Category: Media

Know Your Central Bank: CBSI Vision, Mission & Values

Know Your Central Bank – CBSI Mission, Vision & Values By CBSI Media  Article No. : 04/2020 In our last two articles, we look at the History of the Central Bank of Solomon Islands (CBSI) and the roles and responsibilities of CBSI as the premier institution of the country. This month we will continue to educate and inform you on the Mission, Vision and Values of the Central Bank of Solomon Islands.  ...

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Press Release: CBSI eases Cash Reserves Requirement

CBSI eases Cash Reserve Requirement  The Central Bank of Solomon Islands (CBSI) has made changes to the Cash Reserves Requirement (CRR) as part of its responses to the Coronavirus-19 (Covid-19) pandemic. Effective Monday 15th June 2020, the CRR has been eased from 7.5% to 5%....

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Governors Official Statement: Launching of the 2019 Annual Report

Statement by CBSI Governor, Dr Luke Forau at the launch of the 2019 CBSI Annual Report on 13th May 2020.  Dr. Luke Forau Governor Central Bank of Solomon Islands Official launching of the ceremony CBSI 2019 Annual Report -CBSI Board Room Honiara – 13th May, 2020 Download PDF Statement by CBSI Governor, Dr. Luke Forau at the launch of the 2019 CBSI Annual Report, on 13th May 2020 ___________________________________________________________________ Fellow Solomon Islanders, ladies and gentlemen, welcome to the soft-launch of the Central Bank of Solomon Islands Annual Report for 2019. Due to the coronavirus (or for short COVID-19) containment measures, it is regrettable that we won’t be launching this report in the normal way we used to do. Instead, we are launching this report in this virtual space. The CBSI Annual Report is one of the key events in the Bank’s calendar, where we highlight the economic performance of the country, and outline last year’s operations of the Bank. Also, I will share some insights into how we may need to move forward in terms of developing our economy. But first, at the outset, I would like to add that this is my first annual report launch as Governor of the Central Bank of Solomon Islands (CBSI). As such, I would like to acknowledge my predecessor, Mr. Denton Rarawa for his great leadership of the institution over the past...

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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
05/08/2020
Last Week
29/07/2020
USD0.12140.1214
GBP0.09300.0938
EUR
0.10310.1036
AUD0.16970.1696
NZD
0.18350.1823
JPY12.849612.7519
SDR0.08630.0864
CNY0.8475 0.8502
Index109.7109.6

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