Category: Press Releases

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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Monetary Policy Statement for March 2020

Monetary Policy Statement for March 2020  The Central Bank of Solomon Islands (CBSI) Board at its meeting held on March 12th 2020 adopted an expansionary monetary policy stance for the next six months, and aims to support growth in the economy, as inflation is expected to remain within its desired level.  This decision was taken considering the expected slowdown in global growth than previously anticipated, moderate growth prospects for 2020 and, risks around this outlook. Download Press...

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CBSI Reiterates Position on ONE LINK PACIFICA

CBSI Reiterates Position on ONE LINK PACIFICA The Central Bank of Solomon Islands (CBSI) wish to clearly state that its position on the ONE LINK PACIFICA (OLP) issue remains unchanged and that people should refrain from investing in the scheme....

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Key Statistics

Inflation
(March, 2020) 7.8%
GDP (2017)
Actual (source: SINSO)
Constant 2012 prices
Real GDP
SBD$ 10,547m
Nominal GDP
SBD$ 11,703m
Real GDP Growth5.3%
Foreign Reserves
(May 27, 2020)SBD $4,981m
Interest Rates
(March, 2020)
Deposit Rate0.49%
Lending Rate11.56%
Money Supply
(May 27, 2020)SBD $5,026m

Exchange Rates

per
SBD
Today
04/06/2020
Last Week
28/05/2020
USD0.12000.1193
GBP0.09530.0975
EUR
0.10690.1086
AUD0.17320.1808
NZD
0.18690.1933
JPY13.063512.8397
SDR0.08720.0874
CNY0.8531 0.8536
Index111.4113.80

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