
The mandate of the Central Bank of Solomon Islands is spelled out in the Central Bank of Solomon Islands Act.
The Central Bank is accountable to the Parliament and the Minister for Finance to publish one or more reports, approved by the Board, on the state of the economy during the financial year that just ended, including an outlook for the economy for the coming year, with emphasis on its policy objectives and the condition of the financial system of Solomon Islands.
Statement of Financial Position / Balance Sheet
To understand the finances of a central bank, it is helpful to know how it operates in support of its mandate.
Other acts that govern the Central Bank of Solomon Islands can be found under the Legislation section of the Website
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