Category: Speeches

Governors Statement – 2019 Financial Stability Report Released

Governors Statement -2019 Financial Stability Report Released. Dr. Luke Forau Governor Central Bank of Solomon Islands Launching of the 2019 Financial Stability Report Honiara – 7th July, 2020 Download PDF Press Conference Statement On the Release of 2019 Financial Stability   CBSI Board Room 30 June 2020 11.00am   Introduction I am pleased to announce the release of the Central Bank of Solomon Islands (CBSI) Financial Stability Report for 2019. This edition is the fourth FSR Report to be released by CBSI. It is released pursuant to section 31(4) of the CBSI Act 2012. In this edition, the report provides insights into the performances as well as vulnerabilities and risks faced by the financial sector in Solomon Islands. It then goes to outline policy responses that CBSI had undertaken across 2019 to maintain stability in the financial system. International Developments Before elaborating further on the above, let me first of all briefly look at developments in the global market, as these developments have had impact on the domestic financial sector. Some changes have occurred since the CBSI released its 2018 FSR. In 2019, the global economy slowed down, with a growth rate of 2.9% compared to 3.9% growth in 2018. Despite the slowed growth, banks are capable to endure economic recession experienced in the global economy. Across Asia, China and Japan had implemented some control measures to mitigate risks...

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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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Governors remarks at the launching of the 2018 annual report

Governors remarks at the launch of the 2018 CBSI Annual Report, Denton Rarawa Governor Central Bank of Solomon Islands Launch of the 2018 Annual Report- Mendana Hotel Honiara – 20th May, 2019 Download PDF Salutations ·        The Honourable Minister of Finance & Treasury, ·        Other Honourable Ministers and Members of Parliament, ·        Representatives of the Diplomatic Corps, ·        Senior Government officials, ·        Central Bank Directors, ·        Heads of Statutory Authorities, ·        Heads of Financial Institutions, ·        Representatives of Non-Government Organizations, ·        Representatives of the Private Sector, ·        Representatives of the Media, ·        Ladies and gentlemen,   It is a pleasure and an honour to warmly welcome you all and thank you for accepting our invitation to the launch of CBSI’s 2018 Annual Report. This event is one of the important occasions in the Bank’s calendar.  It provides me an opportunity to account for the Bank’s operations and financial outcomes during the year. However, before I do that, let me first of all present to you an assessment of economic conditions last year, as well as share some food for thought on how we can progress our economy going forward. At last year’s annual report launch, I talked about the need to “reform to transform” our economy after 40 years of nationhood. Today, I want to focus on reforms in the next four to six years. What realistically we could...

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Deputy Governors opening remarks at the launch of the new $5 polymer banknote

Deputy Governors opening remarks at the launch of the new $5 polymer banknote. Dr. Luke Forau Deputy Governor, Central Bank of Solomon Islands Launch of the new $5 polymer banknote – Heritage Park Hotel Honiara – 2nd May, 2019 Download PDF Salutation Permanent Secretary (Ag), Ministry of Finance and Treasury, Representatives from the Ministry of Commerce, Industries, Labor and Immigration Representatives from the Ministry of Fisheries and Marine Resources. CBSI Board of Directors CEOs and country managers from the banking industry. Our business partners from Note Printing Australia and CCL – NPA’s CEO Mr. Malcolm McDowell and Mr Nuwan Kalpage, and from PolyTeQ, Mr. Brian Lang. Representatives from the media Distinguished guests Ladies and Gentlemen,   A very good morning and warm welcome to you all! It’s an honour to have you here with us this morning, to witness the launch of the country’s new polymer $5 banknote. As you may have already probably aware, the new polymer $5 note was unveiled recently at the International Currency Conference in Dubai, United Arab Emirates. It was a fitting occasion given the presence of important global players in the Cash Cycle – from the note printers, ink suppliers, manufacturers of security features, suppliers of printing machines, suppliers of polymer substrates to the Note Issuing Authorities that included the Central Banks and Treasuries. But, at the Currency Conference, what seemed to be a topical issue was...

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Governors Speech – Governors Remarks at the Launching of the commemorative $40 note and $2 colored coin

Speech: Remarks by Central Bank Governor, Denton Rarawa at the Launching of Solomon Islands commemorative $40 note and coloured $2 coin, marking Solomon Islands 40th Anniversary Independence. Denton Rarawa Governor Central Bank of Solomon Islands Launching of Solomon Islands commemorative $40 note and coloured $2 coin, marking Solomon Islands 40th Anniversary of Independence. Honiara – 05th July, 2018 Download PDF Remarks by Central Bank Governor, Denton Rarawa at the launching of Solomon Islands commemorative $40 note and coloured $2 coin, marking Solomon Islands 40th Anniversary of Independence, 5th July 2018 ___________________________________________________________________ [Salutation] PS Ministry of Finance CBSI Board Directors Commercial Bank Managers Representatives of the Media Good people of Solomon Islands Ladies & Gentlemen First of all, let me welcome you to the Central Bank and thank you for joining us this morning to witness the launch of the $40 polymer note and coloured $2 coin to mark our country’s 40th anniversary of independence.  This is a happy occasion for the Central Bank as it marks the culmination of a project that started about a year ago, but also as this event represents the Bank’s contribution towards our national celebration on the occasion of our country’s achievement of 40 years of nationhood. The idea to issue a $40 note and a coloured $2 coin to commemorate our country’s 40th anniversary of independence was discussed by the CBSI Board in...

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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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