Category: Press Releases

Press Release: CBSI warns Public to be vigilant against Emerging Fast Money Schemes

CBSI warns public to be vigilant against Emerging Fast Money Schemes The Central Bank of Solomon Islands (CBSI) along with the Solomon Islands Financial Intelligence Unit (SIFIU) is again warning the general public to avoid investing in any new and emerging fraudulent fast money-making schemes.  Promoters of these emerging schemes are now desperate to lure new members into joining their pyramid and Ponzi schemes solely to get more money from people....

Read More

CBSI Partners with Stakeholders to Initiate Solomon Islands Digital Marketplace (COVID-19 Response & Recovery) Project

CBSI Partners with  Stakeholders to Initiate Solomon Islands Digital Marketplace (Covid-19) Response & Recovery Project. Honiara 07.29.20 – The Central Bank of Solomon Islands (CBSI) along with the United Nations Development Programme (UNDP) and the United Nations Capital Development Fund – Pacific Financial Inclusion Programme (UNCDF-PFIP) have partnered with Bulk shop to initiate The Solomon Islands Digital Marketplace (COVID-19 Response & Recovery) Project....

Read More

Press Release: CBSI Releases 2019 Financial Stability Report

CBSI Releases 2019 Financial Stability Report  The Central Bank of Solomon Islands, have just released the fourth edition of its Financial Stability Report (FSR) for the year 2019 as pursuant to section 31(4) of the CBSI Act 2012. The FSR report provides insights into the performances of the country’s financial system as well as the vulnerabilities and risks faced by the financial sectors in Solomon Islands. It also highlights the policy responses CBSI undertook across 2019 to maintain stability in the financial system. Governor Dr.Luke Forau officially released the FSR report today at the CBSI Board room with an official statement. Witnessing the event was the Deputy Governor, Raynold Moveni, Chief Manager for Financial System & Regulations Department (FSRD) Daniel Haridi and FSRD staff. Download PR Download...

Read More

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%....

Read More

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...

Read More

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

Pin It on Pinterest